What is Biohaven's operating income?

Biohaven's total operating income in 2025 was -$745.38 million, based on the following breakdown: Total Gross Profit: $0.00 Total Operating Expenses: $745.38 million

Biohaven (BHVN) Financials

$11.11 -0.01 (-0.09%)

Closing price 06/9/2026 03:59 PM Eastern

Extended Trading

$11.00 -0.11 (-1.00%)

As of 04:46 AM Eastern

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Annual Income Statements for Biohaven

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	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	-119	-214	-570	-408	-846	-739
Consolidated Net Income / (Loss)	-119	-214	-570	-408	-846	-739
Net Income / (Loss) Continuing Operations	-119	-214	-570	-408	-846	-739
Total Pre-Tax Income	-119	-212	-570	-410	-846	-737
Total Operating Income	-115	-219	-568	-436	-885	-745
Total Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	115	219	568	436	885	745
Selling, General & Admin Expense	16	37	131	63	89	110
Research & Development Expense	98	181	437	373	796	635
Total Other Income / (Expense), net	-4.16	6.47	-1.91	27	39	8.00
Other Income / (Expense), net	0.00	1.21	-1.91	27	39	8.00
Income Tax Expense	0.00	1.37	0.44	-1.38	0.74	1.44
Basic Earnings per Share	($3.01)	($5.43)	($12.75)	($5.73)	($9.28)	($6.86)
Weighted Average Basic Shares Outstanding	39.38M	39.38M	44.74M	71.20M	91.23M	107.62M
Diluted Earnings per Share	($3.01)	($5.43)	($12.75)	($5.73)	($9.28)	($6.86)
Weighted Average Diluted Shares Outstanding	39.38M	39.38M	44.74M	71.20M	91.23M	107.62M
Weighted Average Basic & Diluted Shares Outstanding	-	-	68.21M	81.58M	102.05M	150.42M

This table shows Biohaven'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	-102	-145	-180	-320	-160	-187	-222	-198	-173	-146	-131
Consolidated Net Income / (Loss)	-103	-145	-180	-320	-160	-187	-222	-198	-173	-146	-131
Net Income / (Loss) Continuing Operations	-103	-145	-180	-320	-160	-187	-222	-198	-173	-146	-131
Total Pre-Tax Income	-106	-146	-179	-320	-160	-187	-221	-198	-173	-145	-130
Total Operating Income	-111	-154	-183	-334	-178	-190	-222	-212	-169	-143	-130
Total Gross Profit	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	111	154	183	334	178	190	222	212	169	143	130
Selling, General & Admin Expense	15	19	27	19	21	22	34	27	28	21	27
Research & Development Expense	96	135	156	315	158	167	188	184	141	122	104
Total Other Income / (Expense), net	4.69	7.74	4.31	14	18	3.14	0.49	14	-3.84	-2.47	0.17
Income Tax Expense	-3.29	-1.21	0.57	0.18	-0.06	0.05	0.61	0.26	0.22	0.35	0.27
Basic Earnings per Share	($1.50)	($1.88)	($2.20)	($3.64)	($1.70)	($1.74)	($2.17)	($1.94)	($1.64)	($1.11)	($0.88)
Weighted Average Basic Shares Outstanding	68.32M	71.20M	81.60M	87.77M	94.37M	91.23M	101.94M	102.37M	105.82M	107.62M	147.62M
Diluted Earnings per Share	($1.50)	($1.88)	($2.20)	($3.64)	($1.70)	($1.74)	($2.17)	($1.94)	($1.64)	($1.11)	($0.88)
Weighted Average Diluted Shares Outstanding	68.32M	71.20M	81.60M	87.77M	94.37M	91.23M	101.94M	102.37M	105.82M	107.62M	147.62M
Weighted Average Basic & Diluted Shares Outstanding	80.23M	81.58M	88.29M	94.54M	101.12M	102.05M	102.11M	105.79M	105.86M	150.42M	150.56M

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	74	-6.45	166	9.52	-150	130
Net Cash From Operating Activities	-76	-146	-298	-332	-582	-609
Net Cash From Continuing Operating Activities	-76	-146	-298	-332	-582	-609
Net Income / (Loss) Continuing Operations	-119	-214	-570	-408	-846	-739
Consolidated Net Income / (Loss)	-119	-214	-570	-408	-846	-739
Depreciation Expense	0.07	1.39	1.39	6.91	7.86	9.92
Non-Cash Adjustments To Reconcile Net Income	34	65	300	45	239	118
Changes in Operating Assets and Liabilities, net	8.98	1.66	-29	25	17	1.36
Net Cash From Investing Activities	-2.70	0.94	-305	130	-245	301
Net Cash From Continuing Investing Activities	-2.70	0.94	-305	130	-245	301
Purchase of Property, Plant & Equipment	-1.10	-0.94	-6.07	-3.05	-4.05	-0.72
Purchase of Investments	0.00	0.00	-260	-194	-746	-267
Divestitures	-	-	0.00	0.00	0.39	0.00
Sale and/or Maturity of Investments	-	0.00	0.00	327	504	570
Other Investing Activities, net	-1.60	0.00	-4.00	0.00	0.00	-1.85
Net Cash From Financing Activities	152	138	768	212	678	439
Net Cash From Continuing Financing Activities	152	138	768	212	678	439
Repayment of Debt	0.00	-	0.00	0.00	2.26	-0.19
Repurchase of Common Equity	0.00	0.00	-1.00	-0.80	-2.15	-1.70
Issuance of Debt	-	-	-	0.00	0.00	250
Issuance of Common Equity	92	138	733	248	678	191
Other Financing Activities, net	60	0.00	35	-35	0.00	0.00
Effect of Exchange Rate Changes	0.00	0.00	0.43	-0.50	0.08	-0.00
Cash Interest Paid	0.00	0.11	0.00	0.00	0.13	0.22

This table details how cash moves in and out of Biohaven'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	-76	126	-65	55	-154	15	0.15	66	19	44	44
Net Cash From Operating Activities	-95	-115	-103	-168	-141	-171	-165	-168	-146	-131	-150
Net Cash From Continuing Operating Activities	-95	-115	-103	-168	-141	-171	-165	-168	-146	-131	-150
Net Income / (Loss) Continuing Operations	-103	-145	-180	-320	-160	-187	-222	-198	-173	-146	-131
Consolidated Net Income / (Loss)	-103	-145	-180	-320	-160	-187	-222	-198	-173	-146	-131
Depreciation Expense	1.54	1.89	1.45	1.95	1.99	2.46	2.25	1.98	3.13	2.57	2.37
Non-Cash Adjustments To Reconcile Net Income	3.44	37	50	173	-3.48	20	59	9.68	28	22	31
Changes in Operating Assets and Liabilities, net	2.78	-8.72	26	-23	21	-6.02	-4.37	19	-3.01	-9.83	-53
Net Cash From Investing Activities	59	-3.91	34	-98	-93	-88	165	-16	165	-14	15
Net Cash From Continuing Investing Activities	59	-3.91	34	-98	-93	-88	165	-16	165	-14	15
Purchase of Property, Plant & Equipment	-1.25	-0.47	-0.44	-2.95	-0.61	-0.05	-0.46	-0.23	-0.01	-0.01	0.00
Purchase of Investments	-29	-111	-47	-196	-223	-280	-45	-133	-	-89	-20
Sale and/or Maturity of Investments	89	108	81	101	130	192	210	120	165	75	35
Net Cash From Financing Activities	-40	245	3.42	321	80	273	0.37	250	0.12	189	179
Net Cash From Continuing Financing Activities	-40	245	3.42	321	80	273	0.37	250	0.12	189	179
Repayment of Debt	1.86	-1.86	1.22	1.04	-	-	0.00	-	-	-0.19	0.00
Issuance of Common Equity	-	248	-	-	76	283	0.37	-	-	191	179
Effect of Exchange Rate Changes	-0.04	-0.31	-0.01	-0.01	-	0.09	0.02	-0.04	0.01	-	0.02

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	142	662	513	615	451
Total Current Assets	95	587	442	538	368
Cash & Equivalents	76	205	248	99	230
Short-Term Investments	0.00	260	133	387	89
Prepaid Expenses	6.73	21	35	49	47
Other Current Assets	2.12	19	12	3.11	2.17
Plant, Property, & Equipment, net	13	18	17	17	16
Total Noncurrent Assets	34	57	54	59	67
Goodwill	1.39	1.39	1.39	1.39	1.39
Intangible Assets	18	18	18	18	18
Other Noncurrent Operating Assets	14	38	34	40	47
Total Liabilities & Shareholders' Equity	142	662	513	615	451
Total Liabilities	47	123	85	192	399
Total Current Liabilities	42	90	55	154	116
Accounts Payable	4.78	11	16	18	12
Accrued Expenses	37	44	40	51	104
Total Noncurrent Liabilities	5.44	33	30	37	283
Long-Term Debt	-	-	-	0.00	239
Other Noncurrent Operating Liabilities	5.44	33	30	37	45
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	35	539	428	423	52
Total Preferred & Common Equity	35	539	428	423	52
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	35	539	428	423	52
Common Stock	0.00	630	927	1,769	2,128
Retained Earnings	0.00	-91	-499	-1,346	-2,085
Accumulated Other Comprehensive Income / (Loss)	0.00	0.28	-0.07	0.08	8.35

This table presents Biohaven'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 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	619	507	383	419	583	511	459	550	409	466
Total Current Assets	544	434	311	349	511	441	383	475	324	386
Cash & Equivalents	125	148	112	183	239	84	98	166	185	273
Short-Term Investments	263	188	129	101	198	294	224	239	75	75
Prepaid Expenses	26	28	34	46	60	55	56	61	55	35
Other Current Assets	25	22	23	11	7.27	1.20	3.62	8.36	8.42	3.17
Plant, Property, & Equipment, net	17	17	18	17	19	18	18	19	18	15
Total Noncurrent Assets	57	55	54	53	53	52	58	57	68	66
Goodwill	1.39	1.39	1.39	1.39	1.39	1.39	1.39	1.39	1.39	1.39
Intangible Assets	18	18	18	18	18	18	18	18	18	18
Other Noncurrent Operating Assets	37	36	35	33	33	32	39	37	48	46
Total Liabilities & Shareholders' Equity	619	507	383	419	583	511	459	550	409	466
Total Liabilities	146	119	93	117	199	195	199	416	426	337
Total Current Liabilities	114	88	62	87	156	152	164	124	113	52
Accounts Payable	14	12	9.52	36	17	20	19	20	17	10
Accrued Expenses	38	35	53	50	58	64	57	79	74	42
Total Noncurrent Liabilities	32	32	31	30	43	42	35	292	313	285
Long-Term Debt	-	-	-	-	-	-	-	257	268	242
Other Noncurrent Operating Liabilities	32	32	31	30	43	42	35	34	45	43
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	472	387	290	301	384	316	259	135	-17	130
Total Preferred & Common Equity	472	387	290	301	384	316	259	135	-17	130
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	472	387	290	301	384	316	259	135	-17	130
Common Stock	634	639	644	980	1,382	1,475	1,827	1,900	1,922	2,336
Retained Earnings	-162	-252	-355	-679	-999	-1,159	-1,567	-1,766	-1,939	-2,215
Accumulated Other Comprehensive Income / (Loss)	0.17	0.02	0.16	-0.11	-0.08	0.14	0.07	-0.00	0.04	8.30

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	105,855,155.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	105,855,155.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-6.98
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-80	-153	-398	-305	-620	-522
Return On Investment Capital (ROIC_SIMPLE)	-	-	-73.79%	-71.32%	-146.32%	-179.32%
Earnings before Interest and Taxes (EBIT)	-115	-218	-570	-410	-846	-737
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-114	-216	-568	-403	-838	-727
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-172	-417	-313	-511	-556
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	19	38	46	-63	-28
Increase / (Decrease) in Invested Capital	0.00	19	20	7.94	-109	34
Book Value per Share	$0.00	$0.88	$12.04	$5.33	$4.19	$0.49
Tangible Book Value per Share	$0.00	$0.38	$11.60	$5.09	$3.99	$0.31
Total Capital	0.00	95	539	428	423	291
Total Debt	0.00	0.00	0.00	0.00	0.00	239
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	239
Net Debt	0.00	-76	-501	-382	-486	-80
Capital Expenditures (CapEx)	1.10	0.94	6.07	3.05	4.05	0.72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-23	-3.61	5.20	-102	-67
Debt-free Net Working Capital (DFNWC)	0.00	53	497	387	384	252
Net Working Capital (NWC)	0.00	53	497	387	384	252
Net Nonoperating Expense (NNE)	39	61	173	103	227	217
Net Nonoperating Obligations (NNO)	0.00	-76	-501	-382	-486	-80
Total Depreciation and Amortization (D&A)	0.07	1.39	1.39	6.91	7.86	9.92
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($12.75)	($5.73)	($9.28)	($6.86)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	44.74M	71.20M	91.23M	107.62M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($12.75)	($5.73)	($9.28)	($6.86)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	44.74M	71.20M	91.23M	107.62M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	68.21M	81.58M	102.05M	150.42M
Normalized Net Operating Profit after Tax (NOPAT)	-80	-153	-398	-305	-620	-522
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Biohaven'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	-	-	-	-	-	-	-	-	-	105,855,155.00	150,417,084.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	105,855,155.00	150,417,084.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-1.37	-0.87
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
EBITDA Growth	-55.10%	32.96%	-161.38%	-284.32%	-51.81%	-30.12%	-23.29%	36.80%	5.63%	-	41.61%
EBIT Growth	-56.51%	32.19%	-157.26%	-278.56%	-51.48%	-30.12%	-23.55%	36.57%	4.93%	-	41.13%
NOPAT Growth	-63.44%	27.97%	-135.58%	-255.04%	-61.17%	-23.56%	-20.91%	36.57%	4.93%	-	41.13%
Net Income Growth	-48.98%	28.02%	-154.64%	-253.94%	-56.28%	-29.07%	-23.49%	38.03%	-8.20%	-	41.12%
EPS Growth	14.29%	44.38%	-113.59%	-175.76%	-13.33%	7.45%	1.36%	46.70%	3.53%	-	59.45%
Operating Cash Flow Growth	0.78%	-52.35%	-32.20%	-277.98%	-49.00%	-48.63%	-60.88%	-0.08%	-3.14%	-	9.21%
Free Cash Flow Firm Growth	0.00%	0.00%	-60.27%	-117.60%	90.12%	79.02%	40.29%	-11.48%	-1,275.35%	-	-141.36%
Invested Capital Growth	0.00%	20.77%	-20.51%	-553.80%	-227.19%	-235.53%	-450.85%	74.96%	85.50%	-	137.30%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
EBITDA Q/Q Growth	-20.83%	-38.10%	-23.19%	-86.95%	52.27%	-18.38%	-16.72%	4.16%	20.73%	-	8.63%
EBIT Q/Q Growth	-20.07%	-37.89%	-22.59%	-86.53%	51.95%	-18.44%	-16.39%	4.24%	19.99%	-	8.62%
NOPAT Q/Q Growth	-17.59%	-39.05%	-19.21%	-82.15%	46.62%	-6.60%	-16.65%	4.45%	19.99%	-	8.62%
Net Income Q/Q Growth	-13.53%	-41.12%	-24.00%	-78.14%	49.87%	-16.56%	-18.64%	10.61%	12.47%	-	10.32%
EPS Q/Q Growth	-13.64%	-25.33%	-17.02%	-65.45%	53.30%	-2.35%	-24.71%	10.60%	15.46%	-	20.72%
Operating Cash Flow Q/Q Growth	-113.58%	-21.17%	10.66%	-63.49%	15.81%	-20.86%	3.29%	-1.70%	13.23%	-	-14.74%
Free Cash Flow Firm Q/Q Growth	-63.50%	8.86%	-6.99%	-36.48%	92.58%	-93.53%	-204.49%	-154.81%	8.40%	-	-32.65%
Invested Capital Q/Q Growth	321.17%	-6.53%	-60.94%	-395.12%	-18.05%	0.41%	-1.12%	78.94%	31.64%	-	183.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Tax Burden Percent	96.90%	99.17%	100.32%	100.06%	99.96%	100.03%	100.28%	100.13%	100.13%	-	100.21%
Interest Burden Percent	100.00%	100.00%	100.00%	95.75%	100.00%	98.35%	100.00%	93.47%	102.27%	-	99.87%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Equity (ROE)	-160.18%	-84.44%	-133.69%	-193.67%	-265.45%	-198.83%	-316.82%	-295.94%	-522.08%	-	-333.00%
Cash Return on Invested Capital (CROIC)	0.00%	-742.35%	-1,839.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	-2,309.05%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Common Equity (ROCE)	-160.18%	-84.44%	-133.69%	-193.67%	-265.45%	-198.83%	-316.82%	-295.94%	-522.08%	-	-333.00%
Return on Equity Simple (ROE_SIMPLE)	-160.18%	0.00%	-171.57%	-194.56%	-254.53%	0.00%	-342.43%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-77	-108	-128	-234	-125	-133	-155	-148	-119	-100	-91
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Net Nonoperating Expense Percent (NNEP)	-20.94%	-8.42%	-13.98%	-21.20%	-11.49%	-12.42%	-21.97%	-17.08%	-29.60%	-	-18.30%
Return On Investment Capital (ROIC_SIMPLE)	-	-25.14%	-	-	-	-31.40%	-59.77%	-37.84%	-47.22%	-34.34%	-24.58%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings before Interest and Taxes (EBIT)	-106	-146	-179	-334	-160	-190	-221	-212	-169	-143	-130
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-104	-144	-177	-332	-158	-187	-219	-210	-166	-140	-128
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.11	6.82	12.37	6.17	10.78	6.01	6.31	7.15	0.00	-	4.45
Price to Tangible Book Value (P/TBV)	6.56	7.15	13.24	6.50	11.50	6.31	6.84	8.38	0.00	-	5.26
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	31.03	54.93	191.04	0.00	0.00	0.00	0.00	0.00	0.00	-	19.95
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.91	-15.63	-	1.87
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.91	-15.63	-	1.87
Financial Leverage	-0.83	-0.91	-0.95	-1.05	-1.02	-1.02	-1.08	-1.13	-1.24	-	-1.10
Leverage Ratio	1.32	1.22	1.34	1.41	1.47	1.33	1.56	2.19	3.08	-	2.38
Compound Leverage Factor	1.32	1.22	1.34	1.35	1.47	1.30	1.56	2.04	3.15	-	2.38
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	65.64%	106.83%	-	65.13%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	65.64%	106.83%	-	65.13%
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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	34.36%	-6.83%	-	34.87%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.32	-0.34	-	-0.38
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.19	-0.01	-	0.16
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.32	-0.34	-	-0.38
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.46	-0.48	-	-0.53
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.26	-0.01	-	0.23
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.46	-0.48	-	-0.53
Altman Z-Score	10.04	19.14	16.17	3.58	6.97	4.64	-0.87	-3.61	-5.94	-	-5.69
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.99	7.98	4.03	3.27	2.89	3.49	2.33	3.82	2.86	-	7.41
Quick Ratio	3.87	6.89	3.27	2.80	2.49	3.15	1.97	3.26	2.30	-	6.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-127	-116	-124	-169	-13	-24	-74	-188	-172	-134	-178
Operating Cash Flow to CapEx	-7,597.20%	-24,442.77%	-23,326.59%	-5,690.00%	-23,122.09%	-348,453.06%	-35,818.66%	-72,075.54%	-1,120,892.31%	-	0.00%
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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	49	46	18	-53	-63	-63	-63	-13	-9.11	-28	24
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Increase / (Decrease) in Invested Capital	49	7.94	-4.65	-65	-112	-109	-81	40	54	34	87
Enterprise Value (EV)	1,532	2,535	3,444	1,929	3,027	2,060	1,316	814	1,031	-	471
Market Capitalization	1,773	2,917	3,728	2,366	3,406	2,546	1,639	962	1,023	-	577
Book Value per Share	$4.25	$5.33	$3.70	$4.35	$3.34	$4.19	$2.54	$1.32	($0.16)	$0.49	$0.86
Tangible Book Value per Share	$3.96	$5.09	$3.45	$4.12	$3.13	$3.99	$2.35	$1.12	($0.35)	$0.31	$0.73
Total Capital	290	428	301	384	316	423	259	392	251	291	371
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	257	268	239	242
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	257	268	239	242
Net Debt	-241	-382	-283	-437	-379	-486	-323	-148	8.05	-80	-106
Capital Expenditures (CapEx)	1.25	0.47	0.44	2.95	0.61	0.05	0.46	0.23	0.01	0.01	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	7.77	5.20	-21	-82	-91	-102	-104	-54	-50	-67	-14
Debt-free Net Working Capital (DFNWC)	248	387	262	355	288	384	219	351	211	252	334
Net Working Capital (NWC)	248	387	262	355	288	384	219	351	211	252	334
Net Nonoperating Expense (NNE)	25	37	51	86	36	54	67	50	55	46	39
Net Nonoperating Obligations (NNO)	-241	-382	-283	-437	-379	-486	-323	-148	8.05	-80	-106
Total Depreciation and Amortization (D&A)	1.54	1.89	1.45	1.95	1.99	2.46	2.25	1.98	3.13	2.57	2.37
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.50)	($1.88)	($2.20)	($3.64)	($1.70)	($1.74)	($2.17)	($1.94)	($1.64)	($1.11)	($0.88)
Adjusted Weighted Average Basic Shares Outstanding	68.32M	71.20M	81.60M	87.77M	94.37M	91.23M	101.94M	102.37M	105.82M	107.62M	147.62M
Adjusted Diluted Earnings per Share	($1.50)	($1.88)	($2.20)	($3.64)	($1.70)	($1.74)	($2.17)	($1.94)	($1.64)	($1.11)	($0.88)
Adjusted Weighted Average Diluted Shares Outstanding	68.32M	71.20M	81.60M	87.77M	94.37M	91.23M	101.94M	102.37M	105.82M	107.62M	147.62M
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	80.23M	81.58M	88.29M	94.54M	101.12M	102.05M	102.11M	105.79M	105.86M	150.42M	150.56M
Normalized Net Operating Profit after Tax (NOPAT)	-77	-108	-128	-234	-125	-133	-155	-148	-119	-100	-91
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	0.00%	-0.20%	0.00%	-0.21%	-0.20%	-0.25%	0.00%	-0.34%	-0.33%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Biohaven’s latest quarter shows a company with substantial liquidity, but still no revenue and continuing heavy operating losses. In Q1 2026, Biohaven reported $273.1 million in cash and equivalents and $74.7 million in short-term investments, giving it a sizable near-term liquidity cushion. However, the company posted a $130.5 million net loss and burned $149.9 million in operating cash during the quarter, so investors should focus on cash runway and financing needs as much as on clinical progress.

Liquidity remains strong in the near term. Biohaven ended Q1 2026 with $347.8 million in cash and short-term investments, which helps support ongoing R&D spending.
Operating cash burn improved sequentially. Net cash used in operating activities improved from a $170.7 million outflow in Q4 2025 to a $149.9 million outflow in Q1 2026.
Cash balance increased quarter over quarter. Cash and equivalents rose from $184.8 million in Q3 2025 to $273.1 million in Q1 2026, aided by financing activity.
Financing activity boosted the balance sheet. Biohaven raised $179.0 million through common equity issuance in Q1 2026.
The company still has no reported revenue. That means results are being driven entirely by expenses, financing, and investment income, not product sales.
R&D spending remains elevated. Research and development expense was $103.8 million in Q1 2026, showing Biohaven is still investing heavily in its pipeline.
SG&A also remains meaningful. Selling, general and administrative expense was $26.6 million in the quarter, adding to the cash burn.
Losses remain large. Q1 2026 net loss was $130.5 million, or $0.88 per share.
Debt is a major liability. Long-term debt stood at $241.9 million at the end of Q1 2026, which is notable for a company still unprofitable.
Equity has trended downward since early 2024. Total common equity fell to $129.5 million in Q1 2026 from $316.0 million in Q3 2024 and $259.5 million in Q1 2025, reflecting persistent losses and balance sheet pressure.

Longer-term trend: Biohaven has consistently posted negative earnings and operating cash flow across the last several years. Quarterly operating losses have generally ranged from roughly $78 million to more than $333 million, while recurring investment sales and equity raises have helped offset the burn. The trend improved somewhat in the latest quarter versus late 2025, but the business still depends on external capital and successful pipeline execution.

Bottom line: Biohaven’s balance sheet still supports operations for now, but the combination of no revenue, ongoing losses, and meaningful debt means the stock remains highly dependent on clinical and financing milestones.

06/10/26 04:18 AM ETAI Generated. May Contain Errors.

Biohaven Financials - Frequently Asked Questions

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

Biohaven's net income appears to be on an upward trend, with a most recent value of -$738.82 million in 2025, rising from -$118.67 million in 2020. The previous period was -$846.42 million in 2024. See where experts think Biohaven is headed by visiting Biohaven's forecast page.

Biohaven's total operating income in 2025 was -$745.38 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $745.38 million

Over the last 5 years, Biohaven's total revenue changed from $0.00 in 2020 to $0.00 in 2025, a change of 0.0%.

Biohaven's total liabilities were at $399.38 million at the end of 2025, a 108.4% increase from 2024, and a 743.1% increase since 2021.

In the past 4 years, Biohaven's cash and equivalents has ranged from $76.06 million in 2021 to $248.40 million in 2023, and is currently $229.96 million as of their latest financial filing in 2025.

Over the last 5 years, Biohaven's book value per share changed from 0.00 in 2020 to 0.49 in 2025, a change of 49.2%.

Related Companies

Financial statements for NYSE:BHVN last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Biohaven (BHVN) Financials

Financials Breakdown Chart

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Biohaven Financials - Frequently Asked Questions

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Biohaven (BHVN) Financials

Annual Income Statements for Biohaven

Quarterly Income Statements for Biohaven

Annual Cash Flow Statements for Biohaven

Quarterly Cash Flow Statements for Biohaven

Annual Balance Sheets for Biohaven

Quarterly Balance Sheets for Biohaven

Annual Metrics And Ratios for Biohaven

Quarterly Metrics And Ratios for Biohaven

Financials Breakdown Chart

Key Financial Trends

Biohaven Financials - Frequently Asked Questions

When does Biohaven's financial year end?

How has Biohaven's net income changed over the last 5 years?

What is Biohaven's operating income?

How has Biohaven's revenue changed over the last 5 years?

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How has Biohaven's book value per share changed over the last 5 years?

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