BIIBBiogen

Health care · Biotechnology · Nasdaq

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

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BIIB and 9 peers, year by year

The 9 Health care companies closest to BIIB in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
BIIB Biogen	FY2025	$9.9B	+2.2%	-	-	13.1%	20.7%	7.1%	0.34
ZTS Zoetis	FY2025	$9.5B	+2.3%	-	-	28.2%	24.1%	78.3%	2.65
ISRG Intuitive Surgical	FY2025	$10.1B	+20.5%	66.0%	29.3%	28.4%	24.7%	16.0%	-
BAX Baxter International	FY2025	$11.2B	+5.7%	30.1%	−2.7%	−8.5%	3.0%	−15.6%	1.54
DGX Quest Diagnostics	FY2025	$11.0B	+11.8%	-	14.1%	9.0%	12.3%	13.8%	0.79
ZBH Zimmer Biomet	FY2025	$8.2B	+7.2%	-	13.3%	8.6%	17.9%	5.6%	0.59
SOLV Solventum	FY2025	$8.3B	+0.9%	53.5%	26.2%	18.7%	−0.1%	30.8%	1.00
VRTX Vertex Pharmaceuticals	FY2025	$12.0B	+8.9%	-	34.8%	32.9%	26.6%	21.2%	0.00
A Agilent Technologies	FY2025	$6.9B	+6.7%	-	21.3%	18.8%	16.6%	19.3%	0.50
HSIC Henry Schein	FY2025	$13.2B	+4.0%	31.1%	5.0%	3.0%	4.3%	12.3%	0.96

Revenuepeer median $10.1B

Sales growthpeer median +6.7%

Gross marginpeer median 42.3%

ISRG 66.0%
SOLV 53.5%
HSIC 31.1%
BAX 30.1%
BIIB -
ZTS -
DGX -
ZBH -
VRTX -
A -

Operating marginpeer median 17.7%

Net marginpeer median 18.7%

FCF marginpeer median 16.6%

Return on equitypeer median 16.0%

Debt / equitypeer median 0.87

ZTS 2.65
BAX 1.54
SOLV 1.00
HSIC 0.96
DGX 0.79
ZBH 0.59
A 0.50
BIIB 0.34
VRTX 0.00
ISRG -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	$11.4B	$12.3B	$13.5B	$14.4B	$13.4B	$11.0B	$10.2B	$9.8B	$9.7B	$9.9B
ZTS Dec	$4.9B	$5.3B	$5.8B	$6.3B	$6.7B	$7.8B	$8.1B	$8.5B	$9.3B	$9.5B
ISRG Dec	$2.7B	$3.1B	$3.7B	$4.5B	$4.4B	$5.7B	$6.2B	$7.1B	$8.4B	$10.1B
BAX Dec	$10.2B	$10.6B	$11.1B	$11.4B	$11.7B	$12.1B	$10.1B	$10.4B	$10.6B	$11.2B
DGX Dec	$7.2B	$7.4B	$7.5B	$7.7B	$9.4B	$10.8B	$9.9B	$9.3B	$9.9B	$11.0B
ZBH Dec	$7.7B	$7.8B	$7.9B	$8.0B	$6.1B	$6.8B	$6.9B	$7.4B	$7.7B	$8.2B
SOLV Dec	-	-	-	-	-	-	$8.1B	$8.2B	$8.3B	$8.3B
VRTX Dec	$1.7B	$2.5B	$3.0B	$4.2B	$6.2B	$7.6B	$8.9B	$9.9B	$11.0B	$12.0B
A Oct	$4.2B	$4.5B	$4.9B	$5.2B	$5.3B	$6.3B	$6.8B	$6.8B	$6.5B	$6.9B
HSIC Dec	$11.6B	$12.5B	$13.2B	$10.0B	$10.1B	$12.4B	$12.6B	$12.3B	$12.7B	$13.2B
Peer median	$6.1B	$6.4B	$6.7B	$7.0B	$6.4B	$7.7B	$8.1B	$8.5B	$9.3B	$10.1B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	+6.4%	+7.2%	+9.6%	+6.9%	−6.5%	−18.3%	−7.4%	−3.3%	−1.6%	+2.2%
ZTS Dec	+2.6%	+8.6%	+9.8%	+7.5%	+6.6%	+16.5%	+3.9%	+5.7%	+8.3%	+2.3%
ISRG Dec	+13.4%	+16.0%	+18.7%	+20.3%	−2.7%	+31.0%	+9.0%	+14.5%	+17.2%	+20.5%
BAX Dec	+2.0%	+3.9%	+4.9%	+2.4%	+2.7%	+9.5%	+19.4%	+3.0%	+2.7%	+5.7%
DGX Dec	+0.3%	+2.6%	+1.7%	+2.6%	+22.1%	+14.3%	−8.4%	−6.4%	+6.7%	+11.8%
ZBH Dec	+27.9%	+1.8%	+1.7%	+0.6%	−12.0%	+11.4%	+1.6%	+6.5%	+3.8%	+7.2%
SOLV Dec	-	-	-	-	-	-	-	+0.8%	+0.7%	+0.9%
VRTX Dec	+64.9%	+46.2%	+22.5%	+36.6%	+49.1%	+22.1%	+17.9%	+10.5%	+11.7%	+8.9%
A Oct	+4.1%	+6.4%	+9.9%	+5.1%	+3.4%	+18.4%	+8.4%	−0.2%	−4.7%	+6.7%
HSIC Dec	+8.9%	+7.7%	+6.0%	+6.0%	+1.3%	+22.6%	+2.0%	−2.4%	+2.7%	+4.0%
Peer median	+6.5%	+7.1%	+7.9%	+5.6%	+3.1%	+17.4%	+6.1%	+3.0%	+3.8%	+6.7%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	87.1%	86.7%	86.5%	86.4%	86.6%	-	-	-	-	-
ZTS Dec	-	-	-	-	-	-	-	-	-	-
ISRG Dec	69.9%	70.2%	69.9%	69.4%	65.6%	69.3%	67.4%	66.4%	67.5%	66.0%
BAX Dec	40.5%	42.3%	42.9%	41.9%	39.3%	38.9%	35.3%	40.1%	37.5%	30.1%
DGX Dec	40.2%	36.2%	34.6%	34.8%	38.5%	-	-	-	-	-
ZBH Dec	-	-	-	-	-	-	-	-	-	-
SOLV Dec	-	-	-	-	-	-	57.7%	57.3%	55.6%	53.5%
VRTX Dec	-	-	-	-	-	-	-	-	-	-
A Oct	-	-	-	-	-	-	-	-	-	-
HSIC Dec	27.9%	22.0%	22.0%	31.0%	27.8%	29.6%	30.3%	31.3%	31.7%	31.1%
Peer median	40.3%	39.3%	38.7%	38.4%	38.9%	38.9%	46.5%	48.7%	46.6%	42.3%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	45.0%	43.6%	43.8%	49.0%	33.8%	25.9%	-	-	-	-
ZTS Dec	-	-	-	-	-	-	-	-	-	-
ISRG Dec	35.1%	33.9%	32.2%	30.7%	24.1%	31.9%	25.3%	24.8%	28.1%	29.3%
BAX Dec	7.3%	12.2%	14.3%	15.6%	13.8%	11.1%	−28.3%	6.8%	0.1%	−2.7%
DGX Dec	17.7%	15.7%	14.6%	15.9%	20.9%	22.1%	14.4%	13.6%	13.6%	14.1%
ZBH Dec	10.7%	10.2%	0.4%	14.3%	1.4%	12.6%	10.0%	17.3%	16.7%	13.3%
SOLV Dec	-	-	-	-	-	-	20.8%	20.6%	12.6%	26.2%
VRTX Dec	0.6%	5.0%	20.8%	28.8%	46.0%	36.7%	48.2%	38.8%	−2.1%	34.8%
A Oct	14.6%	18.0%	18.4%	18.2%	15.8%	21.3%	23.6%	19.8%	22.9%	21.3%
HSIC Dec	6.7%	5.4%	4.5%	7.2%	5.3%	6.9%	5.9%	5.0%	4.9%	5.0%
Peer median	10.7%	12.2%	14.6%	15.9%	15.8%	21.3%	17.6%	18.5%	13.1%	17.7%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	32.3%	20.7%	32.9%	41.0%	29.8%	14.2%	29.9%	11.8%	16.9%	13.1%
ZTS Dec	16.8%	16.3%	24.5%	24.0%	24.5%	26.2%	26.2%	27.4%	26.9%	28.2%
ISRG Dec	27.3%	21.4%	30.3%	30.8%	24.3%	29.9%	21.3%	25.2%	27.8%	28.4%
BAX Dec	48.9%	5.7%	13.9%	8.8%	9.4%	10.6%	−24.2%	25.6%	−6.1%	−8.5%
DGX Dec	8.9%	10.4%	9.8%	11.1%	15.2%	18.5%	9.6%	9.2%	8.8%	9.0%
ZBH Dec	4.0%	23.2%	−4.8%	14.2%	−2.3%	5.9%	3.3%	13.8%	11.8%	8.6%
SOLV Dec	-	-	-	-	-	-	16.5%	16.4%	5.8%	18.7%
VRTX Dec	−6.6%	10.6%	68.8%	28.3%	43.7%	30.9%	37.2%	36.7%	−4.9%	32.9%
A Oct	11.0%	15.3%	6.4%	20.7%	13.5%	19.1%	18.3%	18.1%	19.8%	18.8%
HSIC Dec	4.4%	3.3%	4.1%	7.0%	4.0%	5.1%	4.3%	3.4%	3.1%	3.0%
Peer median	10.0%	12.9%	11.9%	17.5%	14.3%	18.8%	16.5%	18.1%	8.8%	18.7%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	$4.0B	$3.7B	$5.4B	$6.6B	$3.8B	$3.4B	$1.1B	$1.3B	$2.7B	$2.1B
ZTS Dec	$497.0M	$1.1B	$1.5B	$1.3B	$1.7B	$1.7B	$1.3B	$1.6B	$2.3B	$2.3B
ISRG Dec	$1.0B	$953.2M	$982.2M	$1.2B	$1.1B	$1.7B	$958.4M	$749.6M	$1.3B	$2.5B
BAX Dec	$935.0M	$1.1B	$1.4B	$1.4B	$1.2B	$1.5B	$834.0M	$1.3B	$573.0M	$332.0M
DGX Dec	$823.0M	$923.0M	$817.0M	$843.0M	$1.6B	$1.8B	$1.3B	$864.0M	$909.0M	$1.4B
ZBH Dec	$1.4B	$1.4B	$1.6B	$1.4B	$1.1B	$1.4B	$1.2B	$1.3B	$1.3B	$1.5B
SOLV Dec	-	-	-	-	-	-	$1.4B	$1.6B	$805.0M	−$10.0M
VRTX Dec	$179.5M	$745.5M	$1.2B	$1.5B	$3.0B	$2.4B	$3.9B	$3.3B	−$790.3M	$3.2B
A Oct	$654.0M	$713.0M	$910.0M	$866.0M	$802.0M	$1.3B	$1.0B	$1.5B	$1.4B	$1.2B
HSIC Dec	$572.4M	$483.1M	$613.4M	$577.9M	$550.0M	$631.0M	$506.0M	$353.0M	$700.0M	$573.0M
Peer median	$738.5M	$938.1M	$1.1B	$1.3B	$1.2B	$1.6B	$1.2B	$1.3B	$909.0M	$1.4B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	34.7%	30.0%	40.3%	45.7%	28.3%	30.8%	11.2%	12.9%	28.1%	20.7%
ZTS Dec	10.2%	21.1%	24.9%	21.3%	25.1%	22.3%	16.4%	19.0%	24.8%	24.1%
ISRG Dec	38.2%	30.4%	26.4%	26.2%	26.2%	30.6%	15.4%	10.5%	15.6%	24.7%
BAX Dec	9.2%	10.4%	12.2%	12.4%	9.9%	12.6%	8.3%	12.5%	5.4%	3.0%
DGX Dec	11.4%	12.5%	10.8%	10.9%	16.8%	17.0%	13.3%	9.3%	9.2%	12.3%
ZBH Dec	18.9%	18.3%	20.0%	17.3%	17.8%	19.9%	16.8%	17.5%	16.9%	17.9%
SOLV Dec	-	-	-	-	-	-	17.6%	19.8%	9.8%	−0.1%
VRTX Dec	10.5%	30.0%	38.5%	35.9%	48.2%	31.8%	44.0%	33.8%	−7.2%	26.6%
A Oct	15.6%	15.9%	18.5%	16.8%	15.0%	20.5%	14.9%	21.6%	21.1%	16.6%
HSIC Dec	4.9%	3.9%	4.6%	5.8%	5.4%	5.1%	4.0%	2.9%	5.5%	4.3%
Peer median	11.0%	17.1%	19.2%	17.0%	17.3%	20.2%	15.4%	17.5%	9.8%	16.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	30.5%	20.1%	34.0%	44.1%	37.4%	14.3%	22.7%	7.8%	9.8%	7.1%
ZTS Dec	55.2%	48.8%	65.4%	55.4%	43.5%	44.8%	48.0%	46.9%	52.1%	78.3%
ISRG Dec	12.8%	14.0%	16.9%	16.7%	10.9%	14.3%	12.0%	13.5%	14.1%	16.0%
BAX Dec	59.9%	6.6%	19.7%	12.7%	12.7%	14.1%	−41.7%	31.6%	−9.3%	−15.6%
DGX Dec	13.9%	15.7%	14.1%	15.2%	21.2%	31.0%	16.1%	13.5%	12.9%	13.8%
ZBH Dec	3.2%	15.5%	−3.4%	9.1%	−1.1%	3.2%	1.9%	8.2%	7.2%	5.6%
SOLV Dec	-	-	-	-	-	-	11.4%	11.5%	16.2%	30.8%
VRTX Dec	−9.7%	13.0%	47.3%	19.3%	31.2%	23.2%	23.9%	20.6%	−3.3%	21.2%
A Oct	10.9%	14.2%	6.9%	22.6%	14.8%	22.5%	23.6%	21.2%	21.9%	19.3%
HSIC Dec	18.1%	14.5%	18.1%	23.2%	12.1%	18.4%	15.6%	11.4%	11.5%	12.3%
Peer median	13.4%	14.3%	17.5%	18.0%	13.7%	20.4%	15.6%	13.5%	12.9%	16.0%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	0.54	0.47	0.46	0.33	0.69	0.58	0.47	0.46	0.27	0.34
ZTS Dec	3.00	2.80	2.95	2.38	1.91	1.45	1.79	1.31	1.38	2.65
ISRG Dec	-	-	-	-	-	-	-	-	-	-
BAX Dec	0.34	0.38	0.44	0.68	0.72	1.99	2.91	1.65	2.20	1.54
DGX Dec	0.81	0.77	0.75	0.85	0.59	0.62	0.68	0.75	0.92	0.79
ZBH Dec	1.16	0.86	0.79	0.66	0.67	0.08	0.47	0.46	0.50	0.59
SOLV Dec	-	-	-	-	-	-	-	0.00	2.71	1.00
VRTX Dec	-	-	-	-	-	-	-	-	-	0.00
A Oct	0.44	0.41	0.39	0.51	0.48	0.51	0.52	0.47	0.57	0.50
HSIC Dec	0.28	0.33	0.66	0.25	0.21	0.25	0.33	0.64	0.75	0.96
Peer median	0.63	0.59	0.70	0.67	0.63	0.56	0.60	0.64	0.92	0.87

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BIIB Dec	$16.93	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18	$8.79
ZTS Dec	$1.65	$1.75	$2.93	$3.11	$3.42	$4.27	$4.49	$5.07	$5.47	$6.02
ISRG Dec	$2.09	$1.92	$3.16	$3.85	$2.94	$4.66	$3.65	$5.03	$6.42	$7.87
BAX Dec	$9.01	$1.08	$2.83	$1.93	$2.13	$2.53	−$4.83	$5.23	−$1.27	−$1.87
DGX Dec	$4.51	$5.50	$5.29	$6.28	$10.47	$15.55	$7.97	$7.49	$7.69	$8.75
ZBH Dec	$1.51	$8.90	−$1.86	$5.47	−$0.67	$1.91	$1.10	$4.88	$4.43	$3.55
SOLV Dec	-	-	-	-	-	-	$7.78	$7.79	$2.76	$8.88
VRTX Dec	−$0.46	$1.04	$8.09	$4.51	$10.29	$9.01	$12.82	$13.89	−$2.08	$15.32
A Oct	$1.40	$2.10	$0.97	$3.37	$2.30	$3.94	$4.18	$4.19	$4.43	$4.57
HSIC Dec	$3.10	$2.57	$3.49	$4.65	$2.82	$4.45	$3.91	$3.16	$3.05	$3.27
Peer median	$1.87	$2.01	$3.05	$4.18	$2.88	$4.36	$4.18	$5.07	$4.43	$6.02

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out BIIB and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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