Is Biogen financially healthy?

On 30 September 2026 Biogen held 1.30B USD in cash and short-term investments against total debt of 7.80B USD. Its current ratio is 1.95: what falls due within a year against what turns into cash within a year.

Biogen's revenue shrank 6.0% a year over its last five fiscal years, from 13.44B USD in fiscal year 2020 to 9.89B USD in fiscal year 2025. Over the last twelve months it was up 2.3% on the twelve months before.

Where can I find Biogen's annual report (10-K)?

Biogen files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Biogen
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Arincen ScoreBeta57/100

57/100B

251.470

USD

0.95

(0.38%)

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Last updated: 13 Nov, 10:43 GMT-5 · Delayed 15 min

Fair value393.61Plus-36%295Price 251.47492

Q4 FY2026 · Earnings report

EPS estimate 2.81Revenue estimate 2.61B

Q4 FY2026 · Earnings report

Friday 5 February

EPS estimate 2.81Revenue estimate 2.61B

Fair value393.61Plus-36%295Price 251.47492

Q4 FY2026 · Earnings report

EPS estimate 2.81Revenue estimate 2.61B

Q4 FY2026 · Earnings report

Friday 5 February

EPS estimate 2.81Revenue estimate 2.61B

Overview Financials Forecast Earnings Company

Biogen financials

Yes. Biogen earned 347.50M USD of net income over the last twelve months, 3.4% of its revenue. It made a profit in 35 of its 41 fiscal years since 1985. Its last loss was in fiscal year 2003.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 10.30B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 347.50M USD
Cash and short-term investments: 1.30B USD
Total debt: 7.80B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 18.92B USD

Cash, debt and equity as of 30 Sept 2026.

Biogen earnings

Next earnings · Q4 FY2026

5 Feb 2027

EPS estimate

2.81 USD

Revenue estimate

2.61B USD

Last quarter · Q3 FY2026

EPS2.62Beat +31.7%Revenue2.80BBeat +6.4%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2027	—	4.19	—	—	+60.01%	2.73B	—	—	-2.61%
Q2 FY2027	—	4.17	—	—	+15.92%	2.73B	—	—	-0.07%
Q1 FY2027	—	3.55	—	—	-0.52%	2.63B	—	—	+6.19%
Q4 FY2026	5 Feb 2027	2.81	—	—	+41.21%	2.61B	—	—	+14.37%
Q3 FY2026	28 Oct 2026	1.99	2.62	+31.66%	-45.53%	2.63B	2.80B	+6.43%	+14.23%
Q2 FY2026	29 Jul 2026	2.94	3.60	+22.45%	-34.19%	2.46B	2.74B	+11.20%	+3.42%
Q1 FY2026	29 Apr 2026	3.05	3.57	+17.05%	+18.21%	2.29B	2.48B	+8.35%	+1.93%
Q4 FY2025	6 Feb 2026	1.63	1.99	+22.09%	-42.15%	2.20B	2.28B	+3.48%	-7.14%
Q3 FY2025	30 Oct 2025	3.88	4.81	+23.97%	+17.89%	2.34B	2.45B	+4.91%	-0.45%
Q2 FY2025	31 Jul 2025	3.90	5.47	+40.26%	+3.60%	2.33B	2.65B	+13.63%	+12.43%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	18.36	—	—	+13.08%	11.14B	—	—	+3.10%
FY2027	16.24	—	—	+29.84%	10.80B	—	—	+1.92%
FY2026	12.50	—	—	-18.22%	10.60B	—	—	+8.03%
FY2025	14.94	15.29	+2.34%	-7.16%	9.83B	9.81B	-0.15%	+2.58%
FY2024	16.38	16.47	+0.56%	+11.81%	9.64B	9.56B	-0.75%	-2.76%
FY2023	14.99	14.73	-1.77%	-16.73%	9.93B	9.84B	-0.93%	-3.32%
FY2022	17.11	17.69	+3.40%	-7.77%	10.07B	10.17B	+1.00%	-7.36%

Biogen growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 10.30B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 347.50M USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 70.05%
Operating margin: 7.64%
Net margin: 3.37%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	9.89B	+2.22%	1.29B	-20.76%	69.90%	18.98%	13.08%	2.95B	-1.69%
FY2024	9.68B	-1.62%	1.63B	+40.57%	76.12%	25.74%	16.87%	3.00B	+26.03%
FY2023	9.84B	-3.32%	1.16B	-61.89%	74.24%	21.32%	11.81%	2.38B	-32.79%
FY2022	10.17B	-7.36%	3.05B	+95.80%	77.61%	28.40%	29.95%	3.54B	-9.85%
FY2021	10.98B	-18.32%	1.56B	-61.10%	80.79%	25.42%	14.17%	3.92B	-23.20%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	2.80B	-20.60M	73.31%	4.58%	-0.73%
Q2 FY2026	2.74B	97.50M	56.92%	11.63%	3.56%
Q1 FY2026	2.48B	319.50M	73.32%	16.04%	12.89%
Q4 FY2025	2.28B	-48.90M	78.23%	-2.50%	-2.15%
Q3 FY2025	2.53B	466.50M	62.26%	24.22%	18.40%

How Biogen makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Revenue9.89B 100.0%

Cost of revenue2.90B 29.3%

Gross profit6.91B 69.9%

Research and development1.95B 19.8%

Selling and administration2.43B 24.6%

Other operating expenses647.70M 6.5%

Operating income1.88B 19.0%

Tax108.11M 1.1%

Other expense476.00M 4.8%

Net income1.29B 13.1%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Biogen revenue breakdown

By product

FY2025

42.0%MS Product Revenues17.3%TYSABRI product16.1%SPINRAZA14.8%Fumarate9.8%Interferon

Segment	Revenue	Share of revenue	Change on the year
MS Product Revenues	4.04B	42.0%	-7.1%
TYSABRI product	1.67B	17.3%	-2.9%
SPINRAZA	1.55B	16.1%	-1.7%
Fumarate	1.43B	14.8%	-10.6%
Interferon	945.60M	9.8%	-2.3%

By region

FY2025

60.1%Non-US39.9%United States

Region	Revenue	Share of revenue	Change on the year
Non-US	3.57B	60.1%	-10.2%
United States	2.37B	39.9%	-26.7%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	2.20B	2.05B
FY2024	2.88B	2.52B
FY2023	1.55B	1.24B
FY2022	1.38B	1.14B
FY2021	3.64B	3.38B
FY2020	4.23B	3.81B
FY2019	7.08B	6.56B
FY2018	6.19B	5.42B
FY2017	4.55B	3.68B
FY2016	4.52B	3.91B

Biogen financial health

Full balance sheet

Cash and short-term investments: 1.30B USD
Total debt: 7.80B USD
Net cash: -6.50B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.95
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.41
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 5 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 3.11

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	3.82B	6.95B	2.05B
FY2024	2.38B	6.63B	2.52B
FY2023	1.05B	7.34B	1.24B
FY2022	4.89B	6.61B	1.14B
FY2021	3.80B	7.60B	3.38B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	29.44B	11.18B	18.26B
FY2024	28.05B	11.33B	16.72B
FY2023	26.84B	12.05B	14.80B
FY2022	24.55B	11.17B	13.40B
FY2021	23.88B	12.92B	10.90B
FY2020	24.62B	13.93B	10.70B
FY2019	27.23B	13.90B	13.34B
FY2018	25.29B	12.26B	13.04B
FY2017	23.65B	11.05B	12.61B
FY2016	22.88B	10.75B	12.14B

Biogen valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 106.56
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 20.11
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 3.61
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 1.96
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 30.15

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

37.17B USD

Total debt

7.80B USD

−

Cash and short-term investments

1.30B USD

Enterprise value

43.67B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	13.70	—	—	—	—
FY2027 (est.)	15.49	13.70	—	—	—
FY2026 (est.)	20.11	15.49	—	—	—
Now (TTM)	106.56	15.97	3.61	1.96	30.15
FY2025	19.89	14.08	2.63	1.41	10.10
FY2024	13.65	10.24	2.30	1.33	8.86
FY2023	32.27	15.82	3.81	2.53	18.40
FY2022	13.21	18.45	3.96	3.00	12.28
FY2021	22.98	14.03	3.26	3.28	10.48

Biogen against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Bristol-Myers Squibb, Pfizer, Gilead Sciences, Amgen, and Organon &, the US Drug Manufacturers - General companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median106.6
10.1108.0
Gross marginLowest in 5 years69.9%
69.9%80.8%
Against its peers: 5 of 6Peers' median 71.1%
Operating marginLowest in 5 years19.0%
19.0%28.4%
Against its peers: 6 of 6Peers' median 28.5%
Net marginBelow its median13.1%
11.8%29.9%
Against its peers: 4 of 6Peers' median 14.6%
Return on equityLowest in 5 years7.1%
7.1%22.7%
Against its peers: 6 of 6Peers' median 37.5%
Free cash flow marginAt its median20.7%
11.2%30.8%
Against its peers: 4 of 6Peers' median 22.0%
Revenue growthHighest in 5 years2.2%
-18.3%2.2%
Against its peers: 3 of 6Peers' median -0.2%
EPS growthAt its median-21.1%
-61.8%100.7%
Against its peers: 4 of 5Peers' median 42.3%
Debt to EBITDAAbove its median2.36×
1.87×3.09×
Against its peers: 2 of 6Peers' median 3.23×
Current ratioAbove its median2.68
1.352.99
Against its peers: 1 of 6Peers' median 1.26

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	106.6	10.1108.0	Above its median	—
Gross margin	69.9%	69.9%80.8%	Lowest in 5 years	5 of 6
Operating margin	19.0%	19.0%28.4%	Lowest in 5 years	6 of 6
Net margin	13.1%	11.8%29.9%	Below its median	4 of 6
Return on equity	7.1%	7.1%22.7%	Lowest in 5 years	6 of 6
Free cash flow margin	20.7%	11.2%30.8%	At its median	4 of 6
Revenue growth	2.2%	-18.3%2.2%	Highest in 5 years	3 of 6
EPS growth	-21.1%	-61.8%100.7%	At its median	4 of 5
Debt to EBITDA	2.36×	1.87×3.09×	Above its median	2 of 6
Current ratio	2.68	1.352.99	Above its median	1 of 6

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Biogen ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 97.18%
Institutional holders: 1,103 (+40)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.25%

Who owns the shares

Institutions 97.2% Others 2.8%

As of 30 Jun 2026

Shares free to trade

Free float 146.70M shares ·99.2% Closely held 1.12M shares ·0.8%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Purchases	Sales	Shares acquired	Shares disposed of
Q4 2026	0	0	1.01K	35.00
Q3 2026	0	2	7.41K	1.19K
Q2 2026	0	0	17.54K	4.00K
Q1 2026	1	2	189.18K	112.84K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	146.70M	146.70M	+0.55%
FY2024	145.70M	145.90M	+0.21%
FY2023	144.70M	145.60M	-0.27%
FY2022	145.30M	146.00M	-2.41%
FY2021	149.10M	149.60M	-7.25%

Common questions about Biogen's financials

Source: Financial Modeling Prep

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Biogen financials

Biogen earnings

Revenue

EPS

Biogen growth and profitability

Revenue / Net income

How Biogen makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Biogen revenue breakdown

By product

By region

Operating and free cash flow

Biogen financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Biogen valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Biogen against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Biogen ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Biogen's financials

Is Biogen profitable?

Is Biogen financially healthy?

Is Biogen growing?

Where can I find Biogen's annual report (10-K)?

Need help?

Biogen DQuotes are delayed by 15 minutes

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Biogen financials

Biogen earnings

Revenue

EPS

Biogen growth and profitability

Revenue / Net income

How Biogen makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Biogen revenue breakdown

By product

By region

Operating and free cash flow

Biogen financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Biogen valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Biogen against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Biogen ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Biogen's financials

Is Biogen profitable?

Is Biogen financially healthy?

Is Biogen growing?

Where can I find Biogen's annual report (10-K)?

Need help?

Biogen
D
Quotes are delayed by 15 minutes