Overview
BIOGEN INC.
Latest 10-K: FY2025, filed Feb 6, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $9.89B
- 2.2%YoYup from FY2024
- TotalRevenue
- Gross profit
- $7.49B
- 1.6%YoYup from FY2024
- GrossProfit
- Net income
- $1.29B
- 20.8%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $8.79
- 21.4%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 147.1M
- 0.8%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- BIOGEN INC. reported revenue of $9.89B for fiscal 2025, up 2.2% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 0 of the last 5 fiscal years.
Profitability
- Net margin was 13.1%, against a median of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $8.79, down 21.4% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $9.89B2.2%up Benchmark median 6.4% | $9.68B1.6%down Benchmark median 4.5% | $9.84B3.3%down Benchmark median 4.8% | $10.17B7.4%down Benchmark median 10.3% | $10.98B18.3%down Benchmark median 13.8% | -2.6% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $7.49B1.6%up Benchmark median 6.8% | $7.37B0.9%up Benchmark median 5.5% | $7.30B7.5%down Benchmark median 5.2% | $7.90B11.0%down Benchmark median 8.3% | $8.87B23.8%down Benchmark median 15.7% | -4.2% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | — | — | — | — | $2.84B37.6%down Benchmark median 23.5% | — Benchmark median 7.2% |
| Net Income | $1.29B20.8%down Benchmark median 4.8% | $1.63B40.6%up Benchmark median 5.7% | $1.16B61.9%down Benchmark median 1.9% | $3.05B95.8%up Benchmark median 1.3% | $1.56B61.1%down Benchmark median 33.9% | -4.5% Benchmark median 4.1% |
| EPS (Diluted) | $8.7921.4%down Benchmark median 6.2% | $11.1840.3%up Benchmark median 7.9% | $7.9761.8%down Benchmark median 1.9% | $20.87100.7%up Benchmark median 1.5% | $10.4058.1%down Benchmark median 34.8% | -4.1% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $29.44B5.0%up Benchmark median 5.6% | $28.05B4.5%up Benchmark median 3.4% | $26.84B9.3%up Benchmark median 4.1% | $24.55B2.8%up Benchmark median 2.2% | $23.88B3.0%down Benchmark median 6.7% | 5.4% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $11.18B1.3%down Benchmark median 6.4% | $11.33B5.9%down Benchmark median 1.9% | $12.05B7.9%up Benchmark median 2.9% | $11.17B13.6%down Benchmark median 2.0% | $12.92B7.3%down Benchmark median 5.2% | -3.5% Benchmark median 4.4% |
| Stockholders' Equity | $18.26B9.2%up Benchmark median 6.8% | $16.72B13.0%up Benchmark median 5.4% | $14.80B10.5%up Benchmark median 7.3% | $13.39B22.2%up Benchmark median 2.5% | $10.96B2.6%up Benchmark median 9.0% | 13.6% Benchmark median 6.1% |
| Cash & Equivalents | — | — | — | — | — | — Benchmark median 2.0% |
| Total Debt | $6.29B†0.1%down Benchmark median 2.1% | $6.30B†9.3%down Benchmark median 0.2% | $6.94B†10.5%up Benchmark median 0.3% | $6.28B†0.1%up Benchmark median 0.1% | $6.27B†15.5%down Benchmark median -0.1% | 0.1% Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.20B23.3%down Benchmark median 6.3% | $2.88B85.9%up Benchmark median 4.8% | $1.55B11.8%up Benchmark median 9.9% | $1.38B62.0%down Benchmark median -0.7% | $3.64B13.9%down Benchmark median 10.7% | -11.8% Benchmark median 7.0% |
| Capital Expenditures | $153.80M0.1%up Benchmark median 5.4% | $153.70M44.5%down Benchmark median 2.8% | $277.00M15.3%up Benchmark median 11.3% | $240.30M6.9%down Benchmark median 14.0% | $258.10M39.2%down Benchmark median 8.1% | -12.1% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $2.05B24.7%down Benchmark median 7.3% | $2.72B114.3%up Benchmark median 6.1% | $1.27B11.0%up Benchmark median 8.8% | $1.14B66.2%down Benchmark median -11.3% | $3.38B11.1%down Benchmark median 10.2% | -11.8% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.0%
Wall Street
on net earnings
FY2024 7.3%
7.9%
Value investor
on free cash flow
FY2024 12.2%
Gap +2.9 pts: Value-investor figure 2.9 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 20.0×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
70.5%
Wall Street
on book equity
FY2024 74.9%
10.0%
Value investor
on tangible book
FY2024 2.4%
Gap −60.5 pts: Value-investor figure 60.5 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.4×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
7.4%
Wall Street
ROE: net income ÷ equity
FY2024 10.4%
— Not reported
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 — Not reported
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
— Not reported
Wall Street
EBITDA margin
FY2024 — Not reported
20.7%
Value investor
Free-cash-flow margin
FY2024 28.1%
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
2.68×
Wall Street
Current ratio
FY2024 1.35×
2.03×
Value investor
Quick ratio, inventory excluded
FY2024 0.90×
Gap −0.65×: Value-investor figure 0.65 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
— Not reported
Wall Street
EBITDA ÷ total debt
FY2024 — Not reported
0.33×
Value investor
FCF ÷ total debt
FY2024 0.43×
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on BIIB yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on BIIB and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/BIIB
Valuein. (2026, October 31). BIOGEN INC. (BIIB) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/BIIB
@misc{valuein_biib_2026,
author = {{Valuein}},
title = {BIOGEN INC. (BIIB) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/BIIB}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 6, 2026 · accession 0000875045-26-000013
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