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

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	$3.0B 26.7%	$2.4B 126.2%	$1.0B
Short Term Investments	$807.2M 349.2%	$179.7M -56.9%	$416.8M
Accounts Receivable	$3.0M -99.8%	$1.4B -15.6%	$1.7B
Inventory	$2.2B -11.9%	$2.5B -2.6%	$2.5B
Prepaid Expenses	$1.1B 49.3%	$752.5M -36.3%	$1.2B
Other Current Assets	$1.1B 49.3%	$752.5M -36.3%	$1.2B
Total Current Assets	$9.0B 20.3%	$7.5B 8.7%	$6.9B
Property,Plant and Equipment	$3.1B -4.0%	$3.2B -3.9%	$3.3B
Operating Lease Assets	$265.4M -25.5%	$356.4M -15.1%	$420.0M
Goodwill	$6.5B 0.2%	$6.5B 4.2%	$6.2B
Intangible Assets	$9.2B -5.3%	$9.7B 15.9%	$8.4B
Deferred Tax Assets	$292.5M -9.8%	$324.2M -65.1%	$928.6M
Other Noncurrent Assets	$750.6M 33.9%	$560.5M -24.8%	$745.0M
Total Assets	$29.4B 5.0%	$28.0B 4.5%	$26.8B
Liabilities
Accounts Payable	$432.0M 1.8%	$424.2M 5.2%	$403.3M
Accrued Liabilities	$0	$0 -100.0%	$117.5M
Current Portion of Long Term Debt	$6.3B 259.5%	$1.7B 1065.7%	$150.0M
Other Current Liabilities	$2.8B -0.2%	$2.8B 7.0%	$2.6B
Total Current Liabilities	$3.3B -39.4%	$5.5B 61.0%	$3.4B
Long Term Debt	$6.3B -0.1%	$6.3B -9.3%	$6.9B
Operating Lease Liabilities Noncurrent	$290.4M -13.2%	$334.5M -16.4%	$400.0M
Deferred Tax Liabilities	$507.6M 166.5%	$190.5M -70.3%	$641.8M
Other Noncurrent Liabilities	$748.5M 2.2%	$732.3M -6.2%	$781.1M
Total Liabilities	$11.2B -1.3%	$11.3B -5.9%	$12.0B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$0 -100.0%	$100.0K 0.0%	$100.0K
Additional Paid In Capital	$863.1M 51.6%	$569.4M 88.2%	$302.5M
Retained Earnings	$20.6B 6.7%	$19.3B 9.3%	$17.6B
Treasury Stock	$3.0B 0.0%	$3.0B 0.0%	$3.0B
Accumulated Other Comprehensive Income	$-182.0M -33.6%	$-136.2M 11.4%	$-153.7M
Total Stockholders Equity	$18.3B 9.2%	$16.7B 13.0%	$14.8B
Total Liabilitiesand Equity	$29.4B 5.0%	$28.0B 4.5%	$26.8B

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	$9.9B 2.2%	$9.7B -1.6%	$9.8B
Expenses Cost of Revenue	$2.4B 4.1%	$2.3B -8.8%	$2.5B
Expenses Research and Development	$1.8B -10.2%	$2.0B -19.0%	$2.4B
Expenses Selling,General and Administrative	$2.4B 1.2%	$2.4B -5.7%	$2.5B
Expenses Depreciation and Amortization	$779.9M 15.8%	$673.2M 36.1%	$494.8M
Expenses Share Based Compensation	$290.8M -0.1%	$291.2M 10.2%	$264.2M
Expenses Restructuring and Asset Impairment	$48.6M 60.9%	$30.2M -86.2%	$218.8M
Expenses Operating Expenses	$8.3B 7.3%	$7.8B -9.0%	$8.5B
Other Income Expense Interest Income	$125.0M 84.9%	$67.6M -75.6%	$276.5M
Other Income Expense Interest Expense	$267.5M 6.9%	$250.3M 1.4%	$246.9M
Other Income Expense Other Income/expense	$-24.7M -848.5%	$3.3M 925.0%	$-400.0K
Other Income Expense Income Before Tax	$1.6B -18.3%	$1.9B 47.0%	$1.3B
Income Tax Income Tax Expense	$263.6M -3.7%	$273.8M 102.4%	$135.3M
net Income net Income	$1.3B -20.8%	$1.6B 40.6%	$1.2B
net Income Comprehensive Income	$1.2B -24.4%	$1.6B 40.7%	$1.2B
Earnings Per Share Basic Eps	$9 -21.2%	$11 39.8%	$8
Earnings Per Share Diluted Eps	$9 -21.4%	$11 40.3%	$8
Earnings Per Share Weighted Average Shares Basic	$146.5M 0.6%	$145.6M 0.6%	$144.7M
Earnings Per Share Weighted Average Shares Diluted	$147.1M 0.8%	$145.9M 0.2%	$145.6M

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	$1.3B -20.8%	$1.6B 40.6%	$1.2B
Operating Activities Depreciation and Amortization	$779.9M 15.8%	$673.2M 36.1%	$494.8M
Operating Activities Stock Based Compensation	$290.8M -0.1%	$291.2M 10.2%	$264.2M
Operating Activities Deferred Income Taxes	$361.6M 328.7%	$-158.1M 48.3%	$-305.8M
Operating Activities Changes In Operating Assets and Liabilities	$133.1M 74.9%	$76.1M 157.7%	$-132.0M
Operating Activities Other Non Cash Items	$-248.0M -38.8%	$-178.7M -141.8%	$-73.9M
Operating Activities net Cash From Operating Activities	$2.2B -23.3%	$2.9B 85.9%	$1.5B
Investing Activities Capital Expenditures	$153.8M 0.1%	$153.7M -44.5%	$277.0M
Investing Activities Purchases of Investments	$1.3B	$0 -100.0%	$5.1B
Investing Activities Other Investing Activities	$-42.9M -1012.8%	$4.7M -58.4%	$11.3M
Investing Activities net Cash From Investing Activities	$-1.4B -71.6%	$-799.2M 80.5%	$-4.1B
Financing Activities Proceeds From Debt	$1.7B	$0 -100.0%	$997.2M
Financing Activities Repayment of Debt	$1.8B 169.2%	$650.0M -19.7%	$809.9M
Financing Activities Tax Withholding On Stock Based Compensation	$10.0M -68.1%	$31.3M -29.3%	$44.3M
Financing Activities Other Financing Activities	$5.0M 327.3%	$-2.2M 63.3%	$-6.0M
Financing Activities net Cash From Financing Activities	$-301.9M 55.8%	$-683.5M -557.8%	$149.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$101.9M 250.5%	$-67.7M -292.9%	$35.1M
Cash Reconciliation net Change In Cash	$531.6M -61.8%	$1.4B 157.9%	$-2.4B
Cash Reconciliation Cash At Beginning of Period	$3.0B 26.7%	$2.4B 126.2%	$1.0B
Cash Reconciliation Cash At End of Period	$3.0B 26.7%	$2.4B 126.2%	$1.0B

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

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Biogen

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