The company has maintained a disciplined capital structure, successfully reducing its debt-to-equity ratio from 0.50 in 2023Q4 to 0.35 in 2026Q1, providing a buffer against operational uncertainty.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 9.19B | 8.97B | 7.46B | 6.86B | 9.79B | 7.86B | 6.89B | 8.38B | 7.64B | 7.87B | 8.73B | 6.7B | 4.67B | 3.18B | 3.24B | 2.98B | 2.54B | 2.48B | 2.46B | 2.37B | 1.71B | 1.62B | 1.93B | 1.84B | 1.22B | 1.1B | 928.27M | 910.23M | 694.14M | 596.07M | 435.75M |
| Cash & Short-Term Investments | 4.28B | 3.82B | 2.38B | 1.05B | 4.89B | 3.8B | 2.61B | 4.48B | 3.54B | 3.69B | 4.9B | 3.43B | 1.85B | 1.22B | 1.71B | 1.69B | 1.21B | 1.26B | 1.37B | 1.18B | 902.69M | 850.75M | 1.06B | 835.96M | 867.11M | 798.11M | 682.41M | 654.54M | 516.91M | 440.09M | 321.38M |
| Cash Only | 3.38B | 3.01B | 2.38B | 1.05B | 3.42B | 2.26B | 1.33B | 2.91B | 1.22B | 1.57B | 2.33B | 1.31B | 1.2B | 602.56M | 570.72M | 514.54M | 759.6M | 581.89M | 622.38M | 659.66M | 661.38M | 568.17M | 209.45M | 314.85M | 45.11M | 54.04M | 48.74M | 56.92M | 25.45M | 70.36M | 62.03M |
| Short-Term Investments | 900M | 807.2M | 0 | 0 | 1.47B | 1.54B | 1.28B | 1.56B | 2.31B | 2.12B | 2.57B | 2.12B | 640.46M | 620.17M | 1.13B | 1.18B | 448.15M | 681.84M | 749.03M | 523.84M | 241.31M | 282.58M | 848.5M | 521.11M | 822M | 744.07M | 633.67M | 597.62M | 491.47M | 369.73M | 259.35M |
| Accounts Receivable | 1.79B | 1.87B | 1.87B | 2.1B | 2.14B | 1.96B | 2.33B | 2.47B | 2.49B | 2.32B | 1.74B | 1.54B | 1.58B | 1.08B | 955.24M | 831.23M | 839.99M | 760.9M | 667.09M | 595.73M | 539.36M | 468.05M | 450.49M | 198.52M | 105.21M | 177.58M | 143.18M | 137.36M | 101.28M | 86.8M | 42.95M |
| Days Sales Outstanding | 70.27 | 69.46 | 70.5 | 77.93 | 76.65 | 65.2 | 63.18 | 62.72 | 67.43 | 68.98 | 55.54 | 52.27 | 59.28 | 56.71 | 63.22 | 60.09 | 65.01 | 63.45 | 59.42 | 68.56 | 73.37 | 99.69 | 103.04 | 389.3 | 95 | 62.19 | 56.46 | 63.11 | 66.3 | 72.99 | 56.58 |
| Inventory | 1.95B | 2.17B | 2.46B | 2.53B | 1.34B | 1.35B | 1.07B | 804.2M | 929.9M | 902.7M | 1B | 893.4M | 804.02M | 659M | 447.37M | 326.84M | 289.07M | 293.95M | 263.6M | 233.99M | 169.1M | 182.81M | 251.02M | 496.35M | 33.66M | 44.11M | 40.05M | 50.56M | 26.58M | 37.2M | 47.89M |
| Days Inventory Outstanding | 263.35 | 273.16 | 388.71 | 364.14 | 215.38 | 233.82 | 216.06 | 150.11 | 186.87 | 202.14 | 255.08 | 262.89 | 250.61 | 280.44 | 299.35 | 255.58 | 263.6 | 280.79 | 239.35 | 254.79 | 224.95 | 178.6 | 165.29 | 636.26 | 8.43K | 117.94 | 116.75 | 166.26 | 130.23 | 270.56 | 612.76 |
| Other Current Assets | 1.17B | 1.12B | 752.5M | 1.18B | 1.42B | 740.8M | 881.1M | 631M | 687.6M | 304.4M | 276.3M | 286.3M | 447.46M | 226.13M | 136.01M | 144.6M | 134.32M | 109.42M | 109.49M | 321.58M | 70.49M | 108.38M | 171.6M | 307.83M | 50.96M | 77.93M | 62.63M | 67.76M | 49.37M | 31.97M | 23.53M |
| Total Non-Current Assets | 20.29B | 20.47B | 20.59B | 19.99B | 14.76B | 16.02B | 17.73B | 18.85B | 17.65B | 15.78B | 14.14B | 12.8B | 9.64B | 8.68B | 6.89B | 6.07B | 5.55B | 6.07B | 6.02B | 6.26B | 6.84B | 6.75B | 7.23B | 7.67B | 790.96M | 623.32M | 503.58M | 367.75M | 230.57M | 217.76M | 198.82M |
| Property, Plant & Equipment | 3.27B | 3.32B | 3.54B | 3.73B | 3.7B | 3.79B | 3.84B | 3.67B | 3.6B | 3.18B | 2.5B | 2.19B | 1.77B | 1.75B | 1.74B | 1.57B | 1.64B | 1.64B | 1.59B | 1.5B | 1.28B | 1.17B | 1.53B | 1.25B | 738.06M | 556M | 400.43M | 239.78M | 182.55M | 174.49M | 165.32M |
| Fixed Asset Turnover | 2.94x | 2.95x | 2.74x | 2.64x | 2.75x | 2.90x | 3.50x | 3.91x | 3.74x | 3.86x | 4.58x | 4.92x | 5.50x | 3.96x | 3.17x | 3.21x | 2.87x | 2.67x | 2.57x | 2.12x | 2.10x | 1.46x | 1.05x | 0.15x | 0.55x | 1.87x | 2.31x | 3.31x | 3.05x | 2.49x | 1.68x |
| Goodwill | 6.49B | 6.49B | 6.48B | 6.22B | 5.75B | 5.76B | 5.76B | 5.76B | 5.71B | 4.63B | 3.67B | 2.66B | 1.76B | 1.23B | 1.2B | 1.15B | 1.15B | 1.14B | 1.14B | 1.14B | 1.15B | 1.13B | 1.15B | 1.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 9.05B | 9.18B | 9.69B | 8.36B | 1.85B | 2.22B | 3.08B | 3.53B | 3.12B | 3.88B | 3.81B | 4.09B | 4.03B | 4.47B | 1.63B | 1.61B | 1.77B | 1.87B | 2.16B | 2.49B | 2.75B | 2.98B | 3.29B | 3.64B | 15.99M | 16.56M | 13.51M | 13.87M | 15.87M | 14.94M | 10.46M |
| Long-Term Investments | 2.17B | 750.6M | 226.7M | 0 | 705.7M | 892M | 772.1M | 1.41B | 1.38B | 3.06B | 2.83B | 2.76B | 1.47B | 625.77M | 2.04B | 1.42B | 991.3M | 1.42B | 1.13B | 1.13B | 1.66B | 1.47B | 155.93M | 120.29M | 700.57M | 12.18M | 71.98M | 98.02M | 12.67M | 17.09M | 16M |
| Other Non-Current Assets | 777.5M | 431.9M | 333.8M | 745M | 1.53B | 1.94B | 2.9B | 1.25B | 1.69B | 431.6M | 1.34B | 1.11B | 754.6M | 594.35M | 274.05M | 331.55M | 0 | 0 | 0 | 0 | 0 | 0 | 1.11B | 1.5B | 22.5M | 38.58M | 17.66M | 16.08M | 19.48M | 11.24M | 7.03M |
| Total Assets | 29.48B | 29.44B | 28.05B | 26.84B | 24.55B | 23.88B | 24.62B | 27.23B | 25.29B | 23.65B | 22.88B | 19.5B | 14.32B | 11.86B | 10.13B | 9.05B | 8.09B | 8.55B | 8.48B | 8.63B | 8.55B | 8.37B | 9.17B | 9.5B | 2.01B | 1.72B | 1.43B | 1.28B | 924.72M | 813.83M | 634.57M |
| Asset Turnover | 0.34x | 0.33x | 0.34x | 0.37x | 0.41x | 0.46x | 0.55x | 0.53x | 0.53x | 0.52x | 0.50x | 0.55x | 0.68x | 0.58x | 0.54x | 0.56x | 0.58x | 0.51x | 0.48x | 0.37x | 0.31x | 0.20x | 0.17x | 0.02x | 0.20x | 0.61x | 0.65x | 0.62x | 0.60x | 0.53x | 0.44x |
| Asset Growth % | 18.98% | 4.96% | 4.49% | 9.33% | 2.83% | -3.01% | -9.6% | 7.69% | 6.92% | 3.39% | 17.29% | 36.24% | 20.68% | 17.11% | 11.94% | 11.83% | -5.37% | 0.86% | -1.74% | 0.89% | 2.22% | -8.72% | -3.56% | 373.54% | 16.61% | 20.2% | 12.04% | 38.2% | 13.63% | 28.25% | 35.25% |
| Total Current Liabilities | 3B | 3.35B | 5.53B | 3.43B | 3.27B | 4.3B | 3.74B | 4.86B | 3.3B | 3.37B | 3.42B | 2.58B | 2.22B | 1.76B | 1.66B | 912.89M | 1.05B | 714.94M | 923.22M | 2.19B | 582.86M | 583.04M | 1.26B | 404.82M | 56.23M | 294.94M | 221.02M | 190.27M | 130.66M | 123.88M | 87.95M |
| Accounts Payable | 358.5M | 432M | 424.2M | 403.3M | 491.5M | 589.2M | 454.9M | 530.8M | 370.5M | 395.5M | 279.8M | 267.4M | 229.2M | 219.91M | 204M | 186.45M | 162.53M | 118.53M | 107.42M | 90.67M | 100.46M | 99.78M | 121.47M | 63.36M | 3.89M | 50.94M | 37.87M | 30.13M | 24.9M | 15.82M | 15.72M |
| Days Payables Outstanding | 49.36 | 54.43 | 67.02 | 58.11 | 78.74 | 101.94 | 91.98 | 99.08 | 74.45 | 88.56 | 71.26 | 78.69 | 71.44 | 93.59 | 136.5 | 145.79 | 148.21 | 113.23 | 97.53 | 98.74 | 133.63 | 97.48 | 79.98 | 81.22 | 973.5 | 136.21 | 110.4 | 99.06 | 121.96 | 115.05 | 201.18 |
| Short-Term Debt | 0 | 80.4M | 1.75B | 150M | 0 | 999.1M | 0 | 1.5B | 0 | 3.2M | 4.7M | 4.8M | 3.1M | 3.49M | 453.4M | 3.3M | 137.15M | 19.76M | 27.67M | 1.51B | 0 | 0 | 748.43M | 0 | 4.89M | 4.89M | 4.89M | 4.89M | 4.89M | 29.7M | 4.02M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55.7M | 120.9M | 172.7M | 148M | 69.6M | 41.3M | 38.7M | 0 | 0 | 0 | 16.93M | 13.7M | 7.16M | 732K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 192.5M | 2.72B | 375.8M | 335.1M | 1.14B | 345.1M | 515.3M | 315.8M | 320.9M | 297.7M | 282.9M | 215.1M | 393.8M | 343.4M | 248.5M | 176.3M | 159.7M | 127.1M | 156M | 0 | 0 | 172.12M | 174.38M | 136.87M | -4.89M | 94.62M | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 3.06x | 2.68x | 1.35x | 2.00x | 2.99x | 1.83x | 1.84x | 1.72x | 2.32x | 2.34x | 2.55x | 2.60x | 2.11x | 1.81x | 1.96x | 3.26x | 2.42x | 3.47x | 2.66x | 1.08x | 2.94x | 2.78x | 1.53x | 4.54x | 21.63x | 3.72x | 4.20x | 4.78x | 5.31x | 4.81x | 4.95x |
| Quick Ratio | 2.41x | 2.03x | 0.90x | 1.26x | 2.58x | 1.51x | 1.55x | 1.56x | 2.04x | 2.07x | 2.26x | 2.25x | 1.74x | 1.44x | 1.69x | 2.90x | 2.14x | 3.06x | 2.38x | 0.97x | 2.65x | 2.46x | 1.33x | 3.32x | 21.03x | 3.57x | 4.02x | 4.52x | 5.11x | 4.51x | 4.41x |
| Cash Conversion Cycle | 284.27 | 288.2 | 392.19 | 383.96 | 213.29 | 197.09 | 187.27 | 113.76 | 179.85 | 182.56 | 239.37 | 236.48 | 238.45 | 243.57 | 226.07 | 169.88 | 180.4 | 231.01 | 201.24 | 224.62 | 164.69 | 180.81 | 188.34 | 944.33 | 7.56K | 43.91 | 62.81 | 130.32 | 74.57 | 228.51 | 468.17 |
| Total Non-Current Liabilities | 7.83B | 7.83B | 5.8B | 8.61B | 7.89B | 8.62B | 10.19B | 9.03B | 8.96B | 7.69B | 7.33B | 7.55B | 1.28B | 1.48B | 1.51B | 1.71B | 1.59B | 1.58B | 1.75B | 905.35M | 820.17M | 878.03M | 1.08B | 2.05B | 85.23M | 77.27M | 104.43M | 108.17M | 75.44M | 153.65M | 62.25M |
| Long-Term Debt | 6.29B | 6.58B | 4.55B | 6.79B | 6.28B | 6.27B | 7.43B | 4.46B | 5.94B | 5.93B | 6.51B | 6.52B | 580.3M | 592.43M | 687.4M | 1.06B | 1.07B | 1.08B | 1.09B | 51.84M | 96.69M | 43.44M | 101.88M | 887.27M | 37.41M | 77.27M | 104.43M | 108.17M | 75.44M | 61.85M | 62.25M |
| Capital Lease Obligations | 1.18B | 290.4M | 334.5M | 400M | 333M | 330.4M | 402M | 412.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.47B | 507.6M | 190.5M | 641.8M | 334.7M | 694.5M | 1.03B | 2.81B | 1.64B | 122.6M | 93.1M | 124.9M | 50.66M | 232.55M | 217.27M | 248.64M | 200.95M | 240.62M | 356.02M | 521.52M | 643.64M | 762.28M | 921.77M | 1.11B | 33.68M | 8.49M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 787.1M | 458.1M | 732.3M | 781.1M | 944.2M | 1.32B | 1.33B | 1.35B | 1.39B | 1.63B | 722.5M | 905.8M | 650.1M | 659.23M | 604.27M | 400.28M | 325.6M | 254.21M | 308.24M | 331.98M | 79.84M | 72.31M | 54.96M | 50.2M | 14.15M | 0 | 0 | 0 | 0 | 91.8M | 0 |
| Total Liabilities | 10.83B | 11.18B | 11.33B | 12.05B | 11.17B | 12.92B | 13.93B | 13.9B | 12.26B | 11.05B | 10.75B | 10.13B | 3.5B | 3.24B | 3.17B | 2.62B | 2.64B | 2.29B | 2.67B | 3.09B | 1.4B | 1.46B | 2.34B | 2.45B | 411.57M | 372.21M | 325.45M | 298.44M | 206.1M | 277.53M | 150.2M |
| Total Debt | 6.56B | 6.95B | 6.63B | 7.34B | 6.61B | 7.6B | 7.83B | 6.37B | 5.94B | 5.94B | 6.52B | 6.53B | 585.2M | 595.93M | 1.14B | 1.06B | 1.2B | 1.1B | 1.11B | 1.56B | 96.69M | 43.44M | 850.31M | 887.27M | 42.3M | 82.16M | 109.32M | 113.06M | 80.33M | 91.55M | 66.27M |
| Net Debt | 3.18B | 3.94B | 4.26B | 6.29B | 3.19B | 5.34B | 6.5B | 3.45B | 4.71B | 4.36B | 4.19B | 5.22B | -621.5M | -6.63M | 570.05M | 549.56M | 443.93M | 518.08M | 490.71M | 903.32M | -564.68M | -524.72M | 640.86M | 572.42M | -2.81M | 28.12M | 60.58M | 56.14M | 54.88M | 21.19M | 4.24M |
| Debt / Equity | 0.35x | 0.38x | 0.40x | 0.50x | 0.49x | 0.69x | 0.73x | 0.48x | 0.46x | 0.47x | 0.54x | 0.70x | 0.05x | 0.07x | 0.16x | 0.17x | 0.22x | 0.18x | 0.19x | 0.28x | 0.01x | 0.01x | 0.12x | 0.13x | 0.03x | 0.06x | 0.10x | 0.12x | 0.11x | 0.17x | 0.14x |
| Debt / EBITDA | 2.70x | 2.47x | 2.10x | 2.83x | 1.94x | 2.32x | 1.55x | 0.85x | 0.91x | 0.98x | 1.13x | 1.19x | 0.13x | 0.20x | 0.52x | 0.51x | 0.75x | 0.64x | 0.66x | 1.35x | 0.12x | 0.07x | 1.76x | - | 0.19x | 0.21x | 0.30x | 0.33x | 0.37x | 0.54x | 1.18x |
| Net Debt / EBITDA | 1.31x | 1.40x | 1.35x | 2.43x | 0.94x | 1.63x | 1.29x | 0.46x | 0.72x | 0.72x | 0.72x | 0.95x | -0.13x | -0.00x | 0.26x | 0.26x | 0.28x | 0.30x | 0.29x | 0.78x | -0.69x | -0.82x | 1.33x | - | -0.01x | 0.07x | 0.16x | 0.16x | 0.25x | 0.13x | 0.08x |
| Interest Coverage | 6.91x | 8.80x | 9.28x | 7.62x | 12.24x | 13.55x | 20.90x | 38.82x | 31.73x | 23.47x | 21.96x | 52.51x | 134.50x | 78.06x | 50.37x | 52.85x | 35.07x | 38.23x | 23.23x | 23.48x | 566.09x | 27.56x | 4.39x | -57.00x | 69.82x | 99.51x | 114.02x | - | - | - | - |
| Total Equity | 18.65B | 18.26B | 16.72B | 14.8B | 13.39B | 10.96B | 10.69B | 13.34B | 13.03B | 12.6B | 12.13B | 9.37B | 10.82B | 8.62B | 6.96B | 6.43B | 5.45B | 6.26B | 5.81B | 5.53B | 7.15B | 6.91B | 6.83B | 7.05B | 1.6B | 1.35B | 1.11B | 979.53M | 718.61M | 536.29M | 484.37M |
| Equity Growth % | 41.35% | 9.22% | 12.95% | 10.54% | 22.16% | 2.56% | -19.86% | 2.33% | 3.44% | 3.87% | 29.37% | -13.35% | 25.5% | 23.8% | 8.33% | 17.97% | -12.97% | 7.85% | 4.91% | -22.59% | 3.53% | 1.16% | -3.22% | 342.1% | 18.28% | 21.91% | 12.95% | 36.31% | 34% | 10.72% | 26.47% |
| Book Value per Share | 125.69 | 124.45 | 114.57 | 101.64 | 91.70 | 73.26 | 66.25 | 71.16 | 63.48 | 59.15 | 55.43 | 40.55 | 45.62 | 36.18 | 29.05 | 26.24 | 21.38 | 21.63 | 19.68 | 17.29 | 20.71 | 19.95 | 19.87 | 21.14 | 4.00 | 3.38 | 2.39 | 2.07 | 0.76 | 0.58 | 0.52 |
| Total Shareholders' Equity | 18.65B | 18.26B | 16.72B | 14.8B | 13.4B | 10.9B | 10.7B | 13.34B | 13.04B | 12.61B | 12.14B | 9.37B | 10.81B | 8.62B | 6.96B | 6.43B | 5.4B | 6.22B | 5.81B | 5.53B | 7.15B | 6.91B | 6.83B | 7.05B | 1.6B | 1.35B | 1.11B | 979.53M | 718.61M | 536.29M | 484.37M |
| Common Stock | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 129K | 128K | 127K | 128K | 124K | 144K | 149K | 147K | 173K | 173K | 173K | 166K | 78K | 1.52M | 1.52M | 1.51M | 741K | 741K | 725K |
| Retained Earnings | 20.87B | 20.55B | 19.26B | 17.63B | 16.47B | 13.91B | 13.98B | 16.46B | 16.26B | 15.81B | 15.07B | 12.21B | 9.28B | 6.35B | 4.49B | 3.11B | 1.87B | 1.07B | 270.18M | -352.17M | -860.83M | -1.02B | -801.09M | -611.92M | 263.18M | 705.89M | 543.91M | 352.02M | 213.51M | 25.33M | 12.83M |
| Treasury Stock | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B | -2.61B | -2.61B | -2.61B | -1.72B | -1.32B | -839.9M | -349.59M | -679.92M | -527.1M | 0 | -319.65M | -222.76M | -514.61M | -135M | -135M | -176.12M | -233.58M | -96.28M | -21.32M | -4.38M | 0 |
| Accumulated OCI | -140.2M | -182M | -136.2M | -153.7M | -164.9M | -106.7M | -299M | -135.2M | -240.4M | -318.4M | -319.9M | -224M | -59.5M | -27.75M | -55.3M | -26.54M | -21.61M | 50.5M | -11.11M | 79.25M | 21.86M | -13.91M | -6.77M | 1.05M | 3.76M | 9.47M | 22.38M | 45.62M | -13.16M | -2.27M | -809K |
| Minority Interest | 0 | 0 | 0 | 0 | -9.5M | 63.5M | -14.2M | -4.1M | -8M | -14.7M | -11.5M | 2.1M | 5.03M | 596K | 2.27M | 1.49M | 52.94M | 40.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Neurology pipeline execution failure
According to reported financial statements, Biogen's total equity has expanded from $14.8 billion in 2023Q4 to $18.7 billion by 2026Q1, signaling a strengthening capital base that appears to be driven by consistent accumulation of retained earnings despite the ongoing volatility in the company's core neurology franchise.
The steady growth in retained earnings suggests that the company is successfully internalizing profits even as it navigates the commercial challenges of its legacy portfolio. This trajectory implies a management focus on balance sheet preservation, which provides a necessary buffer while the company attempts to pivot toward newer, high-risk growth assets.
Based on the provided quarterly data, Biogen has successfully reduced its debt-to-equity ratio from 0.50 in 2023Q4 to 0.35 in 2026Q1, reflecting a disciplined approach to leverage that appears to prioritize financial stability over aggressive capital structure optimization during this period of significant operational uncertainty.
The reduction in total debt from $7.3 billion to $6.6 billion over the observed period indicates a proactive deleveraging strategy. This conservative posture likely provides the company with significant optionality to pursue further M&A or R&D investments without the immediate pressure of high interest coverage requirements.
As reported in recent filings, Biogen's cash position has improved from $1.0 billion in 2023Q4 to $3.4 billion in 2026Q1, while the current ratio has strengthened to 3.06, suggesting a robust liquidity buffer that mitigates risks associated with the company's high-cost biologic manufacturing and R&D commitments.
The significant increase in cash reserves appears to be a deliberate effort to insulate the business from potential shocks related to the Leqembi launch and other pipeline developments. This liquidity profile suggests that the company is well-positioned to fund its near-term operational needs without relying on external financing.
Based on the reported figures, Biogen's asset base remains anchored by $6.5 billion in goodwill, which, when viewed alongside $3.3 billion in net PPE, suggests a business model that is heavily reliant on the long-term value of past acquisitions rather than purely organic infrastructure expansion.
The stability of the goodwill balance indicates that the company has not yet faced significant impairment charges related to its recent M&A activity, though investors should monitor this closely as the commercial performance of acquired assets evolves. The relatively static PPE levels imply that the company's manufacturing footprint is currently sufficient for its existing product portfolio.
Data from the balance sheet reveals that goodwill accounts for approximately 22% of total assets as of 2026Q1, which warrants further investigation into whether the carrying value of these intangible assets remains supported by the actual commercial uptake of the acquired neurology and rare disease therapies.
While the headline balance sheet appears healthy, the concentration of goodwill suggests that any failure to meet commercial milestones for recent acquisitions could lead to significant non-cash impairment charges. This potential distortion implies that the book value of equity may be more sensitive to operational execution than the current leverage ratios suggest.
Quick answers to the most common questions about buying BIIB stock.
As of 2025, Biogen Inc. (BIIB) had total assets of $29.44B including $8.97B in current assets.
Biogen Inc. (BIIB) carries total debt of $6.95B, offset by $3.82B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Biogen Inc. (BIIB) has total shareholders' equity (book value) of $18.26B ($124.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Biogen Inc. (BIIB) reported a current ratio of 2.68x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.