Biogen Inc. (BIIB) 10-Year Financial Performance & Capital Metrics

BIIB •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

AboutBiogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis. It also provides BENEPALI, an etanercept biosimilar referencing ENBREL; ADUHELM for the treatment of Alzheimer's disease; IMRALDI, an adalimumab biosimilar referencing HUMIRA; and FLIXABI, an infliximab biosimilar referencing REMICADE. In addition, the company offers RITUXAN for treating non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; and OCREVUS for treating relapsing MS and primary progressive MS; and other anti-CD20 therapies. Further, it develops BIIB135, BIIB061, BIIB091, and BIIB107 for MS and neuroimmunology; Aducanumab, Lecanemab, BIIB076, and BIIB080 to treat Alzheimer's disease and dementia; BIIB067, BIIB078, BIIB105, BIIB100, and BIIB110 to treat neuromuscular disorders; BIIB124, BIIB094, BIIB118, BIIB101, and BIIB122 for treating Parkinson's disease and movement disorders; BIIB125 and BIIB104 for treating neuropsychiatry; Dapirolizumab pegol and BIIB059 to treat immunology related diseases; BIIB093 and BIIB131 to treat acute neurology; BIIB074 for neuropathic pain; and BYOOVIZ, BIIB800, and SB15 biosimilars, which are under various stages of development. The company has collaboration and license agreements with Acorda Therapeutics, Inc.; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis Co., Ltd.; Sangamo Therapeutics, Inc.; and Sage Therapeutics, Inc. Biogen Inc. was founded in 1978 and is headquartered in Cambridge, Massachusetts.Show more

Revenue $9.81B +1.4%
EBITDA $2.81B -11.1%
Net Income $1.29B -20.8%
EPS (Diluted) 8.83 -21.1%
Gross Margin 70.47% -7.4%
EBITDA Margin 28.67% -12.3%
Operating Margin 19.14% -25.6%
Net Margin 13.18% -21.8%
ROE 7.4% -28.6%
ROIC 6.52% -26.5%
Debt/Equity 0.38 -4.1%
Interest Coverage 7.63 -23.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 20.9% free cash flow margin
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 17.2%

✗Weaknesses

✗Profits declining 20.2% over 5 years
✗Sales declining 6.1% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.92%

5Y-6.11%

3Y-1.2%

TTM1.39%

Profit (Net Income) CAGR

10Y-9.6%

5Y-20.22%

3Y-24.85%

TTM-20.76%

EPS CAGR

10Y-5.37%

5Y-18.66%

3Y-24.93%

TTM-21.09%

ROCE

10Y Avg19.2%

5Y Avg11.18%

3Y Avg9.32%

Latest7.72%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	11.45B	12.27B	13.45B	14.38B	13.44B	10.98B	10.17B	9.84B	9.68B	9.81B
Revenue Growth %	6.36%	7.21%	9.61%	6.88%	-6.49%	-18.32%	-7.36%	-3.32%	-1.62%	1.39%
Cost of Goods Sold+	1.43B	1.63B	1.82B	1.96B	1.81B	2.11B	2.28B	2.53B	2.31B	2.9B
COGS % of Revenue	12.52%	13.28%	13.5%	13.6%	13.43%	19.21%	22.39%	25.76%	23.88%	29.53%
Gross Profit+	10.02B	10.64B	11.64B	12.42B	11.64B	8.87B	7.9B	7.3B	7.37B	6.91B
Gross Margin %	87.48%	86.72%	86.5%	86.4%	86.57%	80.79%	77.61%	74.24%	76.12%	70.47%
Gross Profit Growth %	5.17%	6.27%	9.33%	6.75%	-6.3%	-23.78%	-11.01%	-7.51%	0.87%	-6.14%
Operating Expenses+	4.86B	5.3B	5.75B	5.38B	7.05B	6.08B	5.01B	5.2B	4.88B	5.04B
OpEx % of Revenue	42.48%	43.17%	42.73%	37.42%	52.41%	55.37%	49.21%	52.92%	50.39%	51.33%
Selling, General & Admin	1.95B	1.94B	2.11B	2.36B	2.52B	2.68B	2.41B	2.5B	2.39B	2.43B
SG&A % of Revenue	17.03%	15.78%	15.68%	16.41%	18.71%	24.41%	23.68%	25.44%	24.67%	24.81%
Research & Development	1.97B	2.37B	2.71B	2.77B	4.53B	3.4B	2.6B	2.7B	2.49B	1.95B
R&D % of Revenue	17.24%	19.34%	20.14%	19.27%	33.7%	30.97%	25.53%	27.48%	25.72%	19.92%
Other Operating Expenses	940.7M	988.1M	929.2M	250.5M	0	0	0	0	0	647.7M
Operating Income+	5.15B	5.35B	5.89B	7.04B	4.59B	2.79B	2.89B	2.1B	2.49B	1.88B
Operating Margin %	45%	43.55%	43.77%	48.98%	34.16%	25.42%	28.4%	21.32%	25.74%	19.14%
Operating Income Growth %	5.33%	3.77%	10.15%	19.6%	-34.78%	-39.22%	3.5%	-27.41%	18.74%	-24.61%
EBITDA+	5.79B	6.07B	6.54B	7.51B	5.05B	3.28B	3.41B	2.59B	3.16B	2.81B
EBITDA Margin %	50.56%	49.43%	48.61%	52.21%	37.56%	29.86%	33.49%	26.35%	32.69%	28.67%
EBITDA Growth %	5.42%	4.81%	7.77%	14.81%	-32.73%	-35.07%	3.92%	-23.93%	22.04%	-11.08%
D&A (Non-Cash Add-back)	637.2M	721.6M	650.5M	464.7M	457.2M	487.7M	518.4M	494.8M	673.2M	935.4M
EBIT	5.71B	5.89B	6.36B	7.28B	4.65B	3.44B	3.02B	1.88B	2.32B	2.17B
Net Interest Income+	-196.6M	-172.3M	-88.1M	-67.4M	-180.5M	-242.6M	-157.3M	29.6M	-182.7M	-158.2M
Interest Income	63.4M	78.5M	112.5M	120M	42M	11M	89.3M	276.5M	67.6M	87.8M
Interest Expense	260M	250.8M	200.6M	187.4M	222.5M	253.6M	246.6M	246.9M	250.3M	246M
Other Income/Expense	-218.7M	-217M	11M	3.9M	459.8M	-1.01B	705.3M	-800.5M	-584.3M	-476M
Pretax Income+	4.93B	5.13B	5.9B	7.05B	5.05B	1.78B	3.59B	1.3B	1.91B	1.4B
Pretax Margin %	43.09%	41.79%	43.85%	49.01%	37.58%	16.21%	35.33%	13.18%	19.7%	14.29%
Income Tax+	1.24B	2.46B	1.43B	1.16B	992.3M	52.5M	632.8M	135.3M	273.8M	108.11M
Effective Tax Rate %	75.06%	49.51%	75.1%	83.57%	79.18%	87.42%	84.77%	89.54%	85.63%	92.29%
Net Income+	3.7B	2.54B	4.43B	5.89B	4B	1.56B	3.05B	1.16B	1.63B	1.29B
Net Margin %	32.34%	20.69%	32.93%	40.96%	29.76%	14.17%	29.95%	11.81%	16.87%	13.18%
Net Income Growth %	4.39%	-31.43%	74.5%	32.9%	-32.06%	-61.1%	95.8%	-61.89%	40.57%	-20.76%
Net Income (Continuing)	3.7B	2.67B	4.47B	5.89B	4.06B	1.73B	2.96B	1.16B	1.63B	1.29B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-11.5M	-14.7M	-8M	-4.1M	-14.2M	63.5M	-9.5M	0	0	0
EPS (Diluted)+	16.93	11.92	21.58	31.42	24.80	10.40	20.87	7.97	11.19	8.83
EPS Growth %	10.37%	-29.59%	81.04%	45.6%	-21.07%	-58.06%	100.67%	-61.81%	40.4%	-21.09%
EPS (Basic)	16.96	11.94	21.62	31.47	24.86	10.44	20.97	8.02	11.20	8.85
Diluted Shares Outstanding	218.8M	213M	205.3M	187.4M	161.3M	149.6M	146M	145.6M	145.9M	146.7M
Basic Shares Outstanding	218.4M	212.6M	204.9M	187.1M	160.9M	149.1M	145.3M	144.7M	145.7M	146.7M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	8.73B	7.87B	7.64B	8.38B	6.89B	7.86B	9.79B	6.86B	7.46B	8.97B
Cash & Short-Term Investments	4.9B	3.69B	3.54B	4.48B	2.61B	3.8B	4.89B	1.05B	2.38B	3.82B
Cash Only	2.33B	1.57B	1.22B	2.91B	1.33B	2.26B	3.42B	1.05B	2.38B	3.01B
Short-Term Investments	2.57B	2.12B	2.31B	1.56B	1.28B	1.54B	1.47B	0	0	807.2M
Accounts Receivable	1.74B	2.32B	2.49B	2.47B	2.33B	1.96B	2.14B	2.1B	1.87B	1.87B
Days Sales Outstanding	55.54	68.98	67.43	62.72	63.18	65.2	76.65	77.93	70.5	69.46
Inventory	1B	902.7M	929.9M	804.2M	1.07B	1.35B	1.34B	2.53B	2.46B	2.17B
Days Inventory Outstanding	255.08	202.14	186.87	150.11	216.06	233.82	215.38	364.14	388.71	273.16
Other Current Assets	276.3M	304.4M	687.6M	631M	881.1M	740.8M	1.42B	1.18B	752.5M	1.12B
Total Non-Current Assets+	14.14B	15.78B	17.65B	18.85B	17.73B	16.02B	14.76B	19.99B	20.59B	20.47B
Property, Plant & Equipment	2.5B	3.18B	3.6B	3.67B	3.84B	3.79B	3.7B	3.73B	3.54B	3.32B
Fixed Asset Turnover	4.58x	3.86x	3.74x	3.91x	3.50x	2.90x	2.75x	2.64x	2.74x	2.95x
Goodwill	3.67B	4.63B	5.71B	5.76B	5.76B	5.76B	5.75B	6.22B	6.48B	6.49B
Intangible Assets	3.81B	3.88B	3.12B	3.53B	3.08B	2.22B	1.85B	8.36B	9.69B	9.18B
Long-Term Investments	2.83B	3.06B	1.38B	1.41B	772.1M	892M	705.7M	0	226.7M	750.6M
Other Non-Current Assets	1.34B	431.6M	1.69B	1.25B	2.9B	1.94B	1.53B	745M	333.8M	431.9M
Total Assets+	22.88B	23.65B	25.29B	27.23B	24.62B	23.88B	24.55B	26.84B	28.05B	29.44B
Asset Turnover	0.50x	0.52x	0.53x	0.53x	0.55x	0.46x	0.41x	0.37x	0.34x	0.33x
Asset Growth %	17.29%	3.39%	6.92%	7.69%	-9.6%	-3.01%	2.83%	9.33%	4.49%	4.96%
Total Current Liabilities+	3.42B	3.37B	3.3B	4.86B	3.74B	4.3B	3.27B	3.43B	5.53B	3.35B
Accounts Payable	279.8M	395.5M	370.5M	530.8M	454.9M	589.2M	491.5M	403.3M	424.2M	432M
Days Payables Outstanding	71.26	88.56	74.45	99.08	91.98	101.94	78.74	58.11	67.02	54.43
Short-Term Debt	4.7M	3.2M	0	1.5B	0	999.1M	0	150M	1.75B	80.4M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	282.9M	297.7M	320.9M	315.8M	515.3M	345.1M	1.14B	335.1M	375.8M	2.72B
Current Ratio	2.55x	2.34x	2.32x	1.72x	1.84x	1.83x	2.99x	2.00x	1.35x	2.68x
Quick Ratio	2.26x	2.07x	2.04x	1.56x	1.55x	1.51x	2.58x	1.26x	0.90x	2.03x
Cash Conversion Cycle	239.37	182.56	179.85	113.76	187.27	197.09	213.29	383.96	392.19	288.2
Total Non-Current Liabilities+	7.33B	7.69B	8.96B	9.03B	10.19B	8.62B	7.89B	8.61B	5.8B	7.83B
Long-Term Debt	6.51B	5.93B	5.94B	4.46B	7.43B	6.27B	6.28B	6.79B	4.55B	6.58B
Capital Lease Obligations	0	0	0	412.7M	402M	330.4M	333M	400M	334.5M	290.4M
Deferred Tax Liabilities	93.1M	122.6M	1.64B	2.81B	1.03B	694.5M	334.7M	641.8M	190.5M	507.6M
Other Non-Current Liabilities	722.5M	1.63B	1.39B	1.35B	1.33B	1.32B	944.2M	781.1M	732.3M	458.1M
Total Liabilities	10.75B	11.05B	12.26B	13.9B	13.93B	12.92B	11.17B	12.05B	11.33B	11.18B
Total Debt+	6.52B	5.94B	5.94B	6.37B	7.83B	7.6B	6.61B	7.34B	6.63B	6.95B
Net Debt	4.19B	4.36B	4.71B	3.45B	6.5B	5.34B	3.19B	6.29B	4.26B	3.57B
Debt / Equity	0.54x	0.47x	0.46x	0.48x	0.73x	0.69x	0.49x	0.50x	0.40x	0.38x
Debt / EBITDA	1.13x	0.98x	0.91x	0.85x	1.55x	2.32x	1.94x	2.83x	2.10x	2.47x
Net Debt / EBITDA	0.72x	0.72x	0.72x	0.46x	1.29x	1.63x	0.94x	2.43x	1.35x	1.27x
Interest Coverage	19.81x	21.31x	29.35x	37.58x	20.64x	11.01x	11.72x	8.49x	9.95x	7.63x
Total Equity+	12.13B	12.6B	13.03B	13.34B	10.69B	10.96B	13.39B	14.8B	16.72B	18.26B
Equity Growth %	29.37%	3.87%	3.44%	2.33%	-19.86%	2.56%	22.16%	10.54%	12.95%	9.22%
Book Value per Share	55.43	59.15	63.48	71.16	66.25	73.26	91.70	101.64	114.57	124.45
Total Shareholders' Equity	12.14B	12.61B	13.04B	13.34B	10.7B	10.9B	13.4B	14.8B	16.72B	18.26B
Common Stock	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K
Retained Earnings	15.07B	15.81B	16.26B	16.46B	13.98B	13.91B	16.47B	17.63B	19.26B	20.55B
Treasury Stock	-2.61B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B
Accumulated OCI	-319.9M	-318.4M	-240.4M	-135.2M	-299M	-106.7M	-164.9M	-153.7M	-136.2M	-182M
Minority Interest	-11.5M	-14.7M	-8M	-4.1M	-14.2M	63.5M	-9.5M	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	4.52B	4.55B	6.19B	7.08B	4.23B	3.64B	1.38B	1.55B	2.88B	2.2B
Operating CF Margin %	39.5%	37.08%	46%	49.23%	31.46%	33.15%	13.61%	15.73%	29.72%	22.47%
Operating CF Growth %	21.7%	0.63%	35.96%	14.4%	-40.25%	-13.95%	-61.97%	11.77%	85.85%	-23.33%
Net Income	3.7B	2.67B	4.47B	5.89B	4.06B	1.73B	2.96B	1.16B	1.63B	1.29B
Depreciation & Amortization	682.7M	1.08B	650.5M	464.6M	457.2M	487.7M	518.4M	494.8M	673.2M	779.9M
Stock-Based Compensation	154.8M	128M	157.5M	182.3M	198.3M	238.6M	254.1M	264.2M	291.2M	290.8M
Deferred Taxes	-175M	91.7M	108.3M	67.1M	149M	-426.8M	-168.6M	-305.8M	-158.1M	361.6M
Other Non-Cash Items	91.2M	344.8M	397.2M	276.7M	-448M	1.76B	-1.29B	581.2M	592.2M	537M
Working Capital Changes	73M	235.4M	400.2M	199.3M	-187.2M	-145.5M	-890.3M	-648.7M	-155.2M	-1.06B
Change in Receivables	-227.5M	-667.6M	-199.5M	5.5M	179.5M	326M	-222.4M	56.7M	194.2M	42.1M
Change in Inventory	-165.6M	-94.5M	-52.1M	-19.2M	-316.3M	-462.4M	-320.2M	-130.9M	-273.8M	-64.7M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-2.48B	-2.96B	-2.05B	470.5M	-608.6M	-563.7M	1.59B	-4.09B	-799.2M	-1.37B
Capital Expenditures	-727.7M	-1.96B	-886.1M	-669.5M	-551.8M	-294.9M	-243.2M	-311.4M	-359.8M	-153.8M
CapEx % of Revenue	6.36%	15.99%	6.59%	4.66%	4.1%	2.69%	2.39%	3.17%	3.72%	1.57%
Acquisitions	0	0	0	179.3M	0	28.1M	595M	-6.91B	-1.07B	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.22B	-1.21B	-1.5B	-273M	-26.9M	12.9M	24.4M	-11.3M	83.9M	-38.7M
Cash from Financing+	-987.8M	-2.38B	-4.47B	-5.86B	-5.27B	-2.09B	-1.76B	137M	-683.5M	-301.9M
Debt Issued (Net)	-2.7M	-560.9M	-3.2M	0	1.47B	-170M	-1B	187.3M	-650M	-16.9M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-1B	-1.37B	-4.35B	-5.87B	-6.68B	-1.8B	-750M	0	0	0
Other Financing	-28.8M	-453.7M	-116.2M	7.9M	-56.4M	-115.5M	-5.6M	-6M	-2.2M	-275M
Net Change in Cash	1.02B	-752.7M	-349.2M	1.69B	-1.58B	930.2M	1.16B	-2.37B	1.33B	633.5M
Free Cash Flow+	3.86B	3.68B	5.3B	6.56B	3.81B	3.38B	1.14B	1.24B	2.52B	2.05B
FCF Margin %	33.71%	30.01%	39.41%	45.65%	28.3%	30.79%	11.24%	12.56%	26%	20.9%
FCF Growth %	25.59%	-4.56%	43.92%	23.81%	-42.03%	-11.12%	-66.17%	8.02%	103.57%	-18.48%
FCF per Share	17.64	17.29	25.82	35.03	23.59	22.61	7.84	8.49	17.24	13.98
FCF Conversion (FCF/Net Income)	1.22x	1.79x	1.40x	1.20x	1.06x	2.34x	0.45x	1.33x	1.76x	1.70x
Interest Paid	0	0	0	0	272.7M	280.8M	262.5M	252.2M	245.4M	0
Taxes Paid	0	0	0	0	906.7M	247.9M	932.9M	740.7M	355.1M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	34.44%	20.54%	34.57%	44.67%	33.31%	14.38%	25.03%	8.24%	10.36%	7.4%
Return on Invested Capital (ROIC)	25%	24.09%	25.45%	30.59%	20.28%	12.5%	13.18%	8.35%	8.88%	6.52%
Gross Margin	87.48%	86.72%	86.5%	86.4%	86.57%	80.79%	77.61%	74.24%	76.12%	70.47%
Net Margin	32.34%	20.69%	32.93%	40.96%	29.76%	14.17%	29.95%	11.81%	16.87%	13.18%
Debt / Equity	0.54x	0.47x	0.46x	0.48x	0.73x	0.69x	0.49x	0.50x	0.40x	0.38x
Interest Coverage	19.81x	21.31x	29.35x	37.58x	20.64x	11.01x	11.72x	8.49x	9.95x	7.63x
FCF Conversion	1.22x	1.79x	1.40x	1.20x	1.06x	2.34x	0.45x	1.33x	1.76x	1.70x
Revenue Growth	6.36%	7.21%	9.61%	6.88%	-6.49%	-18.32%	-7.36%	-3.32%	-1.62%	1.39%

US Stock Screener

...

Biogen Inc. (BIIB) 10-Year Financial Performance & Capital Metrics

BIIB •

HealthcareLarge PharmaSpecialty and biologics-focused pharma

Revenue $9.81B +1.4%
EBITDA $2.81B -11.1%
Net Income $1.29B -20.8%
EPS (Diluted) 8.83 -21.1%
Gross Margin 70.47% -7.4%
EBITDA Margin 28.67% -12.3%
Operating Margin 19.14% -25.6%
Net Margin 13.18% -21.8%
ROE 7.4% -28.6%
ROIC 6.52% -26.5%
Debt/Equity 0.38 -4.1%
Interest Coverage 7.63 -23.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 20.9% free cash flow margin
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 17.2%

✗Weaknesses

✗Profits declining 20.2% over 5 years
✗Sales declining 6.1% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.92%

5Y-6.11%

3Y-1.2%

TTM1.39%

Profit (Net Income) CAGR

10Y-9.6%

5Y-20.22%

3Y-24.85%

TTM-20.76%

EPS CAGR

10Y-5.37%

5Y-18.66%

3Y-24.93%

TTM-21.09%

ROCE

10Y Avg19.2%

5Y Avg11.18%

3Y Avg9.32%

Latest7.72%

Peer Comparison

Specialty and biologics-focused pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GILDGilead Sciences, Inc.	185.59B	148.95	391.97	6.04%	28.9%	37.62%	5.55%	1.39
ABBVAbbVie Inc.	410.09B	232.03	97.08	3.71%	4%	62.18%	4.35%	20.17
AMGNAmgen Inc.	209.22B	388.16	27.28	9.95%	20.99%	89.06%	3.87%	6.31
BIIBBiogen Inc.	28.15B	191.82	21.72	1.39%	13.18%	7.08%	7.28%	0.38
NVONovo Nordisk A/S	126.28B	37.45	10.30	2.34%	33.14%	50.76%	7.09%	0.67
SCLXScilex Holding Company	1.5B	8.21	-0.42	21.07%	-9.31%		1.29%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	11.45B	12.27B	13.45B	14.38B	13.44B	10.98B	10.17B	9.84B	9.68B	9.81B
Revenue Growth %	6.36%	7.21%	9.61%	6.88%	-6.49%	-18.32%	-7.36%	-3.32%	-1.62%	1.39%
Cost of Goods Sold+	1.43B	1.63B	1.82B	1.96B	1.81B	2.11B	2.28B	2.53B	2.31B	2.9B
COGS % of Revenue	12.52%	13.28%	13.5%	13.6%	13.43%	19.21%	22.39%	25.76%	23.88%	29.53%
Gross Profit+	10.02B	10.64B	11.64B	12.42B	11.64B	8.87B	7.9B	7.3B	7.37B	6.91B
Gross Margin %	87.48%	86.72%	86.5%	86.4%	86.57%	80.79%	77.61%	74.24%	76.12%	70.47%
Gross Profit Growth %	5.17%	6.27%	9.33%	6.75%	-6.3%	-23.78%	-11.01%	-7.51%	0.87%	-6.14%
Operating Expenses+	4.86B	5.3B	5.75B	5.38B	7.05B	6.08B	5.01B	5.2B	4.88B	5.04B
OpEx % of Revenue	42.48%	43.17%	42.73%	37.42%	52.41%	55.37%	49.21%	52.92%	50.39%	51.33%
Selling, General & Admin	1.95B	1.94B	2.11B	2.36B	2.52B	2.68B	2.41B	2.5B	2.39B	2.43B
SG&A % of Revenue	17.03%	15.78%	15.68%	16.41%	18.71%	24.41%	23.68%	25.44%	24.67%	24.81%
Research & Development	1.97B	2.37B	2.71B	2.77B	4.53B	3.4B	2.6B	2.7B	2.49B	1.95B
R&D % of Revenue	17.24%	19.34%	20.14%	19.27%	33.7%	30.97%	25.53%	27.48%	25.72%	19.92%
Other Operating Expenses	940.7M	988.1M	929.2M	250.5M	0	0	0	0	0	647.7M
Operating Income+	5.15B	5.35B	5.89B	7.04B	4.59B	2.79B	2.89B	2.1B	2.49B	1.88B
Operating Margin %	45%	43.55%	43.77%	48.98%	34.16%	25.42%	28.4%	21.32%	25.74%	19.14%
Operating Income Growth %	5.33%	3.77%	10.15%	19.6%	-34.78%	-39.22%	3.5%	-27.41%	18.74%	-24.61%
EBITDA+	5.79B	6.07B	6.54B	7.51B	5.05B	3.28B	3.41B	2.59B	3.16B	2.81B
EBITDA Margin %	50.56%	49.43%	48.61%	52.21%	37.56%	29.86%	33.49%	26.35%	32.69%	28.67%
EBITDA Growth %	5.42%	4.81%	7.77%	14.81%	-32.73%	-35.07%	3.92%	-23.93%	22.04%	-11.08%
D&A (Non-Cash Add-back)	637.2M	721.6M	650.5M	464.7M	457.2M	487.7M	518.4M	494.8M	673.2M	935.4M
EBIT	5.71B	5.89B	6.36B	7.28B	4.65B	3.44B	3.02B	1.88B	2.32B	2.17B
Net Interest Income+	-196.6M	-172.3M	-88.1M	-67.4M	-180.5M	-242.6M	-157.3M	29.6M	-182.7M	-158.2M
Interest Income	63.4M	78.5M	112.5M	120M	42M	11M	89.3M	276.5M	67.6M	87.8M
Interest Expense	260M	250.8M	200.6M	187.4M	222.5M	253.6M	246.6M	246.9M	250.3M	246M
Other Income/Expense	-218.7M	-217M	11M	3.9M	459.8M	-1.01B	705.3M	-800.5M	-584.3M	-476M
Pretax Income+	4.93B	5.13B	5.9B	7.05B	5.05B	1.78B	3.59B	1.3B	1.91B	1.4B
Pretax Margin %	43.09%	41.79%	43.85%	49.01%	37.58%	16.21%	35.33%	13.18%	19.7%	14.29%
Income Tax+	1.24B	2.46B	1.43B	1.16B	992.3M	52.5M	632.8M	135.3M	273.8M	108.11M
Effective Tax Rate %	75.06%	49.51%	75.1%	83.57%	79.18%	87.42%	84.77%	89.54%	85.63%	92.29%
Net Income+	3.7B	2.54B	4.43B	5.89B	4B	1.56B	3.05B	1.16B	1.63B	1.29B
Net Margin %	32.34%	20.69%	32.93%	40.96%	29.76%	14.17%	29.95%	11.81%	16.87%	13.18%
Net Income Growth %	4.39%	-31.43%	74.5%	32.9%	-32.06%	-61.1%	95.8%	-61.89%	40.57%	-20.76%
Net Income (Continuing)	3.7B	2.67B	4.47B	5.89B	4.06B	1.73B	2.96B	1.16B	1.63B	1.29B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-11.5M	-14.7M	-8M	-4.1M	-14.2M	63.5M	-9.5M	0	0	0
EPS (Diluted)+	16.93	11.92	21.58	31.42	24.80	10.40	20.87	7.97	11.19	8.83
EPS Growth %	10.37%	-29.59%	81.04%	45.6%	-21.07%	-58.06%	100.67%	-61.81%	40.4%	-21.09%
EPS (Basic)	16.96	11.94	21.62	31.47	24.86	10.44	20.97	8.02	11.20	8.85
Diluted Shares Outstanding	218.8M	213M	205.3M	187.4M	161.3M	149.6M	146M	145.6M	145.9M	146.7M
Basic Shares Outstanding	218.4M	212.6M	204.9M	187.1M	160.9M	149.1M	145.3M	144.7M	145.7M	146.7M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	8.73B	7.87B	7.64B	8.38B	6.89B	7.86B	9.79B	6.86B	7.46B	8.97B
Cash & Short-Term Investments	4.9B	3.69B	3.54B	4.48B	2.61B	3.8B	4.89B	1.05B	2.38B	3.82B
Cash Only	2.33B	1.57B	1.22B	2.91B	1.33B	2.26B	3.42B	1.05B	2.38B	3.01B
Short-Term Investments	2.57B	2.12B	2.31B	1.56B	1.28B	1.54B	1.47B	0	0	807.2M
Accounts Receivable	1.74B	2.32B	2.49B	2.47B	2.33B	1.96B	2.14B	2.1B	1.87B	1.87B
Days Sales Outstanding	55.54	68.98	67.43	62.72	63.18	65.2	76.65	77.93	70.5	69.46
Inventory	1B	902.7M	929.9M	804.2M	1.07B	1.35B	1.34B	2.53B	2.46B	2.17B
Days Inventory Outstanding	255.08	202.14	186.87	150.11	216.06	233.82	215.38	364.14	388.71	273.16
Other Current Assets	276.3M	304.4M	687.6M	631M	881.1M	740.8M	1.42B	1.18B	752.5M	1.12B
Total Non-Current Assets+	14.14B	15.78B	17.65B	18.85B	17.73B	16.02B	14.76B	19.99B	20.59B	20.47B
Property, Plant & Equipment	2.5B	3.18B	3.6B	3.67B	3.84B	3.79B	3.7B	3.73B	3.54B	3.32B
Fixed Asset Turnover	4.58x	3.86x	3.74x	3.91x	3.50x	2.90x	2.75x	2.64x	2.74x	2.95x
Goodwill	3.67B	4.63B	5.71B	5.76B	5.76B	5.76B	5.75B	6.22B	6.48B	6.49B
Intangible Assets	3.81B	3.88B	3.12B	3.53B	3.08B	2.22B	1.85B	8.36B	9.69B	9.18B
Long-Term Investments	2.83B	3.06B	1.38B	1.41B	772.1M	892M	705.7M	0	226.7M	750.6M
Other Non-Current Assets	1.34B	431.6M	1.69B	1.25B	2.9B	1.94B	1.53B	745M	333.8M	431.9M
Total Assets+	22.88B	23.65B	25.29B	27.23B	24.62B	23.88B	24.55B	26.84B	28.05B	29.44B
Asset Turnover	0.50x	0.52x	0.53x	0.53x	0.55x	0.46x	0.41x	0.37x	0.34x	0.33x
Asset Growth %	17.29%	3.39%	6.92%	7.69%	-9.6%	-3.01%	2.83%	9.33%	4.49%	4.96%
Total Current Liabilities+	3.42B	3.37B	3.3B	4.86B	3.74B	4.3B	3.27B	3.43B	5.53B	3.35B
Accounts Payable	279.8M	395.5M	370.5M	530.8M	454.9M	589.2M	491.5M	403.3M	424.2M	432M
Days Payables Outstanding	71.26	88.56	74.45	99.08	91.98	101.94	78.74	58.11	67.02	54.43
Short-Term Debt	4.7M	3.2M	0	1.5B	0	999.1M	0	150M	1.75B	80.4M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	282.9M	297.7M	320.9M	315.8M	515.3M	345.1M	1.14B	335.1M	375.8M	2.72B
Current Ratio	2.55x	2.34x	2.32x	1.72x	1.84x	1.83x	2.99x	2.00x	1.35x	2.68x
Quick Ratio	2.26x	2.07x	2.04x	1.56x	1.55x	1.51x	2.58x	1.26x	0.90x	2.03x
Cash Conversion Cycle	239.37	182.56	179.85	113.76	187.27	197.09	213.29	383.96	392.19	288.2
Total Non-Current Liabilities+	7.33B	7.69B	8.96B	9.03B	10.19B	8.62B	7.89B	8.61B	5.8B	7.83B
Long-Term Debt	6.51B	5.93B	5.94B	4.46B	7.43B	6.27B	6.28B	6.79B	4.55B	6.58B
Capital Lease Obligations	0	0	0	412.7M	402M	330.4M	333M	400M	334.5M	290.4M
Deferred Tax Liabilities	93.1M	122.6M	1.64B	2.81B	1.03B	694.5M	334.7M	641.8M	190.5M	507.6M
Other Non-Current Liabilities	722.5M	1.63B	1.39B	1.35B	1.33B	1.32B	944.2M	781.1M	732.3M	458.1M
Total Liabilities	10.75B	11.05B	12.26B	13.9B	13.93B	12.92B	11.17B	12.05B	11.33B	11.18B
Total Debt+	6.52B	5.94B	5.94B	6.37B	7.83B	7.6B	6.61B	7.34B	6.63B	6.95B
Net Debt	4.19B	4.36B	4.71B	3.45B	6.5B	5.34B	3.19B	6.29B	4.26B	3.57B
Debt / Equity	0.54x	0.47x	0.46x	0.48x	0.73x	0.69x	0.49x	0.50x	0.40x	0.38x
Debt / EBITDA	1.13x	0.98x	0.91x	0.85x	1.55x	2.32x	1.94x	2.83x	2.10x	2.47x
Net Debt / EBITDA	0.72x	0.72x	0.72x	0.46x	1.29x	1.63x	0.94x	2.43x	1.35x	1.27x
Interest Coverage	19.81x	21.31x	29.35x	37.58x	20.64x	11.01x	11.72x	8.49x	9.95x	7.63x
Total Equity+	12.13B	12.6B	13.03B	13.34B	10.69B	10.96B	13.39B	14.8B	16.72B	18.26B
Equity Growth %	29.37%	3.87%	3.44%	2.33%	-19.86%	2.56%	22.16%	10.54%	12.95%	9.22%
Book Value per Share	55.43	59.15	63.48	71.16	66.25	73.26	91.70	101.64	114.57	124.45
Total Shareholders' Equity	12.14B	12.61B	13.04B	13.34B	10.7B	10.9B	13.4B	14.8B	16.72B	18.26B
Common Stock	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K
Retained Earnings	15.07B	15.81B	16.26B	16.46B	13.98B	13.91B	16.47B	17.63B	19.26B	20.55B
Treasury Stock	-2.61B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B	-2.98B
Accumulated OCI	-319.9M	-318.4M	-240.4M	-135.2M	-299M	-106.7M	-164.9M	-153.7M	-136.2M	-182M
Minority Interest	-11.5M	-14.7M	-8M	-4.1M	-14.2M	63.5M	-9.5M	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	4.52B	4.55B	6.19B	7.08B	4.23B	3.64B	1.38B	1.55B	2.88B	2.2B
Operating CF Margin %	39.5%	37.08%	46%	49.23%	31.46%	33.15%	13.61%	15.73%	29.72%	22.47%
Operating CF Growth %	21.7%	0.63%	35.96%	14.4%	-40.25%	-13.95%	-61.97%	11.77%	85.85%	-23.33%
Net Income	3.7B	2.67B	4.47B	5.89B	4.06B	1.73B	2.96B	1.16B	1.63B	1.29B
Depreciation & Amortization	682.7M	1.08B	650.5M	464.6M	457.2M	487.7M	518.4M	494.8M	673.2M	779.9M
Stock-Based Compensation	154.8M	128M	157.5M	182.3M	198.3M	238.6M	254.1M	264.2M	291.2M	290.8M
Deferred Taxes	-175M	91.7M	108.3M	67.1M	149M	-426.8M	-168.6M	-305.8M	-158.1M	361.6M
Other Non-Cash Items	91.2M	344.8M	397.2M	276.7M	-448M	1.76B	-1.29B	581.2M	592.2M	537M
Working Capital Changes	73M	235.4M	400.2M	199.3M	-187.2M	-145.5M	-890.3M	-648.7M	-155.2M	-1.06B
Change in Receivables	-227.5M	-667.6M	-199.5M	5.5M	179.5M	326M	-222.4M	56.7M	194.2M	42.1M
Change in Inventory	-165.6M	-94.5M	-52.1M	-19.2M	-316.3M	-462.4M	-320.2M	-130.9M	-273.8M	-64.7M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-2.48B	-2.96B	-2.05B	470.5M	-608.6M	-563.7M	1.59B	-4.09B	-799.2M	-1.37B
Capital Expenditures	-727.7M	-1.96B	-886.1M	-669.5M	-551.8M	-294.9M	-243.2M	-311.4M	-359.8M	-153.8M
CapEx % of Revenue	6.36%	15.99%	6.59%	4.66%	4.1%	2.69%	2.39%	3.17%	3.72%	1.57%
Acquisitions	0	0	0	179.3M	0	28.1M	595M	-6.91B	-1.07B	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.22B	-1.21B	-1.5B	-273M	-26.9M	12.9M	24.4M	-11.3M	83.9M	-38.7M
Cash from Financing+	-987.8M	-2.38B	-4.47B	-5.86B	-5.27B	-2.09B	-1.76B	137M	-683.5M	-301.9M
Debt Issued (Net)	-2.7M	-560.9M	-3.2M	0	1.47B	-170M	-1B	187.3M	-650M	-16.9M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-1B	-1.37B	-4.35B	-5.87B	-6.68B	-1.8B	-750M	0	0	0
Other Financing	-28.8M	-453.7M	-116.2M	7.9M	-56.4M	-115.5M	-5.6M	-6M	-2.2M	-275M
Net Change in Cash	1.02B	-752.7M	-349.2M	1.69B	-1.58B	930.2M	1.16B	-2.37B	1.33B	633.5M
Free Cash Flow+	3.86B	3.68B	5.3B	6.56B	3.81B	3.38B	1.14B	1.24B	2.52B	2.05B
FCF Margin %	33.71%	30.01%	39.41%	45.65%	28.3%	30.79%	11.24%	12.56%	26%	20.9%
FCF Growth %	25.59%	-4.56%	43.92%	23.81%	-42.03%	-11.12%	-66.17%	8.02%	103.57%	-18.48%
FCF per Share	17.64	17.29	25.82	35.03	23.59	22.61	7.84	8.49	17.24	13.98
FCF Conversion (FCF/Net Income)	1.22x	1.79x	1.40x	1.20x	1.06x	2.34x	0.45x	1.33x	1.76x	1.70x
Interest Paid	0	0	0	0	272.7M	280.8M	262.5M	252.2M	245.4M	0
Taxes Paid	0	0	0	0	906.7M	247.9M	932.9M	740.7M	355.1M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	34.44%	20.54%	34.57%	44.67%	33.31%	14.38%	25.03%	8.24%	10.36%	7.4%
Return on Invested Capital (ROIC)	25%	24.09%	25.45%	30.59%	20.28%	12.5%	13.18%	8.35%	8.88%	6.52%
Gross Margin	87.48%	86.72%	86.5%	86.4%	86.57%	80.79%	77.61%	74.24%	76.12%	70.47%
Net Margin	32.34%	20.69%	32.93%	40.96%	29.76%	14.17%	29.95%	11.81%	16.87%	13.18%
Debt / Equity	0.54x	0.47x	0.46x	0.48x	0.73x	0.69x	0.49x	0.50x	0.40x	0.38x
Interest Coverage	19.81x	21.31x	29.35x	37.58x	20.64x	11.01x	11.72x	8.49x	9.95x	7.63x
FCF Conversion	1.22x	1.79x	1.40x	1.20x	1.06x	2.34x	0.45x	1.33x	1.76x	1.70x
Revenue Growth	6.36%	7.21%	9.61%	6.88%	-6.49%	-18.32%	-7.36%	-3.32%	-1.62%	1.39%

Biogen Inc. (BIIB) 10-Year Financial Performance & Capital Metrics

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Biogen Inc. (BIIB) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare BIIB vs Peers

vs ABBV

vs AMGN

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios