Biogen (BIIB) financial statements
Biogen reported revenue of $9.9B in fiscal 2025, down 1.6% a year over 9 years.
Net income was $1.3B and the operating margin 15.7%, against 45.0% in 2016.
Free cash flow was $2.1B.
The diluted share count fell 33% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Biogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.4B | $12.3B | $13.5B | $14.4B | $13.4B | $11.0B | $10.2B | $9.8B | $9.7B | $9.9B |
| Cost of revenue | $1.5B | $1.6B | $1.8B | $2.0B | $1.8B | $2.1B | $2.3B | $2.5B | $2.3B | $2.4B |
| Gross profit | $10.0B | $10.6B | $11.6B | $12.4B | $11.6B | $8.9B | $7.9B | $7.3B | $7.4B | $7.5B |
| Research and development | $2.0B | $2.3B | $2.6B | $2.3B | $4.0B | $2.5B | $2.2B | $2.4B | $2.0B | $1.8B |
| Selling, general and admin | $1.9B | $1.9B | $2.1B | $2.4B | $2.5B | $2.7B | $2.4B | $2.5B | $2.4B | $2.4B |
| Operating income | $5.2B | $5.3B | $5.9B | $7.0B | $4.6B | $2.8B | $3.6B | $1.3B | $1.9B | $1.6B |
| Interest expense | $260M | $251M | $201M | $187M | $222M | $254M | $247M | $247M | $250M | $268M |
| Pre-tax income | $4.9B | $5.1B | $5.9B | $7.1B | $5.0B | $1.7B | $3.6B | $1.3B | $1.9B | $1.6B |
| Income tax | $1.2B | $2.5B | $1.4B | $1.2B | $992M | $52M | $633M | $135M | $274M | $264M |
| Net income | $3.7B | $2.5B | $4.4B | $5.9B | $4.0B | $1.6B | $3.0B | $1.2B | $1.6B | $1.3B |
| EPS (diluted) | $16.93 | $11.92 | $21.58 | $31.42 | $24.80 | $10.40 | $20.87 | $7.97 | $11.18 | $8.79 |
| Diluted shares | 219M | 213M | 205M | 187M | 161M | 150M | 146M | 146M | 146M | 147M |
| Gross margin | 87.1% | 86.7% | 86.5% | 86.4% | 86.6% | 80.8% | 77.6% | 74.2% | 76.1% | 75.7% |
| Operating margin | 45.0% | 43.6% | 43.8% | 49.0% | 33.8% | 25.9% | 35.3% | 13.2% | 19.7% | 15.7% |
| Net margin | 32.3% | 20.7% | 32.9% | 41.0% | 29.8% | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% |
Balance sheet
Fiscal years, from Biogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.9B | $3.7B | $3.5B | $4.5B | $2.6B | $3.8B | $4.9B | $1.0B | $2.4B | $3.8B |
| Receivables | $1.4B | $1.8B | $2.0B | $1.9B | $1.9B | $1.5B | $1.7B | $1.7B | $1.4B | $1.3B |
| Inventory | $1.0B | $903M | $930M | $804M | $1.1B | $1.4B | $1.3B | $2.5B | $2.5B | $2.2B |
| Total current assets | $8.7B | $7.9B | $7.6B | $8.4B | $6.9B | $7.9B | $9.8B | $6.9B | $7.5B | $9.0B |
| Property, plant and equipment | $2.5B | $3.2B | $3.6B | $3.2B | $3.4B | $3.4B | $3.3B | $3.3B | $3.2B | $3.1B |
| Goodwill | $3.7B | $4.6B | $5.7B | $5.8B | $5.8B | $5.8B | $5.7B | $6.2B | $6.5B | $6.5B |
| Total assets | $22.9B | $23.7B | $25.3B | $27.2B | $24.6B | $23.9B | $24.6B | $26.8B | $28.0B | $29.4B |
| Total current liabilities | $3.4B | $3.4B | $3.3B | $4.9B | $3.7B | $4.3B | $3.3B | $3.4B | $5.5B | $3.3B |
| Long-term debt | $16M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $10.7B | $11.1B | $12.3B | $13.9B | $13.9B | $12.9B | $11.2B | $12.0B | $11.3B | $11.2B |
| Shareholders' equity | $12.1B | $12.6B | $13.0B | $13.3B | $10.7B | $10.9B | $13.4B | $14.8B | $16.7B | $18.3B |
| Net debt | -$2.3B | -$1.6B | -$1.2B | -$1.4B | -$1.3B | -$1.3B | -$3.4B | -$900M | -$626M | -$3.0B |
Cash flow
Fiscal years, from Biogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.6B | $4.6B | $6.2B | $7.1B | $4.2B | $3.6B | $1.4B | $1.5B | $2.9B | $2.2B |
| Capital spending | $616M | $867M | $771M | $514M | $425M | $258M | $240M | $277M | $154M | $154M |
| Free cash flow | $4.0B | $3.7B | $5.4B | $6.6B | $3.8B | $3.4B | $1.1B | $1.3B | $2.7B | $2.1B |
| Stock-based compensation | $155M | $128M | $158M | $182M | $198M | $239M | $254M | $264M | $291M | $291M |
| Share buybacks (net) | -$1.0B | -$1.4B | -$4.4B | -$5.9B | -$6.7B | -$1.8B | -$750M | $0 | $0 | — |
| Net borrowing | -$3M | -$561M | -$3M | $0 | $1.5B | $0 | $0 | $187M | -$650M | -$17M |
| Free cash flow margin | 34.7% | 30.0% | 40.3% | 45.7% | 28.3% | 30.8% | 11.2% | 12.9% | 28.1% | 20.7% |
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Open BIIB in InvestinglyQuestions
What was Biogen's revenue in 2025?
$9.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Biogen generate?
$2.1B in fiscal 2025 (operating cash flow minus capital spending).
From Biogen's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.