BIIBNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
BIOGEN INC.
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 29, 2026
$233.48+0.83 (+0.36%)
Close on Oct 19, 2026
- Market cap
- $34.65B
- P/E (TTM)
- 25.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
75.7%−10.9 pts over 5 years
Operating margin
–
Net margin
13.1%−16.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.2% | -0.9% | -6.0% | -0.8% | |
| Gross profit | +1.6% | -1.8% | -8.4% | -2.4% | |
| Net income | -20.8% | -24.9% | -20.2% | -9.6% | |
| EPS, diluted | -21.4% | -25.0% | -18.7% | -5.4% | |
| Free cash flow | -24.7% | +21.5% | -11.6% | -4.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 34.4% | 33.3% | – | |
| Return on assets | 17.5% | 15.4% | 4.5% | |
| Current ratio | 2.55 | 1.84 | 2.68 | |
| Debt to equity | 0.00 | 0.70 | – | |
| Net debt to EBITDA | -0.40× | 1.23× | – | |
| Interest coverage | 19.8× | 20.4× | – | |
| Inventory turnover | 1.6× | 1.9× | 1.0× | |
| Capex to revenue | 5.4% | 3.2% | 1.6% | |
| Diluted shares | 219M | 161M | 147M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Biogen generated $11.65B from operations and spent $3.63B on capital expenditure, dividends and share buybacks. 30% of that went back into the business.
Generated
$11.65B
Used
$3.63B
Capital expenditure$1.08B30%Dividends$00%Share buybacks$2.55B70%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.8%
×Asset turnover0.38×
×Equity multiplier1.82×
=Return on equity, FY20238.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 11.8% | 0.38× | 1.82× | 8.2% |
| FY2022 | 29.9% | 0.42× | 1.99× | 25.1% |
| FY2021 | 14.2% | 0.45× | 2.25× | 14.4% |
| FY2020 | 29.8% | 0.52× | 2.16× | 33.3% |
| FY2019 | 41.0% | 0.55× | 1.99× | 44.6% |
| FY2018 | 32.9% | 0.55× | 1.91× | 34.5% |
| FY2017 | 20.7% | 0.53× | 1.88× | 20.5% |
| FY2016 | 32.3% | 0.54× | 1.97× | 34.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.29B
- Cash generatingOperating cash flow above zero$2.20B
- Return on assets improvedROA up on the prior year6.1% → 4.6%
- Earnings backed by cashOperating cash flow above net income$2.20B vs $1.29B
- Less leverageLong-term debt to assets fell16.2% → 21.4%
- Better liquidityCurrent ratio rose1.35 → 2.68
- No dilutionShare count did not rise146M → 147M
- Gross margin improvedGross margin up on the prior year76.12% → 75.69%
- More efficientAsset turnover rose0.36 → 0.35