BIIB

MKT CAP:$27B

Biogen Inc.

Market Cap

$27B

Healthcare·Drug Manufacturers - General·🇺🇸 United States·NASDAQ

Healthcare·Drug Mfg.·🇺🇸·NASDAQ

Stock Price

$183.46+$5.64 (+3.17%)

Apr 24, 2026

Company Details

Biogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPIN...

CEO

Christopher A. Viehbacher

IPO Date

Sep 17, 1991

Website

www.biogen.com

Key Metrics TTM

Revenue

$10.0B

+3.9% YoY

Net Income

$1.6B

EPS (Diluted)

$10.99

Free Cash Flow

$2.3B

Revenue / Share

$67.89

Gross Margin

70.1%

Operating Margin

24.5%

Net Margin

16.1%

FCF Margin

22.8%

P/S

2.7x

P/E

16.8x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Feb 6, 2026

$9.8B+1.4%EPS $8.83

Q3 2025

Oct 30, 2025

$2.5B-0.4%EPS $3.17

Q2 2025

Jul 31, 2025

$2.6B+7.3%EPS $4.35

Q1 2025

May 1, 2025

$2.4B+6.1%EPS $1.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$3.4B	$2.9B	$1.1B
Q4 20	$2.9B	$2.4B	-$331M
Q2 22	$2.6B	$2.1B	$936M
Q3 22	$2.5B	$2.0B	$870M
Q4 22	$2.5B	$2.0B	$558M
Q1 23	$2.5B	$1.8B	$574M
Q2 23	$2.5B	$1.9B	$690M
Q3 23	$2.5B	$1.9B	$321M
Q4 23	$2.4B	$1.8B	$512M
Q1 24	$2.3B	$1.8B	$690M
Q2 24	$2.5B	$1.5B	$367M
Q3 24	$2.5B	$1.8B	$577M
Q4 24	$2.5B	$1.9B	$509M
Q1 25	$2.4B	$1.9B	$733M
Q2 25	$2.6B	$1.7B	$588M
Q3 25	$2.5B	$1.6B	$614M

Valuation

Quarter	P/S	P/E
Q3 20	3.1x	8.7x
Q4 20	2.8x	9.6x
Q2 22	2.5x	8.9x
Q3 22	3.4x	11.7x
Q4 22	3.8x	12.8x
Q1 23	4.0x	12.8x
Q2 23	4.1x	15.5x
Q3 23	3.7x	25.1x
Q4 23	3.8x	32.3x
Q1 24	3.2x	26.8x
Q2 24	3.5x	29.1x
Q3 24	2.9x	17.5x
Q4 24	2.3x	13.4x
Q1 25	2.0x	13.5x
Q2 25	1.8x	12.0x
Q3 25	2.0x	12.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$1.2B	$1.1B
Q4 20	-$367M	-$468M
Q2 22	$737M	$698M
Q3 22	$661M	$602M
Q4 22	-$175M	-$262M
Q1 23	$455M	$389M
Q2 23	$487M	$400M
Q3 23	$592M	$505M
Q4 23	$13M	-$53M
Q1 24	$553M	$432M
Q2 24	$626M	$583M
Q3 24	$936M	$806M
Q4 24	$761M	$695M
Q1 25	$259M	$212M
Q2 25	$161M	$144M
Q3 25	$1.3B	$1.2B

Capital Expenditures

Quarter	CapEx
Q3 20	$84M
Q4 20	$101M
Q2 22	$39M
Q3 22	$59M
Q4 22	$87M
Q1 23	$67M
Q2 23	$87M
Q3 23	$88M
Q4 23	$65M
Q1 24	$121M
Q2 24	$43M
Q3 24	$130M
Q4 24	$66M
Q1 25	$47M
Q2 25	$17M
Q3 25	$46M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-6.7%	+37.9%
Q4 20	-20.8%	+77.5%
Q2 22	-29.5%	-12.7%
Q3 22	-29.0%	-4.4%
Q4 22	-24.6%	-13.3%
Q1 23	-13.7%	-40.7%
Q2 23	-5.1%	+6.9%
Q3 23	+0.9%	+34.8%
Q4 23	-6.2%	-5.6%
Q1 24	-7.0%	-15.3%
Q2 24	+0.4%	+18.8%
Q3 24	-2.5%	-14.5%
Q4 24	+2.9%	+3.8%
Q1 25	+6.1%	+6.1%
Q2 25	+7.3%	-2.0%
Q3 25	-0.4%	-2.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$38M	1.1%
Q4 20	$49M	1.7%
Q2 22	$56M	2.2%
Q3 22	$64M	2.5%
Q4 22	$67M	2.6%
Q1 23	$76M	3.1%
Q2 23	$74M	3.0%
Q3 23	$62M	2.5%
Q4 23	$55M	2.3%
Q1 24	$73M	3.2%
Q2 24	$71M	2.9%
Q3 24	$73M	2.9%
Q4 24	$75M	3.1%
Q1 25	$81M	3.3%
Q2 25	$75M	2.8%
Q3 25	$75M	3.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 20	$1.2B	—	—	$573M
Q4 20	$2.0B	$701M	$112M	—
Q2 22	$596M	—	—	$573M
Q3 22	$606M	—	—	$563M
Q4 22	$777M	$584M	$54M	—
Q1 23	$621M	—	—	$605M
Q2 23	$637M	—	—	$537M
Q3 23	$797M	—	—	$753M
Q4 23	$648M	$537M	$71M	—
Q1 24	$524M	—	—	$578M
Q2 24	$592M	—	—	$550M
Q3 24	$673M	—	—	$577M
Q4 24	$684M	$612M	$67M	—
Q1 25	$546M	—	—	$575M
Q2 25	$530M	—	—	$581M
Q3 25	$370M	—	—	$595M

Revenue Segments

Quarter	Product	Product and Service, Other	Revenues from anti-cd20 therapeutic programs	Fumarate	Interferon	MS Product Revenues	Spinraza	TYSABRI product
Q4 20	$2.3B	$132M	$419M	—	—	—	—	—
Q3 24	—	—	—	$391M	$238M	$1.1B	$381M	$406M
Q4 24	—	—	—	$404M	$236M	$1.1B	$421M	$415M
Q1 25	—	—	—	$345M	$226M	$953M	$424M	$382M
Q2 25	—	—	—	$406M	$247M	$1.1B	$393M	$455M
Q3 25	—	—	—	$383M	$247M	$1.1B	$374M	$432M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.7B	$2.0B	$3.8B
Q2 22	$2.6B	$2.2B	$4.8B
Q3 22	$3.7B	$1.2B	$4.9B
Q4 22	$3.4B	$1.5B	$4.9B
Q1 23	$2.9B	$2.1B	$5.0B
Q2 23	$2.6B	$3.5B	$6.1B
Q3 23	$2.3B	$0	$2.3B
Q4 23	$1.0B	$0	$1.0B
Q1 24	$1.1B	$0	$1.1B
Q2 24	$1.9B	$0	$1.9B
Q3 24	$1.7B	$0	$1.7B
Q4 24	$2.4B	$0	$2.4B
Q1 25	$2.6B	$0	$2.6B
Q2 25	$2.8B	$0	$2.8B
Q3 25	$3.9B	$98M	$4.0B
Q4 25	$3.0B	$807M	$3.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	157M	-9.2%	-17.4%
Q4 20	154M	-2.0%	-16.4%
Q2 22	146M	-5.1%	-18.0%
Q3 22	145M	-1.0%	-16.3%
Q4 22	145M	+0.3%	-7.6%
Q1 23	145M	0.0%	-5.7%
Q2 23	146M	+0.2%	-0.5%
Q3 23	145M	-0.5%	0.0%
Q4 23	146M	+0.6%	+0.3%
Q1 24	146M	+0.1%	+0.5%
Q2 24	146M	0.0%	+0.3%
Q3 24	146M	0.0%	+0.8%
Q4 24	146M	+0.1%	+0.3%
Q1 25	146M	-0.1%	0.0%
Q2 25	146M	0.0%	0.0%
Q3 25	147M	+0.8%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$456.2K	7K
Q4 20	$313.5K	9K
Q2 22	$269.4K	10K
Q3 22	$261.0K	10K
Q4 22	$291.6K	9K
Q1 23	$282.3K	9K
Q2 23	$281.5K	9K
Q3 23	$290.0K	9K
Q4 23	$315.2K	8K
Q1 24	$302.6K	8K
Q2 24	$325.6K	8K
Q3 24	$325.7K	8K
Q4 24	$322.8K	8K
Q1 25	$319.7K	8K
Q2 25	$347.9K	8K
Q3 25	$322.8K	8K

Revenue / Employee