BIOGEN INC. BIIB
Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer's disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.89B | $9.68B | $9.84B | $10.17B | $10.98B | $13.44B | $14.38B | $13.45B | $12.27B | $11.45B |
| Cost of revenue | $2.40B | $2.31B | $2.53B | $2.28B | $2.11B | $1.81B | $1.96B | $1.82B | $1.63B | $1.48B |
| Gross profit | $7.49B | $7.37B | $7.30B | $7.90B | $8.87B | $11.64B | $12.42B | $11.64B | $10.64B | $9.97B |
| SG&A | $2.43B | $2.40B | $2.55B | $2.40B | $2.67B | $2.50B | $2.37B | $2.11B | $1.93B | $1.95B |
| Total operating expenses | $8.33B | $7.77B | $8.54B | $6.58B | $9.24B | $8.40B | $7.34B | $7.56B | $6.93B | $6.30B |
| Operating income | — | — | — | — | $2.84B | $4.55B | $7.04B | $5.89B | $5.35B | $5.15B |
| Interest expense | $267.5M | $250.3M | $246.9M | $246.6M | $253.6M | $222.5M | $187.4M | $200.6M | $250.8M | $260.0M |
| Pre-tax income | $1.56B | $1.91B | $1.30B | $3.59B | $1.75B | $5.05B | $7.13B | $5.90B | $5.13B | $4.93B |
| Income tax | $263.6M | $273.8M | $135.3M | $632.8M | $52.5M | $992.3M | $1.16B | $1.43B | $2.46B | $1.24B |
| Net income | $1.29B | $1.63B | $1.16B | $3.05B | $1.56B | $4.00B | $5.89B | $4.43B | $2.54B | $3.70B |
| EPS, basic | 8.83 | 11.21 | 8.02 | 20.96 | 10.44 | 24.86 | 31.47 | 21.63 | 11.94 | 16.96 |
| EPS, diluted | 8.79 | 11.18 | 7.97 | 20.87 | 10.40 | 24.80 | 31.42 | 21.58 | 11.92 | 16.93 |
| Shares, diluted (wtd. avg.) | $147.1M | $145.9M | $145.6M | $146.0M | $149.6M | $161.3M | $187.4M | $205.3M | $213.0M | $218.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.01B | $2.38B | $1.05B | $3.42B | $2.26B | $1.33B | $2.91B | $1.22B | $1.57B | $2.33B |
| Short-term investments | $807.2M | $0 | $0 | $1.47B | $1.54B | $1.28B | $1.56B | — | — | — |
| Receivables | $1.34B | $1.40B | $1.66B | $1.71B | $1.55B | $1.91B | $1.88B | $1.96B | $1.79B | $1.44B |
| Inventory | $2.17B | $2.46B | $2.53B | $1.34B | $1.35B | $1.07B | $804.2M | $929.9M | $902.7M | $1.00B |
| Total current assets | $8.97B | $7.46B | $6.86B | $9.79B | $7.86B | $6.89B | $8.38B | $7.64B | $7.87B | $8.73B |
| Property, plant and equipment | $3.06B | $3.18B | $3.31B | $3.30B | $3.42B | $3.41B | $3.25B | $3.60B | $3.18B | $2.50B |
| Goodwill | $6.49B | $6.48B | $6.22B | $5.75B | $5.76B | $5.76B | $5.76B | $5.71B | $4.63B | $3.67B |
| Other intangibles | $9.18B | $9.69B | $8.36B | $1.85B | $2.22B | $3.08B | $3.53B | $3.12B | $3.88B | $3.81B |
| Total assets | $29.44B | $28.05B | $26.84B | $24.55B | $23.88B | $24.62B | $27.23B | $25.29B | $23.65B | $22.88B |
| Accounts payable | $432.0M | $424.2M | $403.3M | $491.5M | $589.2M | $454.9M | $530.8M | $370.5M | $395.5M | $279.8M |
| Short-term debt | $0 | $1.75B | $150.0M | $0 | $999.1M | $0 | $1.50B | $0 | $3.2M | $4.7M |
| Total current liabilities | $3.35B | $5.53B | $3.43B | $3.27B | $4.30B | $3.74B | $4.86B | $3.30B | $3.37B | $3.42B |
| Long-term debt | $6.29B | $6.30B | $6.94B | $6.28B | $6.27B | $7.43B | $4.46B | $5.94B | $5.93B | $6.51B |
| Total liabilities | $11.18B | $11.33B | $12.05B | $11.17B | $12.92B | $13.93B | $13.90B | $12.26B | $11.05B | $10.75B |
| Retained earnings | $20.55B | $19.26B | $17.63B | $16.47B | $13.91B | $13.98B | $16.46B | $16.26B | $15.81B | $15.07B |
| Total equity | $18.26B | $16.72B | $14.80B | $13.39B | $10.96B | $10.69B | $13.34B | $13.03B | $12.60B | $12.14B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.20B | $2.88B | $1.55B | $1.38B | $3.64B | $4.23B | $7.08B | $6.19B | $4.55B | $4.59B |
| Depreciation and amortisation | $779.9M | $673.2M | $494.8M | $518.4M | $487.7M | $457.2M | $464.7M | $650.5M | $1.08B | $682.7M |
| Stock-based compensation | $290.8M | $291.2M | $264.2M | $254.1M | $238.6M | $198.3M | $182.3M | $157.5M | $128.0M | $154.8M |
| Capital expenditure | $153.8M | $153.7M | $277.0M | $240.3M | $258.1M | $424.8M | $514.5M | $770.6M | $867.4M | $616.1M |
| Investing cash flow | -$1.37B | -$799.2M | -$4.10B | $1.58B | -$563.7M | -$608.6M | $470.5M | -$2.05B | -$2.96B | -$2.48B |
| Financing cash flow | -$301.9M | -$683.5M | $149.3M | -$1.75B | -$2.09B | -$5.27B | -$5.86B | -$4.47B | -$2.38B | -$1.05B |
| Buybacks | — | $0 | $0 | $750.0M | $1.80B | $6.68B | $5.87B | $4.35B | $1.37B | $1.00B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-187303.
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| RVMD | Revolution Medicines, Inc. | $45.01B | — | — |
| SCNI | Scinai Immunotherapeutics Ltd. | $25.80B | — | 99.2% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $15.82B | 33.3x | 21.4% |
| EXEL | EXELIXIS, INC. | $14.62B | 21.2x | 7.0% |
| HALO | HALOZYME THERAPEUTICS, INC. | $12.51B | 43.0x | 37.6% |