Biogen BIIB
Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. 10-K, Item 1
- Employees
- 7,500
- Headquarters
- Cambridge, MA
- Next results
- around Jan 13, 2027
Where each dollar of revenue went, FY2025
Revenue of $9.9B through the costs to a net profit of $1.3B · income statement of the 10-K
BIIB among Health care peers
Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.
What changed
8 new risk paragraphs. 10-K filed Feb 6, 2026 against Feb 12, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
11 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 11 checks found nothing to note
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Receivables -4.4% vs revenue +2.2% (-6.7 pts)
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Cash from operations $2.2B vs net income $1.3B (FY ending Dec 31, 2025)
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Inventory -11.9% vs revenue +2.2% (-14.1 pts)
8 more checks with nothing to note
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Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No longer listed: F-82; Acquisition of Human Immunology Biosciences, Inc. (HI-Bio) - Valuation of In-Process Research and Development Intangible Assets
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
8 paragraphs in Risk Factors that were not in the 10-K filed Feb 12, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
In July 2025 the U.S. signed into law the OBBBA, which enacts significant potential changes to Medicaid funding and rescinds or does not continue elements of the PPACA. The OBBBA implements additional eligibility rules on government health plans, expands administrative procedures around enrollment, modifies how states can obtain federal…
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Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
Additionally, the current government administration has introduced various measures to address prescription drug pricing and access, including through issuance of an executive order aiming to establish an MFN drug pricing policy that would tie U.S. drug prices to the prices paid for drugs in other developed countries. If HHS sets MFN…
New risk paragraphs, against peers
Latest 10-K of each, Health care companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $10.2B | $9.8B | $9.7B | $9.9B |
| Net income | $3.0B | $1.2B | $1.6B | $1.3B |
| Operating cash flow | $1.4B | $1.5B | $2.9B | $2.2B |
| Free cash flow | $1.1B | $1.3B | $2.7B | $2.1B |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$9.9B ▲ 2.2% in FY2025$1.3B ▼ 20.8% in FY2025$2.1B ▼ 24.7% in FY2025
Recent filings
2 filings in the last 30 days · SEC EDGAR
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8-KOct 28, 2026Quarterly results 8-K item 2.02
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10-QOct 28, 2026Quarterly report (10-Q) period ended Sep 30, 2026
About the company
Biogen, Cambridge, MA · from the 10-K filed Feb 6, 2026
Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer’s disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older.
- Headquarters
- Cambridge, MA
- Country
- United States
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Oct 28, 2026
- Incorporated in
- DE
Employees, at the top of the page: "As of December 31, 2025, we had approximately 7,500 employees worldwide" (10-K). Address and exchange: SEC's company file.
Email alerts
Sources
The 10-K filed Feb 6, 2026 (open at SEC), compared with the 10-K filed Feb 12, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/BIIB/export.csv") into a cell.