Biogen Inc.

BIIB · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$25,818	$22,283	$37,495	$39,877	$35,242	$35,968	$43,587	$60,629	$67,371	$61,699	$70,675	$80,232	$66,236	$34,827	$26,676	$16,917	$15,374	$13,924	$17,977	$16,655	$15,195	$22,314	$12,247	$12,935	$26,880	$28,196	$14,730	$6,929	$5,030	$3,365	$2,291	$289	$717	$1,197	$1,463	$1,688	$1,219	$750	$1,630	$1,469	$1,377
Enterprise value	$28,950	$26,539	$43,784	$41,589	$39,107	$41,172	$45,475	$63,020	$69,606	$63,309	$73,775	$78,977	$65,610	$34,264	$26,051	$16,966	$15,250	$13,723	$18,357	$15,849	$14,388	$22,106	$12,298	$12,110	$26,164	$27,623	$14,188	$6,492	$4,681	$3,109	$2,018	$21	$642	$1,111	$1,406	$1,675	$1,186	$700	$1,581	$1,403	$1,328
P/E (TTM) at period end	19.97×	13.65×	32.29×	13.09×	22.65×	8.99×	7.40×	13.68×	26.53×	16.66×	19.93×	27.34×	35.57×	25.24×	21.62×	16.86×	15.88×	17.81×	28.17×	76.57×	94.55×	889.50×	–	87.35×	98.58×	84.53×	66.82×	49.96×	56.41×	83.01×	404.81×	–	22.12×	31.25×	203.13×	219.16×	380.86×	–	–	–	–
P/S (TTM) at period end	2.61×	2.30×	3.81×	3.92×	3.21×	2.68×	3.03×	4.51×	5.49×	5.39×	6.57×	8.27×	9.55×	6.31×	5.28×	3.59×	3.51×	3.40×	5.67×	6.21×	8.87×	13.98×	65.80×	32.00×	25.79×	30.46×	18.54×	12.43×	11.59×	12.14×	15.10×	1.85×	5.25×	9.68×	23.82×	33.68×	42.76×	36.41×	189.51×	229.49×	91.22×
P/B at period end	1.41×	1.33×	2.53×	2.98×	3.23×	3.36×	3.27×	4.65×	5.34×	5.08×	7.54×	7.42×	7.68×	5.00×	4.15×	3.13×	2.47×	2.40×	3.25×	2.33×	2.20×	3.27×	1.74×	8.11×	19.93×	25.48×	15.04×	9.64×	9.38×	6.95×	5.98×	0.88×	2.20×	4.20×	6.12×	11.58×	8.76×	11.03×	24.00×	16.45×	18.39×
EV / EBITDA (TTM)	10.89×	8.39×	16.89×	12.21×	11.75×	8.22×	6.06×	9.64×	10.83×	10.85×	13.43×	16.95×	21.53×	15.42×	12.50×	10.57×	8.85×	8.19×	15.82×	19.43×	22.54×	45.78×	–	54.06×	65.87×	75.19×	40.85×	30.16×	27.82×	55.43×	109.90×	3.45×	42.80×	51.67×	–	–	–	–	–	–	–
EV / Sales (TTM)	2.93×	2.74×	4.45×	4.09×	3.56×	3.06×	3.16×	4.68×	5.67×	5.53×	6.85×	8.14×	9.46×	6.21×	5.16×	3.60×	3.48×	3.35×	5.79×	5.91×	8.40×	13.85×	66.07×	29.96×	25.10×	29.84×	17.86×	11.64×	10.78×	11.22×	13.30×	0.14×	4.71×	8.98×	22.90×	33.43×	41.60×	34.00×	183.79×	219.16×	87.91×
Returns
Return on equity	7.1%	9.8%	7.8%	22.7%	14.3%	37.4%	44.1%	34.0%	20.1%	30.5%	37.8%	27.2%	21.6%	19.8%	19.2%	18.6%	15.6%	13.5%	11.5%	3.0%	2.3%	0.4%	(12.4%)	9.3%	20.2%	30.1%	22.5%	19.3%	16.6%	8.4%	1.5%	(1.5%)	10.0%	13.4%	3.0%	5.3%	2.3%	(1.8%)	(33.3%)	(31.6%)	(25.5%)
Return on invested capital	7.0%	10.2%	8.9%	14.4%	16.9%	21.3%	35.1%	25.2%	16.4%	23.6%	25.3%	29.2%	22.1%	18.4%	18.3%	15.5%	14.0%	13.1%	8.2%	2.9%	2.3%	0.2%	(11.3%)	8.6%	18.3%	19.3%	20.5%	16.3%	16.0%	8.3%	1.5%	(0.7%)	8.1%	13.8%	(0.7%)	0.6%	(8.0%)	(64.3%)	(129.4%)	(125.4%)	(131.6%)
Dividend yield	–	–	–	–	–	–	–	0.1%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.2%	0.3%	0.2%	–	–	–	–
Financial health
Current ratio	2.68×	1.35×	2.00×	2.99×	1.83×	1.84×	1.72×	2.32×	2.34×	2.55×	2.60×	2.04×	1.81×	1.96×	3.26×	2.42×	3.47×	2.66×	1.08×	2.94×	2.78×	1.53×	4.54×	21.63×	3.72×	4.20×	4.78×	5.31×	4.81×	4.95×	6.37×	6.15×	9.73×	10.24×	14.84×	9.51×	19.93×	7.20×	7.61×	10.22×	7.70×
Debt / equity	0.34×	0.38×	0.47×	0.47×	0.67×	0.69×	0.45×	0.46×	0.47×	0.54×	0.70×	0.05×	0.07×	0.16×	0.16×	0.22×	0.18×	0.19×	0.28×	0.01×	0.01×	0.12×	0.13×	0.03×	0.06×	0.10×	0.12×	0.11×	0.17×	0.14×	0.09×	–	–	–	–	–	–	0.07×	0.08×	0.05×	0.05×
Effective tax rate	16.9%	14.4%	10.4%	17.6%	3.0%	19.7%	16.3%	24.2%	47.9%	25.1%	24.4%	25.1%	24.2%	25.4%	26.0%	26.9%	26.7%	31.6%	32.0%	56.6%	37.3%	60.9%	0.6%	36.0%	30.0%	31.5%	33.0%	34.0%	40.1%	0.7%	24.0%	(156.8%)	6.4%	4.0%	4.0%	3.8%	5.9%	(33.3%)	(0.9%)	(1.4%)	(2.1%)
Share count
Diluted shares outstanding	147	146	146	146	150	161	187	205	213	219	231	237	238	240	245	255	289	295	320	345	346	343	334	399	399	464	473	946	927	923	705	816	810	851	675	540	390	240	522	470	441

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$10,028	$9,891	$9,676	$9,836	$10,173	$10,982	$13,445	$14,378	$13,453	$12,274	$11,449	$10,764	$9,703	$6,932	$5,516	$5,049	$4,716	$4,377	$4,098	$3,172	$2,683	$1,714	$1,596	$186	$404	$1,042	$926	$794	$558	$434	$277	$152	$156	$136	$124	$61	$50	$28	$21	$9	$6	$15
Cost of revenue	($2,608)	($2,404)	($2,310)	($2,533)	($2,278)	($2,110)	($1,805)	($1,955)	($1,816)	($1,630)	($1,479)	($1,240)	($1,171)	($858)	($545)	($467)	($400)	($382)	($402)	($335)	($274)	($374)	($554)	($285)	($1)	($137)	($125)	($111)	($75)	($50)	($29)	($11)	($10)	($6)	($2)	($43)	($35)	($25)	($21)	($21)	($23)	($4)
Gross profit	$7,420	$7,486	$7,366	$7,302	$7,895	$8,872	$11,639	$12,422	$11,637	$10,644	$9,970	$9,523	$8,532	$6,074	$4,971	$4,582	$4,316	$3,995	$3,696	$2,836	$2,409	$1,340	$1,042	($99)	$403	$906	$800	$683	$483	$384	$249	$141	$146	$131	$122	$18	$15	$3	($0)	($12)	($17)	$11
Operating expenses
Research and development	($2,014)	($1,779)	($1,980)	($2,445)	($2,231)	($2,501)	($3,991)	($2,281)	($2,597)	($2,254)	($1,973)	($2,013)	($1,893)	($1,444)	($1,335)	($1,220)	($1,249)	($1,283)	($1,072)	($925)	($718)	($748)	($686)	($1,056)	($101)	($315)	($303)	($221)	($177)	($146)	($132)	($87)	($91)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,594)	($2,434)	($2,404)	($2,550)	($2,404)	($2,674)	($2,504)	($2,375)	($2,106)	($1,934)	($1,947)	($2,113)	($2,232)	($1,712)	($1,277)	($1,056)	($1,032)	($911)	($925)	($776)	($685)	($645)	($580)	($175)	($88)	($231)	($169)	($146)	($115)	($90)	($74)	($40)	($25)	($102)	($86)	($14)	($10)	($9)	($8)	($8)	($8)	($39)
Total operating expenses	($6,148)	($5,609)	($4,875)	($5,205)	($5,006)	($6,031)	($7,089)	($5,380)	($5,748)	($5,298)	($4,818)	($4,632)	($4,560)	($3,559)	($3,115)	($2,857)	($3,067)	($2,700)	($2,482)	($2,057)	($1,969)	($1,104)	($998)	($771)	($189)	($546)	($472)	($367)	($292)	($235)	($208)	($134)	($148)	($109)	($93)	($19)	($14)	($12)	($11)	($12)	($12)	($44)
Total costs and expenses	($8,756)	($8,013)	($7,186)	($7,738)	($7,284)	($8,141)	($8,894)	($7,335)	($7,564)	($6,928)	($6,297)	($5,873)	($5,731)	($4,417)	($3,661)	($3,324)	($3,468)	($3,082)	($2,884)	($2,392)	($2,243)	($1,478)	($1,552)	($1,056)	($190)	($682)	($597)	($478)	($367)	($285)	($236)	($144)	($158)	($115)	($95)	($63)	($49)	($38)	($32)	($33)	($36)	($48)
Operating income	$1,272	$1,878	$2,490	$2,097	$2,889	$2,841	$4,550	$7,043	$5,889	$5,346	$5,152	$4,891	$3,972	$2,516	$1,856	$1,725	$1,249	$1,295	$1,214	$780	$440	$236	$43	($870)	$214	$360	$328	$316	$191	$149	$41	$7	($2)	$22	$29	($1)	$1	($9)	($12)	($24)	($29)	($33)
Earnings
EBITDA	$2,115	$2,657	$3,164	$2,592	$3,408	$3,328	$5,007	$7,507	$6,539	$6,427	$5,834	$5,491	$4,660	$3,047	$2,221	$2,084	$1,605	$1,723	$1,676	$1,160	$816	$638	$483	($808)	$224	$397	$367	$347	$215	$168	$56	$18	$6	$15	$22	($6)	($3)	($12)	–	–	–	–
Interest income	$132	$125	$68	$276	$89	$11	$42	$120	$112	$78	$63	$22	$12	$8	$30	$19	$22	$48	$72	$104	$101	$63	$57	$34	$34	$44	$43	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($285)	($268)	($250)	($247)	($247)	($254)	($222)	($187)	($201)	($251)	($260)	($96)	($30)	($32)	($36)	($33)	($36)	($36)	($52)	($40)	($1)	($10)	($19)	($15)	($4)	($4)	($4)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,011	$1,556	$1,906	$1,297	$3,592	$1,745	$5,048	$7,126	$5,900	$5,129	$4,933	$4,767	$3,947	$2,481	$1,855	$1,711	$1,230	$1,333	$1,156	$852	$492	$256	$64	($881)	$232	$389	$487	$329	$210	$149	$41	$7	($2)	$35	$40	$8	$8	$3	($1)	($22)	($28)	($19)
Income tax expense	($177)	($264)	($274)	($135)	($633)	($52)	($992)	($1,158)	($1,426)	($2,459)	($1,237)	($1,162)	($990)	($601)	($471)	($445)	($331)	($356)	($366)	($272)	($278)	($95)	($39)	$6	($83)	($117)	($154)	($109)	($71)	($60)	($0)	($2)	($3)	($2)	($2)	($0)	($0)	($0)	($0)	($0)	($0)	($0)
Net income	$835	$1,293	$1,632	$1,161	$3,047	$1,556	$4,001	$5,888	$4,431	$2,539	$3,703	$3,547	$2,935	$1,862	$1,380	$1,234	$1,005	$970	$783	$638	$218	$161	$25	($875)	$148	$273	$334	$220	$139	$89	$41	$6	($5)	$32	$38	$7	$8	$3	($1)	($23)	($28)	($19)
Per share
Diluted EPS (GAAP)	$5.65	$8.79	$11.18	$7.97	$20.87	$10.40	$24.80	$31.42	$21.58	$11.92	$16.93	$15.34	$12.37	$7.81	$5.76	$5.04	$3.94	$3.35	$2.65	$1.99	$0.63	$0.47	$0.07	($2.62)	$0.50	$0.68	$0.72	$0.47	$0.15	$0.0962	$0.0439	$0.008	($0.006)	$0.04	$0.045	$0.0067	$0.0033	$0.0082	($0.005)	($0.0433)	($0.06)	($0.0433)
Basic EPS (GAAP)	$5.68	$8.83	$11.21	$8.02	$20.96	$10.44	$24.86	$31.47	$21.63	$11.94	$16.96	$15.38	$12.42	$7.86	$5.80	$5.09	$3.98	$3.37	$2.67	$2.02	$0.64	$0.48	$0.07	($2.62)	$0.51	$0.70	$0.75	$0.49	$0.16	$0.10	$0.0477	$0.0267	($0.006)	$0.0433	$0.0467	$0.0067	$0.0033	$0.0082	($0.0033)	($0.0433)	($0.06)	($0.0433)
Basic shares outstanding	147	146	146	145	145	149	161	187	205	213	218	231	236	237	238	242	252	287	292	316	339	336	335	334	390	390	446	450	885	878	850	705	816	748	821	675	540	390	240	522	470	441
Margins
Gross margin	74.0%	75.7%	76.1%	74.2%	77.6%	80.8%	86.6%	86.4%	86.5%	86.7%	87.1%	88.5%	87.9%	87.6%	90.1%	90.8%	91.5%	91.3%	90.2%	89.4%	89.8%	78.2%	65.3%	(53.0%)	99.6%	86.9%	86.5%	86.0%	86.6%	88.4%	89.7%	93.1%	93.6%	96.0%	98.2%	29.5%	29.3%	11.6%	(2.4%)	(144.2%)	(264.1%)	70.2%
Operating margin	12.7%	19.0%	25.7%	21.3%	28.4%	25.9%	33.8%	49.0%	43.8%	43.6%	45.0%	45.4%	40.9%	36.3%	33.6%	34.2%	26.5%	29.6%	29.6%	24.6%	16.4%	13.8%	2.7%	(467.2%)	52.9%	34.6%	35.5%	39.8%	34.2%	34.3%	14.7%	4.9%	(1.2%)	15.9%	23.1%	(2.1%)	1.6%	(31.6%)	(57.8%)	(281.4%)	(454.7%)	(217.9%)
Net margin	8.3%	13.1%	16.9%	11.8%	29.9%	14.2%	29.8%	41.0%	32.9%	20.7%	32.3%	33.0%	30.2%	26.9%	25.0%	24.5%	21.3%	22.2%	19.1%	20.1%	8.1%	9.4%	1.6%	(470.1%)	36.6%	26.2%	36.0%	27.7%	24.9%	20.5%	14.6%	3.7%	(3.1%)	23.8%	31.0%	11.7%	15.4%	11.2%	(5.8%)	(262.8%)	(440.6%)	(126.5%)

Analyst consensus

Buy49 analysts

Bearish · 1 · Hold · 16 · Bullish · 32

Earnings history

	EPS	Estimate
Q3 2024	$4.08	$3.77	Beat
Q4 2024	$3.44	$3.43	Beat
Q1 2025	$3.02	$2.90	Beat
Q2 2025	$5.47	$3.90	Beat
Q3 2025	$4.81	$3.88	Beat
Q4 2025	$1.99	$1.63	Beat
Q1 2026	$3.57	$3.05	Beat
Q2 2026	$3.60	$2.94	Beat

Peers

Company overview

IPO dateSep 17, 1991

CEOChristopher A. Viehbacher

Employees7,500

SectorHealthcare

IndustryDrug Manufacturers - General

CountryUS

ExchangeNASDAQ Global Select

Websitewww.biogen.com

Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications addressing multiple sclerosis (MS), such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. For spinal muscular atrophy (SMA), Biogen provides SPINRAZA, while FUMADERM is available for the treatment of plaque psoriasis. Among its other key offerings is ADUHELM, specifically developed for Alzheimer's disease. The company also markets a selection of biosimilar drugs, including BENEPALI (an etanercept biosimilar akin to ENBREL), IMRALDI (an adalimumab biosimilar comparable to HUMIRA), and FLIXABI (an infliximab biosimilar referencing REMICADE). Further extending its therapeutic reach, Biogen supplies RITUXAN, prescribed for conditions like non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, certain types of ANCA-associated vasculitis, and pemphigus vulgaris. RITUXAN HYCELA targets non-Hodgkin's lymphoma and CLL, and GAZYVA is utilized for CLL and follicular lymphoma. OCREVUS addresses both relapsing and primary progressive forms of MS, complementing the company's broader efforts in anti-CD20 therapies. The company maintains a robust research and development pipeline, featuring numerous investigational therapies. These candidates are designed to tackle a wide spectrum of conditions, including multiple sclerosis and neuroimmunological disorders (e.g., BIIB135, BIIB061, BIIB091, BIIB107), Alzheimer's disease and other forms of dementia (e.g., Aducanumab, Lecanemab, BIIB076, BIIB080), neuromuscular disorders (e.g., BIIB067, BIIB078, BIIB105, BIIB100, BIIB110), Parkinson's disease and related movement disorders (e.g., BIIB124, BIIB094, BIIB118, BIIB101, BIIB122), neuropsychiatric conditions (e.g., BIIB125, BIIB104), immunology-related illnesses (e.g., Dapirolizumab pegol, BIIB059), acute neurological events (e.g., BIIB093, BIIB131), and neuropathic pain (e.g., BIIB074). Additionally, several biosimilar candidates, such as BYOOVIZ, BIIB800, and SB15, are progressing through various developmental stages. Biogen actively engages in strategic collaborations and licensing arrangements with various partners, including Acorda Therapeutics, Inc., Alkermes Pharma Ireland Limited, Denali Therapeutics Inc., Eisai Co., Ltd., Genentech, Inc., Neurimmune SubOne AG, Ionis Pharmaceuticals, Inc., Samsung Bioepis Co., Ltd., Sangamo Therapeutics, Inc., and Sage Therapeutics, Inc. Established in 1978, Biogen Inc. maintains its corporate headquarters in Cambridge, Massachusetts.

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