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Stocks · Health care · Biological Products, (No Diagnostic Substances)

Biogen

BIIB Clue Score49
United States Fiscal year ends December CIK 0000875045
$225.71 +3.33% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $225.71 −20.97% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue11.45Operating income5.15Net income3.70EPS, diluted16.93Fiscal year 2017Revenue12.27 +7.2%Operating income5.35Net income2.54 −31.4%EPS, diluted11.92 −29.6%Fiscal year 2018Revenue13.45 +9.6%Operating income5.89Net income4.43 +74.5%EPS, diluted21.58 +81.0%Fiscal year 2019Revenue14.38 +6.9%Operating income7.04Net income5.89 +32.9%EPS, diluted31.42 +45.6%Fiscal year 2020Revenue13.44 −6.5%Operating income4.55Net income4.00 −32.1%EPS, diluted24.80 −21.1%Fiscal year 2021Revenue10.98 −18.3%Operating income2.84Net income1.56 −61.1%EPS, diluted10.40 −58.1%Fiscal year 2022Revenue10.17 −7.4%Net income3.05 +95.8%EPS, diluted20.87 +100.7%Fiscal year 2023Revenue9.84 −3.3%Net income1.16 −61.9%EPS, diluted7.97 −61.8%Fiscal year 2024Revenue9.68 −1.6%Net income1.63 +40.6%EPS, diluted11.18 +40.3%Fiscal year 2025Revenue9.89 +2.2%Net income1.29 −20.8%EPS, diluted8.79 −21.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 11.45 12.27 13.45 14.38 13.44 10.98 10.17 9.84 9.68 9.89
Growth +7.2% +9.6% +6.9% −6.5% −18.3% −7.4% −3.3% −1.6% +2.2%
Operating income 5.15 5.35 5.89 7.04 4.55 2.84 n/a n/a n/a n/a
Net income 3.70 2.54 4.43 5.89 4.00 1.56 3.05 1.16 1.63 1.29
Growth −31.4% +74.5% +32.9% −32.1% −61.1% +95.8% −61.9% +40.6% −20.8%
EPS, diluted 16.93 11.92 21.58 31.42 24.80 10.40 20.87 7.97 11.18 8.79
Growth −29.6% +81.0% +45.6% −21.1% −58.1% +100.7% −61.8% +40.3% −21.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin87.1%Operating margin45.0%Net margin32.3%Free cash flow margin34.7%Fiscal year 2017Gross margin86.7%Operating margin43.6%Net margin20.7%Free cash flow margin30.0%Fiscal year 2018Gross margin86.5%Operating margin43.8%Net margin32.9%Free cash flow margin40.3%Fiscal year 2019Gross margin86.4%Operating margin49.0%Net margin41.0%Free cash flow margin45.7%Fiscal year 2020Gross margin86.6%Operating margin33.8%Net margin29.8%Free cash flow margin28.3%Fiscal year 2021Operating margin25.9%Net margin14.2%Free cash flow margin30.8%Fiscal year 2022Net margin29.9%Free cash flow margin11.2%Fiscal year 2023Net margin11.8%Free cash flow margin12.9%Fiscal year 2024Net margin16.9%Free cash flow margin28.1%Fiscal year 2025Net margin13.1%Free cash flow margin20.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 87.1% 86.7% 86.5% 86.4% 86.6% n/a n/a n/a n/a n/a
Operating margin 45.0% 43.6% 43.8% 49.0% 33.8% 25.9% n/a n/a n/a n/a
Net margin 32.3% 20.7% 32.9% 41.0% 29.8% 14.2% 29.9% 11.8% 16.9% 13.1%
Free cash flow margin 34.7% 30.0% 40.3% 45.7% 28.3% 30.8% 11.2% 12.9% 28.1% 20.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow4.59Capital expenditure−0.62Free cash flow3.97Buybacks−1.00Fiscal year 2017Operating cash flow4.55Capital expenditure−0.87Free cash flow3.68 −7.2%Buybacks−1.37Fiscal year 2018Operating cash flow6.19Capital expenditure−0.77Free cash flow5.42 +47.1%Buybacks−4.35Fiscal year 2019Operating cash flow7.08Capital expenditure−0.51Free cash flow6.56 +21.2%Buybacks−5.87Fiscal year 2020Operating cash flow4.23Capital expenditure−0.42Free cash flow3.81 −42.0%Buybacks−6.68Fiscal year 2021Operating cash flow3.64Capital expenditure−0.26Free cash flow3.38 −11.1%Buybacks−1.80Fiscal year 2022Operating cash flow1.38Capital expenditure−0.24Free cash flow1.14 −66.2%Buybacks−0.75Fiscal year 2023Operating cash flow1.55Capital expenditure−0.28Free cash flow1.27 +11.0%Buybacks0.00Fiscal year 2024Operating cash flow2.88Capital expenditure−0.15Free cash flow2.72 +114.3%Buybacks0.00Fiscal year 2025Operating cash flow2.20Capital expenditure−0.15Free cash flow2.05 −24.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 4.59 4.55 6.19 7.08 4.23 3.64 1.38 1.55 2.88 2.20
Capital expenditure −0.62 −0.87 −0.77 −0.51 −0.42 −0.26 −0.24 −0.28 −0.15 −0.15
Free cash flow 3.97 3.68 5.42 6.56 3.81 3.38 1.14 1.27 2.72 2.05
Growth −7.2% +47.1% +21.2% −42.0% −11.1% −66.2% +11.0% +114.3% −24.7%
Buybacks −1.00 −1.37 −4.35 −5.87 −6.68 −1.80 −0.75 0.00 0.00 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.33Total debt6.51Net cash (debt)−4.19Shareholders’ equity12.14Debt to equity0.54Fiscal year 2017Cash1.57Total debt5.94Net cash (debt)−4.36Shareholders’ equity12.61Debt to equity0.47Fiscal year 2018Cash1.22Total debt5.94Net cash (debt)−4.71Shareholders’ equity13.04Debt to equity0.46Fiscal year 2019Cash2.91Total debt4.46Net cash (debt)−1.55Shareholders’ equity13.34Debt to equity0.33Fiscal year 2020Cash1.33Total debt7.43Net cash (debt)−6.10Shareholders’ equity10.70Debt to equity0.69Fiscal year 2021Cash2.26Total debt6.27Net cash (debt)−4.01Shareholders’ equity10.90Debt to equity0.58Fiscal year 2022Cash3.42Total debt6.28Net cash (debt)−2.86Shareholders’ equity13.40Debt to equity0.47Fiscal year 2023Cash1.05Total debt6.94Net cash (debt)−5.89Shareholders’ equity14.80Debt to equity0.47Fiscal year 2024Cash2.38Total debt6.30Net cash (debt)−3.92Shareholders’ equity16.72Debt to equity0.38Fiscal year 2025Cash3.01Total debt6.29Net cash (debt)−3.28Shareholders’ equity18.26Debt to equity0.34
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.33 1.57 1.22 2.91 1.33 2.26 3.42 1.05 2.38 3.01
Total debt 6.51 5.94 5.94 4.46 7.43 6.27 6.28 6.94 6.30 6.29
Net cash (debt) −4.19 −4.36 −4.71 −1.55 −6.10 −4.01 −2.86 −5.89 −3.92 −3.28
Shareholders’ equity 12.14 12.61 13.04 13.34 10.70 10.90 13.40 14.80 16.72 18.26
Debt to equity 0.54 0.47 0.46 0.33 0.69 0.58 0.47 0.47 0.38 0.34

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
11.45 12.27 13.45 14.38 13.44 10.98 10.17 9.84 9.68 9.89
Growth +7.2% +9.6% +6.9% −6.5% −18.3% −7.4% −3.3% −1.6% +2.2%
1.48 1.63 1.82 1.96 1.81 2.11 2.28 2.53 2.31 2.40
9.97 10.64 11.64 12.42 11.64 n/a n/a n/a n/a n/a
Growth +6.8% +9.3% +6.8% −6.3%
1.95 1.93 2.11 2.37 2.50 2.67 2.40 2.55 2.40 2.43
5.15 5.35 5.89 7.04 4.55 2.84 n/a n/a n/a n/a
Growth +3.8% +10.2% +19.6% −35.4% −37.6%
4.93 5.13 5.90 7.13 5.05 1.75 3.59 1.30 1.91 1.56
1.24 2.46 1.43 1.16 0.99 0.05 0.63 0.14 0.27 0.26
3.70 2.54 4.43 5.89 4.00 1.56 3.05 1.16 1.63 1.29
Growth −31.4% +74.5% +32.9% −32.1% −61.1% +95.8% −61.9% +40.6% −20.8%
Per share
16.96 11.94 21.63 31.47 24.86 10.44 20.96 8.02 11.21 8.83
16.93 11.92 21.58 31.42 24.80 10.40 20.87 7.97 11.18 8.79
Growth −29.6% +81.0% +45.6% −21.1% −58.1% +100.7% −61.8% +40.3% −21.4%
218.4 212.6 204.9 187.1 160.9 149.1 145.3 144.7 145.6 146.5
218.8 213.0 205.3 187.4 161.3 149.6 146.0 145.6 145.9 147.1
Growth −2.7% −3.6% −8.7% −13.9% −7.3% −2.4% −0.3% +0.2% +0.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 6.0% a year over five years, and earnings per share fell 18.7% a year.
  • The diluted share count fell 8.8% in five years, so buybacks did some of the work per share.
  • Profitable in every one of the 10 years on file.