What is Biogen Inc.'s earnings per share (EPS)?

Biogen Inc. (BIIB) reported diluted earnings per share of $8.79 for fiscal year 2025. This represents a -21.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Biogen Inc. (BIIB) Financials

BIIB

Trailing 12 months to March 31, 2026

Revenue $9.9B +1.2% YoY

Net Income $1.4B -7.2% YoY

EPS (Diluted) $9.30 -8.2% YoY

Free Cash Flow $2.4B -0.6% YoY

Market Cap $32.5B as of Oct 3, 2026

Price / Sales 3.3x on $9.9B revenue, trailing 12 months to March 31, 2026

Price / Earnings 23.7x on $1.4B net income, trailing 12 months to March 31, 2026

Price / Book 1.7x on $18.7B equity, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported Apr 29, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BIIB SEC filings page.

Biogen Inc. (BIIB) reported $9.9B in revenue over the twelve months to Mar 31, 2026, up 1.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BIIB FY2025 2026-10-03

Near-flat sales concealed a 2025 earnings and cash setback, while the balance sheet became more liquid but more debt-funded.

Operating cash flow still exceeded net income, yet both declined while free-cash-flow margin fell from 28.1% to 20.7%; the cash profile weakened alongside earnings rather than diverging from them.

Revenue was nearly flat, while net margin narrowed from 16.9% to 13.1%; the modest sales recovery did not translate into proportional earnings. Gross margin also eased slightly, so the pressure was not solely a below-the-line effect: the business converted less of its gross economics into net profit.

Total liabilities fell to $11.2B while equity rose to $18.3B, strengthening the capital cushion. At the same time, long-term debt climbed from $4.5B to $6.3B, so the improved balance-sheet position did not come from uniformly reducing borrowing.

Financial Health Signals

Financial Health Score 43/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Biogen Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Not available for Biogen Inc., and counted as zero in the overall score.

Growth

Biogen Inc.'s revenue grew a modest 2.2% year-over-year to $9.9B. This slow but positive growth earns a score of 32/100.

Leverage

Biogen Inc. carries a low D/E ratio of 0.34, meaning only $0.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.68, Biogen Inc. holds $2.68 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.

Cash Flow

Biogen Inc. converts 20.7% of revenue into free cash flow ($2.1B). This strong cash generation earns a score of 87/100.

Returns

Not available for Biogen Inc., and counted as zero in the overall score.

Piotroski F-Score Neutral

4/9

Biogen Inc. passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.71x

For every $1 of reported earnings, Biogen Inc. generates $1.71 in operating cash flow ($2.2B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.5B

YoY+1.9%

QoQ+8.7%

5Y CAGR-1.7%

10Y CAGR-1.0%

Biogen Inc. generated $2.5B in revenue in Q1 2026. This represents an increase of 1.9% from the same quarter a year earlier. Against the prior quarter it is up 8.7%.

Net Income

$319.5M

YoY+32.8%

QoQ+754.7%

5Y CAGR-4.9%

10Y CAGR-10.5%

Biogen Inc. reported $319.5M in net income in Q1 2026. This represents an increase of 32.8% from the same quarter a year earlier. Against the prior quarter it is up 754.7%.

EPS (Diluted)

$2.15

YoY+31.1%

QoQ+714.3%

5Y CAGR-4.4%

10Y CAGR-7.0%

Biogen Inc. earned $2.15 per diluted share (EPS) in Q1 2026. This represents an increase of 31.1% from the same quarter a year earlier. Against the prior quarter it is up 714.3%.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Free Cash Flow

$594.3M

YoY+167.5%

QoQ+27.0%

5Y CAGR-2.6%

10Y CAGR-3.9%

Biogen Inc. generated $594.3M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 167.5% from the same quarter a year earlier. Against the prior quarter it is up 27.0%.

Cash & Debt

$3.4B

YoY+30.2%

QoQ+12.4%

5Y CAGR+22.7%

10Y CAGR+11.6%

Biogen Inc. held $3.4B in cash against $6.3B in long-term debt as of Q1 2026.

Shares Outstanding

148M

YoY+0.8%

QoQ+0.6%

5Y CAGR-0.4%

10Y CAGR-3.9%

Biogen Inc. had 148M shares outstanding in Q1 2026. This represents an increase of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

73.3%

YoY-0.8pp

QoQ-4.9pp

5Y change-8.9pp

10Y change-15.2pp

Biogen Inc.'s gross margin was 73.3% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.9 percentage points.

Net Margin

12.9%

YoY+3.0pp

QoQ+15.0pp

5Y change-2.3pp

10Y change-22.7pp

Biogen Inc.'s net profit margin was 12.9% in Q1 2026, showing the share of revenue converted to profit. This is up 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 15.0 percentage points.

Return on Equity

1.7%

YoY+0.3pp

QoQ+2.0pp

5Y change-2.1pp

10Y change-7.7pp

Biogen Inc.'s ROE was 1.7% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

R&D Spending

$539.0M

YoY+24.2%

QoQ+5.8%

5Y CAGR+0.9%

Biogen Inc. invested $539.0M in research and development in Q1 2026. This represents an increase of 24.2% from the same quarter a year earlier. Against the prior quarter it is up 5.8%.

Capital Expenditures

$51.2M

YoY+38.0%

QoQ+16.6%

5Y CAGR-11.2%

10Y CAGR-8.7%

Biogen Inc. invested $51.2M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 38.0% from the same quarter a year earlier. Against the prior quarter it is up 16.6%.

Share Buybacks

Not reported for Q1 2026.

BIIB Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BIIB quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$9.9B	$9.9B+2.2%	$9.7B-1.6%	$9.8B-3.3%	$10.2B-7.4%	$11.0B-18.3%	$13.4B-6.5%	$14.4B+6.9%	$13.5B+9.6%	$12.3B+7.2%	$11.4B+6.4%	$10.8B+10.9%	$9.7B+40.0%	$6.9B+25.7%	$5.5B+9.3%	$5.0B
Cost of Revenue	$2.4B	$2.4B+4.1%	$2.3B-8.8%	$2.5B+11.2%	$2.3B+8.0%	$2.1B+16.9%	$1.8B-7.7%	$2.0B+7.7%	$1.8B+11.4%	$1.6B+10.2%	$1.5B+19.2%	$1.2B+5.9%	$1.2B+36.5%	$857.7M+57.2%	$545.5M+16.9%	$466.8M
Gross Profit	$7.5B	$7.5B+1.6%	$7.4B+0.9%	$7.3B-7.5%	$7.9B-11.0%	$8.9B-23.8%	$11.6B-6.3%	$12.4B+6.8%	$11.6B+9.3%	$10.6B+6.8%	$10.0B+4.7%	$9.5B+11.6%	$8.5B+40.5%	$6.1B+22.2%	$5.0B+8.5%	$4.6B
R&D Expenses	$1.9B	$1.8B-10.2%	$2.0B-19.0%	$2.4B+9.6%	$2.2B-10.8%	$2.5B-37.3%	$4.0B+75.0%	$2.3B-12.2%	$2.6B+15.2%	$2.3B+14.2%	$2.0B-2.0%	$2.0B+6.3%	$1.9B+31.1%	$1.4B+8.2%	$1.3B+9.5%	$1.2B
SG&A Expenses	$2.5B	$2.4B+1.2%	$2.4B-5.7%	$2.5B+6.1%	$2.4B-10.1%	$2.7B+6.8%	$2.5B+5.5%	$2.4B+12.7%	$2.1B+8.9%	$1.9B-0.7%	$1.9B-7.9%	$2.1B-5.3%	$2.2B+30.4%	$1.7B+34.0%	$1.3B+21.0%	$1.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	$2.8B-37.6%	$4.6B-35.4%	$7.0B+19.6%	$5.9B+10.2%	$5.3B+3.8%	$5.2B+5.3%	$4.9B+23.1%	$4.0B+57.9%	$2.5B+35.5%	$1.9B+7.6%	$1.7B
EBITDA	N/A	N/A	N/A	N/A	N/A	$3.3B-33.5%	$5.0B-33.3%	$7.5B+14.8%	$6.5B+1.7%	$6.4B+10.2%	$5.8B+6.2%	$5.5B+17.8%	$4.7B+52.9%	$3.0B+37.2%	$2.2B+6.6%	$2.1B
Interest Expense	$275.1M	$267.5M+6.9%	$250.3M+1.4%	$246.9M+0.1%	$246.6M-2.8%	$253.6M+14.0%	$222.5M+18.7%	$187.4M-6.6%	$200.6M-20.0%	$250.8M-3.5%	$260.0M+172.3%	$95.5M+223.7%	$29.5M-7.5%	$31.9M-12.6%	$36.5M+10.6%	$33.0M
Income Tax	$251.1M	$263.6M-3.7%	$273.8M+102.4%	$135.3M-78.6%	$632.8M+1105.3%	$52.5M-94.7%	$992.3M-14.3%	$1.2B-18.8%	$1.4B-42.0%	$2.5B+98.7%	$1.2B+6.5%	$1.2B+17.3%	$989.9M+64.7%	$601.0M+27.7%	$470.6M+5.9%	$444.5M
Net Income	$1.4B	$1.3B-20.8%	$1.6B+40.6%	$1.2B-61.9%	$3.0B+95.8%	$1.6B-61.1%	$4.0B-32.1%	$5.9B+32.9%	$4.4B+74.5%	$2.5B-31.4%	$3.7B+4.4%	$3.5B+20.9%	$2.9B+57.6%	$1.9B+34.9%	$1.4B+11.8%	$1.2B
EPS (Basic)	N/A	$8.83-21.2%	$11.21+39.8%	$8.02-61.7%	$20.96+100.8%	$10.44-58.0%	$24.86-21.0%	$31.47+45.5%	$21.63+81.2%	$11.94-29.6%	$16.96+10.3%	$15.38+23.8%	$12.42+58.0%	$7.86+35.5%	$5.80+13.9%	$5.09
EPS (Diluted)	$9.30	$8.79-21.4%	$11.18+40.3%	$7.97-61.8%	$20.87+100.7%	$10.40-58.1%	$24.80-21.1%	$31.42+45.6%	$21.58+81.0%	$11.92-29.6%	$16.93+10.4%	$15.34+24.0%	$12.37+58.4%	$7.81+35.6%	$5.76+14.3%	$5.04
Diluted Shares (Avg)	N/A	147M+0.8%	146M+0.2%	146M-0.3%	146M-2.4%	150M-7.3%	161M-13.9%	187M-8.7%	205M-3.6%	213M-2.7%	219M-5.4%	231M-2.5%	237M-0.5%	238M-0.6%	240M-2.2%	245M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$2.5B+1.9%	$2.3B-7.1%	$2.5B+2.8%	$2.6B+7.3%	$2.4B+6.1%	$2.5B+2.9%	$2.5B-2.5%	$2.5B+0.4%
Cost of Revenue	$661.0M+5.0%	$495.5M-15.1%	$674.4M+5.6%	$605.0M+10.8%	$629.3M+16.1%	$583.5M-5.6%	$638.7M-3.2%	$546.0M-7.9%
Gross Profit	$1.8B+0.8%	$1.8B-4.7%	$1.9B+1.8%	$2.0B+6.3%	$1.8B+3.1%	$1.9B+5.8%	$1.8B-2.3%	$1.9B+3.0%
R&D Expenses	$539.0M+24.2%	$509.4M-0.8%	$436.1M-15.5%	$399.0M-21.1%	$434.1M-2.5%	$513.3M-7.4%	$516.2M-29.9%	$505.4M-13.5%
SG&A Expenses	$607.3M+6.1%	$682.5M+0.4%	$594.8M+1.1%	$583.8M+5.4%	$572.5M-1.5%	$680.0M+11.8%	$588.4M-25.3%	$553.8M+1.1%
Interest Expense	$67.6M+12.7%	$67.5M+12.5%	$67.4M+12.7%	$72.6M+18.4%	$60.0M-13.3%	$60.0M-16.1%	$59.8M-6.3%	$61.3M+24.8%
Income Tax	$58.2M-17.7%	-$7.1M-128.6%	$90.8M+45.3%	$109.2M-5.1%	$70.7M-1.0%	$24.8M-41.9%	$62.5M+185.7%	$115.1M+0.3%
Net Income	$319.5M+32.8%	-$48.8M-118.3%	$466.5M+20.1%	$634.8M+8.8%	$240.5M-38.9%	$266.5M+6.8%	$388.5M+670.5%	$583.6M-1.4%
EPS (Basic)	$2.17+31.5%	-$0.33-118.0%	$3.18+19.1%	$4.33+8.0%	$1.65-39.1%	$1.83+6.4%	$2.67+668.1%	$4.01-2.0%
EPS (Diluted)	$2.15+31.1%	-$0.35-119.1%	$3.17+19.2%	$4.33+8.3%	$1.64-39.3%	$1.83+7.0%	$2.66+666.0%	$4.00-1.7%
Diluted Shares (Avg)	148M+1.2%	N/A	147M+0.7%	147M+0.5%	147M+0.5%	N/A	146M+0.9%	146M+0.3%

Not reported in any period shown, so not listed: Operating Income, EBITDA.

BIIB Balance Sheet

BIIB quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$29.4B+5.0%	$28.0B+4.5%	$26.8B+9.3%	$24.6B+2.8%	$23.9B-3.0%	$24.6B-9.6%	$27.2B+7.7%	$25.3B+6.9%	$23.7B+3.4%	$22.9B+17.3%	$19.5B+36.3%	$14.3B+20.7%	$11.9B+17.1%	$10.1B+11.9%	$9.0B
Current Assets	$9.0B+20.3%	$7.5B+8.7%	$6.9B-29.9%	$9.8B+24.6%	$7.9B+14.1%	$6.9B-17.8%	$8.4B+9.7%	$7.6B-3.0%	$7.9B-9.8%	$8.7B+30.3%	$6.7B+47.7%	$4.5B+42.4%	$3.2B-1.8%	$3.2B+9.0%	$3.0B
Cash & Equivalents	$3.0B+26.7%	$2.4B+126.2%	$1.0B-69.3%	$3.4B+51.2%	$2.3B+69.9%	$1.3B-54.3%	$2.9B+137.9%	$1.2B-22.2%	$1.6B-32.4%	$2.3B+77.9%	$1.3B+8.6%	$1.2B+100.0%	$602.6M+5.6%	$570.7M+10.9%	$514.5M
Short-Term Investments	$807.2M	$0	$0-100.0%	$1.5B-4.4%	$1.5B+20.5%	$1.3B-18.1%	$1.6B-32.5%	$2.3B+9.4%	$2.1B-17.7%	$2.6B+21.1%	$2.1B+231.1%	$640.5M+3.3%	$620.2M-45.4%	$1.1B-3.5%	$1.2B
Inventory	$2.2B-11.9%	$2.5B-2.6%	$2.5B+88.0%	$1.3B-0.5%	$1.4B+26.5%	$1.1B+32.9%	$804.2M-13.5%	$929.9M+3.0%	$902.7M-9.9%	$1.0B+12.1%	$893.4M+11.1%	$804.0M+22.0%	$659.0M+47.3%	$447.4M+36.9%	$326.8M
Accounts Receivable	$1.3B-4.4%	$1.4B-15.6%	$1.7B-2.4%	$1.7B+10.0%	$1.5B-19.0%	$1.9B+1.8%	$1.9B-4.0%	$2.0B+9.6%	$1.8B+24.0%	$1.4B+17.5%	$1.2B-5.1%	$1.3B+56.8%	$824.4M+20.0%	$686.8M+17.5%	$584.6M
Long-Term Investments	$431.9M	$0	$0-100.0%	$705.7M-20.9%	$892.0M+15.5%	$772.1M-45.2%	$1.4B+2.3%	$1.4B-55.0%	$3.1B+8.1%	$2.8B+2.5%	$2.8B+87.7%	$1.5B+135.0%	$625.8M-69.3%	$2.0B+43.8%	$1.4B
Goodwill	$6.5B+0.2%	$6.5B+4.2%	$6.2B+8.2%	$5.7B-0.2%	$5.8B0.0%	$5.8B+0.1%	$5.8B+0.9%	$5.7B+23.2%	$4.6B+26.3%	$3.7B+37.7%	$2.7B+51.3%	$1.8B+42.8%	$1.2B+2.6%	$1.2B+4.8%	$1.1B
Total Liabilities	$11.2B-1.3%	$11.3B-5.9%	$12.0B+7.9%	$11.2B-13.6%	$12.9B-7.3%	$13.9B+0.3%	$13.9B+13.4%	$12.3B+10.9%	$11.1B+2.8%	$10.7B+6.1%	$10.1B+189.4%	$3.5B+8.0%	$3.2B+2.4%	$3.2B+20.7%	$2.6B
Current Liabilities	$3.3B-39.4%	$5.5B+61.0%	$3.4B+4.9%	$3.3B-23.9%	$4.3B+14.9%	$3.7B-23.1%	$4.9B+47.6%	$3.3B-2.2%	$3.4B-1.5%	$3.4B+32.7%	$2.6B+16.2%	$2.2B+26.2%	$1.8B+6.1%	$1.7B+81.6%	$912.9M
Non-Current Liabilities	$7.8B+35.0%	$5.8B-32.6%	$8.6B+9.1%	$7.9B-8.4%	$8.6B-15.4%	$10.2B+12.8%	$9.0B+0.8%	$9.0B+16.6%	$7.7B+4.9%	$7.3B-3.0%	$7.6B+488.8%	$1.3B-13.6%	$1.5B-1.6%	$1.5B-11.7%	$1.7B
Long-Term Debt	$6.3B+38.3%	$4.5B-33.0%	$6.8B+8.1%	$6.3B+0.1%	$6.3B-15.5%	$7.4B+66.5%	$4.5B-24.9%	$5.9B	N/A	$16.4M-9.4%	$18.1M	N/A	$592.4M-13.8%	$687.4M-32.9%	$1.0B
Total Equity	$18.3B+9.2%	$16.7B+13.0%	$14.8B+10.5%	$13.4B+23.0%	$10.9B+1.8%	$10.7B-19.8%	$13.3B+2.3%	$13.0B+3.4%	$12.6B+3.9%	$12.1B+29.5%	$9.4B-13.3%	$10.8B+25.4%	$8.6B+23.8%	$7.0B+8.3%	$6.4B
Retained Earnings	$20.6B+6.7%	$19.3B+9.3%	$17.6B+7.1%	$16.5B+18.4%	$13.9B-0.5%	$14.0B-15.1%	$16.5B+1.2%	$16.3B+2.8%	$15.8B+4.9%	$15.1B+23.5%	$12.2B+31.5%	$9.3B+46.2%	$6.3B+41.5%	$4.5B+44.4%	$3.1B

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$29.5B+5.2%	$29.4B+5.0%	$29.2B+3.2%	$28.3B+5.7%	$28.0B+5.5%	$28.0B+4.5%	$28.3B+0.4%	$26.8B+6.5%
Current Assets	$9.2B+20.5%	$9.0B+20.3%	$8.9B+30.8%	$8.0B+12.1%	$7.6B+12.9%	$7.5B+8.7%	$6.8B-19.2%	$7.1B-31.9%
Cash & Equivalents	$3.4B+30.2%	$3.0B+26.7%	$3.9B+127.3%	$2.8B+44.5%	$2.6B+141.8%	$2.4B+126.2%	$1.7B-25.7%	$1.9B-27.1%
Short-Term Investments	$900.0M	$807.2M	$97.6M	$0	$0	$0	$0	$0-100.0%
Inventory	$1.9B-14.3%	$2.2B-11.9%	$2.2B-10.5%	$2.3B-9.2%	$2.3B-9.7%	$2.5B-2.6%	$2.5B-17.2%	$2.5B+87.9%
Accounts Receivable	N/A	$1.3B-4.4%	N/A	N/A	N/A	$1.4B-15.6%	N/A	N/A
Long-Term Investments	$465.6M	$431.9M	$0	$0	$0	$0	$0-100.0%	$0-100.0%
Goodwill	$6.5B+0.2%	$6.5B+0.2%	$6.5B+0.1%	$6.5B+4.3%	$6.5B+4.0%	$6.5B+4.2%	$6.5B-4.7%	$6.2B+8.2%
Total Liabilities	$10.8B-2.0%	$11.2B-1.3%	$11.0B-8.0%	$10.7B-2.0%	$11.1B-2.6%	$11.3B-5.9%	$12.0B-12.8%	$10.9B+2.0%
Current Liabilities	$3.0B-43.4%	$3.3B-39.4%	$3.3B-39.4%	$3.2B+2.4%	$5.3B+64.4%	$5.5B+61.0%	$5.4B+8.0%	$3.1B-2.5%
Non-Current Liabilities	$7.8B+36.1%	$7.8B+35.0%	$7.7B+18.1%	$7.5B-3.8%	$5.8B-29.2%	$5.8B-32.6%	$6.5B-24.9%	$7.8B+4.0%
Long-Term Debt	$6.3B+38.2%	$6.3B+38.3%	$6.3B+38.3%	$6.3B-0.1%	$4.5B-27.7%	$4.5B-33.0%	$4.5B-33.0%	$6.3B+0.1%
Total Equity	$18.7B+9.9%	$18.3B+9.2%	$18.2B+11.3%	$17.6B+11.0%	$17.0B+11.6%	$16.7B+13.0%	$16.4B+12.9%	$15.9B+9.8%
Retained Earnings	$20.9B+7.0%	$20.6B+6.7%	$20.6B+8.5%	$20.1B+8.2%	$19.5B+8.2%	$19.3B+9.3%	$19.0B+9.3%	$18.6B+6.6%

BIIB Cash Flow Statement

BIIB quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.6B	$2.2B-23.3%	$2.9B+85.9%	$1.5B+11.8%	$1.4B-62.0%	$3.6B-13.9%	$4.2B-40.2%	$7.1B+14.4%	$6.2B+36.0%	$4.6B-0.8%	$4.6B+17.0%	$3.9B+33.2%	$2.9B+25.5%	$2.3B+24.7%	$1.9B+8.8%	$1.7B
Depreciation & Amortization	N/A	$779.9M+15.8%	$673.2M+36.1%	$494.8M-4.6%	$518.4M+6.3%	$487.7M+6.7%	$457.2M-1.6%	$464.7M-28.6%	$650.5M-39.8%	$1.1B+58.3%	$682.7M+13.7%	$600.4M-12.7%	$688.1M+29.4%	$531.7M+45.4%	$365.6M+1.9%	$358.9M
Stock-Based Compensation	N/A	$290.8M-0.1%	$291.2M+10.2%	$264.2M+4.0%	$254.1M+6.5%	$238.6M+20.3%	$198.3M+8.8%	$182.3M+15.7%	$157.5M+23.0%	$128.0M-17.3%	$154.8M-4.1%	$161.4M+3.9%	$155.3M+13.9%	$136.3M+15.0%	$118.6M+4.9%	$113.0M
Capital Expenditures	$167.9M	$153.8M+0.1%	$153.7M-44.5%	$277.0M+15.3%	$240.3M-6.9%	$258.1M-39.2%	$424.8M-17.4%	$514.5M-33.2%	$770.6M-11.2%	$867.4M+40.8%	$616.1M-4.2%	$643.0M+123.4%	$287.8M+16.8%	$246.3M-3.2%	$254.5M+22.4%	$208.0M
Free Cash Flow	$2.4B	$2.1B-24.7%	$2.7B+114.3%	$1.3B+11.0%	$1.1B-66.2%	$3.4B-11.1%	$3.8B-42.0%	$6.6B+21.2%	$5.4B+47.1%	$3.7B-7.2%	$4.0B+21.2%	$3.3B+23.4%	$2.7B+26.5%	$2.1B+29.1%	$1.6B+7.0%	$1.5B
Investing Cash Flow	-$1.5B	-$1.4B-71.6%	-$799.2M+80.5%	-$4.1B-360.1%	$1.6B+379.7%	-$563.7M+7.4%	-$608.6M-229.4%	$470.5M+123.0%	-$2.0B+30.9%	-$3.0B-19.2%	-$2.5B+45.4%	-$4.6B-195.1%	-$1.5B+3.8%	-$1.6B-68.9%	-$950.3M+42.4%	-$1.7B
Financing Cash Flow	-$322.7M	-$301.9M+55.8%	-$683.5M-557.8%	$149.3M+108.5%	-$1.7B+16.2%	-$2.1B+60.4%	-$5.3B+10.0%	-$5.9B-31.0%	-$4.5B-87.9%	-$2.4B-126.1%	-$1.1B-234.4%	$783.1M+203.6%	-$755.9M-5.5%	-$716.5M+18.3%	-$877.5M-174.3%	-$319.9M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$750.0M-58.3%	$1.8B-73.1%	$6.7B+13.8%	$5.9B+34.8%	$4.4B+218.8%	$1.4B+36.5%	$1.0B-80.0%	$5.0B+463.8%	$886.8M+121.5%	$400.3M-59.3%	$984.7M+97.7%	$498.0M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$645.5M+148.9%	$511.9M-32.7%	$1.3B+36.0%	$160.9M-74.3%	$259.3M-53.1%	$760.9M+5987.2%	$935.6M+57.9%	$625.8M+28.5%
Depreciation & Amortization	$204.4M+11.6%	$200.2M+8.8%	$202.2M+10.6%	$194.3M+22.4%	$183.2M+24.2%	$184.0M+31.3%	$182.8M+185.2%	$158.8M+146.2%
Stock-Based Compensation	$84.0M+3.7%	N/A	N/A	N/A	$81.0M+11.3%	N/A	-$75.0M-15.7%	-$72.9M+1.6%
Capital Expenditures	$51.2M+38.0%	$43.9M+11.7%	$46.2M+32.0%	$26.6M-20.6%	$37.1M-19.2%	$39.3M-39.7%	$35.0M-52.8%	$33.5M-52.8%
Free Cash Flow	$594.3M+167.5%	$468.0M-35.1%	$1.2B+36.2%	$134.3M-77.3%	$222.2M-56.2%	$721.6M+1469.3%	$900.6M+73.8%	$592.3M+42.4%
Investing Cash Flow	-$209.5M-342.9%	-$1.2B-6522.0%	-$35.1M+97.0%	-$57.0M-112.2%	-$47.3M+28.3%	-$18.6M+97.1%	-$1.2B+32.2%	$466.5M+161.9%
Financing Cash Flow	-$43.8M-90.4%	-$137.0M-1834.2%	-$130.2M-1872.7%	-$11.7M+95.2%	-$23.0M+94.8%	$7.9M+101.2%	-$6.6M-100.8%	-$245.2M-2402.0%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

BIIB Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BIIB quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	75.7%-0.4pp	76.1%+1.9pp	74.2%-3.4pp	77.6%-3.2pp	80.8%-5.8pp	86.6%+0.2pp	86.4%-0.1pp	86.5%-0.2pp	86.7%-0.4pp	87.1%-1.4pp	88.5%+0.6pp	87.9%+0.3pp	87.6%-2.5pp	90.1%-0.6pp	90.8%
Operating Margin	N/A	N/A	N/A	N/A	25.9%-8.0pp	33.8%-15.1pp	49.0%+5.2pp	43.8%+0.2pp	43.5%-1.5pp	45.0%-0.4pp	45.4%+4.5pp	40.9%+4.6pp	36.3%+2.7pp	33.6%-0.5pp	34.2%
Net Margin	13.1%-3.8pp	16.9%+5.1pp	11.8%-18.1pp	29.9%+15.8pp	14.2%-15.6pp	29.8%-11.2pp	41.0%+8.0pp	32.9%+12.2pp	20.7%-11.7pp	32.3%-0.6pp	33.0%+2.7pp	30.3%+3.4pp	26.9%+1.8pp	25.0%+0.6pp	24.4%
Return on Equity	7.1%-2.7pp	9.8%+1.9pp	7.8%-14.9pp	22.7%+8.5pp	14.3%-23.1pp	37.4%-6.7pp	44.1%+10.2pp	34.0%+13.8pp	20.1%-10.4pp	30.5%-7.3pp	37.8%+10.7pp	27.2%+5.6pp	21.6%+1.8pp	19.8%+0.6pp	19.2%
Return on Assets	4.4%-1.4pp	5.8%+1.5pp	4.3%-8.1pp	12.4%+5.9pp	6.5%-9.7pp	16.3%-5.4pp	21.6%+4.1pp	17.5%+6.8pp	10.7%-5.5pp	16.2%-2.0pp	18.2%-2.3pp	20.5%+4.8pp	15.7%+2.1pp	13.6%0.0pp	13.6%
Current Ratio	2.68+1.3x	1.35-0.6x	2.00-1.0x	2.99+1.2x	1.830.0x	1.84+0.1x	1.72-0.6x	2.320.0x	2.34-0.2x	2.550.0x	2.60+0.6x	2.04+0.2x	1.81-0.1x	1.96-1.3x	3.26
Debt-to-Equity	0.34+0.1x	0.27-0.2x	0.460.0x	0.47-0.1x	0.58-0.1x	0.69+0.4x	0.33-0.1x	0.46-0.4x	0.88+0.9x	0.000.0x	0.00-0.3x	0.32+0.3x	0.070.0x	0.10-0.1x	0.16
Asset Turnover	0.340.0x	0.340.0x	0.370.0x	0.410.0x	0.46-0.1x	0.550.0x	0.530.0x	0.530.0x	0.520.0x	0.50-0.1x	0.55-0.1x	0.68+0.1x	0.580.0x	0.540.0x	0.56
FCF Margin	20.7%-7.4pp	28.1%+15.2pp	12.9%+1.7pp	11.3%-19.5pp	30.8%+2.5pp	28.3%-17.4pp	45.6%+5.4pp	40.3%+10.3pp	30.0%-4.7pp	34.7%+4.2pp	30.4%+3.1pp	27.4%-2.9pp	30.3%+0.8pp	29.5%-0.6pp	30.1%

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Gross Margin	73.3%-0.8pp	78.3%+2.0pp	73.4%-0.7pp	77.1%-0.7pp	74.1%-2.2pp	76.2%+2.1pp	74.1%+0.2pp	77.8%+2.0pp
Net Margin	12.9%+3.0pp	-2.1%-13.0pp	18.4%+2.6pp	24.0%+0.3pp	9.9%-7.3pp	10.9%+0.4pp	15.8%+18.4pp	23.7%-0.4pp
Return on Equity	1.7%+0.3pp	-0.3%-1.9pp	2.6%+0.2pp	3.6%-0.1pp	1.4%-1.2pp	1.6%-0.1pp	2.4%+2.8pp	3.7%-0.4pp
Return on Assets	1.1%+0.2pp	-0.2%-1.1pp	1.6%+0.2pp	2.2%+0.1pp	0.9%-0.6pp	0.9%0.0pp	1.4%+1.6pp	2.2%-0.2pp
Current Ratio	3.06+1.6x	2.68+1.3x	2.72+1.5x	2.50+0.2x	1.44-0.7x	1.35-0.6x	1.26-0.4x	2.29-1.0x
Debt-to-Equity	0.34+0.1x	0.34+0.1x	0.35+0.1x	0.360.0x	0.27-0.1x	0.27-0.2x	0.28-0.2x	0.400.0x
Asset Turnover	0.080.0x	0.080.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x
FCF Margin	24.0%+14.8pp	20.5%-8.9pp	48.4%+11.9pp	5.1%-18.9pp	9.1%-13.0pp	29.4%+31.6pp	36.5%+16.0pp	24.0%+7.1pp

Not reported in any period shown, so not listed: Operating Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Biogen Inc. BIIB	FY2025	$9.9B	$1.3B	13.1%	$32.5B	43/100
Bristol-Myers Squibb Co. BMY	FY2025	$48.2B	$7.1B	14.6%	$124.9B	33/100
Amgen Inc AMGN	FY2025	$36.8B	$7.7B	21.0%	$217.9B	63/100
Pfizer Inc. PFE	FY2025	$62.6B	$7.8B	12.4%	$158.5B	33/100

Where Biogen Inc. Ranks

Frequently Asked Questions

What is Biogen Inc.'s annual revenue?

Biogen Inc. (BIIB) reported $9.9B in total revenue for fiscal year 2025. This represents a 2.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Biogen Inc.'s revenue growing?

Biogen Inc. (BIIB) revenue grew by 2.2% year-over-year, from $9.7B to $9.9B in fiscal year 2025.

Is Biogen Inc. profitable?

Yes, Biogen Inc. (BIIB) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 13.1%.

How much debt does Biogen Inc. have?

As of fiscal year 2025, Biogen Inc. (BIIB) had $3.0B in cash and equivalents against $6.3B in long-term debt.

What is Biogen Inc.'s gross margin?

Biogen Inc. (BIIB) had a gross margin of 75.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Biogen Inc.'s net profit margin?

Biogen Inc. (BIIB) had a net profit margin of 13.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Biogen Inc.'s return on equity (ROE)?

Biogen Inc. (BIIB) has a return on equity of 7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Biogen Inc.'s free cash flow?

Biogen Inc. (BIIB) generated $2.1B in free cash flow during fiscal year 2025. This represents a -24.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Biogen Inc.'s operating cash flow?

Biogen Inc. (BIIB) generated $2.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Biogen Inc.'s total assets?

Biogen Inc. (BIIB) had $29.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Biogen Inc.'s capital expenditures?

Biogen Inc. (BIIB) invested $153.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Biogen Inc. spend on research and development?

Biogen Inc. (BIIB) invested $1.8B in research and development during fiscal year 2025.

How many shares does Biogen Inc. have outstanding?

Biogen Inc. (BIIB) had 147M shares outstanding as of fiscal year 2025.

What is Biogen Inc.'s current ratio?

Biogen Inc. (BIIB) had a current ratio of 2.68 as of fiscal year 2025, which is generally considered healthy.

What is Biogen Inc.'s debt-to-equity ratio?

Biogen Inc. (BIIB) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Biogen Inc.'s return on assets (ROA)?

Biogen Inc. (BIIB) had a return on assets of 4.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Biogen Inc.'s P/E ratio?

Biogen Inc. (BIIB) trades at 23.7x earnings, its market capitalization divided by net income of $1.4B net income, trailing 12 months to March 31, 2026. The market capitalization is $32.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Biogen Inc.'s price-to-sales ratio?

Biogen Inc. (BIIB) trades at 3.3x sales, its market capitalization divided by revenue of $9.9B revenue, trailing 12 months to March 31, 2026. The market capitalization is $32.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Biogen Inc.'s Piotroski F-Score?

Biogen Inc. (BIIB) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Biogen Inc.'s earnings high quality?

Biogen Inc. (BIIB) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Biogen Inc.?

Biogen Inc. (BIIB) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.