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 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $29.4B

Total liabilities $11.2B

Shareholders equity $18.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	30.4%	24.5%	10.7%	33.6%	20.6%	9.9%	20.3%	9.1%	12.8%	20.3%
Short Term Investments	8.2%	1.9%	4.2%	14.5%	14.0%	9.5%	0.0%	17.2%	17.2%	22.4%
Accounts Receivable	0.0%	14.5%	16.9%	16.8%	14.1%	14.2%	13.1%	14.6%	14.6%	12.6%
Inventory	21.9%	25.4%	25.7%	13.2%	12.3%	7.9%	5.6%	6.9%	7.4%	8.7%
Prepaid Expenses	11.4%	7.8%	12.0%	13.9%	6.7%	6.6%	4.4%	5.1%	7.8%	9.5%
Other Current Assets	11.4%	7.8%	12.0%	13.9%	6.7%	6.6%	4.4%	5.1%	7.8%	9.5%
Total Current Assets	90.7%	77.1%	69.7%	96.2%	71.5%	51.2%	58.3%	56.8%	64.1%	76.3%
Property,Plant and Equipment	30.9%	32.9%	33.7%	32.4%	31.1%	25.4%	22.6%	26.8%	25.9%	21.9%
Operating Lease Assets	2.7%	3.7%	4.3%	4.0%	3.4%	3.2%	3.0%	—	—	—
Goodwill	65.6%	67.0%	63.2%	56.5%	52.5%	42.9%	40.0%	42.4%	37.7%	32.0%
Intangible Assets	92.8%	100.2%	85.0%	18.2%	20.2%	22.9%	24.5%	23.2%	31.6%	33.3%
Deferred Tax Assets	3.0%	3.4%	9.4%	12.1%	12.9%	10.2%	27.2%	21.0%	6.8%	9.4%
Other Noncurrent Assets	7.6%	5.8%	7.6%	15.0%	17.7%	21.6%	8.7%	12.6%	8.4%	11.7%
Total Assets	297.7%	289.9%	272.9%	241.4%	217.4%	183.1%	189.4%	188.0%	192.7%	199.8%
Liabilities
Accounts Payable	4.4%	4.4%	4.1%	4.8%	5.4%	3.4%	3.7%	2.8%	3.2%	2.4%
Accrued Liabilities	0.0%	0.0%	1.2%	0.0%	0.0%	0.0%	5.1%	4.5%	5.2%	6.0%
Current Portion of Long Term Debt	63.6%	18.1%	1.5%	0.0%	9.1%	0.0%	10.4%	0.0%	0.0%	0.0%
Other Current Liabilities	28.3%	29.0%	26.7%	24.8%	23.1%	23.4%	19.2%	21.3%	23.6%	25.4%
Total Current Liabilities	33.9%	57.1%	34.9%	32.2%	39.1%	27.8%	33.8%	24.5%	27.4%	29.9%
Long Term Debt	63.6%	65.1%	70.5%	61.7%	57.1%	55.2%	31.0%	44.1%	48.4%	56.9%
Operating Lease Liabilities Noncurrent	2.9%	3.5%	4.1%	3.3%	3.0%	3.0%	2.9%	—	—	—
Deferred Tax Liabilities	5.1%	2.0%	6.5%	3.3%	6.3%	7.7%	—	12.2%	1.0%	0.8%
Other Noncurrent Liabilities	7.6%	7.6%	7.9%	9.3%	12.0%	9.9%	9.4%	10.3%	13.3%	6.3%
Total Liabilities	113.1%	117.1%	122.5%	109.8%	117.6%	103.6%	96.6%	91.1%	90.1%	93.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	8.7%	5.9%	3.1%	0.7%	0.6%	0.0%	0.0%	0.0%	0.8%	0.0%
Retained Earnings	207.8%	199.0%	179.2%	161.9%	126.7%	104.0%	114.4%	120.8%	128.8%	131.6%
Treasury Stock	30.1%	30.8%	30.3%	29.3%	27.1%	22.1%	20.7%	22.1%	24.3%	22.8%
Accumulated Other Comprehensive Income	-1.8%	-1.4%	-1.6%	-1.6%	-1.0%	-2.2%	-0.9%	-1.8%	-2.6%	-2.8%
Total Stockholders Equity	184.6%	172.8%	150.5%	131.7%	99.2%	79.6%	92.8%	96.9%	102.8%	106.0%
Total Liabilitiesand Equity	297.7%	289.9%	272.9%	241.4%	217.4%	183.1%	189.4%	188.0%	192.7%	199.8%

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $9.9B

Operating income $2.8B

Net income $1.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	24.3%	23.9%	25.8%	22.4%	19.2%	13.4%	13.6%	13.5%	13.3%	12.9%
Expenses Research and Development	18.0%	20.5%	24.9%	21.9%	22.8%	29.7%	15.9%	19.3%	18.4%	17.2%
Expenses Selling,General and Administrative	24.6%	24.8%	25.9%	23.6%	24.4%	18.6%	16.5%	15.7%	15.8%	17.0%
Expenses Depreciation and Amortization	7.9%	7.0%	5.0%	5.1%	4.4%	3.4%	3.2%	4.8%	8.8%	6.0%
Expenses Share Based Compensation	2.9%	3.0%	2.7%	2.5%	2.2%	1.5%	1.3%	1.2%	1.0%	1.4%
Expenses Restructuring and Asset Impairment	0.5%	0.3%	2.2%	1.3%	0.0%	0.0%	0.0%	0.1%	0.0%	0.3%
Expenses Operating Expenses	84.3%	80.3%	86.8%	64.7%	84.1%	62.5%	51.0%	56.2%	56.4%	55.0%
Other Income Expense Interest Income	1.3%	0.7%	2.8%	0.9%	0.1%	0.3%	0.8%	0.8%	0.6%	0.6%
Other Income Expense Interest Expense	2.7%	2.6%	2.5%	2.4%	2.3%	1.7%	1.3%	1.5%	2.0%	2.3%
Other Income Expense Other Income/expense	-0.2%	0.0%	-0.0%	0.1%	0.1%	-0.0%	-0.3%	-0.1%	-0.1%	-0.2%
Other Income Expense Income Before Tax	15.7%	19.7%	13.2%	35.3%	15.9%	37.5%	49.6%	43.9%	41.8%	43.1%
Income Tax Income Tax Expense	2.7%	2.8%	1.4%	6.2%	0.5%	7.4%	8.1%	10.6%	20.0%	10.8%
net Income net Income	13.1%	16.9%	11.8%	29.9%	14.2%	29.8%	41.0%	32.9%	20.7%	32.3%
net Income Comprehensive Income	12.6%	17.0%	11.9%	29.4%	15.9%	28.5%	41.7%	33.5%	20.7%	31.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.5%	1.5%	1.5%	1.4%	1.4%	1.2%	1.3%	1.5%	1.7%	1.9%
Earnings Per Share Weighted Average Shares Diluted	1.5%	1.5%	1.5%	1.4%	1.4%	1.2%	1.3%	1.5%	1.7%	1.9%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $2.2B

Investing cash flow $-1.4B

Financing cash flow $-301.9M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	13.1%	16.9%	11.8%	29.9%	14.2%	29.8%	41.0%	32.9%	20.7%	32.3%
Operating Activities Depreciation and Amortization	7.9%	7.0%	5.0%	5.1%	4.4%	3.4%	3.2%	4.8%	8.8%	6.0%
Operating Activities Stock Based Compensation	2.9%	3.0%	2.7%	2.5%	2.2%	1.5%	1.3%	1.2%	1.0%	1.4%
Operating Activities Deferred Income Taxes	3.7%	-1.6%	-3.1%	-1.7%	-3.9%	1.1%	0.5%	0.8%	0.7%	-1.5%
Operating Activities Changes In Operating Assets and Liabilities	1.3%	0.8%	-1.3%	4.0%	0.4%	3.5%	1.3%	5.4%	2.5%	9.0%
Operating Activities Other Non Cash Items	-2.5%	-1.8%	-0.8%	-0.9%	-1.3%	-1.0%	-0.3%	-1.0%	-0.6%	0.6%
Operating Activities net Cash From Operating Activities	22.3%	29.7%	15.7%	13.6%	33.1%	31.5%	49.2%	46.0%	37.1%	40.1%
Investing Activities Capital Expenditures	1.6%	1.6%	2.8%	2.4%	2.4%	3.2%	3.6%	5.7%	7.1%	5.4%
Investing Activities Purchases of Investments	12.7%	0.0%	52.3%	33.9%	34.7%	47.6%	36.5%	57.2%	43.6%	69.1%
Investing Activities Other Investing Activities	-0.4%	0.0%	0.1%	-0.2%	-0.1%	0.2%	-0.2%	-0.0%	0.1%	0.2%
Investing Activities net Cash From Investing Activities	-13.9%	-8.3%	-41.7%	15.5%	-5.1%	-4.5%	3.3%	-15.2%	-24.1%	-21.7%
Financing Activities Proceeds From Debt	17.5%	0.0%	10.1%	0.0%	0.0%	22.1%	0.0%	0.0%	—	—
Financing Activities Repayment of Debt	17.7%	6.7%	8.2%	0.0%	0.0%	11.2%	0.0%	0.0%	4.6%	0.0%
Financing Activities Tax Withholding On Stock Based Compensation	0.1%	0.3%	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Financing Activities Other Financing Activities	0.1%	-0.0%	-0.1%	-0.1%	-0.2%	0.1%	0.0%	-0.2%	-0.1%	-0.0%
Financing Activities net Cash From Financing Activities	-3.1%	-7.1%	1.5%	-17.2%	-19.0%	-39.2%	-40.8%	-33.2%	-19.4%	-9.2%
Cash Reconciliation Effect of Exchange Rate On Cash	1.0%	-0.7%	0.4%	-0.5%	-0.5%	0.5%	0.0%	-0.1%	0.3%	-0.3%
Cash Reconciliation net Change In Cash	5.4%	14.4%	-24.4%	11.9%	9.0%	-12.3%	11.7%	-2.5%	-6.5%	9.2%
Cash Reconciliation Cash At Beginning of Period	30.4%	24.5%	10.7%	33.6%	20.6%	9.9%	20.3%	9.1%	12.8%	20.3%
Cash Reconciliation Cash At End of Period	30.4%	24.5%	10.7%	33.6%	20.6%	9.9%	20.3%	9.1%	12.8%	20.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+75.7%	+76.1%	+74.2%	+77.6%	+80.8%	+86.6%	+86.4%	+86.5%	+86.7%	+87.1%
Operating margin	—	—	—	—	+25.9%	+33.8%	+49.0%	+43.8%	+43.6%	+45.0%
Net margin	+13.1%	+16.9%	+11.8%	+29.9%	+14.2%	+29.8%	+41.0%	+32.9%	+20.7%	+32.3%
FCF margin	+20.7%	+28.1%	+12.9%	+11.2%	+30.8%	+28.3%	+45.7%	+40.3%	+30.0%	+34.7%
Growth
Revenue CAGR (3y)	-0.9%	-4.1%	-9.9%	-10.9%	-6.5%	+3.1%	+7.9%	+7.7%	+8.1%	+18.2%
Returns
ROE	+7.1%	+9.8%	+7.8%	+22.7%	+14.3%	+37.4%	+44.1%	+34.0%	+20.1%	+30.5%
ROA	+4.4%	+5.8%	+4.3%	+12.4%	+6.5%	+16.3%	+21.6%	+17.5%	+10.7%	+16.2%
ROIC	—	—	—	—	+17.3%	+21.8%	+36.0%	+25.2%	+16.4%	+23.6%
Liquidity
Current ratio	2.68x	1.35x	2.00x	2.99x	1.83x	1.84x	1.72x	2.32x	2.34x	2.55x
Quick ratio	0.90x	0.68x	0.79x	1.57x	0.89x	0.87x	0.99x	0.97x	1.00x	1.10x
Leverage
D/E	0.61x	0.68x	0.81x	0.83x	1.19x	1.30x	1.04x	0.94x	0.88x	0.89x
Interest coverage	—	—	—	—	11.20x	20.45x	37.58x	29.35x	21.31x	19.81x
Efficiency
Asset turnover	0.34x	0.34x	0.37x	0.41x	0.46x	0.55x	0.53x	0.53x	0.52x	0.50x
Cash conversion cycle	+264d	+375d	+368d	+198d	+183d	+176d	+99d	+166d	+167d	+224d

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Biogen

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