Biogen Inc. (BIIB) financials
NASDAQ · Healthcare · Drug Manufacturers - General · 7,500 employees · CEO Christopher A. Viehbacher
- Price
- $253.62 +1.59%
- Market cap
- $37.5B
- Enterprise value
- $44B
- Last report
- Q3 '26 filed 2026-10-28
- Next report
- 2027-02-05 EPS est. $2.85
Revenue (TTM)$10.3B+3.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)7.6%-16.8 pp vs a year agoOperating income $787M
Net income (TTM)$348M-78.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.34B+2.9% vs a year agoCapex -$95.6M
Diluted EPS (TTM)$2.34-78.7% vs a year agoSum of the last 4 quarters
Net cash-$6.5B-147.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $37.5B EV $44B
- Revenue
- $10.3B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- 3.4% Net income / revenue, TTM
- P/E
- 107.5× Forward 20.3× (FY2026)
- P/S
- 3.6× Price / sales, TTM
- EV / EBITDA
- 30.4× TTM
- Free cash flow
- $2.34B Trailing 12 months
- Net income
- $348M Trailing 12 months
- Revenue estimate
- $10.6B FY2026 consensus
- Earnings
- 2027-02-05 Revenue est. $2.58B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue beat by 6.4%, EPS beat by 31.7%Revenue $2.8B vs $2.63B expected (+6.4%); EPS $2.62 vs $1.99 (+31.7%).
- Revenue growth accelerating: 14.2% year on yearQ3 '26 revenue $2.8B, against an average of -0.6% over the four quarters before.
- Operating margin 7.6% (TTM), -16.8 pp on a year agoOperating income grew -67.8% while revenue grew 3.1%.
- 171.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $290M vs operating income $787M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.9% of revenue (a year ago 1.8%)$95.6M invested in the last 4 quarters (-45.7% on a year earlier). Free cash flow $2.34B = 673.2% of net income.
- Diluted share count up 0.5% in a year148M diluted shares in Q3 '26, 147M a year earlier.
- Net debt $6.5BCash + short-term investments $1.3B, debt incl. leases $7.8B; a year ago net debt $2.63B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.8B | $2.45B | +14.2% |
| Gross margin | 73.3% | 64.3% | +9.0 pp |
| Operating income | $128M | $614M | -79.1% |
| Operating margin | 4.6% | 25.0% | -20.4 pp |
| Net income | -$20.6M | $467M | -104.4% |
| Diluted EPS | -$0.14 | $3.17 | -104.4% |
| Operating cash flow | $641M | $1.27B | -49.6% |
| Capex | $40.4M | $46.2M | -12.6% |
| Free cash flow | $600M | $1.23B | -51.0% |
| R&D | $574M | $370M | +55.3% |
| Stock-based compensation | $81.5M | $75.3M | +8.2% |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.8B | $2.63B | +6.4% |
| EPS (as estimated) | $2.62 | $1.99 | +31.7% |
From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| MS Product Revenues | $919M | -13.4% | 40.0% | $3.76B | -10.4% | |
| TYSABRI product | $437M | +1.2% | 19.0% | $1.73B | +2.6% | |
| SPINRAZA | $461M | +23.2% | 20.0% | $1.59B | -1.2% | |
| Fumarate | $274M | -28.4% | 11.9% | $1.14B | -25.7% | |
| Interferon | $208M | -15.7% | 9.1% | $887M | -7.3% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $1.27B | +35.3% | 60.6% | $3.22B | -7.0% | |
| Non-US | $824M | -9.6% | 39.4% | $3.29B | -14.0% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.25B
- Capex
- $95.6M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- -$6M
- Net debt issued
- -$400M
- Stock-based compensation
- $141M
- Free cash flow
- $2.34B
- Returned to shareholders / FCF
- -0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 107.5× | 20.4× | 13.2× – 32.3× |
| EV / EBITDA | 30.4× | 12.0× | 8.9× – 18.4× |
| EV / Sales | 4.3× | 3.6× | 2.7× – 4.4× |
| Price / FCF | 16.0× | 19.5× | 8.9× – 35.2× |
| Price / Book | 2.0× | 2.3× | 1.3× – 3.3× |
| FCF yield | 6.2% | 7.0% | 2.8% – 11.3% |
| Return on invested capital | 2.8% | 9.5% | 6.6% – 13.2% |
| Return on equity | 1.9% | 12.3% | 7.1% – 22.7% |
Analysts
Consensus target $253.89 (+0.1%)
range $175.00 – $300.00 · rating Buy
Strong buy0
Buy33
Hold15
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $10.6B | +7.5% | $12.47 | +41.2% | 20.3× | 19 |
| FY2027 | $10.8B | +2.0% | $16.27 | +30.5% | 15.6× | 20 |
| FY2028 | $11.1B | +3.2% | $18.34 | +12.7% | 13.8× | 11 |
| FY2029 | $11.4B | +3.1% | $20.38 | +11.1% | 12.4× | 4 |
| FY2030 | $11.7B | +1.9% | $21.08 | +3.4% | 12.0× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 323 figures Biogen Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $430M | $413M | +4.2% | $432M | $424M | +1.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.34B2025-12-31 | $1.4B | -4.4% | $1.34B | $1.4B | -4.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $3.1M | $2.2M | +40.9% | $3M | $2.2M | +36.4% |
| Accrued Income Taxes, Noncurrent | $179M | $165M | +8.7% | $166M | $157M | +6.2% |
| Accrued Royalties, Current | $320M2025-09-30 | $179M | +79.2% | $221M2019-12-31 | $225M | -1.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.1B | $2.87B | +8.1% | $2.93B | $2.67B | +9.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$120M | -$215M | +44.0% | -$182M | -$136M | -33.6% |
| Additional Paid in Capital | $1.07B | $798M | +34.2% | $863M | $569M | +51.6% |
| Advertising Expense | – | – | – | $71.9M | $66.8M | +7.6% |
| Amortization of Intangible Assets | $173M | $136M | +27.3% | $507M | $387M | +31.2% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $84.2M | $78.4M | +7.4% | – | – | – |
| APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | – | – | – | $303M | $302M | +0.5% |
| Asset Impairment Charges | $0 | $0 | – | $0 | $0 | – |
| Assets | $32.1B | $29.2B | +9.7% | $29.4B | $28B | +5.0% |
| Assets, Current | $7.58B | $8.94B | -15.1% | $8.97B | $7.46B | +20.3% |
| Assets, Fair Value Disclosure | $861M | – | – | $3.69B | $1.95B | +89.1% |
| Buildings and Improvements, Gross | $2.14B2025-12-31 | $1.96B | +9.0% | $2.14B | $1.96B | +9.0% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $400K | $5.6M | -92.9% | – | – | – |
| Business Combination, Contingent Consideration, Liability, Current | $152M | $149M | +2.6% | $291M2024-12-31 | – | – |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $122M | $243M | -49.9% | $246M | $222M | +11.2% |
| Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $02026-05-14 | – | – | – | – | – |
| Cash and Cash Equivalents, Fair Value Disclosure | $628M | – | – | $2.23B | $1.66B | +34.1% |
| Cash Equivalents, at Carrying Value | $628M | $3.4B | -81.5% | $2.23B | $1.66B | +34.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.3B | $3.86B | -66.2% | $3.01B | $2.38B | +26.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $24.9M | $1.11B | -97.8% | $532M | $1.39B | -61.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1B2025-12-31 | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 171M2025-12-31 | 170M | +0.6% | 171M | 170M | +0.6% |
| Common Stock, Shares, Outstanding | 147M2025-12-31 | 146M | +0.7% | 147M | 146M | +0.7% |
| Common Stock, Value, Issued | $100K | $100K | 0.0% | $100K2022-12-31 | $100K | 0.0% |
| Common Stock, Value, Outstanding | $100K2025-12-31 | $100K | 0.0% | $100K | $100K | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | – | – | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$13.2M | $490M | -102.7% | $1.25B | $1.65B | -24.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | – | – | – | $1.25B | $1.65B | -24.4% |
| Construction in Progress, Gross | $163M2025-12-31 | $308M | -47.1% | $163M | $308M | -47.1% |
| Construction Payable | $89.1M2025-09-30 | – | – | $78M2019-12-31 | $125M | -37.7% |
| Cost of Goods and Services Sold | $748M | $674M | +11.0% | $2.4B | $2.31B | +4.1% |
| Costs and Expenses | $2.81B | $1.98B | +42.3% | $8.33B | $7.77B | +7.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $10.1M | $449M | -97.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | -$155M | -$67.5M | -130.2% |
| Current Income Tax Expense (Benefit) | – | – | – | -$98M | $432M | -122.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $47.3M | $50.5M | -6.3% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $281M2025-12-31 | $272M | +3.3% | $281M | $272M | +3.3% |
| Debt Securities, Available-for-sale | $1.37B2026-03-31 | – | – | $1.24B | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $02026-03-31 | – | – | $200K | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $2M2026-03-31 | – | – | $0 | – | – |
| Debt Securities, Available-for-sale, Amortized Cost | $1.37B2026-03-31 | – | – | $1.24B | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $456M2026-03-31 | – | – | $419M | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $901M2026-03-31 | – | – | $807M | – | – |
| Debt Securities, Available-for-sale, Current | $0 | $97.6M | -100.0% | $807M | $0 | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $455M2026-03-31 | – | – | $420M | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $900M2026-03-31 | – | – | $807M | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $1.37B2026-03-31 | – | – | $1.24B | – | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $1.37B2026-03-31 | – | – | $1.24B | – | – |
| Debt Securities, Available-for-sale, Noncurrent | $0 | – | – | $432M | $0 | – |
| Debt Securities, Available-for-sale, Realized Gain | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Realized Loss | $0 | $0 | – | $0 | $0 | – |
| Debt, Current | $02025-12-31 | $1.75B | -100.0% | $0 | $1.75B | -100.0% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $35M2025-09-30 | $55M | -36.4% | $45M2024-12-31 | $20M | +125.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $346M | -$155M | +324.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02