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Biogen vs Halozyme Therapeutics: revenue, profit, margins and growth compared

Biogen brought in $9.9B of revenue in fiscal 2025, Halozyme Therapeutics $1.4B in fiscal 2025. Revenue changed by +2.2% at Biogen and +37.6% at Halozyme Therapeutics on the year before, so Halozyme Therapeutics grew faster. Biogen kept 13.1% of its revenue as net profit, Halozyme Therapeutics 22.7%. Free cash flow was $2.1B at Biogen and $644.6M at Halozyme Therapeutics.

Side by side, latest fiscal year

BIIBHALO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.9B$1.4B
Revenue growth+2.2%+37.6%
Net income$1.3B$316.9M
Net margin13.1%22.7%
Free cash flow$2.1B$644.6M
Free cash flow margin20.7%46.2%
Earnings per share (diluted)$8.79$2.56
Cash$3B$133.8M
Debt$6.3B$2.1B
Price to earnings25.944.5
Market value$33.6B$12.9B
Dividend yieldn/an/a
Rank by revenue in sector#47 of 523 · Health care#129 of 523 · Health care

Over the years

Revenue
BIIB FY2018: $13.5BBIIB FY2019: $14.4BBIIB FY2020: $13.4BBIIB FY2021: $11BBIIB FY2022: $10.2BBIIB FY2023: $9.8BBIIB FY2024: $9.7BBIIB FY2025: $9.9BHALO FY2018: $151.9MHALO FY2019: $196MHALO FY2020: $267.6MHALO FY2021: $443.3MHALO FY2022: $660.1MHALO FY2023: $829.3MHALO FY2024: $1BHALO FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $9.9BHALO $1.4B
Net income
BIIB FY2018: $4.4BBIIB FY2019: $5.9BBIIB FY2020: $4BBIIB FY2021: $1.6BBIIB FY2022: $3BBIIB FY2023: $1.2BBIIB FY2024: $1.6BBIIB FY2025: $1.3BHALO FY2018: -$80.3MHALO FY2019: -$72.2MHALO FY2020: $129.1MHALO FY2021: $402.7MHALO FY2022: $202.1MHALO FY2023: $281.6MHALO FY2024: $444.1MHALO FY2025: $316.9MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $1.3BHALO $316.9M
Net margin
BIIB FY2018: 32.9%BIIB FY2019: 41.0%BIIB FY2020: 29.8%BIIB FY2021: 14.2%BIIB FY2022: 29.9%BIIB FY2023: 11.8%BIIB FY2024: 16.9%BIIB FY2025: 13.1%HALO FY2018: -52.9%HALO FY2019: -36.9%HALO FY2020: 48.2%HALO FY2021: 90.8%HALO FY2022: 30.6%HALO FY2023: 34.0%HALO FY2024: 43.7%HALO FY2025: 22.7%FY18FY19FY20FY21FY22FY23FY24FY25
BIIB 13.1%HALO 22.7%
Revenue growth
BIIB FY2019: +6.9%BIIB FY2020: -6.5%BIIB FY2021: -18.3%BIIB FY2022: -7.4%BIIB FY2023: -3.3%BIIB FY2024: -1.6%BIIB FY2025: +2.2%HALO FY2019: +29.1%HALO FY2020: +36.5%HALO FY2021: +65.7%HALO FY2022: +48.9%HALO FY2023: +25.6%HALO FY2024: +22.4%HALO FY2025: +37.6%FY19FY20FY21FY22FY23FY24FY25
BIIB +2.2%HALO +37.6%
Free cash flow
BIIB FY2018: $5.4BBIIB FY2019: $6.6BBIIB FY2020: $3.8BBIIB FY2021: $3.4BBIIB FY2022: $1.1BBIIB FY2023: $1.3BBIIB FY2024: $2.7BBIIB FY2025: $2.1BHALO FY2018: -$54.2MHALO FY2019: -$89.5MHALO FY2020: $53MHALO FY2021: $298MHALO FY2022: $235.3MHALO FY2023: $373.3MHALO FY2024: $468.4MHALO FY2025: $644.6MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $2.1BHALO $644.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Biogen and Halozyme Therapeutics

Which is bigger by revenue, Biogen or Halozyme Therapeutics?

Biogen is bigger by revenue: $9.9B in fiscal 2025, against $1.4B for Halozyme Therapeutics in fiscal 2025.

Which keeps more of its revenue as profit, Biogen or Halozyme Therapeutics?

Biogen had a net margin of 13.1% in fiscal 2025; Halozyme Therapeutics had 22.7% in fiscal 2025.

Which grew revenue faster, Biogen or Halozyme Therapeutics?

In their latest fiscal years revenue changed by +2.2% at Biogen and +37.6% at Halozyme Therapeutics.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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