Biogen
BIIB · NasdaqBiological Products, (No Diagnostic Substances) · Fiscal year ends Dec 31
Biogen reported revenue of $9.9B in the fiscal year ended Dec 2025, up 2.2% from the year before. Net income was $1.3B. Operating cash flow of $2.2B less capital expenditure of $154M left free cash flow of $2.1B. Net debt was $3.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11B | $10.2B | $9.8B | $9.7B | $9.9B |
| Cost of revenue | $2.1B | $2.3B | $2.5B | $2.3B | $2.4B |
| Gross profit | $8.9B | $7.9B | $7.3B | $7.4B | $7.5B |
| Selling, general & admin | $2.7B | $2.4B | $2.5B | $2.4B | $2.4B |
| Operating income | $2.8B | – | – | – | – |
| Interest expense | $254M | $247M | $247M | $250M | $268M |
| Pre-tax income | $1.7B | $3.6B | $1.3B | $1.9B | $1.6B |
| Income tax | $53M | $633M | $135M | $274M | $264M |
| Net income | $1.6B | $3B | $1.2B | $1.6B | $1.3B |
| Diluted EPS | 10.40 | 20.87 | 7.97 | 11.18 | 8.79 |
| Diluted shares | 150M | 146M | 146M | 146M | 147M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.3B | $3.4B | $1B | $2.4B | $3B |
| Receivables | $1.5B | $1.7B | $1.7B | $1.4B | $1.3B |
| Inventory | $1.4B | $1.3B | $2.5B | $2.5B | $2.2B |
| Current assets | $7.9B | $9.8B | $6.9B | $7.5B | $9B |
| Net PP&E | $3.4B | $3.3B | $3.3B | $3.2B | $3.1B |
| Goodwill | $5.8B | $5.7B | $6.2B | $6.5B | $6.5B |
| Total assets | $23.9B | $24.6B | $26.8B | $28B | $29.4B |
| Payables | $589M | $492M | $403M | $424M | $432M |
| Current liabilities | $4.3B | $3.3B | $3.4B | $5.5B | $3.3B |
| Short-term debt | $999M | $0 | $150M | $1.7B | $0 |
| Long-term debt | $6.3B | $6.3B | $6.8B | $4.5B | $6.3B |
| Total liabilities | $12.9B | $11.2B | $12B | $11.3B | $11.2B |
| Shareholders' equity | $10.9B | $13.4B | $14.8B | $16.7B | $18.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.6B | $1.4B | $1.5B | $2.9B | $2.2B |
| Capital expenditure | $258M | $240M | $277M | $154M | $154M |
| Free cash flow | $3.4B | $1.1B | $1.3B | $2.7B | $2.1B |
| Depreciation & amortisation | $488M | $518M | $495M | $673M | $780M |
| Stock-based compensation | $239M | $254M | $264M | $291M | $291M |
| Acquisitions | – | – | $6.9B | $1.1B | – |
| Share buybacks | $1.8B | $750M | $0 | $0 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.4% | −3.3% | −1.6% | 2.2% |
| EPS growth (YoY) | – | 100.7% | −61.8% | 40.3% | −21.4% |
| Gross margin | 80.8% | 77.6% | 74.2% | 76.1% | 75.7% |
| Operating margin | 25.9% | – | – | – | – |
| Net margin | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% |
| Return on equityBlank when equity is negative | 14.3% | 22.7% | 7.8% | 9.8% | 7.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.5% | – | – | – | – |
| Free cash flow margin | 30.8% | 11.2% | 12.9% | 28.1% | 20.7% |
| Cash conversion (CFO ÷ net income) | 2.34x | 0.45x | 1.33x | 1.76x | 1.71x |
| Receivable days | 51 | 61 | 62 | 53 | 50 |
| Inventory days | 234 | 215 | 364 | 389 | 329 |
| Payable days | 102 | 79 | 58 | 67 | 66 |
| Interest cover | 11.2x | – | – | – | – |
| Debt ÷ equity | 0.67x | 0.47x | 0.47x | 0.38x | 0.34x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5B | $2.9B | $5.9B | $3.9B | $3.3B |
| Current ratio | 1.83x | 2.99x | 2.00x | 1.35x | 2.68x |
Recent filings
More in Biological Products, (No Diagnostic Substances)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.