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Biogen

BIIB Nasdaq Biotechnology Financials FY2016–FY2025

Biogen's revenue rose 2.2% to $9.9 billion in fiscal 2025. Its net margin was 13.1%, down from 16.9% a year earlier. Free cash flow was $2.1 billion, down 24.6%. The diluted share count rose 0.8%.

Last close · Oct 23, 2026

$250.69

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$9.9B
2.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.3B
20.8%
Free cash flow Cash from operations minus capital spending.
$2.1B
24.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.3%
1.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$37.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.0x
On $9.30 EPS (TTM)

What Biogen does

No business description yet.

Legal name
BIOGEN INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000875045-26-000013
0000875045

Revenue and margins

Biogen had $9.9B of revenue in fiscal 2025, up 2.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −7.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.1B in fiscal 2025, 20.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Biogen returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Biogen yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.5B and divides by 147.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.0x · peers 19.9x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Biogen can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.8B$4.9B$1.0B$2.4B$3.8B
Debt incl. finance leases $6.3B$6.3B$6.9B$6.3B$6.3B
Net debt / EBITDA 0.7x0.3x2.9x1.4x1.0x
Debt / equity 0.6x0.5x0.5x0.4x0.3x
Interest coverage 11.2x15.6x6.3x8.6x6.8x
Current ratio 1.8x3.0x2.0x1.4x2.7x
Quick ratio 1.5x2.6x1.3x0.9x2.0x
Total assets $23.9B$24.6B$26.8B$28.0B$29.4B
Total liabilities $12.9B$11.2B$12.0B$11.3B$11.2B
Shareholders' equity $10.9B$13.4B$14.8B$16.7B$18.3B
Net debt (− = net cash) $2.5B$1.4B$5.9B$3.9B$2.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$0.9M

2 insiders

Of sales under plans

100%

$0.9M

DateInsiderTradeSharesPriceValueFiling
Aug 4, 2026 Lloyd MinorDirector Sold plan 593 $200.96 $0.1M Form 4
Aug 3, 2026 Lloyd MinorDirector Sold plan 593 $203.34 $0.1M Form 4
Feb 12, 2026 Nicole MurphyHead of Pharm Ops and Tech Bought 3 $195.04 $0.0M Form 4
Feb 9, 2026 Priya SinghalHead of Development Sold plan 2,660 $199.83 $0.5M Form 4
Feb 2, 2026 Priya SinghalHead of Development Sold plan 748 $179.30 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 4 / 96 / 95 / 9
Accruals ratio −1.5%−4.5%−3.2%
Altman Z'' 4.654.755.66

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Biogen BIIB $37.2B 2.2% — 20.7% 7.3% 27.0x 5
Vertex Pharmaceuticals VRTX $133.7B 8.9% 34.8% 26.6% 31.5% 30.5x 6 Compare →
Regeneron Pharmaceuticals REGN $85.3B 1.0% 25.0% 28.5% 12.7% 19.9x 5 Compare →
Incyte INCY $23.9B 21.2% 29.5% 26.4% 79.4% 16.3x 8 Compare →
Gilead Sciences GILD $194.0B 2.4% 34.0% 32.1% 23.0% — 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $11.4B $12.3B $13.5B $14.4B $13.4B $11.0B $10.2B $9.8B $9.7B $9.9B
Gross profit $10.0B $10.6B $11.6B $12.4B $11.6B $8.9B $7.9B $7.3B $7.4B $7.5B
Research and development $2.0B $2.3B $2.6B $2.3B $4.0B $2.5B $2.2B $2.4B $2.0B $1.8B
Operating income $5.2B $5.3B $5.9B $7.0B $4.6B $2.8B — — — —
Interest expense $260M $251M $201M $187M $223M $254M $247M $247M $250M $268M
Pretax income $4.9B $5.1B $5.9B $7.1B $5.0B $1.7B $3.6B $1.3B $1.9B $1.6B
Income tax $1.2B $2.5B $1.4B $1.2B $992M $52.5M $633M $135M $274M $264M
Net income $3.7B $2.5B $4.4B $5.9B $4.0B $1.6B $3.0B $1.2B $1.6B $1.3B
Diluted EPS $16.93 $11.92 $21.58 $31.42 $24.80 $10.40 $20.87 $7.97 $11.18 $8.79
Diluted shares 0.22B 0.21B 0.21B 0.19B 0.16B 0.15B 0.15B 0.15B 0.15B 0.15B
Cash flow
Cash from operations $4.6B $4.6B $6.2B $7.1B $4.2B $3.6B $1.4B $1.5B $2.9B $2.2B
Capital expenditure $616M $867M $771M $515M $425M $258M $240M $277M $154M $154M
Free cash flow $4.0B $3.7B $5.4B $6.6B $3.8B $3.4B $1.1B $1.3B $2.7B $2.1B
Depreciation and amortization $683M $1.1B $651M $465M $457M $488M $518M $495M $673M $780M
Stock-based compensation $155M $128M $158M $182M $198M $239M $254M $264M $291M $291M
Acquisitions $0.0M $0.0M $0.0M $744M $0.0M $0.0M $0.0M $6.9B $1.1B $0.0M
Share buybacks $1.0B $1.4B $4.4B $5.9B $6.7B $1.8B $750M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.0B $1.4B $4.4B $5.9B $6.7B $1.8B $750M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $2.3B $1.6B $1.2B $4.5B $2.6B $3.8B $4.9B $1.0B $2.4B $3.8B
Total debt $6.5B $5.9B $5.9B $4.5B $7.4B $6.3B $6.3B $6.9B $6.3B $6.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $8.7B $7.9B $7.6B $8.4B $6.9B $7.9B $9.8B $6.9B $7.5B $9.0B
Current liabilities $3.4B $3.4B $3.3B $4.9B $3.7B $4.3B $3.3B $3.4B $5.5B $3.3B
Inventory $1.0B $903M $930M $804M $1.1B $1.4B $1.3B $2.5B $2.5B $2.2B
Property and equipment, net $2.5B $3.2B $3.6B $3.2B $3.4B $3.4B $3.3B $3.3B $3.2B $3.1B
Total assets $22.9B $23.7B $25.3B $27.2B $24.6B $23.9B $24.6B $26.8B $28.0B $29.4B
Total liabilities $10.7B $11.1B $12.3B $13.9B $13.9B $12.9B $11.2B $12.0B $11.3B $11.2B
Shareholders' equity $12.1B $12.6B $13.0B $13.3B $10.7B $10.9B $13.4B $14.8B $16.7B $18.3B
Margins
Gross margin 87.1% 86.7% 86.5% 86.4% 86.6% 80.8% 77.6% 74.2% 76.1% 75.7%
Operating margin 45.0% 43.6% 43.8% 49.0% 33.8% 25.9% — — — —
EBITDA margin 51.0% 52.4% 48.6% 52.2% 37.2% 30.3% 42.8% 20.7% 29.2% 26.3%
Net margin 32.3% 20.7% 32.9% 41.0% 29.8% 14.2% 30.0% 11.8% 16.9% 13.1%
FCF margin 34.7% 30.0% 40.3% 45.7% 28.3% 30.8% 11.3% 12.9% 28.1% 20.7%
Returns
Return on capital 25.0% 16.7% 25.7% 38.0% 25.4% 19.1% 22.4% 7.8% 8.9% 7.3%
Return on capital employed 28.3% 26.9% 27.9% 31.8% 21.0% 14.0% 18.8% 6.9% 9.4% 7.5%
Return on equity 34.4% 20.5% 34.5% 44.6% 33.3% 14.4% 25.1% 8.2% 10.4% 7.4%
Return on assets 17.5% 10.9% 18.1% 22.4% 15.4% 6.4% 12.6% 4.5% 6.0% 4.5%
Growth
Revenue growth 6.4% 7.2% 9.6% 6.9% −6.5% −18.3% −7.4% −3.3% −1.6% 2.2%
Net income growth 4.4% −31.4% 74.5% 32.9% −32.1% −61.1% 95.8% −61.9% 40.6% −20.8%
EPS growth 10.4% −29.6% 81.0% 45.6% −21.1% −58.1% 100.7% −61.8% 40.3% −21.4%
FCF growth 21.2% −7.2% 47.1% 21.2% −42.0% −11.1% −66.2% 11.0% 114.3% −24.7%
Share count change −5.4% −2.7% −3.6% −8.7% −13.9% −7.3% −2.4% −0.3% 0.2% 0.8%
Financial health
Net debt / EBITDA 0.7x 0.7x 0.7x 0.0x 1.0x 0.7x 0.3x 2.9x 1.4x 1.0x
Debt / equity 0.5x 0.5x 0.5x 0.3x 0.7x 0.6x 0.5x 0.5x 0.4x 0.3x
Interest coverage 19.8x 21.3x 29.4x 37.6x 20.5x 11.2x 15.6x 6.3x 8.6x 6.8x
Current ratio 2.6x 2.3x 2.3x 1.7x 1.8x 1.8x 3.0x 2.0x 1.4x 2.7x
Quick ratio 2.3x 2.1x 2.0x 1.6x 1.6x 1.5x 2.6x 1.3x 0.9x 2.0x
Capital allocation
Capex / revenue 5.4% 7.1% 5.7% 3.6% 3.2% 2.4% 2.4% 2.8% 1.6% 1.6%
Stock comp / revenue 1.4% 1.0% 1.2% 1.3% 1.5% 2.2% 2.5% 2.7% 3.0% 2.9%
Payouts / FCF 25.2% 37.1% 80.4% 89.4% 175.5% 53.2% 65.6% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 5.0 5.0 7.0 6.0 6.0 5.0 5.0 4.0 6.0 5.0
Altman Z'' 6.4 6.1 5.9 5.6 4.7 4.6 6.2 4.7 4.8 5.7
Accruals ratio −4.2% −8.7% −7.2% −4.5% −0.9% −8.6% 6.9% −1.5% −4.5% −3.2%

Source: SEC EDGAR XBRL filings (CIK 0000875045). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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