Biogen Inc (BIIB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.03	$3.6	+77.3%	—	—	—
Q3 26	$2.95	$3.57	+21.0%	—	—	—
Q2 26	$1.62	$1.99	+22.8%	—	—	—
Q1 26	$3.88	$4.81	+24.0%	—	—	—
Q4 25	$3.88	$5.47	+41.0%	—	—	—
Q3 25	$2.95	$3.02	+2.4%	—	—	—
Q2 25	$3.36	$3.44	+2.4%	—	—	—
Q1 25	$3.79	$4.08	+7.7%	—	—	—
Q4 24	$4.03	$5.28	+31.0%	—	—	—
Q3 24	$3.46	$3.67	+6.1%	—	—	—
Q2 24	$3.18	$2.95	-7.2%	—	—	—
Q1 24	$3.98	$4.36	+9.5%	—	—	—
Q4 23	$3.76	$4.02	+6.9%	—	—	—
Q3 23	$3.28	$3.4	+3.7%	—	—	—
Q2 23	$3.48	$4.05	+16.4%	—	—	—
Q1 23	$4.13	$4.77	+15.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.83	—	—	$9.9B	—
FY24	—	$11.2	—	—	$9.7B	—
FY23	—	$8.02	—	—	$9.8B	—
FY22	—	$21	—	—	$10.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$11.4B	$12.3B	$13.5B	$14.4B	$13.4B	$11B	$10.2B	$9.8B	$9.7B	$9.9B
YoY change	+6.36%	+7.21%	+9.61%	+6.88%	-6.49%	-18.3%	-7.36%	-3.32%	-1.62%	+2.22%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	11.4B	12.3B	13.5B	14.4B	13.4B	11B	10.2B	9.8B	9.7B	9.9B
Cost of revenue	1.5B	1.6B	1.8B	2B	1.8B	2.1B	2.3B	2.5B	2.3B	2.4B
Gross profit	10B	10.6B	11.6B	12.4B	11.6B	8.9B	7.9B	7.3B	7.4B	7.5B
Gross margin	87.1%	86.7%	86.5%	86.4%	86.6%	80.8%	77.6%	74.2%	76.1%	75.7%
Research & development	2B	2.3B	2.6B	2.3B	4B	2.5B	2.2B	2.5B	2B	1.8B
Selling, general & administrative	1.9B	1.9B	2.1B	2.4B	2.5B	2.7B	2.4B	2.5B	2.4B	2.4B
Operating expenses	3.9B	4.3B	4.9B	4.9B	6.7B	5.2B	4.6B	5.2B	4.7B	4.5B
Operating income	5.7B	5.5B	6B	7B	4.4B	2.8B	2.9B	1.8B	2.2B	2.5B
Operating margin	49.4%	45.1%	44.6%	48.9%	33.1%	25.6%	28.5%	18.6%	22.9%	25%
Non-operating income, net	-524.8M	-228.3M	-13.1M	157.6M	781.7M	-820.2M	847.2M	-563.9M	-130.2M	-770M
Pretax income	4.9B	5.1B	5.9B	7.1B	5B	1.7B	3.6B	1.3B	1.9B	1.6B
Income tax	1.2B	2.5B	1.4B	1.2B	992.3M	52.5M	632.8M	135.3M	273.8M	263.6M
Net income	3.7B	2.7B	4.5B	5.9B	4.1B	1.7B	3B	1.2B	1.6B	1.3B
Net margin	32.3%	21.8%	33.3%	41%	30.2%	15.7%	29.1%	11.8%	16.9%	13.1%
EBITDA	6.4B	6.7B	6.9B	7.6B	5B	3.7B	3.5B	2.6B	3B	3.4B
EPS	17	11.9	21.6	31.5	24.9	10.4	21	8.02	11.2	8.83
Diluted EPS	16.9	11.9	21.6	31.4	24.8	10.4	20.9	7.97	11.2	8.79

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.5B	2.4B	2.3B	2.5B	2.5B	2.5B	2.4B	2.6B	2.5B	2.3B	2.5B	2.7B
Cost of revenue	659.6M	618.3M	542.2M	546M	638.7M	583.5M	629.3M	605M	674.4M	495.5M	661M	776.9M
Gross profit	1.9B	1.8B	1.7B	1.9B	1.8B	1.9B	1.8B	2B	1.9B	1.8B	1.8B	2B
Gross margin	73.9%	74.1%	76.3%	77.8%	74.1%	76.2%	74.1%	77.1%	73.4%	78.3%	73.3%	71.6%
Research & development	736.3M	570.9M	452.9M	513.9M	542.7M	532.3M	434.1M	399M	436.1M	509.4M	539M	529.6M
Selling, general & administrative	788.2M	608.5M	581.5M	553.8M	588.4M	680M	572.5M	583.8M	594.8M	682.5M	607.3M	709.7M
Operating expenses	1.6B	1.2B	1.1B	1.1B	1.2B	1.3B	1.1B	1.1B	1.1B	1.3B	1.2B	1.3B
Operating income	234.8M	457.7M	570M	701.9M	496.4M	450.6M	625.2M	851.8M	606.5M	385.5M	459.8M	482.8M
Operating margin	9.28%	19.2%	24.9%	28.5%	20.1%	18.4%	25.7%	32.2%	23.9%	16.9%	18.6%	17.6%
Non-operating income, net	-408.1M	-118.4M	-53.4M	38M	2.8M	-117.6M	-277.9M	-67.5M	-13.4M	-411.2M	-52.4M	-293.4M
Pretax income	-141.2M	291.6M	464.8M	698.7M	451M	291.5M	311.2M	744M	557.3M	-56M	377.7M	132.4M
Income tax	-72.9M	42.7M	71.4M	115.1M	62.5M	24.8M	70.7M	109.2M	90.8M	-7.1M	58.2M	34.9M
Net income	-68.3M	248.9M	393.4M	583.6M	388.5M	266.7M	240.5M	634.8M	466.5M	-48.9M	319.5M	97.5M
Net margin	-2.7%	10.4%	17.2%	23.7%	15.8%	10.9%	9.89%	24%	18.4%	-2.15%	12.9%	3.56%
EBITDA	452.3M	623.2M	733M	878.9M	690M	716.8M	831.8M	1.1B	856.1M	635.6M	701M	747.2M
EPS	-0.47	1.72	2.71	4.01	2.67	1.83	1.65	4.33	3.18	-0.33	2.17	0.66
Diluted EPS	-0.47	1.71	2.7	4	2.66	1.83	1.64	4.33	3.17	-0.33	2.15	0.66

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	61.9B	67.7B	61.7B	55.5B	—	35.8B	40.2B	37.4B	22.3B	25.8B	33.8B
Enterprise value	63.6B	70B	64.1B	57.4B	—	39.6B	42B	43.7B	26.5B	28.5B	40.7B
Shares outstanding	218.4M	212.6M	204.9M	187.1M	160.9M	149.1M	145.3M	144.7M	145.6M	146.5M	146.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.8	25.4	13.8	9.43	—	20.7	13.6	32.2	13.6	19.9	40.7
P/S	5.41	5.52	4.58	3.86	—	3.26	3.96	3.81	2.3	2.61	3.37
P/B	5.11	5.38	4.73	4.16	—	3.26	3.01	2.53	1.33	1.41	1.79
EV/EBITDA	9.96	10.5	9.35	7.56	—	10.7	12	16.8	8.79	8.4	12.1
EV/Sales	5.55	5.7	4.76	3.99	—	3.6	4.12	4.45	2.74	2.89	4.06
Earnings yield	5.97%	3.94%	7.26%	10.6%	—	4.83%	7.36%	3.1%	7.33%	5.01%	2.46%
FCF yield	6.23%	3.82%	8.6%	11.5%	—	9.35%	2.84%	3.3%	11.3%	7.64%	3.75%
PEG	—	—	—	—	—	—	—	—	—	—	-0.48

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	87.1%	86.7%	86.5%	86.4%	86.6%	80.8%	77.6%	74.2%	76.1%	75.7%	71.6%
Operating margin	49.4%	45.1%	44.6%	48.9%	33.1%	25.6%	28.5%	18.6%	22.9%	25%	25.1%
Net margin	32.3%	21.8%	33.3%	41%	30.2%	15.7%	29.1%	11.8%	16.9%	13.1%	8.32%
ROE	30.5%	21.2%	34.3%	44.1%	38%	15.8%	22.1%	7.85%	9.76%	7.08%	4.58%
ROA	16.2%	11.3%	17.7%	21.6%	16.5%	7.24%	12.1%	4.33%	5.82%	4.39%	5.21%
ROIC	30.8%	19.4%	29.5%	38.7%	22.5%	18.5%	15.8%	7.78%	9.06%	9.76%	6.16%
Return on tangible assets	46.7%	40.3%	58.6%	68%	58.6%	21.8%	31.7%	-50.1%	-38%	-68.1%	-9.35%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.55	2.34	2.32	1.72	1.84	1.83	2.99	2	1.35	2.68	1.86
Quick ratio	2.26	2.07	2.04	1.56	1.55	1.51	2.58	1.26	0.9	2.03	1.26
Debt / equity	0.54	0.47	0.46	0.48	0.73	0.69	0.49	0.5	0.4	0.36	0.44
Debt / assets	0.28	0.25	0.23	0.23	0.32	0.32	0.27	0.27	0.24	0.22	0.26
Net debt / EBITDA	0.25	0.34	0.35	0.25	1.05	1.03	0.49	2.42	1.41	0.81	2.4
Interest coverage	20	21.4	30.4	39	23.7	7.88	15.6	6.25	8.61	6.82	4.55
Effective tax rate	25.1%	47.9%	24.2%	16.3%	19.7%	3.01%	17.6%	10.4%	14.4%	16.9%	17.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	52.4	57.7	65.7	76.8	83.6	73.7	70	68	66.5	67.5	68.2
EPS (basic)	17	11.9	21.6	31.5	24.9	10.4	21	8.02	11.2	8.83	8.83
EPS (diluted)	16.9	11.9	21.6	31.4	24.8	10.4	20.9	7.97	11.2	8.79	5.62
Book value per share	55.5	59.3	63.6	71.3	66.4	73.5	92.1	102.3	114.8	124.6	127.6
FCF per share	17.7	12.2	25.9	34.3	22.9	22.4	7.85	8.54	17.3	13.4	16.7
Cash per share	22.4	17.4	17.3	23.9	16.2	25.5	33.7	7.26	16.3	26	8.7
Capex per share	2.82	4.08	3.76	2.75	2.64	1.73	2.36	1.91	1.06	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.38%	7.07%	5.73%	3.58%	3.16%	2.35%	3.36%	2.82%	1.59%	—	—
Capex / operating cash flow	15.5%	18.4%	14.4%	7.8%	9.15%	11.2%	11%	18.8%	5.53%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.5B	$2.4B	$2.3B	$2.5B	$2.5B	$2.5B	$2.4B	$2.6B	$2.5B	$2.3B	$2.5B	$2.7B
YoY change	+0.87%	-6.2%	-7%	+0.36%	-2.55%	+2.87%	+6.13%	+7.33%	+2.79%	-7.14%	+1.93%	+3.42%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.9B	3.7B	3.5B	4.5B	2.6B	3.8B	4.9B	1B	2.4B	3.8B
Receivables	1.7B	2.3B	2.5B	2.5B	2.3B	2B	2.1B	2.1B	1.9B	1.9B
Inventory	1B	902.7M	929.9M	804.2M	1.1B	1.4B	1.3B	2.5B	2.5B	2.2B
Total current assets	8.7B	7.9B	7.6B	8.4B	6.9B	7.9B	9.8B	6.9B	7.5B	9B
Property, plant & equipment	1.4B	2B	2.3B	2.8B	2.8B	2.1B	2.1B	2.1B	1.6B	1.2B
Goodwill & intangibles	15B	17B	17.7B	18.6B	17.7B	16B	15.2B	29.2B	32.3B	31.3B
Total assets	22.9B	23.7B	25.3B	27.2B	24.6B	23.9B	24.6B	26.8B	28B	29.4B
Accounts payable	279.8M	395.5M	370.5M	530.8M	454.9M	589.2M	491.5M	403.3M	424.2M	432M
Short-term debt	4.7M	3.2M	—	1.5B	—	999.1M	—	150M	1.7B	—
Total current liabilities	3.4B	3.4B	3.3B	4.9B	3.7B	4.3B	3.3B	3.4B	5.5B	3.3B
Long-term debt	6.5B	5.9B	5.9B	4.9B	7.8B	6.6B	6.6B	7.2B	4.9B	6.6B
Total liabilities	10.7B	11.1B	12.3B	13.9B	13.9B	12.9B	11.2B	12B	11.3B	11.2B
Shareholders' equity	12.1B	12.6B	13B	13.3B	10.7B	11B	13.4B	14.8B	16.7B	18.3B
Total debt	6.5B	5.9B	5.9B	6.4B	7.8B	7.6B	6.6B	7.3B	6.6B	6.6B
Net debt	4.2B	4.4B	4.7B	3.5B	6.5B	5.3B	3.2B	6.3B	4.3B	3.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.3B	1B	1.1B	1.9B	1.7B	2.4B	2.6B	2.8B	4B	3.8B	4.3B	1.3B
Receivables	2.2B	2.1B	2B	2.1B	2B	1.9B	2B	2.1B	1.9B	1.9B	1.8B	2.4B
Inventory	3B	2.5B	2.5B	2.5B	2.5B	2.5B	2.3B	2.3B	2.2B	2.2B	1.9B	2.4B
Total current assets	8.5B	6.9B	6.8B	7.1B	6.8B	7.5B	7.6B	8B	8.9B	9B	9.2B	7.3B
Property, plant & equipment	3.8B	2.1B	3.7B	3.6B	3.6B	1.6B	3.5B	3.4B	3.4B	1.2B	3.3B	3.2B
Goodwill & intangibles	28.3B	29.2B	29B	28.9B	32.6B	32.3B	32.1B	31.9B	31.6B	31.3B	31.1B	41B
Total assets	28.2B	26.8B	26.6B	26.8B	28.3B	28B	28B	28.3B	29.2B	29.4B	29.5B	32.1B
Accounts payable	440.1M	403.3M	387M	354.5M	422.7M	424.2M	391.5M	408.4M	413.1M	432M	358.5M	403.9M
Short-term debt	500M	150M	250M	—	1.7B	1.7B	1.7B	—	—	—	—	800M
Total current liabilities	5B	3.4B	3.2B	3.1B	5.4B	5.5B	5.3B	3.2B	3.3B	3.3B	3B	3.9B
Long-term debt	7.2B	7.2B	6.7B	6.7B	4.9B	4.9B	4.9B	6.6B	6.6B	6.6B	6.6B	7.6B
Total liabilities	13.7B	12B	11.4B	10.9B	12B	11.3B	11.1B	10.7B	11B	11.2B	10.8B	13.2B
Shareholders' equity	14.5B	14.8B	15.2B	15.9B	16.4B	16.7B	17B	17.6B	18.2B	18.3B	18.7B	18.8B
Total debt	7.7B	7.3B	6.9B	6.7B	6.7B	6.6B	6.6B	6.6B	6.6B	6.6B	6.6B	8.4B
Net debt	5.4B	6.3B	5.9B	4.8B	5B	4.3B	4B	3.8B	2.7B	3.6B	3.2B	7.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.7B	2.7B	4.5B	5.9B	4.1B	1.7B	3B	1.2B	1.6B	1.3B
Depreciation & amortization	682.7M	1.1B	650.5M	464.7M	457.2M	487.7M	518.4M	494.8M	673.2M	779.9M
Stock-based compensation	154.8M	128M	157.5M	182.3M	198.3M	238.6M	254.1M	264.2M	291.2M	290.8M
Change in working capital	-497.1M	386.2M	-200.7M	-84.2M	-341.4M	-50.1M	-776.9M	-447.1M	-179.8M	-1.2B
Operating cash flow	4B	4.7B	5.3B	6.6B	4.6B	2.3B	3.1B	1.5B	2.8B	2.2B
Capital expenditure	-616.1M	-867.4M	-770.6M	-514.5M	-424.8M	-258.1M	342.3M	-277M	-153.7M	—
Investing cash flow	-2.4B	-1.9B	-1.9B	625.5M	-481.6M	-526.9M	1.6B	-4.1B	-681.7M	-1.1B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-1B	-1.4B	-4.4B	-5.9B	-6.7B	-1.8B	-750M	0	0	—
Financing cash flow	-1B	-2.4B	-4.5B	-5.9B	-5.3B	-2.1B	-1.7B	193.6M	-652.2M	-291.9M
Net change in cash	547.6M	454.1M	-1.1B	1.4B	-1.1B	-298.3M	3B	-2.4B	1.4B	777M
Free cash flow	3.9B	2.6B	5.3B	6.4B	3.7B	3.3B	1.1B	1.2B	2.5B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-68.3M	248.9M	393.4M	583.6M	388.5M	266.7M	240.5M	634.8M	466.5M	-48.9M	319.5M	97.5M
Depreciation & amortization	125M	140.1M	147.5M	158.9M	182.8M	184M	183.2M	194.3M	202.2M	200.2M	204.4M	236.1M
Stock-based compensation	62.2M	54.9M	72.8M	70.6M	72.7M	75.1M	81M	74.9M	75.3M	59.6M	84M	77.4M
Change in working capital	-106.6M	-152.6M	-51.6M	-250.1M	202.4M	-80.5M	-33M	-771.4M	-111.8M	-312.5M	115.3M	-188.4M
Operating cash flow	-131.1M	506.6M	699M	622.6M	922.9M	533.4M	518.9M	183.3M	1.3B	511.9M	645.5M	448.9M
Capital expenditure	-74.2M	-65.2M	-45.9M	-33.5M	-35M	-39.3M	-37.1M	-26.6M	—	—	—	—
Investing cash flow	-1.7B	-652.3M	9M	-34.2M	-1.1B	8.4M	-37.3M	-57M	16.4M	-1.1B	-123.3M	1.4B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-155.2M	-649.8M	-392.7M	-251.3M	-12.6M	4.4M	1.3M	-1.8B	-135.4M	-140M	11.3M	-13.3M
Net change in cash	-2B	-795.5M	315.3M	337.1M	-161.4M	546.2M	482.9M	-1.6B	1.2B	-749.6M	533.5M	1.8B
Free cash flow	504.8M	-52.7M	432.3M	583.2M	805.6M	694.6M	212.2M	134.3M	1.2B	401.7M	559.3M	308M

Biogen Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement