FirmAtlas

Company handbook · BIIB · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16

BIIB · CIK 875045 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026

BIOGEN INC.

$232.65 −2.70 (−1.15%)

Close, Oct 16, 2026 · 52-week $138–241

↗ biogen.com

Last fiscal year

BIOGEN INC. reported revenue of $9.9B for the year ended Dec 31, 2025 (FY25), up 2.2% from FY24. Net income was $1.3B, operating cash flow $2.2B and free cash flow $2.1B. Source: 10-K filed Feb 6, 2026.

Market cap

$34.2B

P/E

24.9

EV/EBITDA

9.2x

P/B

1.8

ROIC

12.9%

Revenue 1Y

2.2%/yr

EPS 1Y

−21.4%/yr

Shares 1Y

+0.7%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOChristopher A. Viehbacher

HQCambridge, MA

AuditorPricewaterhouseCoopers LLP

Employees7,500

Year endsDecember

Compounded growth & averages

10Y

TTM

Share price

−2.2%

−3.7%

−4.6%

63.5%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$1.4B deployed

Capex $308M 22.2%

Acquisitions $1.1B 77.8%

Operating cash flow over the period: $5.1B. Total debt changed by −$9M. R&D of $3.8B is already inside operating costs.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Jul 29, 2026 Quarterly results 8-K Jul 1, 2026 Quarterly results 8-K Jun 10, 2026 Shareholder vote results 8-K May 14, 2026 Acquisition or disposal 8-K Apr 29, 2026 Quarterly results 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

9,676

9,891+2.2%

9,937

YoY

+2.2%

Operating income

2,982

3,274+9.8%

—

Operating margin

30.8%

33.1%+2.3 pp

—

EBITDA

3,655

4,054+10.9%

—

EBITDA margin

37.8%

41.0%+3.2 pp

—

Interest expense

250

268+6.9%

—

Interest coverage

14.60x

15.16x+0.55x

—

Net income

1,632

1,293−20.8%

1,372

YoY

−20.8%

Net margin

16.9%

13.1%−3.8 pp

—

EPS (diluted, $)

11.18

8.79−21.4%

9.32

YoY

−21.4%

Balance sheet

FY24 FY25

TTM

Total assets

28,049

29,440+5.0%

29,483

Cash & short-term investments

2,375

3,008+26.7%

—

Accounts receivable

1,405

1,342−4.4%

—

Inventory

2,460

2,168−11.9%

—

Net PP&E

3,181

3,055−4.0%

—

Other assets

18,628

19,865+6.6%

—

Total liabilities

11,333

11,183−1.3%

10,831

Accounts payable

424

432+1.8%

—

Total debt

6,296

6,287−0.1%

6,288

Other liabilities

4,613

4,464−3.2%

—

Shareholders’ equity

16,716

18,257+9.2%

18,652

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

2,876

2,205−23.3%

2,591

Net income

1,632

1,293−20.8%

—

Depreciation & amortization

673

780+15.8%

—

Stock-based compensation

291

291−0.1%

—

Working capital & other

279

(159)−157.0%

—

Cash from investing

(799)

(1,371)n/m

—

Capex

(154)

(154)n/m

—

PP&E sold

0−100.0%

—

Acquisitions

(1,075)

—

Investments bought

(1,258)n/m

—

Investments sold / matured

23n/m

—

Other investing

341

18−94.7%

—

Cash from financing

(684)

(302)n/m

—

Debt raised

1,733n/m

—

Debt repaid

(650)

(1,750)n/m

—

Buybacks

—

Other financing

(34)

(285)n/m

—

Net change in cash

1,393

532−61.8%

—

Free cash flow (OCF − capex)

2,722

2,051−24.7%

2,423

Where the cash went

FY24 FY25

TTM

Operating cash flow

2,876

2,205−23.3%

2,591

Reinvested in the business

1,228

154−87.5%

—

% of operating cash flow

42.7%

7.0%

Capex

154

154+0.1%

168

Acquisitions

1,075

—

R&D (memo, already in costs)

1,980

1,779−10.2%

—

Free cash flow

2,722

2,051−24.7%

2,423

YoY

−24.7%

Returned to shareholders

—

% of free cash flow

0.0%

—

Buybacks

—

Change in total debt

—

(9)

—

Cash left over

—

2,042

—

FCF conversion (FCF ÷ net income)

166.8%

158.6%−8.1 pp

—

Owner earnings

—

2,282

—

Owner earnings margin

—

23.1%

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

12.4%

12.9%+0.5 pp

—

ROIC (operating)

38.6%

42.6%+4.1 pp

—

Net debt / EBITDA

1.07x

0.81x−0.26x

—

Debt / equity

0.38x

0.34x−0.03x

—

Cash conversion cycle (days)

130

114−16 d

—

ROE

9.8%

7.1%−2.7 pp

—

ROA

5.8%

4.4%−1.4 pp

—

ROCE

13.2%

12.5%−0.7 pp

—

NOPAT

2,553

2,720+6.5%

—

Invested capital (operating)

6,622

6,134−7.4%

—

Invested capital (all)

20,637

21,535+4.4%

—

Reinvestment rate

—

−18.0%

—

Debtor days

50−3 d

—

Inventory days

80−13 d

—

Days payable

16−0 d

—

Income

Jun '25

Sep '25

Dec '25

Mar '26

Revenue

2,646

2,535

2,279

2,478

vs year-ago quarter

Gross profit

2,040

1,860

1,784

1,817

Gross margin

77.1%

73.4%

78.3%

73.3%

Net income

635

466

(49)

320

vs year-ago quarter

Net margin

24.0%

18.4%

−2.1%

12.9%

EPS (diluted, $)

4.33

3.17

−0.33

2.15

vs year-ago quarter

Balance sheet

Jun '25

Sep '25

Dec '25

Mar '26

Total assets

28,330

29,208

29,440

29,483

Cash & equivalents

2,759

3,863

3,008

3,383

Total debt

6,284

6,285

6,287

6,288

Shareholders’ equity

17,634

18,208

18,257

18,652

Cash flow

Jun '25

Sep '25

Dec '25

Mar '26

Operating cash flow

161

1,272

512

646

Capex

Free cash flow

134

1,226

468

594

vs year-ago quarter