Biogen

Health Care Biotechnology Cambridge, Massachusetts Last filing Feb 6, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.9B
                    3y CAGR -0.9%
                    
                    P12
                    
                    +2.2%
                    
                    Net income
                    FY2025
                
$1.3B
                    Net margin +13.1%
                    
                    P57
                    
                    -20.8%
                    
                    Total assets
                    FY2025
                
$29.4B
                    ROA +4.4%
                    
                    P40
                    
                    +5.0%
                    
                    Operating cash flow
                    FY2025
                
$2.2B
                    FCF margin +20.7%
                    
                    P69
                    
                    -23.3%

19 yrs · FY2007–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $29.4B

Total liabilities $11.2B

Shareholders equity $18.3B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	+69.3%	+126.2%	—
Short Term Investments	+39.2%	-56.9%	—
Accounts Receivable	-95.8%	-15.6%	—
Inventory	-7.4%	-2.6%	—
Prepaid Expenses	-2.5%	-36.3%	—
Other Current Assets	-2.5%	-36.3%	—
Total Current Assets	+14.4%	+8.7%	—
Property,Plant and Equipment	-3.9%	-3.9%	—
Operating Lease Assets	-20.5%	-15.1%	—
Goodwill	+2.2%	+4.2%	—
Intangible Assets	+4.8%	+15.9%	—
Deferred Tax Assets	-43.9%	-65.1%	—
Other Noncurrent Assets	+0.4%	-24.8%	—
Total Assets	+4.7%	+4.5%	—
Liabilities
Accounts Payable	+3.5%	+5.2%	—
Accrued Liabilities	—	—	—
Current Portion of Long Term Debt	+547.4%	+1065.7%	—
Other Current Liabilities	+3.4%	+7.0%	—
Total Current Liabilities	-1.2%	+61.0%	—
Long Term Debt	-4.8%	-9.3%	—
Operating Lease Liabilities Noncurrent	-14.8%	-16.4%	—
Deferred Tax Liabilities	-11.1%	-70.3%	—
Other Noncurrent Liabilities	-2.1%	-6.2%	—
Total Liabilities	-3.6%	-5.9%	—
Equity
Preferred Stock	—	—	—
Common Stock	—	+0.0%	—
Additional Paid In Capital	+68.9%	+88.2%	—
Retained Earnings	+8.0%	+9.3%	—
Treasury Stock	+0.0%	+0.0%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	+11.1%	+13.0%	—
Total Liabilitiesand Equity	+4.7%	+4.5%	—

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $9.9B

Operating income Not reported

Net income $1.3B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	+0.3%	-1.6%	—
Expenses Cost of Revenue	-2.6%	-8.8%	—
Expenses Research and Development	-14.7%	-19.0%	—
Expenses Selling,General and Administrative	-2.3%	-5.7%	—
Expenses Depreciation and Amortization	+25.5%	+36.1%	—
Expenses Share Based Compensation	+4.9%	+10.2%	—
Expenses Restructuring and Asset Impairment	-52.9%	-86.2%	—
Expenses Operating Expenses	-1.2%	-9.0%	—
Other Income Expense Interest Income	-32.8%	-75.6%	—
Other Income Expense Interest Expense	+4.1%	+1.4%	—
Other Income Expense Other Income/expense	—	—	—
Other Income Expense Income Before Tax	+9.6%	+47.0%	—
Income Tax Income Tax Expense	+39.6%	+102.4%	—
net Income net Income	+5.5%	+40.6%	—
net Income Comprehensive Income	+3.1%	+40.7%	—
Earnings Per Share Basic Eps	+4.9%	+39.8%	—
Earnings Per Share Diluted Eps	+5.0%	+40.3%	—
Earnings Per Share Weighted Average Shares Basic	+0.6%	+0.6%	—
Earnings Per Share Weighted Average Shares Diluted	+0.5%	+0.2%	—

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $2.2B

Investing cash flow $-1.4B

Financing cash flow $-301.9M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	+5.5%	+40.6%	—
Operating Activities Depreciation and Amortization	+25.5%	+36.1%	—
Operating Activities Stock Based Compensation	+4.9%	+10.2%	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—
Operating Activities Other Non Cash Items	—	—	—
Operating Activities net Cash From Operating Activities	+19.4%	+85.9%	—
Investing Activities Capital Expenditures	-25.5%	-44.5%	—
Investing Activities Purchases of Investments	-50.5%	—	—
Investing Activities Other Investing Activities	—	-58.4%	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Proceeds From Debt	+31.8%	—	—
Financing Activities Repayment of Debt	+47.0%	-19.7%	—
Financing Activities Tax Withholding On Stock Based Compensation	-52.5%	-29.3%	—
Financing Activities Other Financing Activities	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+70.4%	—	—
Cash Reconciliation net Change In Cash	—	—	—
Cash Reconciliation Cash At Beginning of Period	+69.3%	+126.2%	—
Cash Reconciliation Cash At End of Period	+69.3%	+126.2%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+75.7%	+76.1%	+74.2%
Operating margin	—	—	—
Net margin	+13.1%	+16.9%	+11.8%
FCF margin	+20.7%	+28.1%	+12.9%
Growth
Revenue CAGR (3y)	-0.9%	-4.1%	-9.9%
Returns
ROE	+7.1%	+9.8%	+7.8%
ROA	+4.4%	+5.8%	+4.3%
ROIC	—	—	—
Liquidity
Current ratio	2.68x	1.35x	2.00x
Quick ratio	0.90x	0.68x	0.79x
Leverage
D/E	0.61x	0.68x	0.81x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.34x	0.34x	0.37x
Cash conversion cycle	+264d	+375d	+368d

Valuation

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FY2025 fundamentals · no price

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Biogen

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