BIOGEN INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BIOGEN INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676	9,891
Cost of revenue	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310	2,404
Gross profit	9,970	10,644	11,637	12,423	11,639	8,872	7,895	7,302	7,366	7,486
Research and development	1,973	2,254	2,597	2,281	3,991	2,501	2,231	2,445	1,980	1,779
Selling, general and administrative	1,947	1,934	2,106	2,375	2,505	2,674	2,404	2,550	2,404	2,434
Operating income	5,152	5,346	5,889	7,043	4,550	2,841
Interest expense	260	251	201	187	223	254	247	247	250	268
Interest income	63.4	78.5	113	120	42	11	89.3	277	67.6	125
Other non-operating income	-219	-217	11	83.3	497	-1,096	108	-316	-344	-306
Pre-tax income	4,933	5,129	5,900	7,126	5,048	1,745	3,592	1,297	1,906	1,557
Income tax	1,237	2,459	1,426	1,158	992	52.5	633	135	274	264
Net income to minority interests	-7.1	131	43.3	0	59.9	172	-85.3	0.4	0	0
Net income	3,703	2,539	4,431	5,889	4,001	1,556	3,047	1,161	1,632	1,293
EBITDA	5,834	6,427	6,539	7,507	5,007	3,328
EPS, basic	16.96	11.94	21.63	31.47	24.86	10.44	20.96	8.02	11.21	8.83
EPS, diluted	16.93	11.92	21.58	31.42	24.80	10.40	20.87	7.97	11.18	8.79
Shares, basic (weighted)	218	213	205	187	161	149	145	145	146	147
Shares, diluted (weighted)	219	213	205	187	161	150	146	146	146	147

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,327	1,574	1,225	2,914	1,331	2,261	3,419	1,050	2,375	3,009
Short-term investments		2,115	2,313	1,562	1,279	1,541	1,474	0	0	807
Receivables	1,442	1,787	1,959	1,881	1,914	1,549	1,705	1,664	1,405	1,342
Inventory	1,002	903	930	804	1,069	1,352	1,344	2,527	2,461	2,168
Other current assets	1,093	962	688	631	881	741	1,418	1,182	753	1,123
Total current assets	8,732	7,873	7,641	8,382	6,887	7,857	9,791	6,859	7,457	8,974
Property, plant and equipment	2,502	3,182	3,601	3,247	3,412	3,416	3,299	3,310	3,181	3,055
Lease right-of-use assets			0	427	433	375	404	420	356	265
Goodwill	3,669	4,633	5,706	5,758	5,762	5,761	5,749	6,219	6,479	6,491
Intangible assets	3,808	3,880	3,120	3,527	3,084	2,221	1,850	8,363	9,691	9,179
Long-term investments		3,057	1,376	1,408	772	892	706	0	0	432
Other non-current assets	1,336	432	1,691	1,253	2,899	1,940	1,529	745	561	751
Total assets	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049	29,440
Accounts payable	280	396	371	531	455	589	492	403	424	432
Accrued liabilities	283	298	321	309	334	345	396	335	376
Short-term debt	4.7	3.2	0	1,496	0	999	0	150	1,749	0
Total current liabilities	3,420	3,368	3,295	4,864	3,742	4,298	3,273	3,434	5,529	3,349
Long-term debt	16.4	0	6,000	6,000	7,500	7,567	6,281	6,788	4,547	6,287
Lease liabilities			0	413	402	330	333	400	335	290
Other non-current liabilities	723	1,629	1,389	1,349	1,330	1,321	944	781	732	749
Total liabilities	10,748	11,055	12,257	13,895	13,933	12,918	11,166	12,045	11,333	11,183
Total debt	6,513	5,935	5,937	4,459	7,426	6,274	6,281	6,788	4,547	6,287
Paid-in capital	0	97.8	0	0	0	68.2	73.3	303	569	863
Retained earnings	15,072	15,810	16,257	16,455	13,976	13,912	16,467	17,628	19,260	20,553
Treasury stock	-2,612	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977
Other comprehensive income	-320	-318	-240	-135	-299	-107	-165	-154	-136	-182
Shareholders' equity	12,140	12,613	13,040	13,343	10,700	10,896	13,398	14,799
Minority interests	-11.5	-14.7	-8	-4.1	-14.2	63.5	-9.5	0
Total equity	12,129	12,598	13,032	13,339	10,686	10,960	13,388	14,799	16,716	18,257
Total liabilities and equity	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049	29,440
Shares outstanding	216	212	197	174	152	147	144	145	146	147

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632	1,293
Depreciation and amortization	683	1,081	651	465	457	488	518	495	673	780
Stock-based compensation	155	128	158	182	198	239	254	264	291	291
Deferred income tax	-175	91.7	108	67.1	149	-427	-169	-306	-158	362
Change in receivables	-241	-436	-205	68.8	2.8	325	-203	61.3	222	103
Change in inventory	-166	-94.5	-52.1	-19.2	-316	-462	-320	-131	-274	-64.7
Cash from operations	4,587	4,551	6,188	7,079	4,230	3,640	1,384	1,547	2,876	2,205
Capital expenditures	-616	-867	-771	-515	-425	-258	-240	-277	-154	-154
Acquisitions	0	0	0	-744				-6,926	-1,075
Purchases of investments			-7,695	-5,253	-6,398	-3,809	-3,449	-5,141	0	-1,258
Cash from investing	-2,485	-2,963	-2,046	471	-609	-564	1,577	-4,101	-799	-1,371
Debt issued			0	0	2,967	0	0	997	0	1,733
Debt repaid	-2.7	-561	-3.2	0	-1,500	0	0	-810	-650	-1,750
Stock issued	2.2	0.7	0.8	0.4	0.7
Share buybacks	-1,000	-1,365	-4,353	-5,868	-6,679	-1,800	-750	0	0
Cash from financing	-1,053	-2,380	-4,472	-5,860	-5,273	-2,086	-1,747	149	-684	-302
Exchange rate effect	-31.3	39.4	-18.6	0.4	69	-59.8	-55.7	35.1	-67.7	102
Net change in cash	1,050	-792	-331	1,689	-1,652	990	1,214	-2,405	1,393	532
Free cash flow	3,971	3,684	5,417	6,564	3,805	3,382	1,144	1,270	2,722	2,051
Interest paid	281	282	243	244	273	281	263	252	245	264
Income taxes paid	1,642	1,066	1,007	1,065	907	248	933	741	355	864

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $227.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.5%	Gross profit / revenue.
Pre-tax margin	16.3%	Pre-tax income / revenue.
Net margin	13.8%	Net income / revenue.
FCF margin	24.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.1%	Cash from operations / revenue.
Effective tax rate	15.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.7%	Net income / average total assets.
R&D / revenue	19.0%	Research and development expense / revenue.
SG&A / revenue	24.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-8.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-20.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-20.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-21.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-25.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-18.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-23.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-12.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-24.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-11.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.06x	Current assets / current liabilities.
Quick ratio	1.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.43x	(Cash + short-term investments) / current liabilities.
Debt / assets	21.3%	Total debt / total assets.
Liabilities / assets	36.7%	Total liabilities / total assets.
Net debt	$2.01B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$6.19B	Current assets - current liabilities.
Goodwill and intangibles / assets	52.7%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	3.29x	Revenue / average property, plant and equipment.
Inventory turnover	1.25x	Cost of revenue / average inventory.
Days inventory	292 days	365 x average inventory / cost of revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
FCF conversion	176.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$66.96	Revenue / diluted weighted shares.
FCF per share	$16.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.46	Cash from operations / diluted weighted shares.
Cash per share	$28.86	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$33.63B	Share price x shares outstanding.
Enterprise value	$35.63B	Market cap + total debt - cash - short-term investments.
P/E	24.5x	Market cap / net income. Only when net income is positive.
P/S	3.38x	Market cap / revenue.
P/FCF	13.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.0x	Market cap / cash from operations, when positive.
EV/Sales	3.59x	Enterprise value / revenue.
EV/FCF	14.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).

What was BIOGEN INC.'s revenue in fiscal 2025?

BIOGEN INC. reported revenue of $9.89B for fiscal 2025, 2.2% higher than the year before.

Was BIOGEN INC. profitable in fiscal 2025?

Yes. Net income was $1.29B, a net margin of 13.1%.

How much free cash flow did BIOGEN INC. generate in fiscal 2025?

Cash from operations of $2.20B minus capital expenditures of $153.8M left free cash flow of $2.05B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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