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Biogen vs Qiagen: revenue, profit, margins and growth compared

Biogen brought in $9.9B of revenue in fiscal 2025, Qiagen $2.1B in fiscal 2025. Revenue changed by +2.2% at Biogen and +5.7% at Qiagen on the year before, so Qiagen grew faster. Biogen kept 13.1% of its revenue as net profit, Qiagen 20.3%. Free cash flow was $2.1B at Biogen and $453.3M at Qiagen.

Side by side, latest fiscal year

BIIBQGEN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.9B$2.1B
Revenue growth+2.2%+5.7%
Net income$1.3B$424.9M
Net margin13.1%20.3%
Free cash flow$2.1B$453.3M
Free cash flow margin20.7%21.7%
Earnings per share (diluted)$8.79$1.94
Cash$3B$839M
Debt$6.3B$1.7B
Price to earnings25.9n/a
Market value$33.6B$9.1B
Dividend yieldn/an/a
Rank by revenue in sector#47 of 523 · Health care#107 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: $9.9BQGEN FY2018: $1.5BQGEN FY2019: $1.5BQGEN FY2020: $1.9BQGEN FY2021: $2.3BQGEN FY2022: $2.1BQGEN FY2023: $2BQGEN FY2024: $2BQGEN FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $9.9BQGEN $2.1B
Net income
BIIB FY2018: $4.4BBIIB FY2019: $5.9BBIIB FY2020: $4BBIIB FY2021: $1.6BBIIB FY2022: $3BBIIB FY2023: $1.2BBIIB FY2024: $1.6BBIIB FY2025: $1.3BQGEN FY2018: $190.4MQGEN FY2019: -$41.5MQGEN FY2020: $359.2MQGEN FY2021: $512.6MQGEN FY2022: $423.2MQGEN FY2023: $341.3MQGEN FY2024: $83.6MQGEN FY2025: $424.9MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $1.3BQGEN $424.9M
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%QGEN FY2018: 12.7%QGEN FY2019: -2.7%QGEN FY2020: 19.2%QGEN FY2021: 22.8%QGEN FY2022: 19.8%QGEN FY2023: 17.4%QGEN FY2024: 4.2%QGEN FY2025: 20.3%FY18FY19FY20FY21FY22FY23FY24FY25
BIIB 13.1%QGEN 20.3%
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%QGEN FY2019: +1.6%QGEN FY2020: +22.5%QGEN FY2021: +20.4%QGEN FY2022: -4.9%QGEN FY2023: -8.2%QGEN FY2024: +0.7%QGEN FY2025: +5.7%FY19FY20FY21FY22FY23FY24FY25
BIIB +2.2%QGEN +5.7%
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: $2.1BQGEN FY2018: $249.7MQGEN FY2019: $212.9MQGEN FY2020: $325MQGEN FY2021: $449.1MQGEN FY2022: $586MQGEN FY2023: $309.7MQGEN FY2024: $506.4MQGEN FY2025: $453.3MFY18FY19FY20FY21FY22FY23FY24FY25
BIIB $2.1BQGEN $453.3M

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

Questions about Biogen and Qiagen

Which is bigger by revenue, Biogen or Qiagen?

Biogen is bigger by revenue: $9.9B in fiscal 2025, against $2.1B for Qiagen in fiscal 2025.

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

Biogen had a net margin of 13.1% in fiscal 2025; Qiagen had 20.3% in fiscal 2025.

Which grew revenue faster, Biogen or Qiagen?

In their latest fiscal years revenue changed by +2.2% at Biogen and +5.7% at Qiagen.

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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