Biogen (BIIB) Financials

$187.80 -2.76 (-1.45%)

Closing price 05/20/2026 04:00 PM Eastern

Extended Trading

$186.59 -1.21 (-0.64%)

As of 08:06 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	3,547	3,703	2,539	4,431	5,889	4,001	1,556	3,047	1,161	1,632	1,293
Consolidated Net Income / (Loss)	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632	1,293
Net Income / (Loss) Continuing Operations	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632	1,293
Total Pre-Tax Income	4,767	4,933	5,129	5,900	7,126	5,048	1,745	3,592	1,297	1,906	1,557
Total Operating Income	4,891	5,152	5,346	5,889	7,043	4,550	2,841	3,484	1,297	1,906	1,557
Total Gross Profit	9,523	9,970	10,644	11,637	12,423	11,639	8,872	7,895	7,302	7,366	7,486
Total Revenue	10,764	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676	9,891
Operating Revenue	10,528	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676	9,891
Total Cost of Revenue	1,240	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310	2,404
Operating Cost of Revenue	1,240	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310	2,404
Total Operating Expenses	4,632	4,818	5,298	5,748	5,380	7,089	6,031	4,412	6,005	5,460	5,930
Selling, General & Admin Expense	2,113	1,947	1,934	2,106	2,375	2,505	2,674	2,404	2,550	2,404	2,434
Research & Development Expense	2,013	1,973	2,374	2,710	2,281	4,066	2,519	2,231	2,462	2,042	2,250
Amortization Expense	383	386	815	747	490	465	881	366	241	447	515
Other Operating Expenses / (Income)	0.00	10	112	185	242	233	7.20	-7.40	534	598	596
Impairment Charge	-	-	-	-	-	-	-	-	0.00	0.00	53
Restructuring Charge	93	33	0.90	12	1.50	0.00	0.00	131	219	30	49
Other Special Charges / (Income)	31	470	63	-12	-8.40	-179	-51	-713	0.00	-61	34
Total Other Income / (Expense), net	-124	-219	-217	11	83	497	-1,096	108	0.00	0.00	0.00
Income Tax Expense	1,162	1,237	2,459	1,426	1,158	992	53	633	135	274	264
Net Income / (Loss) Attributable to Noncontrolling Interest	46	-7.10	131	43	0.00	60	172	-85	0.40	0.00	0.00
Basic Earnings per Share	$15.38	$16.96	$11.94	$21.63	$31.47	$24.86	$10.44	$20.96	$8.02	$11.21	$8.83
Weighted Average Basic Shares Outstanding	230.70M	218.40M	212.60M	204.90M	187.10M	160.90M	149.10M	145.30M	144.70M	145.60M	146.50M
Diluted Earnings per Share	$15.34	$16.93	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18	$8.79
Weighted Average Diluted Shares Outstanding	231.20M	218.80M	213M	205.30M	187.40M	161.30M	149.60M	146M	145.60M	145.90M	147.10M
Weighted Average Basic & Diluted Shares Outstanding	230.60M	218.30M	212.70M	204.80M	174.06M	152.34M	146.96M	144.49M	145.36M	146.37M	146.76M

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-68	250	393	584	389	267	241	635	467	-49	320
Consolidated Net Income / (Loss)	-68	249	393	584	389	267	241	635	467	-49	320
Net Income / (Loss) Continuing Operations	-68	249	393	584	389	267	241	635	467	-49	320
Total Pre-Tax Income	-141	292	465	699	451	292	311	744	557	-56	378
Total Operating Income	-141	607	465	699	451	635	311	744	557	-56	378
Total Gross Profit	1,871	1,768	1,748	1,919	1,827	1,871	1,802	2,041	1,860	1,784	1,817
Total Revenue	2,530	2,386	2,291	2,465	2,466	2,455	2,431	2,646	2,535	2,279	2,478
Operating Revenue	-	-	2,291	2,465	2,466	-	2,431	2,646	2,535	2,279	2,478
Total Cost of Revenue	660	618	542	546	639	584	629	605	674	496	661
Operating Cost of Revenue	660	618	542	546	639	584	629	605	674	496	661
Total Operating Expenses	2,012	1,161	1,284	1,220	1,376	1,236	1,491	1,297	1,303	1,840	1,439
Selling, General & Admin Expense	788	609	582	554	588	680	573	584	595	683	607
Research & Development Expense	736	571	453	514	543	532	635	446	438	732	573
Amortization Expense	61	77	78	87	130	151	112	131	136	137	137
Other Operating Expenses / (Income)	351	-194	159	148	84	-137	127	124	121	224	94
Restructuring Charge	76	99	12	6.60	6.80	5.30	35	-0.70	7.40	6.60	7.90
Other Special Charges / (Income)	0.00	-	0.00	-89	24	-	9.60	13	5.60	5.20	21
Total Other Income / (Expense), net	0.00	-316	0.00	0.00	0.00	-344	0.00	0.00	0.00	-	0.00
Income Tax Expense	-73	43	71	115	63	25	71	109	91	-7.10	58
Basic Earnings per Share	($0.47)	$1.71	$2.71	$4.01	$2.67	$1.82	$1.65	$4.33	$3.18	($0.33)	$2.17
Weighted Average Basic Shares Outstanding	144.80M	144.70M	145.20M	145.60M	145.70M	145.60M	146.10M	146.50M	146.60M	146.50M	147.20M
Diluted Earnings per Share	($0.47)	$1.70	$2.70	$4.00	$2.66	$1.82	$1.64	$4.33	$3.17	($0.35)	$2.15
Weighted Average Diluted Shares Outstanding	144.80M	145.60M	145.90M	145.90M	146.10M	145.90M	146.60M	146.70M	147.10M	147.10M	148.40M
Weighted Average Basic & Diluted Shares Outstanding	144.90M	145.36M	145.60M	145.66M	145.72M	146.37M	146.53M	146.61M	146.70M	146.76M	147.64M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	149	1,050	-792	-331	1,689	-1,652	990	1,214	-2,405	1,393	532
Net Cash From Operating Activities	3,919	4,587	4,551	6,188	7,079	4,230	3,640	1,384	1,547	2,876	2,205
Net Cash From Continuing Operating Activities	3,919	4,587	4,551	6,188	7,026	4,230	3,640	1,384	1,547	2,876	2,205
Net Income / (Loss) Continuing Operations	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632	1,293
Consolidated Net Income / (Loss)	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632	1,293
Depreciation Expense	600	683	1,081	651	465	457	488	518	495	673	780
Amortization Expense	-	-	-	-	-	-	0.00	0.00	32	230	241
Non-Cash Adjustments To Reconcile Net Income	322	259	473	555	407	-250	1,997	-1,037	814	653	587
Changes in Operating Assets and Liabilities, net	-596	-50	327	509	266	-38	-572	-1,059	-955	-313	-696
Net Cash From Investing Activities	-4,554	-2,485	-2,963	-2,046	471	-609	-564	1,577	-4,101	-799	-1,371
Net Cash From Continuing Investing Activities	-4,554	-2,485	-2,963	-2,046	471	-609	-564	1,577	-4,101	-799	-1,371
Purchase of Property, Plant & Equipment	-1,493	-1,816	-2,067	-2,271	-815	-425	-258	-240	-277	-154	-154
Acquisitions	-214	-112	-1,095	-792	-899	-127	-37	-2.90	-6,961	-1,281	-82
Purchase of Investments	-6,865	-7,913	-5,355	-8,158	-5,253	-7,404	-3,809	-3,449	-5,141	0.00	-1,258
Sale of Property, Plant & Equipment	-	-	0.00	0.00	924	0.00	28	0.00	0.00	89	0.00
Divestitures	-	-	-	0.00	479	75	94	1,573	908	552	57
Sale and/or Maturity of Investments	4,063	7,379	5,566	9,174	6,007	7,299	3,405	3,671	7,381	0.00	23
Other Investing Activities, net	-45	-23	-11	0.40	27	-27	13	24	-11	-4.70	43
Net Cash From Financing Activities	783	-1,053	-2,380	-4,472	-5,860	-5,273	-2,086	-1,747	149	-684	-302
Net Cash From Continuing Financing Activities	783	-1,053	-2,380	-4,472	-5,860	-5,273	-2,086	-1,747	149	-684	-302
Repayment of Debt	-7.30	-2.70	-575	-25	0.00	-1,485	-191	-1,008	-816	-652	-1,745
Payment of Dividends	-56	0.00	-437	-36	4.30	-71	-94	12	12	0.00	0.00
Issuance of Debt	5,931	-2.80	-	0.00	3.60	2,967	0.00	0.00	997	0.00	1,733
Other Financing Activities, net	-84	-47	-3.00	-58	0.00	-4.60	-0.70	-1.90	-44	-31	-290

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-301	-1,286	48	847	-252	750	189	92	1,107	-857	392
Net Cash From Operating Activities	592	13	553	626	936	761	259	161	1,273	512	646
Net Cash From Continuing Operating Activities	592	13	553	626	936	761	259	161	1,273	512	646
Net Income / (Loss) Continuing Operations	-68	249	393	584	389	267	241	635	467	-49	320
Consolidated Net Income / (Loss)	-68	249	393	584	389	267	241	635	467	-49	320
Depreciation Expense	125	140	148	159	183	184	183	194	202	200	204
Amortization Expense	-	32	44	90	51	45	51	53	62	75	108
Non-Cash Adjustments To Reconcile Net Income	428	168	157	69	108	319	136	87	109	255	98
Changes in Operating Assets and Liabilities, net	108	-576	-189	-276	205	-54	-352	-808	434	30	-84
Net Cash From Investing Activities	-1,742	-652	-66	467	-1,181	-19	-47	-57	-35	-1,232	-210
Net Cash From Continuing Investing Activities	-1,742	-652	-66	467	-1,181	-19	-47	-57	-35	-1,232	-210
Purchase of Property, Plant & Equipment	-74	-65	-46	-34	-35	-39	-37	-27	-46	-44	-51
Acquisitions	-13	-6,926	-75	-9.10	-95	-1,102	-10	-	-5.30	-66	-35
Purchase of Investments	-1,020	-	-	-	-	-	0.00	-	-	-1,167	-749
Sale and/or Maturity of Investments	5,702	-106	56	1.90	39	-97	0.00	-	57	-34	626
Other Investing Activities, net	-0.20	-10	-0.70	-2.60	-1.10	-0.30	-0.20	-30	51	23	-0.20
Net Cash From Financing Activities	849	-646	-440	-245	-6.60	7.90	-23	-12	-130	-137	-44
Net Cash From Continuing Financing Activities	849	-646	-440	-245	-6.60	7.90	-23	-12	-130	-137	-44
Repayment of Debt	-158	-658	-393	-251	-13	4.40	1.30	-1,751	6.20	-1.30	11
Other Financing Activities, net	6.60	3.70	-47	6.10	6.00	3.50	-24	6.10	-136	-136	-55

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	19,505	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049	29,440
Total Current Assets	6,700	8,732	7,873	7,641	8,382	6,887	7,857	9,791	6,859	7,457	8,974
Cash & Equivalents	1,308	2,327	1,574	1,225	2,914	1,331	2,261	3,419	1,050	2,375	3,009
Short-Term Investments	2,121	2,569	2,115	2,313	1,562	1,279	1,541	1,474	-	0.00	807
Accounts Receivable	1,227	1,442	1,787	1,959	1,881	1,914	1,549	1,705	1,664	1,405	1,867
Inventories, net	893	1,002	903	930	804	1,069	1,352	1,344	2,527	2,461	2,168
Other Current Assets	1,151	1,394	1,495	1,215	1,221	1,295	1,153	1,849	1,618	1,217	1,123
Plant, Property, & Equipment, net	2,188	2,502	3,182	3,601	3,247	3,412	3,416	3,299	3,310	3,181	3,055
Total Noncurrent Assets	10,617	11,643	12,597	14,047	15,605	14,320	12,604	11,464	16,676	17,411	17,410
Long-Term Investments	2,760	2,829	3,057	1,376	1,408	772	892	706	-	0.00	432
Goodwill	2,664	3,669	4,633	5,706	5,758	5,762	5,761	5,749	6,219	6,479	6,491
Intangible Assets	4,085	3,808	3,880	3,120	3,527	3,084	2,221	1,850	8,363	9,691	9,179
Noncurrent Deferred & Refundable Income Taxes	-	-	596	2,154	3,232	1,370	1,415	1,226	929	324	293
Other Noncurrent Operating Assets	1,108	1,336	432	1,691	1,680	3,332	2,315	1,933	1,165	917	1,016
Total Liabilities & Shareholders' Equity	19,505	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049	29,440
Total Liabilities	10,130	10,748	11,055	12,257	13,895	13,933	12,918	11,166	12,045	11,333	11,183
Total Current Liabilities	2,578	3,420	3,368	3,295	4,864	3,742	4,298	3,273	3,434	5,529	3,349
Accounts Payable	267	280	396	371	531	455	589	492	403	424	432
Current Deferred & Payable Income Tax Liabilities	209	232	68	64	71	142	175	260	257	548	115
Other Current Liabilities	2,097	2,904	2,901	2,861	2,766	3,145	2,535	2,521	2,624	2,808	2,803
Total Noncurrent Liabilities	7,552	7,328	7,686	8,962	9,031	10,191	8,619	7,893	8,611	5,805	7,833
Long-Term Debt	6,522	6,513	5,935	5,937	4,459	7,426	6,274	6,281	6,788	4,547	6,287
Noncurrent Deferred & Payable Income Tax Liabilities	125	93	123	1,636	2,811	1,033	695	335	642	191	508
Other Noncurrent Operating Liabilities	906	723	1,629	1,389	1,762	1,732	1,651	1,277	1,181	1,067	1,039
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	9,375	12,129	12,598	13,032	13,339	10,686	10,960	13,388	14,799	16,716	18,257
Total Preferred & Common Equity	9,373	12,140	12,613	13,040	13,343	10,700	10,896	13,398	14,799	16,716	18,257
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	9,373	12,140	12,613	13,040	13,343	10,700	10,896	13,398	14,799	16,716	18,257
Common Stock	0.10	0.10	98	0.10	0.10	0.10	68	73	303	570	863
Retained Earnings	12,208	15,072	15,810	16,257	16,455	13,976	13,912	16,467	17,628	19,260	20,553
Treasury Stock	-2,612	-2,612	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977
Accumulated Other Comprehensive Income / (Loss)	-224	-320	-318	-240	-135	-299	-107	-165	-154	-136	-182

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	25,157	28,193	26,845	26,568	26,804	28,313	28,049	28,033	28,330	29,208	29,483
Total Current Assets	10,432	8,454	6,859	6,756	7,109	6,831	7,457	7,626	7,968	8,937	9,190
Cash & Equivalents	2,618	2,288	1,050	1,074	1,909	1,699	2,375	2,598	2,759	3,863	3,383
Short-Term Investments	3,461	0.00	-	-	-	-	-	-	-	98	900
Accounts Receivable	2,124	2,210	1,664	2,000	2,078	1,988	1,405	1,997	2,084	1,850	1,790
Inventories, net	1,334	2,982	2,527	2,517	2,506	2,469	2,461	2,274	2,274	2,209	1,949
Other Current Assets	896	974	1,618	1,165	615	674	1,217	757	851	917	1,168
Plant, Property, & Equipment, net	3,307	3,302	3,310	3,275	3,249	3,211	3,181	3,132	3,099	3,076	3,018
Total Noncurrent Assets	11,418	16,438	16,676	16,536	16,446	18,272	17,411	17,275	17,264	17,195	17,275
Long-Term Investments	1,208	0.10	-	-	-	-	-	-	-	-	466
Goodwill	5,754	6,808	6,219	6,227	6,227	6,486	6,479	6,477	6,493	6,491	6,489
Intangible Assets	1,776	7,345	8,363	8,285	8,233	9,806	9,691	9,585	9,468	9,332	9,054
Noncurrent Deferred & Refundable Income Taxes	1,208	1,070	929	898	915	969	324	308	331	312	238
Other Noncurrent Operating Assets	1,471	1,216	1,165	1,126	1,071	1,012	917	906	972	1,060	1,029
Total Liabilities & Shareholders' Equity	25,157	28,193	26,845	26,568	26,804	28,313	28,049	28,033	28,330	29,208	29,483
Total Liabilities	10,696	13,714	12,045	11,355	10,915	11,954	11,333	11,054	10,696	11,000	10,831
Total Current Liabilities	3,187	5,022	3,434	3,223	3,108	5,425	5,529	5,297	3,184	3,290	2,999
Accounts Payable	445	440	403	387	355	423	424	392	408	413	359
Current Deferred & Payable Income Tax Liabilities	260	244	257	231	282	499	548	626	115	103	94
Other Current Liabilities	2,481	3,838	2,624	2,355	2,472	2,755	2,808	2,531	2,661	2,774	2,547
Total Noncurrent Liabilities	7,510	8,691	8,611	8,132	7,807	6,529	5,805	5,757	7,513	7,710	7,833
Long-Term Debt	6,285	6,786	6,788	6,290	6,292	4,546	4,547	4,549	6,284	6,285	6,289
Noncurrent Deferred & Payable Income Tax Liabilities	144	728	642	658	591	882	191	133	118	358	484
Other Noncurrent Operating Liabilities	1,081	1,177	1,181	1,184	924	1,101	1,067	1,075	1,111	1,067	1,061
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	14,461	14,480	14,799	15,213	15,889	16,359	16,716	16,979	17,634	18,208	18,652
Total Preferred & Common Equity	14,467	14,484	14,799	15,213	15,889	16,359	16,716	16,979	17,634	18,208	18,652
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	14,467	14,484	14,799	15,213	15,889	16,359	16,716	16,979	17,634	18,208	18,652
Common Stock	171	242	303	330	408	489	570	630	714	798	897
Retained Earnings	17,446	17,378	17,628	18,021	18,605	18,993	19,260	19,500	20,135	20,602	20,872
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)	-173	-159	-154	-161	-146	-146	-136	-175	-238	-215	-140

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.93%	6.36%	7.21%	9.61%	6.88%	-6.49%	-18.32%	-7.36%	-3.32%	-1.62%	2.22%
EBITDA Growth	15.82%	4.62%	10.58%	5.48%	15.89%	-27.48%	-59.44%	84.07%	-55.64%	54.09%	-8.26%
EBIT Growth	20.80%	3.48%	3.97%	15.03%	20.79%	-29.17%	-65.42%	105.81%	-63.90%	46.98%	-18.34%
NOPAT Growth	24.30%	4.33%	-27.89%	60.46%	32.08%	-38.02%	-53.70%	69.54%	-49.68%	33.40%	-20.79%
Net Income Growth	22.15%	2.85%	-27.75%	67.56%	31.62%	-31.04%	-57.45%	71.43%	-60.78%	40.53%	-20.79%
EPS Growth	24.01%	10.37%	-29.59%	81.04%	45.60%	-21.07%	-58.06%	100.67%	-61.81%	40.28%	-21.38%
Operating Cash Flow Growth	33.22%	17.04%	-0.79%	35.96%	14.40%	-40.25%	-13.95%	-61.97%	11.77%	85.85%	-23.33%
Free Cash Flow Firm Growth	-8.61%	28.14%	-27.76%	14.98%	197.19%	-64.30%	23.51%	-18.97%	-321.32%	138.23%	-2.94%
Invested Capital Growth	20.18%	12.45%	7.95%	19.20%	-4.58%	9.85%	-8.09%	3.93%	47.02%	-0.25%	-1.65%
Revenue Q/Q Growth	1.88%	0.29%	3.67%	1.66%	1.02%	-5.74%	-1.07%	-1.83%	-1.58%	0.71%	-1.74%
EBITDA Q/Q Growth	-1.22%	-3.88%	10.56%	-3.40%	3.37%	-17.44%	12.82%	20.20%	-7.71%	-8.42%	-10.45%
EBIT Q/Q Growth	-1.35%	-4.78%	12.30%	0.25%	4.61%	-21.42%	15.09%	24.45%	-13.59%	-14.21%	-18.25%
NOPAT Q/Q Growth	0.04%	-5.05%	-23.47%	32.19%	9.69%	-31.77%	-8.72%	42.29%	5.89%	2.38%	-19.62%
Net Income Q/Q Growth	-1.48%	-4.66%	-23.37%	33.04%	9.17%	-21.04%	-17.96%	23.84%	-20.56%	1.10%	-19.62%
EPS Q/Q Growth	0.33%	-4.35%	-26.96%	39.50%	11.81%	-17.77%	-1.61%	6.26%	-20.30%	1.09%	-19.80%
Operating Cash Flow Q/Q Growth	8.61%	7.96%	-1.38%	6.49%	0.92%	-35.49%	49.51%	-42.26%	13.79%	35.18%	-10.15%
Free Cash Flow Firm Q/Q Growth	-4.75%	23.85%	-8.09%	2.38%	14.76%	-57.32%	139.39%	-21.35%	-6.88%	386.89%	-19.52%
Invested Capital Q/Q Growth	4.30%	-2.80%	-7.82%	0.26%	-2.07%	8.47%	-4.86%	6.00%	6.21%	-1.51%	-1.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	88.48%	87.08%	86.72%	86.50%	86.40%	86.57%	80.79%	77.61%	74.24%	76.12%	75.69%
EBITDA Margin	49.87%	49.05%	50.59%	48.69%	52.79%	40.94%	20.33%	40.40%	18.54%	29.03%	26.06%
Operating Margin	45.44%	45.00%	43.55%	43.77%	48.98%	33.84%	15.89%	34.24%	16.39%	23.25%	15.74%
EBIT Margin	44.29%	43.09%	41.79%	43.85%	49.56%	37.54%	15.89%	35.31%	13.18%	19.70%	15.74%
Profit (Net Income) Margin	33.38%	32.28%	21.75%	33.26%	40.96%	30.20%	15.73%	29.11%	11.81%	16.87%	13.07%
Tax Burden Percent	75.37%	74.92%	52.06%	75.84%	82.64%	80.45%	98.99%	82.45%	89.57%	85.63%	83.06%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.37%	25.08%	47.94%	24.16%	16.25%	19.66%	3.01%	17.62%	10.43%	14.37%	16.94%
Return on Invested Capital (ROIC)	41.58%	37.41%	24.51%	34.56%	42.95%	25.98%	11.98%	20.79%	8.31%	9.32%	6.32%
ROIC Less NNEP Spread (ROIC-NNEP)	50.44%	75.09%	35.72%	42.34%	41.19%	45.66%	13.03%	26.42%	-0.29%	3.32%	6.32%
Return on Net Nonoperating Assets (RNNOA)	-5.98%	-3.04%	-2.91%	0.35%	1.71%	7.82%	3.99%	3.54%	-0.07%	1.03%	1.08%
Return on Equity (ROE)	35.60%	34.37%	21.60%	34.91%	44.66%	33.80%	15.96%	24.33%	8.24%	10.36%	7.39%
Cash Return on Invested Capital (CROIC)	23.25%	25.69%	16.86%	17.04%	47.64%	16.60%	20.41%	16.93%	-29.76%	9.57%	7.98%
Operating Return on Assets (OROA)	28.19%	23.28%	22.05%	24.11%	27.13%	19.47%	7.20%	14.83%	5.05%	6.94%	5.42%
Return on Assets (ROA)	21.25%	17.44%	11.48%	18.28%	22.42%	15.66%	7.12%	12.23%	4.52%	5.95%	4.50%
Return on Common Equity (ROCE)	35.58%	34.39%	21.62%	34.94%	44.68%	33.83%	15.93%	24.27%	8.24%	10.36%	7.39%
Return on Equity Simple (ROE_SIMPLE)	38.34%	30.44%	21.17%	34.31%	44.13%	37.95%	15.86%	22.11%	7.85%	9.76%	0.00%
Net Operating Profit after Tax (NOPAT)	3,699	3,860	2,783	4,466	5,898	3,656	1,693	2,870	1,444	1,926	1,293
NOPAT Margin	34.37%	33.71%	22.67%	33.19%	41.02%	27.19%	15.41%	28.21%	14.68%	19.91%	13.07%
Net Nonoperating Expense Percent (NNEP)	-8.86%	-37.68%	-11.21%	-7.78%	1.76%	-19.68%	-1.05%	-5.63%	8.60%	6.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	23.26%	20.70%	15.01%	23.54%	30.57%	20.18%	9.28%	14.59%	6.64%	8.37%	5.27%
Cost of Revenue to Revenue	11.52%	12.92%	13.28%	13.50%	13.60%	13.43%	19.21%	22.39%	25.76%	23.88%	24.31%
SG&A Expenses to Revenue	19.63%	17.00%	15.76%	15.66%	16.52%	18.63%	24.35%	23.63%	25.92%	24.84%	24.61%
R&D to Revenue	18.70%	17.24%	19.34%	20.14%	15.86%	30.24%	22.94%	21.93%	25.03%	21.10%	22.75%
Operating Expenses to Revenue	43.04%	42.09%	43.17%	42.73%	37.42%	52.73%	64.90%	43.36%	57.85%	52.87%	59.95%
Earnings before Interest and Taxes (EBIT)	4,767	4,933	5,129	5,900	7,126	5,048	1,745	3,592	1,297	1,906	1,557
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,368	5,616	6,210	6,550	7,591	5,505	2,233	4,110	1,823	2,809	2,577
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.29	5.08	5.34	4.65	4.01	3.52	3.23	2.98	2.53	1.33	1.41
Price to Tangible Book Value (P/TBV)	26.02	13.23	16.43	14.39	13.19	20.32	12.10	6.88	172.63	40.82	9.98
Price to Revenue (P/Rev)	6.34	5.39	5.49	4.51	3.72	2.80	3.21	3.92	3.81	2.30	2.61
Price to Earnings (P/E)	19.25	16.66	26.53	13.68	9.09	9.42	22.65	13.09	32.29	13.65	19.97
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	5.19%	6.00%	3.77%	7.31%	11.00%	10.62%	4.42%	7.64%	3.10%	7.32%	5.01%
Enterprise Value to Invested Capital (EV/IC)	7.07	5.54	5.64	4.39	4.00	2.83	2.80	2.88	2.10	1.27	1.37
Enterprise Value to Revenue (EV/Rev)	6.38	5.28	5.42	4.58	3.73	3.10	3.45	3.99	4.41	2.71	2.82
Enterprise Value to EBITDA (EV/EBITDA)	12.79	10.77	10.72	9.41	7.06	7.58	16.97	9.87	23.80	9.33	10.81
Enterprise Value to EBIT (EV/EBIT)	14.40	12.26	12.98	10.45	7.52	8.26	21.71	11.29	33.45	13.75	17.90
Enterprise Value to NOPAT (EV/NOPAT)	18.55	15.67	23.91	13.80	9.09	11.41	22.38	14.13	30.04	13.60	21.55
Enterprise Value to Operating Cash Flow (EV/OCF)	17.51	13.18	14.62	9.96	7.57	9.86	10.41	29.29	28.04	9.11	12.64
Enterprise Value to Free Cash Flow (EV/FCFF)	33.18	22.82	34.76	28.00	8.19	17.86	13.13	17.35	0.00	13.25	17.05
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.70	0.54	0.47	0.46	0.45	0.69	0.66	0.47	0.47	0.38	0.34
Long-Term Debt to Equity	0.70	0.54	0.47	0.46	0.33	0.69	0.57	0.47	0.46	0.27	0.34
Financial Leverage	-0.12	-0.04	-0.08	0.01	0.04	0.17	0.31	0.13	0.23	0.31	0.17
Leverage Ratio	1.68	1.97	1.88	1.91	1.99	2.16	2.24	1.99	1.82	1.74	1.64
Compound Leverage Factor	1.68	1.97	1.88	1.91	1.99	2.16	2.24	1.99	1.82	1.74	1.64
Debt to Total Capital	41.04%	34.95%	32.04%	31.30%	30.86%	41.00%	39.89%	31.93%	31.92%	27.36%	25.61%
Short-Term Debt to Total Capital	0.03%	0.03%	0.02%	0.00%	7.75%	0.00%	5.48%	0.00%	0.69%	7.60%	0.00%
Long-Term Debt to Total Capital	41.01%	34.93%	32.02%	31.30%	23.11%	41.00%	34.41%	31.93%	31.23%	19.76%	25.61%
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	0.01%	-0.06%	-0.08%	-0.04%	-0.02%	-0.08%	0.35%	-0.05%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.94%	65.11%	68.04%	68.74%	69.16%	59.08%	59.76%	68.12%	68.08%	72.64%	74.39%
Debt to EBITDA	1.22	1.16	0.96	0.91	0.78	1.35	3.26	1.53	3.81	2.24	2.44
Net Debt to EBITDA	0.06	-0.22	-0.13	0.16	0.01	0.73	1.15	0.17	3.23	1.40	0.79
Long-Term Debt to EBITDA	1.22	1.16	0.96	0.91	0.59	1.35	2.81	1.53	3.72	1.62	2.44
Debt to NOPAT	1.76	1.69	2.13	1.33	1.01	2.03	4.30	2.19	4.80	3.27	4.86
Net Debt to NOPAT	0.09	-0.31	-0.29	0.23	0.01	1.11	1.52	0.24	4.08	2.04	1.58
Long-Term Debt to NOPAT	1.76	1.69	2.13	1.33	0.76	2.03	3.71	2.19	4.70	2.36	4.86
Altman Z-Score	6.53	5.86	6.06	5.38	4.70	3.79	3.33	4.30	3.47	2.79	3.10
Noncontrolling Interest Sharing Ratio	0.04%	-0.04%	-0.11%	-0.09%	-0.05%	-0.08%	0.23%	0.22%	-0.03%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.60	2.55	2.34	2.32	1.72	1.84	1.83	2.99	2.00	1.35	2.68
Quick Ratio	1.81	1.85	1.63	1.67	1.31	1.21	1.25	2.02	0.79	0.68	1.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,068	2,650	1,915	2,201	6,542	2,335	2,885	2,337	-5,173	1,977	1,634
Operating Cash Flow to CapEx	262.52%	252.59%	220.13%	272.51%	0.00%	995.72%	1,582.57%	576.07%	558.56%	4,417.05%	1,433.42%
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	0.64	0.54	0.53	0.55	0.55	0.52	0.45	0.42	0.38	0.35	0.34
Accounts Receivable Turnover	8.54	8.58	7.60	7.18	7.49	7.09	6.34	6.25	5.84	6.31	7.20
Inventory Turnover	1.46	1.56	1.71	1.98	2.26	1.93	1.74	1.69	1.31	0.93	1.04
Fixed Asset Turnover	5.45	4.88	4.32	3.97	4.20	4.04	3.22	3.03	2.98	2.98	3.17
Accounts Payable Turnover	5.00	5.40	4.83	4.74	4.34	3.66	4.04	4.22	5.66	5.58	5.62
Days Sales Outstanding (DSO)	42.72	42.54	48.01	50.81	48.73	51.50	57.55	58.38	62.51	57.88	50.69
Days Inventory Outstanding (DIO)	249.74	233.88	213.21	184.14	161.85	189.33	209.35	215.95	278.92	394.00	351.35
Days Payable Outstanding (DPO)	73.06	67.54	75.61	76.97	84.12	99.65	90.32	86.57	64.46	65.36	64.99
Cash Conversion Cycle (CCC)	219.39	208.88	185.61	157.98	126.46	141.19	176.58	187.76	276.97	386.52	337.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,712	10,922	11,790	14,054	13,410	14,730	13,538	14,071	20,688	20,637	20,296
Invested Capital Turnover	1.21	1.11	1.08	1.04	1.05	0.96	0.78	0.74	0.57	0.47	0.48
Increase / (Decrease) in Invested Capital	1,631	1,209	869	2,264	-644	1,320	-1,192	533	6,617	-51	-341
Enterprise Value (EV)	68,626	60,481	66,547	61,645	53,609	41,709	37,885	40,550	43,384	26,204	27,857
Market Capitalization	68,286	61,700	67,370	60,630	53,543	37,679	35,242	39,877	37,495	22,283	25,818
Book Value per Share	$42.05	$55.80	$59.64	$64.72	$73.95	$69.54	$74.18	$93.04	$102.14	$114.71	$124.45
Tangible Book Value per Share	$11.77	$21.43	$19.39	$20.91	$22.49	$12.05	$19.84	$40.27	$1.50	$3.75	$17.64
Total Capital	15,901	18,646	18,536	18,968	19,294	18,112	18,233	19,669	21,738	23,012	24,544
Total Debt	6,526	6,517	5,938	5,937	5,955	7,426	7,273	6,281	6,938	6,296	6,287
Total Long-Term Debt	6,522	6,513	5,935	5,937	4,459	7,426	6,274	6,281	6,788	4,547	6,287
Net Debt	337	-1,207	-808	1,023	71	4,044	2,579	683	5,888	3,921	2,039
Capital Expenditures (CapEx)	1,493	1,816	2,067	2,271	-109	425	230	240	277	65	154
Debt-free, Cash-free Net Working Capital (DFCFNWC)	699	422	819	808	538	535	755	1,626	2,525	1,302	1,809
Debt-free Net Working Capital (DFNWC)	4,127	5,317	4,508	4,346	5,014	3,145	4,557	6,518	3,575	3,677	5,625
Net Working Capital (NWC)	4,123	5,312	4,505	4,346	3,518	3,145	3,558	6,518	3,425	1,928	5,625
Net Nonoperating Expense (NNE)	106	164	113	-8.34	9.64	-405	-35	-92	283	294	0.00
Net Nonoperating Obligations (NNO)	337	-1,207	-808	1,023	71	4,044	2,579	683	5,888	3,921	2,039
Total Depreciation and Amortization (D&A)	600	683	1,081	651	465	457	488	518	526	903	1,021
Debt-free, Cash-free Net Working Capital to Revenue	6.49%	3.69%	6.68%	6.00%	3.74%	3.98%	6.87%	15.98%	25.67%	13.45%	18.29%
Debt-free Net Working Capital to Revenue	38.35%	46.44%	36.73%	32.30%	34.87%	23.39%	41.50%	64.07%	36.35%	38.00%	56.87%
Net Working Capital to Revenue	38.30%	46.40%	36.70%	32.30%	24.47%	23.39%	32.40%	64.07%	34.82%	19.93%	56.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$14.16	$15.61	$11.94	$21.63	$31.47	$24.86	$10.44	$20.96	$8.02	$11.21	$8.83
Adjusted Weighted Average Basic Shares Outstanding	250.63M	237.26M	212.60M	204.90M	187.10M	160.90M	149.10M	145.30M	144.70M	145.60M	146.50M
Adjusted Diluted Earnings per Share	$14.12	$15.58	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18	$8.79
Adjusted Weighted Average Diluted Shares Outstanding	251.17M	237.70M	213M	205.30M	187.40M	161.30M	149.60M	146M	145.60M	145.90M	147.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$31.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	237.56M	234.60M	211.56M	196.71M	174.06M	152.34M	146.96M	144.49M	145.36M	146.37M	146.76M
Normalized Net Operating Profit after Tax (NOPAT)	3,793	4,236	2,816	4,465	5,892	3,512	1,644	2,391	1,640	1,900	1,405
Normalized NOPAT Margin	35.24%	37.00%	22.94%	33.19%	40.98%	26.12%	14.97%	23.50%	16.67%	19.64%	14.21%
Pre Tax Income Margin	44.29%	43.09%	41.79%	43.85%	49.56%	37.54%	15.89%	35.31%	13.18%	19.70%	15.74%
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	1.56%	0.00%	16.36%	0.81%	-0.07%	1.75%	5.46%	-0.42%	-1.06%	0.00%	0.00%
Augmented Payout Ratio	140.71%	27.06%	67.50%	98.10%	99.58%	166.24%	109.66%	24.91%	-1.06%	0.00%	0.00%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	146,758,528.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	146,758,528.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.87%	-6.20%	-7.00%	0.36%	-2.55%	2.87%	6.13%	7.33%	2.79%	-7.14%	1.93%
EBITDA Growth	-101.09%	26.54%	19.22%	14.80%	4,326.54%	10.95%	-16.85%	4.55%	19.91%	-57.80%	26.37%
EBIT Growth	-110.30%	22.50%	6.05%	-1.33%	419.41%	4.61%	-33.05%	6.48%	23.57%	-119.21%	21.37%
NOPAT Growth	-108.71%	14.89%	1.50%	-1.63%	493.06%	12.13%	-38.87%	8.77%	20.08%	-114.70%	32.85%
Net Income Growth	-106.02%	-54.70%	1.50%	-1.63%	668.81%	7.15%	-38.87%	8.77%	20.08%	-118.34%	32.85%
EPS Growth	-105.99%	-54.42%	1.12%	-1.72%	665.96%	7.06%	-39.26%	8.25%	19.17%	-119.23%	31.10%
Operating Cash Flow Growth	-10.38%	107.14%	21.50%	28.50%	57.93%	5,987.20%	-53.13%	-74.29%	36.01%	-32.72%	148.94%
Free Cash Flow Firm Growth	-401.59%	-7,376.57%	-1,374.72%	51.58%	82.75%	110.36%	103.87%	95.96%	181.68%	-5.04%	234.36%
Invested Capital Growth	46.73%	47.02%	47.18%	50.62%	7.58%	-0.25%	0.00%	4.37%	-2.01%	-1.65%	-2.35%
Revenue Q/Q Growth	3.03%	-5.69%	-4.01%	7.61%	0.04%	-0.45%	-0.97%	8.82%	-4.19%	-10.07%	8.70%
EBITDA Q/Q Growth	-101.96%	4,906.79%	-15.71%	44.38%	-27.75%	26.19%	-36.83%	81.53%	-17.14%	-73.25%	214.07%
EBIT Q/Q Growth	-119.94%	529.96%	-23.44%	50.32%	-35.45%	40.82%	-51.00%	139.07%	-25.09%	-110.05%	774.46%
NOPAT Q/Q Growth	-116.66%	624.28%	-24.08%	48.35%	-33.43%	49.57%	-58.61%	163.95%	-26.51%	-108.40%	915.05%
Net Income Q/Q Growth	-111.51%	464.42%	58.06%	48.35%	-33.43%	-31.35%	-9.82%	163.95%	-26.51%	-110.48%	753.37%
EPS Q/Q Growth	-111.55%	461.70%	58.82%	48.15%	-33.50%	-31.58%	-9.89%	164.02%	-26.79%	-111.04%	714.29%
Operating Cash Flow Q/Q Growth	21.64%	-97.89%	4,325.60%	13.12%	49.50%	-18.67%	-65.92%	-37.95%	690.86%	-59.77%	26.10%
Free Cash Flow Firm Q/Q Growth	51.01%	3.23%	-2.24%	0.09%	82.55%	158.14%	-61.87%	-204.52%	452.48%	-66.03%	167.18%
Invested Capital Q/Q Growth	44.72%	6.21%	-0.04%	-1.97%	3.36%	-1.51%	0.20%	2.32%	-2.96%	-1.15%	-0.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.93%	74.09%	76.33%	77.85%	74.10%	76.23%	74.11%	77.13%	73.39%	78.26%	73.32%
EBITDA Margin	-0.64%	32.63%	28.66%	38.45%	27.77%	35.20%	22.45%	37.45%	32.39%	9.63%	27.84%
Operating Margin	-5.58%	25.44%	20.29%	28.35%	18.29%	25.87%	12.80%	28.12%	21.99%	-2.46%	15.24%
EBIT Margin	-5.58%	25.44%	20.29%	28.35%	18.29%	25.87%	12.80%	28.12%	21.99%	-2.46%	15.24%
Profit (Net Income) Margin	-2.70%	10.43%	17.18%	23.68%	15.76%	10.86%	9.89%	24.00%	18.40%	-2.15%	12.89%
Tax Burden Percent	48.37%	85.36%	84.64%	83.53%	86.14%	91.49%	77.28%	85.32%	83.71%	87.32%	84.59%
Interest Burden Percent	100.00%	48.03%	100.00%	100.00%	100.00%	45.90%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	14.64%	15.36%	16.47%	13.86%	8.51%	22.72%	14.68%	16.29%	0.00%	15.41%
Return on Invested Capital (ROIC)	-2.38%	12.29%	9.56%	13.58%	7.49%	11.09%	4.70%	11.58%	8.93%	-0.83%	6.27%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.27%	4.09%	9.56%	13.58%	7.49%	4.68%	4.70%	11.58%	8.93%	-1.16%	6.27%
Return on Net Nonoperating Assets (RNNOA)	-0.26%	0.95%	1.89%	1.51%	2.33%	1.46%	1.34%	2.73%	1.79%	-0.20%	0.92%
Return on Equity (ROE)	-2.64%	13.24%	11.45%	15.09%	9.82%	12.54%	6.03%	14.31%	10.72%	-1.03%	7.19%
Cash Return on Invested Capital (CROIC)	-29.55%	-29.76%	-29.85%	-31.89%	2.01%	9.57%	8.56%	4.52%	11.19%	7.98%	9.09%
Operating Return on Assets (OROA)	-2.10%	9.74%	7.66%	10.55%	6.22%	9.12%	4.60%	10.20%	7.70%	-0.85%	5.27%
Return on Assets (ROA)	-1.02%	3.99%	6.49%	8.81%	5.36%	3.83%	3.56%	8.70%	6.44%	-0.74%	4.46%
Return on Common Equity (ROCE)	-2.64%	13.25%	11.45%	15.09%	9.82%	12.54%	6.03%	14.31%	10.72%	-1.03%	7.19%
Return on Equity Simple (ROE_SIMPLE)	10.09%	0.00%	7.67%	7.29%	9.87%	0.00%	8.71%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-99	518	393	584	389	581	241	635	467	-39	320
NOPAT Margin	-3.91%	21.72%	17.18%	23.68%	15.76%	23.67%	9.89%	24.00%	18.40%	-1.72%	12.89%
Net Nonoperating Expense Percent (NNEP)	-1.11%	8.20%	0.00%	0.00%	0.00%	6.41%	0.00%	0.00%	0.00%	0.33%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-0.45%	2.38%	1.81%	2.63%	1.72%	2.53%	1.03%	2.65%	1.90%	-0.16%	1.28%
Cost of Revenue to Revenue	26.07%	25.91%	23.67%	22.15%	25.90%	23.77%	25.89%	22.87%	26.61%	21.74%	26.68%
SG&A Expenses to Revenue	31.15%	25.50%	25.39%	22.47%	23.86%	27.70%	23.55%	22.07%	23.47%	29.94%	24.51%
R&D to Revenue	29.10%	23.92%	19.77%	20.85%	22.01%	21.68%	26.11%	16.84%	17.29%	32.10%	23.13%
Operating Expenses to Revenue	79.51%	48.65%	56.04%	49.50%	55.81%	50.36%	61.31%	49.01%	51.41%	80.72%	58.08%
Earnings before Interest and Taxes (EBIT)	-141	607	465	699	451	635	311	744	557	-56	378
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-16	779	656	948	685	864	546	991	821	220	690
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.57	2.53	2.05	2.12	1.73	1.33	1.18	1.04	1.13	1.41	1.44
Price to Tangible Book Value (P/TBV)	112.21	172.63	44.58	23.62	417.68	40.82	21.84	11.00	8.61	9.98	8.65
Price to Revenue (P/Rev)	3.72	3.81	3.23	3.49	2.94	2.30	2.04	1.84	2.04	2.61	2.71
Price to Earnings (P/E)	25.46	32.29	26.78	29.13	17.48	13.65	13.54	12.02	12.77	19.97	19.61
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	3.93%	3.10%	3.73%	3.43%	5.72%	7.32%	7.39%	8.32%	7.83%	5.01%	5.10%
Enterprise Value to Invested Capital (EV/IC)	2.17	2.10	1.78	1.88	1.57	1.27	1.15	1.04	1.11	1.37	1.41
Enterprise Value to Revenue (EV/Rev)	4.22	4.41	3.80	3.94	3.42	2.71	2.42	2.19	2.27	2.82	2.86
Enterprise Value to EBITDA (EV/EBITDA)	21.37	23.80	16.36	16.11	10.70	9.33	7.80	7.11	7.10	10.81	10.45
Enterprise Value to EBIT (EV/EBIT)	28.13	33.45	22.40	23.40	14.78	13.75	11.32	10.24	10.17	17.90	17.53
Enterprise Value to NOPAT (EV/NOPAT)	30.95	30.04	25.39	26.56	17.45	13.60	13.41	12.03	12.04	21.55	20.73
Enterprise Value to Operating Cash Flow (EV/OCF)	31.05	28.04	22.31	21.38	15.43	9.11	9.19	10.36	9.32	12.64	10.98
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	80.84	13.25	13.41	23.42	9.85	17.05	15.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.47	0.43	0.40	0.38	0.38	0.37	0.36	0.35	0.34	0.34
Long-Term Debt to Equity	0.47	0.46	0.41	0.40	0.28	0.27	0.27	0.36	0.35	0.34	0.34
Financial Leverage	0.20	0.23	0.20	0.11	0.31	0.31	0.28	0.24	0.20	0.17	0.15
Leverage Ratio	1.95	1.82	1.76	1.71	1.83	1.74	1.70	1.64	1.66	1.64	1.61
Compound Leverage Factor	1.95	0.88	1.76	1.71	1.83	0.80	1.70	1.64	1.66	1.64	1.61
Debt to Total Capital	33.48%	31.92%	30.07%	28.37%	27.78%	27.36%	27.06%	26.27%	25.66%	25.61%	25.21%
Short-Term Debt to Total Capital	2.30%	0.69%	1.15%	0.00%	7.72%	7.60%	7.51%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	31.18%	31.23%	28.92%	28.37%	20.07%	19.76%	19.54%	26.27%	25.66%	25.61%	25.21%
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	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.54%	68.08%	69.93%	71.63%	72.22%	72.64%	72.94%	73.73%	74.34%	74.39%	74.79%
Debt to EBITDA	3.69	3.81	2.91	2.66	2.05	2.24	2.07	2.04	1.95	2.44	2.31
Net Debt to EBITDA	2.53	3.23	2.44	1.85	1.50	1.40	1.22	1.14	0.72	0.79	0.57
Long-Term Debt to EBITDA	3.44	3.72	2.80	2.66	1.48	1.62	1.50	2.04	1.95	2.44	2.31
Debt to NOPAT	5.34	4.80	4.52	4.38	3.34	3.27	3.56	3.45	3.31	4.86	4.58
Net Debt to NOPAT	3.67	4.08	3.78	3.05	2.44	2.04	2.09	1.93	1.22	1.58	1.12
Long-Term Debt to NOPAT	4.98	4.70	4.35	4.38	2.42	2.36	2.57	3.45	3.31	4.86	4.58
Altman Z-Score	2.98	3.38	3.18	3.45	2.81	2.64	2.55	2.67	2.75	2.92	3.11
Noncontrolling Interest Sharing Ratio	-0.05%	-0.03%	-0.03%	-0.02%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.68	2.00	2.10	2.29	1.26	1.35	1.44	2.50	2.72	2.68	3.06
Quick Ratio	0.90	0.79	0.95	1.28	0.68	0.68	0.87	1.52	1.77	1.54	2.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6,302	-6,099	-6,235	-6,230	-1,087	632	241	-252	888	302	806
Operating Cash Flow to CapEx	798.38%	19.17%	1,205.23%	1,868.06%	1,893.93%	1,936.13%	698.92%	604.89%	2,754.33%	1,166.06%	1,260.74%
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	0.38	0.38	0.38	0.37	0.34	0.35	0.36	0.36	0.35	0.34	0.35
Accounts Receivable Turnover	5.29	5.84	5.32	4.60	4.58	6.31	4.91	4.80	5.25	7.20	5.25
Inventory Turnover	1.14	1.31	1.27	1.23	0.86	0.93	1.00	1.03	1.07	1.04	1.15
Fixed Asset Turnover	3.04	2.98	2.94	2.95	2.95	2.98	3.06	3.15	3.20	3.17	3.23
Accounts Payable Turnover	6.04	5.66	5.49	5.92	5.44	5.58	6.16	6.44	5.96	5.62	6.50
Days Sales Outstanding (DSO)	69.00	62.51	68.63	79.29	79.74	57.88	74.29	75.98	69.59	50.69	69.55
Days Inventory Outstanding (DIO)	319.88	278.92	287.26	296.15	424.24	394.00	364.67	355.15	342.61	351.35	316.38
Days Payable Outstanding (DPO)	60.44	64.46	66.43	61.70	67.14	65.36	59.26	56.68	61.20	64.99	56.19
Cash Conversion Cycle (CCC)	328.45	276.97	289.47	313.75	436.83	386.52	379.71	374.45	350.99	337.05	329.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,478	20,688	20,679	20,272	20,954	20,637	20,678	21,159	20,532	20,296	20,192
Invested Capital Turnover	0.61	0.57	0.56	0.57	0.48	0.47	0.47	0.48	0.49	0.48	0.49
Increase / (Decrease) in Invested Capital	6,204	6,617	6,629	6,813	1,476	-51	-0.50	887	-421	-341	-486
Enterprise Value (EV)	42,215	43,384	36,710	38,135	32,830	26,204	23,729	21,927	22,862	27,857	28,445
Market Capitalization	37,221	37,495	31,244	33,752	28,235	22,283	20,030	18,402	20,538	25,818	26,905
Book Value per Share	$100.01	$102.14	$104.77	$109.13	$112.31	$114.71	$115.99	$120.35	$124.19	$124.45	$127.09
Tangible Book Value per Share	$2.29	$1.50	$4.83	$9.81	$0.46	$3.75	$6.26	$11.42	$16.27	$17.64	$21.19
Total Capital	21,766	21,738	21,753	22,181	22,653	23,012	23,277	23,918	24,493	24,544	24,940
Total Debt	7,286	6,938	6,540	6,292	6,294	6,296	6,298	6,284	6,285	6,287	6,289
Total Long-Term Debt	6,786	6,788	6,290	6,292	4,546	4,547	4,549	6,284	6,285	6,287	6,289
Net Debt	4,998	5,888	5,466	4,383	4,595	3,921	3,700	3,525	2,325	2,039	1,540
Capital Expenditures (CapEx)	74	65	46	34	49	39	37	27	46	44	51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,644	2,525	2,709	2,091	1,454	1,302	1,479	2,025	1,686	1,809	1,909
Debt-free Net Working Capital (DFNWC)	3,932	3,575	3,783	4,000	3,154	3,677	4,078	4,784	5,647	5,625	6,192
Net Working Capital (NWC)	3,432	3,425	3,533	4,000	1,406	1,928	2,329	4,784	5,647	5,625	6,192
Net Nonoperating Expense (NNE)	-31	269	0.00	0.00	0.00	314	0.00	0.00	0.00	9.70	0.00
Net Nonoperating Obligations (NNO)	4,998	5,888	5,466	4,383	4,595	3,921	3,700	3,525	2,325	2,039	1,540
Total Depreciation and Amortization (D&A)	125	172	192	249	234	229	235	247	264	276	312
Debt-free, Cash-free Net Working Capital to Revenue	16.45%	25.67%	28.03%	21.62%	15.14%	13.45%	15.07%	20.26%	16.75%	18.29%	19.21%
Debt-free Net Working Capital to Revenue	39.34%	36.35%	39.15%	41.36%	32.82%	38.00%	41.54%	47.85%	56.10%	56.87%	62.31%
Net Working Capital to Revenue	34.34%	34.82%	36.57%	41.36%	14.63%	19.93%	23.72%	47.85%	56.10%	56.87%	62.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.47)	$1.71	$2.71	$4.01	$2.67	$1.82	$1.65	$4.33	$3.18	($0.33)	$2.17
Adjusted Weighted Average Basic Shares Outstanding	144.80M	144.70M	145.20M	145.60M	145.70M	145.60M	146.10M	146.50M	146.60M	146.50M	147.20M
Adjusted Diluted Earnings per Share	($0.47)	$1.70	$2.70	$4.00	$2.66	$1.82	$1.64	$4.33	$3.17	($0.35)	$2.15
Adjusted Weighted Average Diluted Shares Outstanding	144.80M	145.60M	145.90M	145.90M	146.10M	145.90M	146.60M	146.70M	147.10M	147.10M	148.40M
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	144.90M	145.36M	145.60M	145.66M	145.72M	146.37M	146.53M	146.61M	146.70M	146.76M	147.64M
Normalized Net Operating Profit after Tax (NOPAT)	-46	603	403	515	415	586	275	645	477	-31	344
Normalized NOPAT Margin	-1.80%	25.25%	17.60%	20.90%	16.82%	23.87%	11.32%	24.40%	18.83%	-1.36%	13.86%
Pre Tax Income Margin	-5.58%	12.22%	20.29%	28.35%	18.29%	11.88%	12.80%	28.12%	21.99%	-2.46%	15.24%
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	-0.30%	-1.06%	-1.04%	-0.92%	-0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.30%	-1.06%	-1.04%	-0.92%	-0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Biogen (BIIB) has shown a relatively stable top line over the last four years, with quarterly revenue generally in the $2.3B–$2.5B range. However, profitability has been more volatile, and the company entered 2025 with a notable quarterly net loss in Q4, driven by operating expenses and one-time items. On the balance sheet, total assets have risen as the company preserved a solid equity base while maintaining a debt load in the mid-single digit billions. A continued focus on cash generation remains evident, with positive operating cash flow in most recent quarters, though cash burn occurred in the latest period.

Gross margin improved in Q4 2025 to roughly 78%, up from about 76% in Q4 2024, signaling better operating efficiency despite revenue volatility.
Operating cash flow remained positive in multiple quarters, including Q3 2025 (~$1.27B from continuing operations) and Q4 2025 (~$0.51B), indicating ongoing cash generation.
Total revenue has stayed within a relatively tight band (about $2.3B–$2.5B) across 2022–2025, suggesting a stable customer base and product mix.
Balance sheet growth: Total common equity rose from the mid-teens billions in 2024 to roughly $18.2B by 2025, reflecting retained earnings and funding that support a stronger capital base.

Expenses remain high and fairly stable, with substantial SGA and R&D allocations (roughly $0.6B–$0.8B per quarter combined), which keeps profits under pressure.
Non-cash items (such as non-cash adjustments to net income) are material in some quarters (e.g., approximately $0.26B in Q4 2025), which may not translate into immediate cash profit.
Divestitures and investing activity fluctuate quarterly, contributing to non-operating cash flow variability but not consistently driving earnings higher.

Net income swung to a loss in Q4 2025 (-$48.9M) after several quarters of profit, illustrating renewed profitability pressures or one-time charges impacting earnings.
Net change in cash and equivalents was negative in Q4 2025 (approximately -$0.857B), indicating a period of cash outflow despite positive operating cash flow in some other quarters.
Long-term debt sits in the multibillion-dollar range (roughly $6.3B–$6.5B across 2025), contributing to a higher leverage profile and ongoing interest/financing considerations.
Earnings per share metrics deteriorated in the latest quarter (Basic EPS around -$0.33 and Diluted EPS around -$0.35 in Q4 2025), contrasting with prior-year profitability and raising questions about near-term earnings trajectory.

05/21/26 08:21 AM ETAI Generated. May Contain Errors.

Biogen Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Biogen's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Biogen's net income appears to be on a downward trend, with a most recent value of $1.29 billion in 2025, falling from $3.59 billion in 2015. The previous period was $1.63 billion in 2024. See Biogen's forecast for analyst expectations on what's next for the company.

Biogen's total operating income in 2025 was $1.56 billion, based on the following breakdown:

Total Gross Profit: $7.49 billion
Total Operating Expenses: $5.93 billion

Over the last 10 years, Biogen's total revenue changed from $10.76 billion in 2015 to $9.89 billion in 2025, a change of -8.1%.

Biogen's total liabilities were at $11.18 billion at the end of 2025, a 1.3% decrease from 2024, and a 10.4% increase since 2015.

In the past 10 years, Biogen's cash and equivalents has ranged from $1.05 billion in 2023 to $3.42 billion in 2022, and is currently $3.01 billion as of their latest financial filing in 2025.

Over the last 10 years, Biogen's book value per share changed from 42.05 in 2015 to 124.45 in 2025, a change of 196.0%.

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Financial statements for NASDAQ:BIIB last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Biogen (BIIB) Financials

Financials Breakdown Chart

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Biogen (BIIB) Financials

Annual Income Statements for Biogen

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Quarterly Cash Flow Statements for Biogen

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Quarterly Balance Sheets for Biogen

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Quarterly Metrics And Ratios for Biogen

Financials Breakdown Chart

Key Financial Trends

Biogen Financials - Frequently Asked Questions

When does Biogen's fiscal year end?

How has Biogen's net income changed over the last 10 years?

What is Biogen's operating income?

How has Biogen's revenue changed over the last 10 years?

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How has Biogen's book value per share changed over the last 10 years?

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