Logo

BIIB

Biogen Inc.

BIIB

Biogen Inc. • NASDAQ
$182.09 ▲ 0.08% (+0.15)
Market Cap $26.71 B
52w High $185.17
52w Low $110.04
Dividend Yield 0%
P/E 16.61
Volume 465.27K
Outstanding Shares 146.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.455B ▼ $964.4M ▼ $466.5M ▼ 19.004% ▼ $3.18 ▼ $826.9M ▼
Q2-2025 $2.646B ▲ $1.111B ▼ $634.8M ▲ 23.995% ▲ $4.35 ▲ $1.11B ▲
Q1-2025 $2.431B ▼ $1.121B ▼ $240.5M ▼ 9.893% ▼ $1.65 ▼ $865.1M ▲
Q4-2024 $2.455B ▼ $1.362B ▲ $266.7M ▼ 10.865% ▼ $1.83 ▼ $691.7M ▼
Q3-2024 $2.466B $1.25B $388.5M 15.756% $2.67 $714.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.96B ▲ $29.207B ▲ $11B ▲ $18.207B ▲
Q2-2025 $2.759B ▲ $28.33B ▲ $10.696B ▼ $17.634B ▲
Q1-2025 $2.598B ▲ $28.033B ▼ $11.054B ▼ $16.979B ▲
Q4-2024 $2.375B ▲ $28.049B ▼ $11.333B ▼ $16.716B ▲
Q3-2024 $1.699B $28.313B $11.954B $16.359B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $466.5M ▼ $1.272B ▲ $-35.1M ▲ $-130.2M ▼ $1.104B ▲ $1.226B ▲
Q2-2025 $634.8M ▲ $160.9M ▼ $-57M ▼ $-11.7M ▲ $160.5M ▼ $144.3M ▼
Q1-2025 $240.5M ▼ $259.3M ▼ $-47.3M ▼ $-23M ▼ $223.3M ▼ $212.2M ▼
Q4-2024 $266.7M ▼ $760.9M ▼ $-18.6M ▲ $7.9M ▲ $675.8M ▲ $694.6M ▼
Q3-2024 $388.5M $935.6M $-1.181B $-6.6M $-209.7M $805.6M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fumarate
Fumarate
 $400.00M ▲$340.00M ▼$410.00M ▲$380.00M ▼
Interferon
Interferon
 $240.00M ▲$230.00M ▼$250.00M ▲$250.00M ▲
MS Product Revenues
MS Product Revenues
 $1.07Bn ▲$950.00M ▼$1.11Bn ▲$1.06Bn ▼
SPINRAZA
SPINRAZA
 $420.00M ▲$420.00M ▲$390.00M ▼$370.00M ▼
TYSABRI product
TYSABRI product
 $420.00M ▲$380.00M ▼$450.00M ▲$430.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Biogen’s income statement shows a business that is still clearly profitable but past its revenue peak and in transition. Sales have drifted down over the last several years as older multiple sclerosis products face more competition, and profit levels are lower than earlier in the decade. That said, the company continues to earn healthy margins, which suggests solid pricing power and disciplined cost control. Earnings have been bumpy from year to year, reflecting one‑time items, product life cycles, and launch costs for newer drugs. Overall, the core story is shrinking legacy revenue but still-strong profitability providing room to invest in the next wave of products.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and conservative for a biotech of this size. Total assets have grown steadily, and shareholders’ equity has built up over time, which points to a company that has retained earnings rather than over‑relying on debt. Debt levels are meaningful but not extreme and have been fairly stable, suggesting a manageable leverage profile. Cash balances move around with deals and product cycles but remain significant enough to provide flexibility for R&D, partnerships, and acquisitions. In simple terms, Biogen has the financial footing to absorb setbacks and keep funding its long-term strategy.

Cash Flow

Cash Flow Biogen remains a strong cash generator. Operating cash flow has been consistently positive, even in years when reported earnings moved around, which is a good sign that underlying operations are healthy. Free cash flow stays solid after covering modest capital spending, leaving room for debt service, business development, and shareholder returns. There was a dip in cash generation in the middle of the period but an improvement more recently, suggesting some stabilization after earlier pressure. Overall, cash flow strength is one of the company’s key financial supports as it navigates its portfolio transition.

Competitive Edge

Competitive Edge Biogen holds a specialized and still important position in neuroscience, particularly in multiple sclerosis, spinal muscular atrophy, rare neuromuscular diseases, and now Alzheimer’s. Its advantages include deep scientific expertise, long-standing relationships with neurologists, and experience navigating complex regulation in nervous system disorders. However, its dominance in multiple sclerosis has eroded as generics and new competitors have entered, narrowing what was once a very wide moat. The Alzheimer’s franchise, led by LEQEMBI, could become a new pillar but must contend with reimbursement hurdles, safety perceptions, and rival approaches. In short, Biogen’s competitive position is still strong but more contested, and future strength will depend on how well it replaces aging franchises with newer, differentiated drugs.

Innovation and R&D

Innovation and R&D Innovation and R&D are the heart of Biogen’s story. The company has world-class capabilities in neuroscience, including antisense technologies, monoclonal antibodies, and small molecules, and is extending into gene therapy and immunology. Its portfolio already includes several “first” or “only” treatments in rare and serious conditions, showing an ability to tackle very difficult biology. The pipeline is broad but risky, with key programs in Alzheimer’s (beyond LEQEMBI), Parkinson’s, autoimmune diseases, and kidney disorders, plus gene therapy efforts that could take many years to mature. Partnerships and acquisitions, such as the work with Eisai and the move into human immunology, show a willingness to supplement internal R&D with external science to keep the pipeline full.

Summary

Biogen looks like a mature biotech leader in the middle of a major reshaping of its business. Legacy products are under pressure, which has pulled down revenue and earnings from earlier highs, but the company still generates strong margins and cash flow and sits on a solid balance sheet. Its edge comes from deep specialization in brain and nerve diseases, where barriers to entry are high, but competitive and regulatory challenges have clearly increased. The future hinges on successful commercialization of newer drugs—especially in Alzheimer’s—and on the delivery of its pipeline in neurology, immunology, and rare diseases. Overall, this is a financially sound company facing meaningful transition risk, with substantial upside potential if its scientific bets pay off and clear downside if new launches fail to offset the decline of older franchises.

NEWS

November 27, 2025 · 7:30 PM UTC

Eisai Submits New Drug Application for Subcutaneous Formulation of “LEQEMBI®” for the Treatment of Early Alzheimer's Disease in Japan

Read more

November 25, 2025 · 7:30 AM UTC

Eisai Completes Rolling Submission to US FDA for LEQEMBI® IQLIK™ (lecanemab-irmb) Supplemental Biologics License Application as a Subcutaneous Starting Dose for the Treatment of Early Alzheimer's Disease Under Fast Track Status

Read more

November 24, 2025 · 7:30 AM UTC

Biogen and Dayra Therapeutics Announce Research Collaboration to Discover and Develop Oral Macrocyclic Peptides for a Range of Immunological Conditions

Read more

November 24, 2025 · 7:30 AM UTC

Versant Ventures Announces Launch of Dayra Therapeutics With Foundational Biogen Partnership

Read more

November 20, 2025 · 7:30 AM UTC

Biogen to Highlight New Lecanemab Data and Scientific Advances at the 18th Clinical Trials on Alzheimer's Disease Conference

Read more