financial statements

The full income statement, balance sheet, and cash-flow statement for Biogen Inc. (BIIB), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.89B YoY+2.2%	9.68B YoY-1.6%	9.84B YoY-3.3%	10.2B YoY-7.4%	11.0B YoY-18.3%
Cost of revenue	2.40B YoY+4.1%	2.31B YoY-8.8%	2.53B YoY+11.2%	2.28B YoY+8.0%	2.11B YoY+16.9%
Research & development	1.78B YoY-10.2%	1.98B YoY-19.0%	2.45B YoY+9.6%	2.23B YoY-10.8%	2.50B YoY-37.3%
Selling, general & administrative	2.43B YoY+1.2%	2.40B YoY-5.7%	2.55B YoY+6.1%	2.40B YoY-10.1%	2.67B YoY+6.8%
Restructuring	48.6M YoY+60.9%	30.2M YoY-86.2%	219M YoY+66.9%	131M	0.00
Amortization of intangibles	507M YoY+31.2%	387M YoY+60.6%	241M YoY-2.3%	246M YoY-2.3%	252M YoY-1.2%
Operating income	—	—	—	—	2.84B YoY-37.6%
Interest expense	268M YoY+6.9%	250M YoY+1.4%	247M YoY+0.1%	247M YoY-2.8%	254M YoY+14.0%
Interest & investment income	125M YoY+84.9%	67.6M YoY-75.6%	277M YoY+209.6%	89.3M YoY+711.8%	11.0M YoY-73.8%
Other non-operating income	-24.7M YoY-848.5%	3.30M YoY+925.0%	-400K YoY-104.0%	10.1M YoY+80.4%	5.60M YoY+293.1%
Equity-method income	—	0.00	0.00 YoY-100.0%	2.60M YoY-92.6%	34.9M YoY+957.6%
Pre-tax income	1.56B YoY-18.3%	1.91B YoY+47.0%	1.30B YoY-63.9%	3.59B YoY+105.8%	1.75B YoY-65.4%
Income tax	264M YoY-3.7%	274M YoY+102.4%	135M YoY-78.6%	633M YoY+1105.3%	52.5M YoY-94.7%
	1.29B YoY-20.8%	1.63B YoY+40.6%	1.16B YoY-61.9%	3.05B YoY+95.8%	1.56B YoY-61.1%
Net income to non-controlling interest	0.00	0.00 YoY-100.0%	400K YoY+100.5%	-85.3M YoY-149.7%	172M YoY+186.3%
	$8.79 YoY-21.4%	$11.18 YoY+40.3%	$7.97 YoY-61.8%	$20.87 YoY+100.7%	$10.40 YoY-58.1%
EPS (basic)	$8.83 YoY-21.2%	$11.21 YoY+39.8%	$8.02 YoY-61.7%	$20.96 YoY+100.8%	$10.44 YoY-58.0%
Weighted-avg shares (basic)	147M YoY+0.6%	146M YoY+0.6%	145M YoY-0.4%	145M YoY-2.5%	149M YoY-7.3%
Weighted-avg shares (diluted)	147M YoY+0.8%	146M YoY+0.2%	146M YoY-0.3%	146M YoY-2.4%	150M YoY-7.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.97B YoY+20.3%	7.46B YoY+8.7%	6.86B YoY-29.9%	9.79B YoY+24.6%	7.86B YoY+14.1%
Cash & equivalents	3.01B YoY+26.7%	2.38B YoY+126.2%	1.05B YoY-69.3%	3.42B YoY+51.2%	2.26B YoY+69.9%
Short-term investments	1.56B YoY+0.0%	1.56B YoY+0.0%	1.56B YoY+0.0%	1.56B YoY+0.0%	1.56B YoY+0.0%
Accounts receivable	1.34B YoY-4.4%	1.40B YoY-15.6%	1.66B YoY-2.4%	1.71B YoY+10.0%	1.55B YoY-19.0%
Inventory	2.17B YoY-11.9%	2.46B YoY-2.6%	2.53B YoY+88.0%	1.34B YoY-0.5%	1.35B YoY+26.5%
Other current assets	1.12B YoY+49.3%	753M YoY-36.3%	1.18B YoY-16.6%	1.42B YoY+91.4%	741M YoY-15.9%
	29.4B YoY+5.0%	28.0B YoY+4.5%	26.8B YoY+9.3%	24.6B YoY+2.8%	23.9B YoY-3.0%
Property, plant & equipment	3.06B YoY-4.0%	3.18B YoY-3.9%	3.31B YoY+0.3%	3.30B YoY-3.4%	3.42B YoY+0.1%
Operating lease right-of-use	265M YoY-25.5%	356M YoY-15.1%	420M YoY+4.0%	404M YoY+7.6%	375M YoY-13.4%
Goodwill	6.49B YoY+0.2%	6.48B YoY+4.2%	6.22B YoY+8.2%	5.75B YoY-0.2%	5.76B YoY-0.0%
Intangible assets	9.18B YoY-5.3%	9.69B YoY+15.9%	8.36B YoY+352.0%	1.85B YoY-16.7%	2.22B YoY-28.0%
Long-term investments	0.00	0.00	0.00	0.00	0.00
Deferred tax assets	293M YoY-9.8%	324M YoY-65.1%	929M YoY-24.3%	1.23B YoY-13.3%	1.42B YoY+3.3%
Other non-current assets	751M YoY+33.9%	561M YoY-24.8%	745M YoY-51.3%	1.53B YoY-21.2%	1.94B YoY-33.1%
	3.35B YoY-39.4%	5.53B YoY+61.0%	3.43B YoY+4.9%	3.27B YoY-23.9%	4.30B YoY+14.9%
Accounts payable	432M YoY+1.8%	424M YoY+5.2%	403M YoY-17.9%	492M YoY-16.6%	589M YoY+29.5%
Deferred revenue	55.7M YoY+0.0%	55.7M YoY+0.0%	55.7M YoY+0.0%	55.7M YoY+0.0%	55.7M YoY+0.0%
Short-term & current debt	0.00 YoY-100.0%	1.75B YoY+1065.7%	150M	0.00 YoY-100.0%	999M
Current lease liability	80.4M YoY-6.9%	86.4M YoY-4.3%	90.3M YoY-7.1%	97.2M YoY+9.1%	89.1M
Other current liabilities	2.80B YoY-0.2%	2.81B YoY+7.0%	2.62B YoY+4.1%	2.52B YoY-0.5%	2.54B YoY-19.4%
	11.2B YoY-1.3%	11.3B YoY-5.9%	12.0B YoY+7.9%	11.2B YoY-13.6%	12.9B YoY-7.3%
Long-term debt	6.29B YoY+38.3%	4.55B YoY-33.0%	6.79B YoY+8.1%	6.28B YoY+0.1%	6.27B YoY-15.5%
Non-current lease liability	290M YoY-13.2%	335M YoY-16.4%	400M YoY+20.1%	333M YoY+0.8%	330M YoY-17.8%
Deferred tax liabilities	508M YoY+166.5%	191M YoY-70.3%	642M YoY+91.8%	335M YoY-51.8%	695M YoY-32.8%
Other non-current liabilities	749M YoY+2.2%	732M YoY-6.2%	781M YoY-17.3%	944M YoY-28.5%	1.32B YoY-0.7%
	18.3B YoY+9.2%	16.7B YoY+13.0%	14.8B YoY+10.5%	13.4B YoY+23.0%	10.9B YoY+1.8%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	100K YoY+0.0%	100K YoY+0.0%	100K YoY+0.0%	100K YoY+0.0%	100K YoY+0.0%
Additional paid-in capital	863M YoY+51.6%	569M YoY+88.2%	303M YoY+312.7%	73.3M YoY+7.5%	68.2M
Retained earnings	20.6B YoY+6.7%	19.3B YoY+9.3%	17.6B YoY+7.1%	16.5B YoY+18.4%	13.9B YoY-0.5%
Treasury stock	2.98B YoY+0.0%	2.98B YoY+0.0%	2.98B YoY+0.0%	2.98B YoY+0.0%	2.98B YoY+0.0%
Accumulated other comprehensive income	-182M YoY-33.6%	-136M YoY+11.4%	-154M YoY+6.8%	-165M YoY-54.5%	-107M YoY+64.3%
Non-controlling interest	0.00	0.00	0.00 YoY+100.0%	-9.50M YoY-115.0%	63.5M YoY+547.2%
Total equity incl. non-controlling	18.3B YoY+9.2%	16.7B YoY+13.0%	14.8B YoY+10.5%	13.4B YoY+22.2%	11.0B YoY+2.6%
Total liabilities & equity	29.4B YoY+5.0%	28.0B YoY+4.5%	26.8B YoY+9.3%	24.6B YoY+2.8%	23.9B YoY-3.0%
Common shares issued	171M YoY+0.6%	170M YoY+0.5%	169M YoY+0.5%	168M YoY-1.7%	171M YoY-3.1%
Common shares outstanding	147M YoY+0.7%	146M YoY+0.6%	145M YoY+0.6%	144M YoY-2.0%	147M YoY-3.5%
Shares outstanding (cover)	147M YoY+0.7%	146M YoY+0.6%	145M YoY+0.6%	144M YoY-2.0%	147M YoY-4.5%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.20B YoY-23.3%	2.88B YoY+85.9%	1.55B YoY+11.8%	1.38B YoY-62.0%	3.64B YoY-13.9%
Depreciation & amortization	780M YoY+15.8%	673M YoY+36.1%	495M YoY-4.6%	518M YoY+6.3%	488M YoY+6.7%
Share-based compensation	291M YoY-0.1%	291M YoY+10.2%	264M YoY+4.0%	254M YoY+6.5%	239M YoY+20.3%
Deferred income taxes	362M YoY+328.7%	-158M YoY+48.3%	-306M YoY-81.4%	-169M YoY+60.5%	-427M YoY-386.4%
Change in receivables	-103M YoY+53.8%	-222M YoY-262.6%	-61.3M YoY-130.1%	203M YoY+162.6%	-325M YoY-11500.0%
Change in inventory	64.7M YoY-76.4%	274M YoY+109.2%	131M YoY-59.1%	320M YoY-30.8%	462M YoY+46.2%
	-1.37B YoY-71.6%	-799M YoY+80.5%	-4.10B YoY-360.1%	1.58B YoY+379.7%	-564M YoY+7.4%
Capital expenditure	154M YoY+0.1%	154M YoY-44.5%	277M YoY+15.3%	240M YoY-6.9%	258M YoY-39.2%
Acquisitions	—	1.07B YoY-84.5%	6.93B	—	—
Proceeds from sale of PP&E	0.00 YoY-100.0%	88.6M	0.00	0.00 YoY-100.0%	28.1M
Other investing activities	-42.9M YoY-1012.8%	4.70M YoY-58.4%	11.3M YoY+146.3%	-24.4M YoY-89.1%	-12.9M YoY-148.0%
	-302M YoY+55.8%	-684M YoY-557.8%	149M YoY+108.5%	-1.75B YoY+16.2%	-2.09B YoY+60.4%
Long-term debt issued	1.73B	0.00 YoY-100.0%	997M	0.00	0.00 YoY-100.0%
Long-term debt repaid	1.75B YoY+169.2%	650M YoY-19.7%	810M	—	—
Common stock repurchased	—	0.00	0.00 YoY-100.0%	750M YoY-58.3%	1.80B YoY-73.1%
Other financing activities	5.00M YoY+327.3%	-2.20M YoY+63.3%	-6.00M YoY-7.1%	-5.60M YoY+73.5%	-21.1M YoY-244.5%
FX effect on cash	102M YoY+250.5%	-67.7M YoY-292.9%	35.1M YoY+163.0%	-55.7M YoY+6.9%	-59.8M YoY-186.7%
Interest paid	264M YoY+7.6%	245M YoY-2.7%	252M YoY-3.9%	263M YoY-6.5%	281M YoY+3.0%
Income taxes paid	864M YoY+143.3%	355M YoY-52.1%	741M YoY-20.6%	933M YoY+276.3%	248M YoY-72.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	25.8B YoY+15.9%	22.3B YoY-40.6%	37.5B YoY-6.0%	39.9B YoY+13.1%	35.2B YoY-6.5%
P/E	20.0× YoY+46.2%	13.7× YoY-46.7%	25.6× YoY+82.7%	14.0× YoY-38.1%	22.6× YoY+140.5%
P/S	2.6× YoY+13.3%	2.3× YoY-38.6%	3.8× YoY-3.3%	3.9× YoY+20.8%	3.2× YoY+14.5%
P/B	1.4× YoY+6.1%	1.3× YoY-48.5%	2.6× YoY-17.7%	3.1× YoY-2.7%	3.2× YoY-8.1%
P/FCF	12.6× YoY+53.8%	8.2× YoY-76.8%	35.3× YoY+92.6%	18.3× YoY+75.9%	10.4× YoY+5.2%
Earnings yield	5.0% YoY-31.6%	7.3% YoY+87.7%	3.9% YoY-45.3%	7.1% YoY+61.5%	4.4% YoY-58.4%
FCF yield	7.9% YoY-35.0%	12.2% YoY+331.2%	2.8% YoY-48.1%	5.5% YoY-43.2%	9.6% YoY-5.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: BIIB's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BIIB filings on SEC EDGAR → Not investment advice.

BIIB▼ financial statements

About this data

financial statements