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BIIBBiogen

Health care · Biotechnology · Nasdaq
BIIB quote by TradingView
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FY2025 at a glance

Sales up 2.2%, free cash flow down to $2.1B

XBRL, from each 10-K
RevenueStatements ↓
$9.9B
from $9.7B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.3B
from $1.6B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.1B
from $2.7B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.79
from $11.18 in FY2024
FY2016FY2025
Total debtStatements ↓
$6.3B
from $4.5B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)2.31Sales (ttm)10.3BNet income (ttm)347.5MSales growth+2.2%EPS growth-21.4%Sales Q/Q+10.6%
Free cash flow2.1BGross margin74.0%Oper. margin-Net margin3.4%FCF margin20.1%ROE1.8%
ROA1.1%R&D / sales18.0%Dividend-Debt/Eq0.39Curr. ratio1.95Cash1.3B
Op. cash flow (ttm)2.2BNet debt6.0BQuick ratio1.39Tax rate16.9%Stock pay / sales2.9%Shares out.147.8M
Shares Y/Y+0.8%Book / share128.01Cash / share8.82Sales / share69.66Asset turnover0.32Inventory turns1.11
Days sales out.50Sales 3Y CAGR-0.9%Sales 5Y CAGR-6.0%EPS 3Y CAGR-25.0%EPS 5Y CAGR-18.7%Employees7,500
Sales / employee1.4M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 38%$4.5B → $6.3B · Short-term + long-term debt at year end
What management wrote about it → · Every company →

BIIB against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
BIIBPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+2.2%49th of 60 · median +7.1%
Net margin
3.4%45th of 60 · median 9.6%
Return on equity
1.8%48th of 54 · median 13.1%
Free cash flow margin
20.1%18th of 56 · median 15.5%
Debt / equity (less is better)
0.3912th of 49 · median 0.66
BIIB and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
BIIB Biogen$10.3B +2.2%74.0%3.4%1.8%20.1%0.39
DGX Quest Diagnostics$11.8B +11.8%33.1%9.5%14.8%11.6%0.73
BAX Baxter International$11.6B +5.7%30.1%-6.2%-11.1%9.7%1.45
ISRG Intuitive Surgical$11.6B +20.5%67.2%25.5%18.5%31.1%-
ZTS Zoetis$9.5B +2.3%71.6%26.4%75.9%23.5%2.74
ZBH Zimmer Biomet$8.6B +7.2%69.7%9.0%6.0%19.2%0.59
Where each dollar goes

From $11.0B of sales to $1.6B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $8.9BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $2.8BGross profit to Operating expenses: $6.0BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $1.3BOperating expenses to R&D: $2.5BOperating expenses to Sales, admin & other: $3.5B Revenue: $11.0B Revenue$11.0B −18% Y/Y Gross profit: $8.9B · 81% margin Gross profit$8.9B81% margin Cost of revenue: $2.1B · 19% of revenue Cost of revenue$2.1B19% of revenue Operating profit: $2.8B · 26% margin Operating profit$2.8B26% margin −38% Y/Y Operating expenses: $6.0B · 55% of revenue Operating expenses$6.0B55% of revenue Net profit: $1.6B · 14% margin Net profit$1.6B14% margin −61% Y/Y Tax & other: $1.3B · 12% of revenue Tax & other$1.3B12% of revenue R&D: $2.5B · 23% of revenue R&D$2.5B23% of revenue Sales, admin & other: $3.5B · 32% of revenue Sales, admin & other$3.5B32% of revenue

Swipe sideways for the whole flow →

From $10.2B of sales to $3.0B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $7.9BRevenue to Cost of revenue: $2.3BGross profit to Net profit: $3.0BGross profit to Costs, tax, other: $4.8B Revenue: $10.2B Revenue$10.2B −7% Y/Y Gross profit: $7.9B · 78% margin Gross profit$7.9B78% margin Cost of revenue: $2.3B · 22% of revenue Cost of revenue$2.3B22% of revenue Net profit: $3.0B · 30% margin Net profit$3.0B30% margin +96% Y/Y Costs, tax, other: $4.8B · 48% of revenue Costs, tax, other$4.8B48% of revenue

Swipe sideways for the whole flow →

From $9.8B of sales to $1.2B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $7.3BRevenue to Cost of revenue: $2.5BGross profit to Net profit: $1.2BGross profit to Costs, tax, other: $6.1B Revenue: $9.8B Revenue$9.8B −3% Y/Y Gross profit: $7.3B · 74% margin Gross profit$7.3B74% margin Cost of revenue: $2.5B · 26% of revenue Cost of revenue$2.5B26% of revenue Net profit: $1.2B · 12% margin Net profit$1.2B12% margin −62% Y/Y Costs, tax, other: $6.1B · 62% of revenue Costs, tax, other$6.1B62% of revenue

Swipe sideways for the whole flow →

From $9.7B of sales to $1.6B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $7.4BRevenue to Cost of revenue: $2.3BGross profit to Net profit: $1.6BGross profit to Costs, tax, other: $5.7B Revenue: $9.7B Revenue$9.7B −2% Y/Y Gross profit: $7.4B · 76% margin Gross profit$7.4B76% margin Cost of revenue: $2.3B · 24% of revenue Cost of revenue$2.3B24% of revenue Net profit: $1.6B · 17% margin Net profit$1.6B17% margin +41% Y/Y Costs, tax, other: $5.7B · 59% of revenue Costs, tax, other$5.7B59% of revenue

Swipe sideways for the whole flow →

From $9.9B of sales to $1.3B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $7.5BRevenue to Cost of revenue: $2.4BGross profit to Net profit: $1.3BGross profit to Costs, tax, other: $6.2B Revenue: $9.9B Revenue$9.9B +2% Y/Y Gross profit: $7.5B · 76% margin Gross profit$7.5B76% margin Cost of revenue: $2.4B · 24% of revenue Cost of revenue$2.4B24% of revenue Net profit: $1.3B · 13% margin Net profit$1.3B13% margin −21% Y/Y Costs, tax, other: $6.2B · 63% of revenue Costs, tax, other$6.2B63% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Costs, tax, other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median3.4% vs 9.6%
  • !
    Return on equity below 15%1.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 32.3% → 13.1%

Balance sheet

3 of 3
  • ✓
    Debt smaller than equityDebt / equity 0.39 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.95
  • ✓
    Net debt under 3 years of free cash flow$5.2B net debt, 2.5 years
Debt / equity at each year end, FY2016 to FY2025: 0.54 → 0.34
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$2.1B last year
  • ✓
    Share count down over 5 years−8.8%
  • ✓
    Cash from operations above net income$2.2B vs $1.3B
Free cash flow, FY2016 to FY2025: 4.0B → 2.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$6.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 9.9B Net income 1.3B
FY2016 revenue 11.4B · Revenues, 0000875045-19-000006 FY2016 net income 3.7B · NetIncomeLoss, 0000875045-19-000006 11.4B FY2016 FY2017 revenue 12.3B · Revenues, 0000875045-20-000005 FY2017 net income 2.5B · NetIncomeLoss, 0000875045-20-000005 12.3B FY2017 FY2018 revenue 13.5B · Revenues, 0000875045-21-000010 FY2018 net income 4.4B · NetIncomeLoss, 0000875045-21-000010 13.5B FY2018 FY2019 revenue 14.4B · Revenues, 0000875045-22-000007 FY2019 net income 5.9B · NetIncomeLoss, 0000875045-22-000007 14.4B FY2019 FY2020 revenue 13.4B · Revenues, 0000875045-23-000009 FY2020 net income 4.0B · NetIncomeLoss, 0000875045-23-000009 13.4B FY2020 FY2021 revenue 11.0B · Revenues, 0000875045-24-000009 FY2021 net income 1.6B · NetIncomeLoss, 0000875045-24-000009 11.0B FY2021 FY2022 revenue 10.2B · Revenues, 0000875045-25-000009 FY2022 net income 3.0B · NetIncomeLoss, 0000875045-25-000009 10.2B FY2022 FY2023 revenue 9.8B · Revenues, 0000875045-26-000013 FY2023 net income 1.2B · NetIncomeLoss, 0000875045-26-000013 9.8B FY2023 FY2024 revenue 9.7B · Revenues, 0000875045-26-000013 FY2024 net income 1.6B · NetIncomeLoss, 0000875045-26-000013 9.7B FY2024 FY2025 revenue 9.9B · Revenues, 0000875045-26-000013 FY2025 net income 1.3B · NetIncomeLoss, 0000875045-26-000013 9.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

BIIB's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue9.9B
FY2016: 11.4BFY2017: 12.3BFY2018: 13.5BFY2019: 14.4BFY2020: 13.4BFY2021: 11.0BFY2022: 10.2BFY2023: 9.8BFY2024: 9.7BFY2025: 9.9B FY2017FY2019FY2021FY2023FY2025
Net income1.3B
FY2016: 3.7BFY2017: 2.5BFY2018: 4.4BFY2019: 5.9BFY2020: 4.0BFY2021: 1.6BFY2022: 3.0BFY2023: 1.2BFY2024: 1.6BFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.1B
FY2016: 4.0BFY2017: 3.7BFY2018: 5.4BFY2019: 6.6BFY2020: 3.8BFY2021: 3.4BFY2022: 1.1BFY2023: 1.3BFY2024: 2.7BFY2025: 2.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.79
FY2016: 16.93FY2017: 11.92FY2018: 21.58FY2019: 31.42FY2020: 24.80FY2021: 10.40FY2022: 20.87FY2023: 7.97FY2024: 11.18FY2025: 8.79 FY2017FY2019FY2021FY2023FY2025
Diluted shares147.1M
FY2016: 218.8MFY2017: 213.0MFY2018: 205.3MFY2019: 187.4MFY2020: 161.3MFY2021: 149.6MFY2022: 146.0MFY2023: 145.6MFY2024: 145.9MFY2025: 147.1M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Subtotal: Multiple Sclerosis 4.0B40.8% -7.1%
Subtotal: Rare Disease 2.2B21.8% +8.4%
Revenue from anti-CD20 therapeutic programs 1.9B18.8% +6.3%
TYSABRI 1.7B16.8% -2.9%
SPINRAZA 1.5B15.6% -1.7%
Total Fumarate 1.4B14.4% -10.6%
Royalty revenue on sales of OCREVUS 1.4B14.3% +5.6%
Total Interferon 945.6M9.6% -2.3%
VUMERITY 746.8M7.6% +18.9%
Contract manufacturing, royalty and other revenue 732.9M7.4% +12.3%
Subtotal: Biosimilars 729.1M7.4% -8.1%
AVONEX 695.5M7.0% -1.7%
TECFIDERA 679.7M6.9% -29.7%
Contract manufacturing revenue 679.4M6.9% +14.7%
SKYCLARYS 520.5M5.3% +36.1%
BENEPALI 453.2M4.6% -5.4%
PLEGRIDY 250.1M2.5% -4.0%
Other 197.2M2.0% +139%
ZURZUVAE 195.1M2.0% +170%
IMRALDI 190.2M1.9% -10.7%
Alzheimer's collaboration revenue 177.7M1.8% +197%
QALSODY 86.9M0.9% +168%
Royalty and other revenue 53.5M0.5% -11.6%
FLIXABI 52.6M0.5% -16.8%
BYOOVIZ 32.4M0.3% -11.5%
FUMADERM And ADUHELM 2.1M0.0% -79.6%
FAMPYRA(1) 1.4M0.0% -98.0%
TOFIDENCE 700K0.0% -36.4%

10-K 0000875045-26-000013, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue11.4B12.3B13.5B14.4B13.4B11.0B10.2B9.8B9.7B9.9B
Cost of revenue1.5B1.6B1.8B2.0B1.8B2.1B2.3B2.5B2.3B2.4B
Gross profit10.0B10.6B11.6B12.4B11.6B-----
R&D2.0B2.3B2.6B2.3B4.0B2.5B2.2B2.4B2.0B1.8B
SG&A1.9B1.9B2.1B2.4B2.5B2.7B2.4B2.5B2.4B2.4B
Operating income5.2B5.3B5.9B7.0B4.6B2.8B----
Interest expense260.0M250.8M200.6M187.4M222.5M253.6M246.6M246.9M250.3M267.5M
Pretax income4.9B5.1B5.9B7.1B5.0B1.7B3.6B1.3B1.9B1.6B
Income tax1.2B2.5B1.4B1.2B992.3M52.5M632.8M135.3M273.8M263.6M
Net income3.7B2.5B4.4B5.9B4.0B1.6B3.0B1.2B1.6B1.3B
EPS (diluted)16.9311.9221.5831.4224.8010.4020.877.9711.188.79
Diluted shares218.8M213.0M205.3M187.4M161.3M149.6M146.0M145.6M145.9M147.1M
Depreciation & amortization682.7M1.1B650.5M464.7M457.2M487.7M518.4M494.8M673.2M779.9M
EBITDA5.8B6.4B6.5B7.5B5.0B3.3B----
Gross margin87.1%86.7%86.5%86.4%86.6%-----
Operating margin45.0%43.6%43.8%49.0%33.8%25.9%----
Net margin32.3%20.7%32.9%41.0%29.8%14.2%29.9%11.8%16.9%13.1%
Revenue growth-+7.2%+9.6%+6.9%-6.5%-18.3%-7.4%-3.3%-1.6%+2.2%
EPS growth--29.6%+81.0%+45.6%-21.1%-58.1%+101%-61.8%+40.3%-21.4%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash2.3B1.6B1.2B2.9B1.3B2.3B3.4B1.0B2.4B3.0B
Short-term investments-2.1B2.3B1.6B1.3B1.5B1.5B00807.2M
Receivables1.4B1.8B2.0B1.9B1.9B1.5B1.7B1.7B1.4B1.3B
Inventory1.0B902.7M929.9M804.2M1.1B1.4B1.3B2.5B2.5B2.2B
Current assets8.7B7.9B7.6B8.4B6.9B7.9B9.8B6.9B7.5B9.0B
Property & equipment2.5B3.2B3.6B3.2B3.4B3.4B3.3B3.3B3.2B3.1B
Goodwill3.7B4.6B5.7B5.8B5.8B5.8B5.7B6.2B6.5B6.5B
Total assets22.9B23.7B25.3B27.2B24.6B23.9B24.6B26.8B28.0B29.4B
Accounts payable279.8M395.5M370.5M530.8M454.9M589.2M491.5M403.3M424.2M432.0M
Current liabilities3.4B3.4B3.3B4.9B3.7B4.3B3.3B3.4B5.5B3.3B
Total debt6.5B5.9B5.9B4.5B7.4B6.3B6.3B6.8B4.5B6.3B
Total liabilities10.7B11.1B12.3B13.9B13.9B12.9B11.2B12.0B11.3B11.2B
Shareholders' equity12.1B12.6B13.0B13.3B10.7B10.9B13.4B14.8B16.7B18.3B
Retained earnings15.1B15.8B16.3B16.5B14.0B13.9B16.5B17.6B19.3B20.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow4.6B4.6B6.2B7.1B4.2B3.6B1.4B1.5B2.9B2.2B
Capital spending616.1M867.4M770.6M514.5M424.8M258.1M240.3M277.0M153.7M153.8M
Free cash flow4.0B3.7B5.4B6.6B3.8B3.4B1.1B1.3B2.7B2.1B
Stock-based pay (added back)154.8M128.0M157.5M182.3M198.3M238.6M254.1M264.2M291.2M290.8M
Buybacks1.0B1.4B4.4B5.9B6.7B1.8B750.0M00-
Acquisitions000744.4M---6.9B1.1B-
Debt raised--003.0B00997.2M01.7B
Debt repaid2.7M560.9M3.2M01.5B00809.9M650.0M1.8B
Investing cash flow-2.5B-3.0B-2.0B470.5M-608.6M-563.7M1.6B-4.1B-799.2M-1.4B
Financing cash flow-1.1B-2.4B-4.5B-5.9B-5.3B-2.1B-1.7B149.3M-683.5M-301.9M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)154.8M128.0M157.5M182.3M198.3M238.6M254.1M264.2M291.2M290.8M
Stock-based pay / revenue1.4%1.0%1.2%1.3%1.5%2.2%2.5%2.7%3.0%2.9%
Operating lease cash paid---93.8M100.2M105.8M107.4M116.4M115.8M110.7M
Right-of-use assets--0427.0M433.3M375.4M403.9M420.0M356.4M265.4M
Operating lease liabilities---486.3M485.2M419.5M430.2M490.3M420.9M370.8M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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