Biogen vs Gilead Sciences
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The short version
- Gilead Sciences is the larger business, with $29.4B of revenue in fiscal 2025 against $9.9B for Biogen, about 3.0 times as much.
- Gilead Sciences turned more of its sales into free cash flow (32.1% FCF margin, against 20.7%).
- Gilead Sciences earned a higher return on the capital invested in it (23.0%, against 7.3%).
| Latest fiscal year | BIIB · FY25 | GILD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.2B | $194.0B |
| Revenue | $9.9B | $29.4B |
| Free cash flow | $2.1B | $9.5B |
| Net income | $1.3B | $8.5B |
| Growth | ||
| Revenue growth | 2.2% | 2.4% |
| 5-year growth | −6.0% | 3.6% |
| Share count change | 0.8% | 0.0% |
| Profitability | ||
| Gross margin | 75.7% | 78.8% |
| Operating margin | — | 34.0% |
| Net margin | 13.1% | 28.9% |
| FCF margin | 20.7% | 32.1% |
| Return on capital | 7.3% | 23.0% |
| Return on equity | 7.4% | 40.5% |
| Balance sheet | ||
| Net debt | $2.5B | $17.3B |
| Net debt / EBITDA | 1.0x | 1.4x |
| Dividends and buybacks | $0.0M | $5.9B |
| Valuation & quality | ||
| P/E | 27.0x | — |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
BIIB $11.4B
GILD $30.4B
FY17
BIIB $12.3B
GILD $26.1B
FY18
BIIB $13.5B
GILD $22.1B
FY19
BIIB $14.4B
GILD $22.4B
FY20
BIIB $13.4B
GILD $24.7B
FY21
BIIB $11.0B
GILD $27.3B
FY22
BIIB $10.2B
GILD $27.3B
FY23
BIIB $9.8B
GILD $27.1B
FY24
BIIB $9.7B
GILD $28.8B
FY25
BIIB $9.9B
GILD $29.4B
BIIB
GILD
Operating margin
FY16
BIIB 45.0%
GILD 58.0%
FY17
BIIB 43.6%
GILD 54.1%
FY18
BIIB 43.8%
GILD 37.1%
FY19
BIIB 49.0%
GILD 19.1%
FY20
BIIB 33.8%
GILD 16.5%
FY21
BIIB 25.9%
GILD 36.3%
FY22
BIIB —
GILD 26.9%
FY23
BIIB —
GILD 28.1%
FY24
BIIB —
GILD 5.8%
FY25
BIIB —
GILD 34.0%
BIIB
GILD
Free cash flow
FY16
BIIB $4.0B
GILD $16.3B
FY17
BIIB $3.7B
GILD $11.3B
FY18
BIIB $5.4B
GILD $7.5B
FY19
BIIB $6.6B
GILD $8.3B
FY20
BIIB $3.8B
GILD $7.5B
FY21
BIIB $3.4B
GILD $10.8B
FY22
BIIB $1.1B
GILD $8.3B
FY23
BIIB $1.3B
GILD $7.4B
FY24
BIIB $2.7B
GILD $10.3B
FY25
BIIB $2.1B
GILD $9.5B
BIIB
GILD
Return on capital
FY16
BIIB 25.0%
GILD 46.0%
FY17
BIIB 16.7%
GILD 22.7%
FY18
BIIB 25.7%
GILD 24.3%
FY19
BIIB 38.0%
GILD 20.6%
FY20
BIIB 25.4%
GILD 6.3%
FY21
BIIB 19.1%
GILD 17.8%
FY22
BIIB 22.4%
GILD 14.2%
FY23
BIIB 7.8%
GILD 15.5%
FY24
BIIB 8.9%
GILD 3.0%
FY25
BIIB 7.3%
GILD 23.0%
BIIB
GILD
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.