Biogen (BIIB) Financials

$131.11 -1.64 (-1.24%)

Closing price 04:00 PM Eastern

Extended Trading

$130.04 -1.07 (-0.81%)

As of 05:47 PM Eastern

Annual Income Statements for Biogen

This table shows Biogen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,632	1,161	3,047	1,556	4,001	5,889	4,431	2,539	3,703	3,547
Consolidated Net Income / (Loss)	1,632	1,162	2,962	1,728	4,061	5,889	4,474	2,670	3,696	3,593
Net Income / (Loss) Continuing Operations	1,632	1,162	2,962	1,728	4,061	5,889	4,474	2,670	3,696	3,593
Total Pre-Tax Income	1,906	1,297	3,592	1,745	5,048	7,126	5,900	5,129	4,933	4,767
Total Operating Income	2,250	1,612	3,484	1,745	4,550	7,043	5,889	5,346	5,152	4,891
Total Gross Profit	7,366	7,302	7,895	8,872	11,639	12,423	11,637	10,644	9,970	9,523
Total Revenue	9,676	9,836	10,173	10,982	13,445	14,378	13,453	12,274	11,449	10,764
Operating Revenue	9,676	9,836	10,173	10,982	13,445	14,378	13,453	12,274	11,449	10,528
Total Cost of Revenue	2,310	2,533	2,278	2,110	1,805	1,955	1,816	1,630	1,479	1,240
Operating Cost of Revenue	2,310	2,533	2,278	2,110	1,805	1,955	1,816	1,630	1,479	1,240
Total Operating Expenses	5,116	5,690	4,412	7,127	7,089	5,380	5,748	5,298	4,818	4,632
Selling, General & Admin Expense	2,404	2,550	2,404	2,674	2,505	2,375	2,106	1,934	1,947	2,113
Research & Development Expense	2,042	2,462	2,231	2,519	4,066	2,281	2,710	2,374	1,973	2,013
Amortization Expense	447	241	366	881	465	490	747	815	386	383
Other Operating Expenses / (Income)	254	219	-7.40	1,103	233	242	185	112	10	0.00
Restructuring Charge	30	219	131	0.00	0.00	1.50	12	0.90	33	93
Other Special Charges / (Income)	-61	0.00	-713	-51	-179	-8.40	-12	63	470	31
Total Other Income / (Expense), net	-344	-316	108	0.00	497	83	11	-217	-219	-124
Other Income / (Expense), net	-344	-316	108	-	497	83	11	-217	-219	-124
Income Tax Expense	274	135	633	53	992	1,158	1,426	2,459	1,237	1,162
Other Gains / (Losses), net	0.00	0.00	2.60	35	5.30	-79	0.00	0.00	0.00	-13
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.40	-85	172	60	0.00	43	131	-7.10	46
Basic Earnings per Share	$11.21	$8.02	$20.96	$10.44	$24.86	$31.47	$21.63	$11.94	$16.96	$15.38
Weighted Average Basic Shares Outstanding	145.60M	144.70M	145.30M	149.10M	160.90M	187.10M	204.90M	212.60M	218.40M	230.70M
Diluted Earnings per Share	$11.18	$7.97	$20.87	$10.40	$24.80	$31.42	$21.58	$11.92	$16.93	$15.34
Weighted Average Diluted Shares Outstanding	145.90M	145.60M	146M	149.60M	161.30M	187.40M	205.30M	213M	218.80M	231.20M
Weighted Average Basic & Diluted Shares Outstanding	146.37M	145.36M	144.49M	146.96M	152.34M	174.06M	204.80M	212.70M	218.30M	230.60M

This table shows Biogen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	241	267	389	584	393	250	-68	592	388	550	1,135
Consolidated Net Income / (Loss)	241	267	389	584	393	249	-68	593	388	550	1,135
Net Income / (Loss) Continuing Operations	241	267	389	584	393	249	-68	593	388	550	1,135
Total Pre-Tax Income	311	292	451	699	465	292	-141	708	438	604	1,371
Total Operating Income	311	635	451	699	465	607	-141	708	438	496	1,371
Total Gross Profit	1,802	1,871	1,827	1,919	1,748	1,768	1,871	1,863	1,800	1,973	2,039
Total Revenue	2,431	2,455	2,466	2,465	2,291	2,386	2,530	2,456	2,463	2,544	2,509
Operating Revenue	2,431	-	-	-	-	-	-	-	-	-	-
Total Cost of Revenue	629	584	639	546	542	618	660	593	663	571	470
Operating Cost of Revenue	629	584	639	546	542	618	660	593	663	571	470
Total Operating Expenses	1,491	1,236	1,376	1,220	1,284	1,161	2,012	1,155	1,362	1,478	668
Selling, General & Admin Expense	573	680	588	554	582	609	788	548	605	633	563
Research & Development Expense	635	532	543	514	453	571	736	584	571	602	549
Amortization Expense	112	151	130	87	78	77	61	53	50	175	57
Other Operating Expenses / (Income)	127	-137	84	148	159	-194	351	-64	127	257	-11
Restructuring Charge	35	5.30	6.80	6.60	12	99	76	34	9.60	7.00	15
Other Special Charges / (Income)	9.60	-	24	-89	-	-	0.00	0.00	-	-195	-506
Total Other Income / (Expense), net	0.00	-344	0.00	0.00	0.00	-316	0.00	0.00	0.00	108	0.00
Income Tax Expense	71	25	63	115	71	43	-73	115	51	54	236
Basic Earnings per Share	$1.65	$1.82	$2.67	$4.01	$2.71	$1.71	($0.47)	$4.09	$2.69	$3.79	$7.86
Weighted Average Basic Shares Outstanding	146.10M	145.60M	145.70M	145.60M	145.20M	144.70M	144.80M	144.70M	144.40M	145.30M	144.40M
Diluted Earnings per Share	$1.64	$1.82	$2.66	$4.00	$2.70	$1.70	($0.47)	$4.07	$2.67	$3.73	$7.84
Weighted Average Diluted Shares Outstanding	146.60M	145.90M	146.10M	145.90M	145.90M	145.60M	144.80M	145.50M	145.20M	146M	144.80M
Weighted Average Basic & Diluted Shares Outstanding	146.53M	146.37M	145.72M	145.66M	145.60M	145.36M	144.90M	144.82M	144.74M	144.49M	144.00M

This table details how cash moves in and out of Biogen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,393	-2,405	1,214	990	-1,652	1,689	-331	-792	1,050	149
Net Cash From Operating Activities	2,876	1,547	1,384	3,640	4,230	7,079	6,188	4,551	4,587	3,919
Net Cash From Continuing Operating Activities	2,876	1,547	1,384	3,640	4,230	7,026	6,188	4,551	4,587	3,919
Net Income / (Loss) Continuing Operations	1,632	1,162	2,962	1,728	4,061	5,889	4,474	2,670	3,696	3,593
Consolidated Net Income / (Loss)	1,632	1,162	2,962	1,728	4,061	5,889	4,474	2,670	3,696	3,593
Depreciation Expense	673	495	518	488	457	465	651	1,081	683	600
Amortization Expense	230	32	0.00	0.00	-	-	-	-	-	-
Non-Cash Adjustments To Reconcile Net Income	653	814	-1,037	1,997	-250	407	555	473	259	322
Changes in Operating Assets and Liabilities, net	-313	-955	-1,059	-572	-38	266	509	327	-50	-596
Net Cash From Investing Activities	-799	-4,101	1,577	-564	-609	471	-2,046	-2,963	-2,485	-4,554
Net Cash From Continuing Investing Activities	-799	-4,101	1,577	-564	-609	471	-2,046	-2,963	-2,485	-4,554
Purchase of Property, Plant & Equipment	-154	-277	-240	-258	-425	-815	-2,271	-2,067	-1,816	-1,493
Acquisitions	-1,281	-6,961	-2.90	-37	-127	-899	-792	-1,095	-112	-214
Purchase of Investments	0.00	-5,141	-3,449	-3,809	-7,404	-5,253	-8,158	-5,355	-7,913	-6,865
Sale of Property, Plant & Equipment	89	0.00	0.00	28	0.00	924	0.00	0.00	-	-
Divestitures	552	908	1,573	94	75	479	0.00	-	-	-
Sale and/or Maturity of Investments	0.00	7,381	3,671	3,405	7,299	6,007	9,174	5,566	7,379	4,063
Other Investing Activities, net	-4.70	-11	24	13	-27	27	0.40	-11	-23	-45
Net Cash From Financing Activities	-684	149	-1,747	-2,086	-5,273	-5,860	-4,472	-2,380	-1,053	783
Net Cash From Continuing Financing Activities	-684	149	-1,747	-2,086	-5,273	-5,860	-4,472	-2,380	-1,053	783
Repayment of Debt	-652	-816	-1,008	-191	-1,485	0.00	-25	-575	-2.70	-7.30
Repurchase of Common Equity	0.00	0.00	-750	-1,800	-6,679	-5,868	-4,353	-1,365	-1,000	-5,000
Payment of Dividends	0.00	12	12	-94	-71	4.30	-36	-437	0.00	-56
Issuance of Debt	0.00	997	0.00	0.00	2,967	3.60	0.00	-	-2.80	5,931
Other Financing Activities, net	-31	-44	-1.90	-0.70	-4.60	0.00	-58	-3.00	-47	-84

This table details how cash moves in and out of Biogen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	189	750	-252	847	48	-1,286	-301	-276	-541	382	376
Net Cash From Operating Activities	259	761	936	626	553	13	592	487	455	-175	661
Net Cash From Continuing Operating Activities	259	761	936	626	553	13	592	487	455	-189	675
Net Income / (Loss) Continuing Operations	241	267	389	584	393	249	-68	593	388	550	1,135
Consolidated Net Income / (Loss)	241	267	389	584	393	249	-68	593	388	550	1,135
Depreciation Expense	183	184	183	159	148	140	125	117	112	120	121
Amortization Expense	51	45	51	90	44	32	-	-	0.00	-	-
Non-Cash Adjustments To Reconcile Net Income	136	319	108	69	157	168	428	14	204	298	-626
Changes in Operating Assets and Liabilities, net	-352	-54	205	-276	-189	-576	108	-237	-249	-1,156	45
Net Cash From Investing Activities	-47	-19	-1,181	467	-66	-652	-1,742	-754	-953	-141	1,672
Net Cash From Continuing Investing Activities	-47	-19	-1,181	467	-66	-652	-1,742	-754	-953	442	1,090
Purchase of Property, Plant & Equipment	-37	-39	-35	-34	-46	-65	-74	-71	-67	-86	-59
Acquisitions	-10	-1,102	-95	-9.10	-75	-6,926	-13	-16	-5.00	-1.00	-
Sale and/or Maturity of Investments	0.00	-97	39	1.90	56	-106	5,702	1,345	441	566	1,643
Other Investing Activities, net	-0.20	-0.30	-1.10	-2.60	-0.70	-10	-0.20	-0.40	-0.70	23	-0.20
Net Cash From Financing Activities	-23	7.90	-6.60	-245	-440	-646	849	-9.80	-43	-7.40	-1,252
Net Cash From Continuing Financing Activities	-23	7.90	-6.60	-245	-440	-646	849	-9.80	-43	-7.40	-1,252
Repayment of Debt	1.30	4.40	-13	-251	-393	-658	-158	-17	17	-12	-
Other Financing Activities, net	-24	3.50	6.00	6.10	-47	3.70	6.60	5.50	-60	3.90	5.70

This table presents Biogen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	28,049	26,845	24,554	23,877	24,619	27,234	25,289	23,653	22,877	19,505
Total Current Assets	7,457	6,859	9,791	7,857	6,887	8,382	7,641	7,873	8,732	6,700
Cash & Equivalents	2,375	1,050	3,419	2,261	1,331	2,914	1,225	1,574	2,327	1,308
Accounts Receivable	1,405	1,664	1,705	1,549	1,914	1,881	1,959	1,787	1,442	1,227
Inventories, net	2,461	2,527	1,344	1,352	1,069	804	930	903	1,002	893
Other Current Assets	1,217	1,618	1,849	1,153	1,295	1,221	1,215	1,495	1,394	1,151
Plant, Property, & Equipment, net	3,181	3,310	3,299	3,416	3,412	3,247	3,601	3,182	2,502	2,188
Total Noncurrent Assets	17,411	16,676	11,464	12,604	14,320	15,605	14,047	12,597	11,643	10,617
Goodwill	6,479	6,219	5,749	5,761	5,762	5,758	5,706	4,633	3,669	2,664
Intangible Assets	9,691	8,363	1,850	2,221	3,084	3,527	3,120	3,880	3,808	4,085
Noncurrent Deferred & Refundable Income Taxes	324	929	1,226	1,415	1,370	3,232	2,154	596	-	-
Other Noncurrent Operating Assets	917	1,165	1,933	2,315	3,332	1,680	1,691	432	1,336	1,108
Total Liabilities & Shareholders' Equity	28,049	26,845	24,554	23,877	24,619	27,234	25,289	23,653	22,877	19,505
Total Liabilities	11,333	12,045	11,166	12,918	13,933	13,895	12,257	11,055	10,748	10,130
Total Current Liabilities	5,529	3,434	3,273	4,298	3,742	4,864	3,295	3,368	3,420	2,578
Short-Term Debt	1,749	150	0.00	999	0.00	1,496	0.00	3.20	4.70	4.80
Accounts Payable	424	403	492	589	455	531	371	396	280	267
Current Deferred & Payable Income Tax Liabilities	548	257	260	175	142	71	64	68	232	209
Other Current Liabilities	2,808	2,624	2,521	2,535	3,145	2,766	2,861	2,901	2,904	2,097
Total Noncurrent Liabilities	5,805	8,611	7,893	8,619	10,191	9,031	8,962	7,686	7,328	7,552
Long-Term Debt	4,547	6,788	6,281	6,274	7,426	4,459	5,937	5,935	6,513	6,522
Noncurrent Deferred & Payable Income Tax Liabilities	191	642	335	695	1,033	2,811	1,636	123	93	125
Other Noncurrent Operating Liabilities	1,067	1,181	1,277	1,651	1,732	1,762	1,389	1,629	723	906
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	16,716	14,799	13,388	10,960	10,686	13,339	13,032	12,598	12,129	9,375
Total Preferred & Common Equity	16,716	14,799	13,398	10,896	10,700	13,343	13,040	12,613	12,140	9,373
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	16,716	14,799	13,398	10,896	10,700	13,343	13,040	12,613	12,140	9,373
Common Stock	570	303	73	68	0.10	0.10	0.10	98	0.10	0.10
Retained Earnings	19,260	17,628	16,467	13,912	13,976	16,455	16,257	15,810	15,072	12,208
Treasury Stock	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,612	-2,612
Accumulated Other Comprehensive Income / (Loss)	-136	-154	-165	-107	-299	-135	-240	-318	-320	-224

This table presents Biogen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	28,033	28,049	28,313	26,804	26,568	26,845	28,193	25,157	24,598	24,554	24,854
Total Current Assets	7,626	7,457	6,831	7,109	6,756	6,859	8,454	10,432	9,763	9,791	9,766
Cash & Equivalents	2,598	2,375	1,699	1,909	1,074	1,050	2,288	2,618	2,898	3,419	3,676
Accounts Receivable	1,997	1,405	1,988	2,078	2,000	1,664	2,210	2,124	1,634	1,705	1,569
Inventories, net	2,274	2,461	2,469	2,506	2,517	2,527	2,982	1,334	1,281	1,344	1,375
Other Current Assets	757	1,217	674	615	1,165	1,618	974	896	1,806	1,849	1,911
Plant, Property, & Equipment, net	3,132	3,181	3,211	3,249	3,275	3,310	3,302	3,307	3,301	3,299	3,266
Total Noncurrent Assets	17,275	17,411	18,272	16,446	16,536	16,676	16,438	11,418	11,535	11,464	11,822
Goodwill	6,477	6,479	6,486	6,227	6,227	6,219	6,808	5,754	5,752	5,749	5,741
Intangible Assets	9,585	9,691	9,806	8,233	8,285	8,363	7,345	1,776	1,813	1,850	2,009
Noncurrent Deferred & Refundable Income Taxes	308	324	969	915	898	929	1,070	1,208	1,212	1,226	1,175
Other Noncurrent Operating Assets	906	917	1,012	1,071	1,126	1,165	1,216	1,471	1,780	1,933	2,037
Total Liabilities & Shareholders' Equity	28,033	28,049	28,313	26,804	26,568	26,845	28,193	25,157	24,598	24,554	24,854
Total Liabilities	11,054	11,333	11,954	10,915	11,355	12,045	13,714	10,696	10,811	11,166	12,087
Total Current Liabilities	5,297	5,529	5,425	3,108	3,223	3,434	5,022	3,187	3,015	3,273	3,926
Short-Term Debt	1,749	1,749	1,748	0.00	250	150	500	-	-	0.00	0.00
Accounts Payable	392	424	423	355	387	403	440	445	491	492	383
Current Deferred & Payable Income Tax Liabilities	626	548	499	282	231	257	244	260	236	260	237
Other Current Liabilities	2,531	2,808	2,755	2,472	2,355	2,624	3,838	2,481	2,288	2,521	3,306
Total Noncurrent Liabilities	5,757	5,805	6,529	7,807	8,132	8,611	8,691	7,510	7,797	7,893	8,161
Long-Term Debt	4,549	4,547	4,546	6,292	6,290	6,788	6,786	6,285	6,283	6,281	6,279
Noncurrent Deferred & Payable Income Tax Liabilities	133	191	882	591	658	642	728	144	251	335	329
Other Noncurrent Operating Liabilities	1,075	1,067	1,101	924	1,184	1,181	1,177	1,081	1,263	1,277	1,553
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	16,979	16,716	16,359	15,889	15,213	14,799	14,480	14,461	13,787	13,388	12,767
Total Preferred & Common Equity	16,979	16,716	16,359	15,889	15,213	14,799	14,484	14,467	13,797	13,398	12,776
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	16,979	16,716	16,359	15,889	15,213	14,799	14,484	14,467	13,797	13,398	12,776
Common Stock	630	570	489	408	330	303	242	171	91	73	0.10
Retained Earnings	19,500	19,260	18,993	18,605	18,021	17,628	17,378	17,446	16,854	16,467	15,916
Treasury Stock	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977
Accumulated Other Comprehensive Income / (Loss)	-175	-136	-146	-146	-161	-154	-159	-173	-172	-165	-164

This table displays calculated financial ratios and metrics derived from Biogen's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.62%	-3.32%	-7.36%	-18.32%	-6.49%	6.88%	9.61%	7.21%	6.36%	10.93%
EBITDA Growth	54.09%	-55.64%	84.07%	-59.44%	-27.48%	15.89%	5.48%	10.58%	4.62%	15.82%
EBIT Growth	46.98%	-63.90%	105.81%	-65.42%	-29.17%	20.79%	15.03%	3.97%	3.48%	20.80%
NOPAT Growth	33.40%	-49.68%	69.54%	-53.70%	-38.02%	32.08%	60.46%	-27.89%	4.33%	24.30%
Net Income Growth	40.53%	-60.78%	71.43%	-57.45%	-31.04%	31.62%	67.56%	-27.75%	2.85%	22.15%
EPS Growth	40.28%	-61.81%	100.67%	-58.06%	-21.07%	45.60%	81.04%	-29.59%	10.37%	24.01%
Operating Cash Flow Growth	85.85%	11.77%	-61.97%	-13.95%	-40.25%	14.40%	35.96%	-0.79%	17.04%	33.22%
Free Cash Flow Firm Growth	138.23%	-321.32%	-18.97%	23.51%	-64.30%	197.19%	14.98%	-27.76%	28.14%	-8.61%
Invested Capital Growth	-0.25%	47.02%	3.93%	-8.09%	9.85%	-4.58%	19.20%	7.95%	12.45%	20.18%
Revenue Q/Q Growth	0.71%	-1.58%	-1.83%	-1.07%	-5.74%	1.02%	1.66%	3.67%	0.29%	1.88%
EBITDA Q/Q Growth	-8.42%	-7.71%	20.20%	12.82%	-17.44%	3.37%	-3.40%	10.56%	-3.88%	-1.22%
EBIT Q/Q Growth	-14.21%	-13.59%	24.45%	15.09%	-21.42%	4.61%	0.25%	12.30%	-4.78%	-1.35%
NOPAT Q/Q Growth	2.38%	5.89%	42.29%	-8.72%	-31.77%	9.69%	32.19%	-23.47%	-5.05%	0.04%
Net Income Q/Q Growth	1.10%	-20.56%	23.84%	-17.96%	-21.04%	9.17%	33.04%	-23.37%	-4.66%	-1.48%
EPS Q/Q Growth	1.09%	-20.30%	6.26%	-1.61%	-17.77%	11.81%	39.50%	-26.96%	-4.35%	0.33%
Operating Cash Flow Q/Q Growth	35.18%	13.79%	-42.26%	49.51%	-35.49%	0.92%	6.49%	-1.38%	7.96%	8.61%
Free Cash Flow Firm Q/Q Growth	386.89%	-6.88%	-21.35%	139.39%	-57.32%	14.76%	2.38%	-8.09%	23.85%	-4.75%
Invested Capital Q/Q Growth	-1.51%	6.21%	6.00%	-4.86%	8.47%	-2.07%	0.26%	-7.82%	-2.80%	4.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.12%	74.24%	77.61%	80.79%	86.57%	86.40%	86.50%	86.72%	87.08%	88.48%
EBITDA Margin	29.03%	18.54%	40.40%	20.33%	40.94%	52.79%	48.69%	50.59%	49.05%	49.87%
Operating Margin	23.25%	16.39%	34.24%	15.89%	33.84%	48.98%	43.77%	43.55%	45.00%	45.44%
EBIT Margin	19.70%	13.18%	35.31%	15.89%	37.54%	49.56%	43.85%	41.79%	43.09%	44.29%
Profit (Net Income) Margin	16.87%	11.81%	29.11%	15.73%	30.20%	40.96%	33.26%	21.75%	32.28%	33.38%
Tax Burden Percent	85.63%	89.57%	82.45%	98.99%	80.45%	82.64%	75.84%	52.06%	74.92%	75.37%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	14.37%	10.43%	17.62%	3.01%	19.66%	16.25%	24.16%	47.94%	25.08%	24.37%
Return on Invested Capital (ROIC)	9.32%	8.31%	20.79%	11.98%	25.98%	42.95%	34.56%	24.51%	37.41%	41.58%
ROIC Less NNEP Spread (ROIC-NNEP)	3.32%	-0.29%	26.42%	13.03%	45.66%	41.19%	42.34%	35.72%	75.09%	50.44%
Return on Net Nonoperating Assets (RNNOA)	1.03%	-0.07%	3.54%	3.99%	7.82%	1.71%	0.35%	-2.91%	-3.04%	-5.98%
Return on Equity (ROE)	10.36%	8.24%	24.33%	15.96%	33.80%	44.66%	34.91%	21.60%	34.37%	35.60%
Cash Return on Invested Capital (CROIC)	9.57%	-29.76%	16.93%	20.41%	16.60%	47.64%	17.04%	16.86%	25.69%	23.25%
Operating Return on Assets (OROA)	6.94%	5.05%	14.83%	7.20%	19.47%	27.13%	24.11%	22.05%	23.28%	28.19%
Return on Assets (ROA)	5.95%	4.52%	12.23%	7.12%	15.66%	22.42%	18.28%	11.48%	17.44%	21.25%
Return on Common Equity (ROCE)	10.36%	8.24%	24.27%	15.93%	33.83%	44.68%	34.94%	21.62%	34.39%	35.58%
Return on Equity Simple (ROE_SIMPLE)	9.76%	7.85%	22.11%	15.86%	37.95%	44.13%	34.31%	21.17%	30.44%	38.34%
Net Operating Profit after Tax (NOPAT)	1,926	1,444	2,870	1,693	3,656	5,898	4,466	2,783	3,860	3,699
NOPAT Margin	19.91%	14.68%	28.21%	15.41%	27.19%	41.02%	33.19%	22.67%	33.71%	34.37%
Net Nonoperating Expense Percent (NNEP)	6.00%	8.60%	-5.63%	-1.05%	-19.68%	1.76%	-7.78%	-11.21%	-37.68%	-8.86%
Return On Investment Capital (ROIC_SIMPLE)	8.37%	6.64%	14.59%	9.28%	20.18%	30.57%	23.54%	15.01%	20.70%	23.26%
Cost of Revenue to Revenue	23.88%	25.76%	22.39%	19.21%	13.43%	13.60%	13.50%	13.28%	12.92%	11.52%
SG&A Expenses to Revenue	24.84%	25.92%	23.63%	24.35%	18.63%	16.52%	15.66%	15.76%	17.00%	19.63%
R&D to Revenue	21.10%	25.03%	21.93%	22.94%	30.24%	15.86%	20.14%	19.34%	17.24%	18.70%
Operating Expenses to Revenue	52.87%	57.85%	43.36%	64.90%	52.73%	37.42%	42.73%	43.17%	42.09%	43.04%
Earnings before Interest and Taxes (EBIT)	1,906	1,297	3,592	1,745	5,048	7,126	5,900	5,129	4,933	4,767
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,809	1,823	4,110	2,233	5,505	7,591	6,550	6,210	5,616	5,368
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.33	2.53	2.98	3.23	3.52	4.01	4.65	5.34	5.08	7.29
Price to Tangible Book Value (P/TBV)	40.82	172.63	6.88	12.10	20.32	13.19	14.39	16.43	13.23	26.02
Price to Revenue (P/Rev)	2.30	3.81	3.92	3.21	2.80	3.72	4.51	5.49	5.39	6.34
Price to Earnings (P/E)	13.65	32.29	13.09	22.65	9.42	9.09	13.68	26.53	16.66	19.25
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.32%	3.10%	7.64%	4.42%	10.62%	11.00%	7.31%	3.77%	6.00%	5.19%
Enterprise Value to Invested Capital (EV/IC)	1.27	2.10	2.88	2.80	2.83	4.00	4.39	5.64	5.54	7.07
Enterprise Value to Revenue (EV/Rev)	2.71	4.41	3.99	3.45	3.10	3.73	4.58	5.42	5.28	6.38
Enterprise Value to EBITDA (EV/EBITDA)	9.33	23.80	9.87	16.97	7.58	7.06	9.41	10.72	10.77	12.79
Enterprise Value to EBIT (EV/EBIT)	13.75	33.45	11.29	21.71	8.26	7.52	10.45	12.98	12.26	14.40
Enterprise Value to NOPAT (EV/NOPAT)	13.60	30.04	14.13	22.38	11.41	9.09	13.80	23.91	15.67	18.55
Enterprise Value to Operating Cash Flow (EV/OCF)	9.11	28.04	29.29	10.41	9.86	7.57	9.96	14.62	13.18	17.51
Enterprise Value to Free Cash Flow (EV/FCFF)	13.25	0.00	17.35	13.13	17.86	8.19	28.00	34.76	22.82	33.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.47	0.47	0.66	0.69	0.45	0.46	0.47	0.54	0.70
Long-Term Debt to Equity	0.27	0.46	0.47	0.57	0.69	0.33	0.46	0.47	0.54	0.70
Financial Leverage	0.31	0.23	0.13	0.31	0.17	0.04	0.01	-0.08	-0.04	-0.12
Leverage Ratio	1.74	1.82	1.99	2.24	2.16	1.99	1.91	1.88	1.97	1.68
Compound Leverage Factor	1.74	1.82	1.99	2.24	2.16	1.99	1.91	1.88	1.97	1.68
Debt to Total Capital	27.36%	31.92%	31.93%	39.89%	41.00%	30.86%	31.30%	32.04%	34.95%	41.04%
Short-Term Debt to Total Capital	7.60%	0.69%	0.00%	5.48%	0.00%	7.75%	0.00%	0.02%	0.03%	0.03%
Long-Term Debt to Total Capital	19.76%	31.23%	31.93%	34.41%	41.00%	23.11%	31.30%	32.02%	34.93%	41.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	-0.05%	0.35%	-0.08%	-0.02%	-0.04%	-0.08%	-0.06%	0.01%
Common Equity to Total Capital	72.64%	68.08%	68.12%	59.76%	59.08%	69.16%	68.74%	68.04%	65.11%	58.94%
Debt to EBITDA	2.24	3.81	1.53	3.26	1.35	0.78	0.91	0.96	1.16	1.22
Net Debt to EBITDA	1.40	3.23	0.17	1.15	0.73	0.01	0.16	-0.13	-0.22	0.06
Long-Term Debt to EBITDA	1.62	3.72	1.53	2.81	1.35	0.59	0.91	0.96	1.16	1.22
Debt to NOPAT	3.27	4.80	2.19	4.30	2.03	1.01	1.33	2.13	1.69	1.76
Net Debt to NOPAT	2.04	4.08	0.24	1.52	1.11	0.01	0.23	-0.29	-0.31	0.09
Long-Term Debt to NOPAT	2.36	4.70	2.19	3.71	2.03	0.76	1.33	2.13	1.69	1.76
Altman Z-Score	2.79	3.47	4.30	3.33	3.79	4.70	5.38	6.06	5.86	6.53
Noncontrolling Interest Sharing Ratio	0.00%	-0.03%	0.22%	0.23%	-0.08%	-0.05%	-0.09%	-0.11%	-0.04%	0.04%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.35	2.00	2.99	1.83	1.84	1.72	2.32	2.34	2.55	2.60
Quick Ratio	0.68	0.79	2.02	1.25	1.21	1.31	1.67	1.63	1.85	1.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,977	-5,173	2,337	2,885	2,335	6,542	2,201	1,915	2,650	2,068
Operating Cash Flow to CapEx	4,417.05%	558.56%	576.07%	1,582.57%	995.72%	0.00%	272.51%	220.13%	252.59%	262.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.38	0.42	0.45	0.52	0.55	0.55	0.53	0.54	0.64
Accounts Receivable Turnover	6.31	5.84	6.25	6.34	7.09	7.49	7.18	7.60	8.58	8.54
Inventory Turnover	0.93	1.31	1.69	1.74	1.93	2.26	1.98	1.71	1.56	1.46
Fixed Asset Turnover	2.98	2.98	3.03	3.22	4.04	4.20	3.97	4.32	4.88	5.45
Accounts Payable Turnover	5.58	5.66	4.22	4.04	3.66	4.34	4.74	4.83	5.40	5.00
Days Sales Outstanding (DSO)	57.88	62.51	58.38	57.55	51.50	48.73	50.81	48.01	42.54	42.72
Days Inventory Outstanding (DIO)	394.00	278.92	215.95	209.35	189.33	161.85	184.14	213.21	233.88	249.74
Days Payable Outstanding (DPO)	65.36	64.46	86.57	90.32	99.65	84.12	76.97	75.61	67.54	73.06
Cash Conversion Cycle (CCC)	386.52	276.97	187.76	176.58	141.19	126.46	157.98	185.61	208.88	219.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,637	20,688	14,071	13,538	14,730	13,410	14,054	11,790	10,922	9,712
Invested Capital Turnover	0.47	0.57	0.74	0.78	0.96	1.05	1.04	1.08	1.11	1.21
Increase / (Decrease) in Invested Capital	-51	6,617	533	-1,192	1,320	-644	2,264	869	1,209	1,631
Enterprise Value (EV)	26,204	43,384	40,550	37,885	41,709	53,609	61,645	66,547	60,481	68,626
Market Capitalization	22,283	37,495	39,877	35,242	37,679	53,543	60,630	67,370	61,700	68,286
Book Value per Share	$114.71	$102.14	$93.04	$74.18	$69.54	$73.95	$64.72	$59.64	$55.80	$42.05
Tangible Book Value per Share	$3.75	$1.50	$40.27	$19.84	$12.05	$22.49	$20.91	$19.39	$21.43	$11.77
Total Capital	23,012	21,738	19,669	18,233	18,112	19,294	18,968	18,536	18,646	15,901
Total Debt	6,296	6,938	6,281	7,273	7,426	5,955	5,937	5,938	6,517	6,526
Total Long-Term Debt	4,547	6,788	6,281	6,274	7,426	4,459	5,937	5,935	6,513	6,522
Net Debt	3,921	5,888	683	2,579	4,044	71	1,023	-808	-1,207	337
Capital Expenditures (CapEx)	65	277	240	230	425	-109	2,271	2,067	1,816	1,493
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,302	2,525	1,626	755	535	538	808	819	422	699
Debt-free Net Working Capital (DFNWC)	3,677	3,575	6,518	4,557	3,145	5,014	4,346	4,508	5,317	4,127
Net Working Capital (NWC)	1,928	3,425	6,518	3,558	3,145	3,518	4,346	4,505	5,312	4,123
Net Nonoperating Expense (NNE)	294	283	-92	-35	-405	9.64	-8.34	113	164	106
Net Nonoperating Obligations (NNO)	3,921	5,888	683	2,579	4,044	71	1,023	-808	-1,207	337
Total Depreciation and Amortization (D&A)	903	526	518	488	457	465	651	1,081	683	600
Debt-free, Cash-free Net Working Capital to Revenue	13.45%	25.67%	15.98%	6.87%	3.98%	3.74%	6.00%	6.68%	3.69%	6.49%
Debt-free Net Working Capital to Revenue	38.00%	36.35%	64.07%	41.50%	23.39%	34.87%	32.30%	36.73%	46.44%	38.35%
Net Working Capital to Revenue	19.93%	34.82%	64.07%	32.40%	23.39%	24.47%	32.30%	36.70%	46.40%	38.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.21	$8.02	$20.96	$10.44	$24.86	$31.47	$21.63	$11.94	$15.61	$14.16
Adjusted Weighted Average Basic Shares Outstanding	145.60M	144.70M	145.30M	149.10M	160.90M	187.10M	204.90M	212.60M	237.26M	250.63M
Adjusted Diluted Earnings per Share	$11.18	$7.97	$20.87	$10.40	$24.80	$31.42	$21.58	$11.92	$15.58	$14.12
Adjusted Weighted Average Diluted Shares Outstanding	145.90M	145.60M	146M	149.60M	161.30M	187.40M	205.30M	213M	237.70M	251.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$31.47	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	146.37M	145.36M	144.49M	146.96M	152.34M	174.06M	196.71M	211.56M	234.60M	237.56M
Normalized Net Operating Profit after Tax (NOPAT)	1,900	1,640	2,391	1,644	3,512	5,892	4,465	2,816	4,236	3,793
Normalized NOPAT Margin	19.64%	16.67%	23.50%	14.97%	26.12%	40.98%	33.19%	22.94%	37.00%	35.24%
Pre Tax Income Margin	19.70%	13.18%	35.31%	15.89%	37.54%	49.56%	43.85%	41.79%	43.09%	44.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-1.06%	-0.42%	5.46%	1.75%	-0.07%	0.81%	16.36%	0.00%	1.56%
Augmented Payout Ratio	0.00%	-1.06%	24.91%	109.66%	166.24%	99.58%	98.10%	67.50%	27.06%	140.71%

This table displays calculated financial ratios and metrics derived from Biogen's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.13%	2.87%	-2.55%	0.36%	-7.00%	-6.20%	0.87%	-5.14%	-2.72%	-6.94%	-9.73%
EBITDA Growth	-16.85%	10.95%	4,326.54%	14.80%	19.22%	26.54%	-101.09%	-41.22%	12.25%	1,776.22%	251.59%
EBIT Growth	-33.05%	4.61%	419.41%	-1.33%	6.05%	22.50%	-110.30%	-44.22%	26.17%	586.36%	371.01%
NOPAT Growth	-38.87%	12.13%	493.06%	-1.63%	1.50%	14.89%	-108.71%	-43.65%	74.75%	4,580.45%	258.01%
Net Income Growth	-38.87%	7.15%	668.81%	-1.63%	1.50%	-54.70%	-106.02%	-43.96%	77.39%	2,767.48%	256.77%
EPS Growth	-39.26%	7.06%	665.96%	-1.72%	1.12%	-54.42%	-105.99%	-43.78%	29.61%	49.20%	253.15%
Operating Cash Flow Growth	-53.13%	5,987.20%	57.93%	28.50%	21.50%	107.14%	-10.38%	-33.88%	181.40%	-120.88%	-17.92%
Free Cash Flow Firm Growth	103.87%	110.36%	82.75%	51.58%	-1,374.72%	-7,376.57%	-401.59%	-182.63%	-127.22%	-106.79%	728.48%
Invested Capital Growth	0.00%	-0.25%	7.58%	50.62%	47.18%	47.02%	46.73%	0.00%	6.12%	3.93%	-6.71%
Revenue Q/Q Growth	-0.97%	-0.45%	0.04%	7.61%	-4.01%	-5.69%	3.03%	-0.28%	-3.18%	1.42%	-3.11%
EBITDA Q/Q Growth	-36.83%	26.19%	-27.75%	44.38%	-15.71%	4,906.79%	-101.96%	49.93%	-10.53%	-58.75%	6.23%
EBIT Q/Q Growth	-51.00%	40.82%	-35.45%	50.32%	-23.44%	529.96%	-119.94%	61.56%	-11.56%	-63.85%	8.00%
NOPAT Q/Q Growth	-58.61%	49.57%	-33.43%	48.35%	-24.08%	624.28%	-116.66%	53.07%	-14.06%	-60.26%	7.80%
Net Income Q/Q Growth	-9.82%	-31.35%	-33.43%	48.35%	58.06%	464.42%	-111.51%	53.07%	-29.46%	-51.58%	7.20%
EPS Q/Q Growth	-9.89%	-31.58%	-33.50%	48.15%	58.82%	461.70%	-111.55%	52.43%	-28.42%	-52.42%	8.29%
Operating Cash Flow Q/Q Growth	-65.92%	-18.67%	49.50%	13.12%	4,325.60%	-97.89%	21.64%	6.96%	360.17%	-126.48%	-10.25%
Free Cash Flow Firm Q/Q Growth	-61.87%	158.14%	82.55%	0.09%	-2.24%	3.23%	51.01%	-2,942.93%	-418.33%	-103.90%	-86.58%
Invested Capital Q/Q Growth	0.20%	-1.51%	3.36%	-1.97%	-0.04%	6.21%	44.72%	-4.21%	-0.15%	6.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.11%	76.23%	74.10%	77.85%	76.33%	74.09%	73.93%	75.87%	73.09%	77.56%	81.28%
EBITDA Margin	22.45%	35.20%	27.77%	38.45%	28.66%	32.63%	-0.64%	33.61%	22.35%	24.19%	59.47%
Operating Margin	12.80%	25.87%	18.29%	28.35%	20.29%	25.44%	-5.58%	28.83%	17.80%	19.48%	54.66%
EBIT Margin	12.80%	25.87%	18.29%	28.35%	20.29%	25.44%	-5.58%	28.83%	17.80%	19.48%	54.66%
Profit (Net Income) Margin	9.89%	10.86%	15.76%	23.68%	17.18%	10.43%	-2.70%	24.16%	15.74%	21.60%	45.24%
Tax Burden Percent	77.28%	91.49%	86.14%	83.53%	84.64%	85.36%	48.37%	83.79%	88.43%	91.01%	82.77%
Interest Burden Percent	100.00%	45.90%	100.00%	100.00%	100.00%	48.03%	100.00%	100.00%	100.00%	121.83%	100.00%
Effective Tax Rate	22.72%	8.51%	13.86%	16.47%	15.36%	14.64%	0.00%	16.21%	11.57%	8.99%	17.23%
Return on Invested Capital (ROIC)	4.70%	11.09%	7.49%	13.58%	9.56%	12.29%	-2.38%	35.80%	11.65%	13.07%	34.09%
ROIC Less NNEP Spread (ROIC-NNEP)	4.70%	4.68%	7.49%	13.58%	9.56%	4.09%	-1.27%	35.80%	11.65%	19.10%	34.09%
Return on Net Nonoperating Assets (RNNOA)	1.34%	1.46%	2.33%	1.51%	1.89%	0.95%	-0.26%	-2.48%	0.74%	2.56%	5.56%
Return on Equity (ROE)	6.03%	12.54%	9.82%	15.09%	11.45%	13.24%	-2.64%	33.32%	12.40%	15.62%	39.65%
Cash Return on Invested Capital (CROIC)	8.56%	9.57%	2.01%	-31.89%	-29.85%	-29.76%	-29.55%	-161.77%	16.29%	16.93%	21.61%
Operating Return on Assets (OROA)	4.60%	9.12%	6.22%	10.55%	7.66%	9.74%	-2.10%	11.43%	7.24%	8.18%	23.28%
Return on Assets (ROA)	3.56%	3.83%	5.36%	8.81%	6.49%	3.99%	-1.02%	9.58%	6.40%	9.07%	19.27%
Return on Common Equity (ROCE)	6.03%	12.54%	9.82%	15.09%	11.45%	13.25%	-2.64%	33.33%	12.41%	15.59%	38.91%
Return on Equity Simple (ROE_SIMPLE)	8.71%	0.00%	9.87%	7.29%	7.67%	0.00%	10.09%	18.42%	22.69%	0.00%	18.72%
Net Operating Profit after Tax (NOPAT)	241	581	389	584	393	518	-99	593	388	451	1,135
NOPAT Margin	9.89%	23.67%	15.76%	23.68%	17.18%	21.72%	-3.91%	24.16%	15.74%	17.73%	45.24%
Net Nonoperating Expense Percent (NNEP)	0.00%	6.41%	0.00%	0.00%	0.00%	8.20%	-1.11%	0.00%	0.00%	-6.04%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	1.03%	2.53%	1.72%	2.63%	1.81%	2.38%	-0.45%	2.86%	1.93%	2.29%	5.96%
Cost of Revenue to Revenue	25.89%	23.77%	25.90%	22.15%	23.67%	25.91%	26.07%	24.13%	26.91%	22.44%	18.72%
SG&A Expenses to Revenue	23.55%	27.70%	23.86%	22.47%	25.39%	25.50%	31.15%	22.31%	24.56%	24.87%	22.46%
R&D to Revenue	26.11%	21.68%	22.01%	20.85%	19.77%	23.92%	29.10%	23.79%	23.17%	23.65%	21.89%
Operating Expenses to Revenue	61.31%	50.36%	55.81%	49.50%	56.04%	48.65%	79.51%	47.04%	55.29%	58.08%	26.63%
Earnings before Interest and Taxes (EBIT)	311	635	451	699	465	607	-141	708	438	496	1,371
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	546	864	685	948	656	779	-16	826	551	615	1,492
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.18	1.33	1.73	2.12	2.05	2.53	2.57	2.85	2.91	2.98	3.03
Price to Tangible Book Value (P/TBV)	21.84	40.82	417.68	23.62	44.58	172.63	112.21	5.94	6.45	6.88	7.71
Price to Revenue (P/Rev)	2.04	2.30	2.94	3.49	3.23	3.81	3.72	4.13	3.98	3.92	3.74
Price to Earnings (P/E)	13.54	13.65	17.48	29.13	26.78	32.29	25.46	15.47	12.83	13.09	13.53
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.39%	7.32%	5.72%	3.43%	3.73%	3.10%	3.93%	6.46%	7.79%	7.64%	7.39%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.27	1.57	1.88	1.78	2.10	2.17	2.99	2.88	2.88	2.96
Enterprise Value to Revenue (EV/Rev)	2.42	2.71	3.42	3.94	3.80	4.41	4.22	4.03	4.00	3.99	3.79
Enterprise Value to EBITDA (EV/EBITDA)	7.80	9.33	10.70	16.11	16.36	23.80	21.37	11.55	9.95	9.87	11.48
Enterprise Value to EBIT (EV/EBIT)	11.32	13.75	14.78	23.40	22.40	33.45	28.13	13.35	11.31	11.29	13.60
Enterprise Value to NOPAT (EV/NOPAT)	13.41	13.60	17.45	26.56	25.39	30.04	30.95	15.63	13.33	14.13	19.46
Enterprise Value to Operating Cash Flow (EV/OCF)	9.19	9.11	15.43	21.38	22.31	28.04	31.05	28.16	24.09	29.29	16.37
Enterprise Value to Free Cash Flow (EV/FCFF)	13.41	13.25	80.84	0.00	0.00	0.00	0.00	0.00	18.19	17.35	13.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.38	0.38	0.40	0.43	0.47	0.50	0.43	0.46	0.47	0.49
Long-Term Debt to Equity	0.27	0.27	0.28	0.40	0.41	0.46	0.47	0.43	0.46	0.47	0.49
Financial Leverage	0.28	0.31	0.31	0.11	0.20	0.23	0.20	-0.07	0.06	0.13	0.16
Leverage Ratio	1.70	1.74	1.83	1.71	1.76	1.82	1.95	1.74	1.94	1.99	2.06
Compound Leverage Factor	1.70	0.80	1.83	1.71	1.76	0.88	1.95	1.74	1.94	2.42	2.06
Debt to Total Capital	27.06%	27.36%	27.78%	28.37%	30.07%	31.92%	33.48%	30.29%	31.30%	31.93%	32.97%
Short-Term Debt to Total Capital	7.51%	7.60%	7.72%	0.00%	1.15%	0.69%	2.30%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	19.54%	19.76%	20.07%	28.37%	28.92%	31.23%	31.18%	30.29%	31.30%	31.93%	32.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.02%	-0.03%	-0.05%	-0.05%	-0.05%
Common Equity to Total Capital	72.94%	72.64%	72.22%	71.63%	69.93%	68.08%	66.54%	69.74%	68.74%	68.12%	67.08%
Debt to EBITDA	2.07	2.24	2.05	2.66	2.91	3.81	3.69	1.80	1.55	1.53	1.84
Net Debt to EBITDA	1.22	1.40	1.50	1.85	2.44	3.23	2.53	-0.29	0.06	0.17	0.15
Long-Term Debt to EBITDA	1.50	1.62	1.48	2.66	2.80	3.72	3.44	1.80	1.55	1.53	1.84
Debt to NOPAT	3.56	3.27	3.34	4.38	4.52	4.80	5.34	2.44	2.07	2.19	3.11
Net Debt to NOPAT	2.09	2.04	2.44	3.05	3.78	4.08	3.67	-0.39	0.09	0.24	0.25
Long-Term Debt to NOPAT	2.57	2.36	2.42	4.38	4.35	4.70	4.98	2.44	2.07	2.19	3.11
Altman Z-Score	2.55	2.64	2.81	3.45	3.18	3.38	2.98	4.12	3.99	3.88	3.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-0.01%	-0.02%	-0.03%	-0.03%	-0.05%	-0.04%	-0.07%	0.22%	1.87%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.44	1.35	1.26	2.29	2.10	2.00	1.68	3.27	3.24	2.99	2.49
Quick Ratio	0.87	0.68	0.68	1.28	0.95	0.79	0.90	2.57	2.21	2.02	1.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	241	632	-1,087	-6,230	-6,235	-6,099	-6,302	-12,866	-423	-82	2,090
Operating Cash Flow to CapEx	698.92%	1,936.13%	1,893.93%	1,868.06%	1,205.23%	19.17%	798.38%	685.92%	683.63%	-202.55%	1,118.44%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.35	0.34	0.37	0.38	0.38	0.38	0.40	0.41	0.42	0.43
Accounts Receivable Turnover	4.91	6.31	4.58	4.60	5.32	5.84	5.29	4.69	6.31	6.25	6.30
Inventory Turnover	1.00	0.93	0.86	1.23	1.27	1.31	1.14	1.72	1.70	1.69	1.74
Fixed Asset Turnover	3.06	2.98	2.95	2.95	2.94	2.98	3.04	3.02	3.04	3.03	3.10
Accounts Payable Turnover	6.16	5.58	5.44	5.92	5.49	5.66	6.04	5.15	4.72	4.22	5.84
Days Sales Outstanding (DSO)	74.29	57.88	79.74	79.29	68.63	62.51	69.00	77.75	57.83	58.38	57.97
Days Inventory Outstanding (DIO)	364.67	394.00	424.24	296.15	287.26	278.92	319.88	212.00	214.87	215.95	209.90
Days Payable Outstanding (DPO)	59.26	65.36	67.14	61.70	66.43	64.46	60.44	70.81	77.27	86.57	62.52
Cash Conversion Cycle (CCC)	379.71	386.52	436.83	313.75	289.47	276.97	328.45	218.94	195.44	187.76	205.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,678	20,637	20,954	20,272	20,679	20,688	19,478	13,459	14,050	14,071	13,275
Invested Capital Turnover	0.47	0.47	0.48	0.57	0.56	0.57	0.61	1.48	0.74	0.74	0.75
Increase / (Decrease) in Invested Capital	-0.50	-51	1,476	6,813	6,629	6,617	6,204	13,459	810	533	-955
Enterprise Value (EV)	23,729	26,204	32,830	38,135	36,710	43,384	42,215	40,222	40,425	40,550	39,244
Market Capitalization	20,030	22,283	28,235	33,752	31,244	37,495	37,221	41,230	40,171	39,877	38,745
Book Value per Share	$115.99	$114.71	$112.31	$109.13	$104.77	$102.14	$100.01	$99.95	$95.49	$93.04	$88.04
Tangible Book Value per Share	$6.26	$3.75	$0.46	$9.81	$4.83	$1.50	$2.29	$47.93	$43.13	$40.27	$34.63
Total Capital	23,277	23,012	22,653	22,181	21,753	21,738	21,766	20,745	20,070	19,669	19,046
Total Debt	6,298	6,296	6,294	6,292	6,540	6,938	7,286	6,285	6,283	6,281	6,279
Total Long-Term Debt	4,549	4,547	4,546	6,292	6,290	6,788	6,786	6,285	6,283	6,281	6,279
Net Debt	3,700	3,921	4,595	4,383	5,466	5,888	4,998	-1,002	263	683	508
Capital Expenditures (CapEx)	37	39	49	34	46	65	74	71	67	86	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,479	1,302	1,454	2,091	2,709	2,525	1,644	1,167	1,706	1,626	928
Debt-free Net Working Capital (DFNWC)	4,078	3,677	3,154	4,000	3,783	3,575	3,932	7,245	6,748	6,518	5,839
Net Working Capital (NWC)	2,329	1,928	1,406	4,000	3,533	3,425	3,432	7,245	6,748	6,518	5,839
Net Nonoperating Expense (NNE)	0.00	314	0.00	0.00	0.00	269	-31	0.00	0.00	-98	0.00
Net Nonoperating Obligations (NNO)	3,700	3,921	4,595	4,383	5,466	5,888	4,998	-1,002	263	683	508
Total Depreciation and Amortization (D&A)	235	229	234	249	192	172	125	117	112	120	121
Debt-free, Cash-free Net Working Capital to Revenue	15.07%	13.45%	15.14%	21.62%	28.03%	25.67%	16.45%	11.70%	16.89%	15.98%	8.96%
Debt-free Net Working Capital to Revenue	41.54%	38.00%	32.82%	41.36%	39.15%	36.35%	39.34%	72.66%	66.78%	64.07%	56.35%
Net Working Capital to Revenue	23.72%	19.93%	14.63%	41.36%	36.57%	34.82%	34.34%	72.66%	66.78%	64.07%	56.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.65	$1.82	$2.67	$4.01	$2.71	$1.71	($0.47)	$4.09	$2.69	$3.79	$7.86
Adjusted Weighted Average Basic Shares Outstanding	146.10M	145.60M	145.70M	145.60M	145.20M	144.70M	144.80M	144.70M	144.40M	145.30M	144.40M
Adjusted Diluted Earnings per Share	$1.64	$1.82	$2.66	$4.00	$2.70	$1.70	($0.47)	$4.07	$2.67	$3.73	$7.84
Adjusted Weighted Average Diluted Shares Outstanding	146.60M	145.90M	146.10M	145.90M	145.90M	145.60M	144.80M	145.50M	145.20M	146M	144.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	146.53M	146.37M	145.72M	145.66M	145.60M	145.36M	144.90M	144.82M	144.74M	144.49M	144.00M
Normalized Net Operating Profit after Tax (NOPAT)	275	586	415	515	403	603	-46	622	396	280	729
Normalized NOPAT Margin	11.32%	23.87%	16.82%	20.90%	17.60%	25.25%	-1.80%	25.33%	16.08%	10.99%	29.06%
Pre Tax Income Margin	12.80%	11.88%	18.29%	28.35%	20.29%	12.22%	-5.58%	28.83%	17.80%	23.73%	54.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-0.50%	-0.92%	-1.04%	-1.06%	-0.30%	-0.08%	-0.40%	-0.42%	-0.53%
Augmented Payout Ratio	0.00%	0.00%	-0.50%	-0.92%	-1.04%	-1.06%	-0.30%	-0.08%	-0.40%	24.91%	30.83%

Frequently Asked Questions About Biogen's Financials

When does Biogen's financial year end?

According to the most recent income statement we have on file, Biogen's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Biogen's net income changed over the last 9 years?

Biogen's net income appears to be on a downward trend, with a most recent value of $1.63 billion in 2024, falling from $3.59 billion in 2015. The previous period was $1.16 billion in 2023. See where experts think Biogen is headed by visiting Biogen's forecast page.

What is Biogen's operating income?

Biogen's total operating income in 2024 was $2.25 billion, based on the following breakdown:

Total Gross Profit: $7.37 billion
Total Operating Expenses: $5.12 billion

How has Biogen revenue changed over the last 9 years?

Over the last 9 years, Biogen's total revenue changed from $10.76 billion in 2015 to $9.68 billion in 2024, a change of -10.1%.

How much debt does Biogen have?

Biogen's total liabilities were at $11.33 billion at the end of 2024, a 5.9% decrease from 2023, and a 11.9% increase since 2015.

How much cash does Biogen have?

In the past 9 years, Biogen's cash and equivalents has ranged from $1.05 billion in 2023 to $3.42 billion in 2022, and is currently $2.38 billion as of their latest financial filing in 2024.

How has Biogen's book value per share changed over the last 9 years?

Over the last 9 years, Biogen's book value per share changed from 42.05 in 2015 to 114.71 in 2024, a change of 172.8%.

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This page (NASDAQ:BIIB) was last updated on 5/30/2025 by MarketBeat.com Staff

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Biogen (BIIB) Financials

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