Revenue growth is mixed at 3.4% YoY in Q2 2026, with gross margin compressing to 56.9% from 78.3% in Q1 2024, reflecting a shift toward lower-margin products and inconsistent operating leverage (op margin 11.6% in Q2 2026).
Biogen Inc. (BIIB) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 9.95B | 9.81B | 9.68B | 9.84B | 10.17B | 10.98B | 13.44B | 14.38B | 13.45B | 12.27B | 11.45B | 10.76B | 9.7B | 6.93B | 5.51B | 5.05B | 4.72B | 4.38B | 4.1B | 3.17B | 2.68B | 1.71B | 1.6B | 186.13M | 404.22M | 1.04B | 925.66M | 794.43M | 557.59M | 434.04M | 277.09M |
| Revenue Growth % | -0.49% | 1.39% | -1.62% | -3.32% | -7.36% | -18.32% | -6.49% | 6.88% | 9.61% | 7.21% | 6.36% | 10.93% | 39.97% | 25.7% | 9.23% | 7.04% | 7.75% | 6.83% | 29.19% | 18.21% | 56.57% | 7.38% | 757.35% | -53.95% | -61.22% | 12.6% | 16.52% | 42.48% | 28.46% | 56.64% | 82.67% |
| Cost of Goods Sold | 3.21B | 2.9B | 2.31B | 2.53B | 2.28B | 2.11B | 1.81B | 1.96B | 1.82B | 1.63B | 1.43B | 1.24B | 1.17B | 857.7M | 545.49M | 466.78M | 400.26M | 382.1M | 401.99M | 335.19M | 274.38M | 373.61M | 554.32M | 284.74M | 1.46M | 136.51M | 125.2M | 111M | 74.51M | 50.19M | 28.52M |
| COGS % of Revenue | - | 29.53% | 23.88% | 25.76% | 22.39% | 19.21% | 13.43% | 13.6% | 13.5% | 13.28% | 12.52% | 11.52% | 12.07% | 12.37% | 9.89% | 9.25% | 8.49% | 8.73% | 9.81% | 10.57% | 10.23% | 21.8% | 34.74% | 152.98% | 0.36% | 13.1% | 13.53% | 13.97% | 13.36% | 11.56% | 10.29% |
| Gross Profit | 6.74B | 6.91B | 7.37B | 7.3B | 7.9B | 8.87B | 11.64B | 12.42B | 11.64B | 10.64B | 10.02B | 9.52B | 8.53B | 6.07B | 4.97B | 4.58B | 4.32B | 4B | 3.7B | 2.84B | 2.41B | 1.34B | 1.04B | -98.61M | 402.76M | 905.8M | 800.47M | 683.43M | 483.08M | 383.86M | 248.56M |
| Gross Margin % | 67.71% | 70.47% | 76.12% | 74.24% | 77.61% | 80.79% | 86.57% | 86.4% | 86.5% | 86.72% | 87.48% | 88.48% | 87.93% | 87.63% | 90.11% | 90.75% | 91.51% | 91.27% | 90.19% | 89.43% | 89.77% | 78.2% | 65.26% | -52.98% | 99.64% | 86.9% | 86.47% | 86.03% | 86.64% | 88.44% | 89.71% |
| Gross Profit Growth % | - | -6.14% | 0.87% | -7.51% | -11.01% | -23.78% | -6.3% | 6.75% | 9.33% | 6.27% | 5.17% | 11.62% | 40.46% | 22.24% | 8.46% | 6.16% | 8.03% | 8.11% | 30.29% | 17.76% | 79.75% | 28.66% | 1156.23% | -124.48% | -55.54% | 13.16% | 17.12% | 41.47% | 25.85% | 54.43% | 76.05% |
| Operating Expenses | 5.46B | 5.04B | 4.88B | 5.2B | 5.01B | 6.08B | 7.05B | 5.38B | 5.75B | 5.3B | 4.86B | 4.63B | 4.56B | 3.56B | 3.11B | 2.86B | 3.07B | 2.7B | 2.48B | 2.06B | 1.97B | 1.1B | 998.08M | 771.06M | 188.89M | 545.6M | 472.11M | 367.18M | 292.44M | 234.89M | 207.74M |
| OpEx % of Revenue | - | 51.33% | 50.39% | 52.92% | 49.21% | 55.37% | 52.41% | 37.42% | 42.73% | 43.17% | 42.48% | 43.04% | 46.99% | 51.34% | 56.43% | 56.59% | 65.03% | 61.68% | 60.57% | 64.85% | 73.37% | 64.42% | 62.54% | 414.25% | 46.73% | 52.35% | 51% | 46.22% | 52.45% | 54.12% | 74.97% |
| Selling, General & Admin | 2.59B | 2.43B | 2.39B | 2.5B | 2.41B | 2.68B | 2.52B | 2.36B | 2.11B | 1.94B | 1.95B | 2.11B | 2.23B | 1.71B | 1.28B | 1.06B | 1.03B | 1.13B | 1.06B | 776.1M | 685.07M | 644.76M | 580.28M | 174.6M | 88.02M | 231.05M | 169.27M | 146.03M | 115.21M | 90.1M | 73.63M |
| SG&A % of Revenue | - | 24.81% | 24.67% | 25.44% | 23.68% | 24.41% | 18.71% | 16.41% | 15.68% | 15.78% | 17.03% | 19.63% | 23.01% | 24.7% | 23.16% | 20.92% | 21.87% | 25.74% | 25.9% | 24.47% | 25.53% | 37.63% | 36.36% | 93.8% | 21.78% | 22.17% | 18.29% | 18.38% | 20.66% | 20.76% | 26.57% |
| Research & Development | 1.95B | 1.95B | 2.49B | 2.7B | 2.6B | 3.4B | 4.53B | 2.77B | 2.71B | 2.37B | 1.97B | 2.01B | 1.89B | 1.46B | 1.38B | 1.22B | 1.25B | 1.28B | 1.07B | 925.16M | 718.39M | 747.67M | 685.87M | 1.06B | 100.87M | 314.56M | 302.84M | 221.15M | 177.23M | 145.5M | 132.38M |
| R&D % of Revenue | - | 19.92% | 25.72% | 27.48% | 25.53% | 30.97% | 33.7% | 19.27% | 20.14% | 19.34% | 17.24% | 18.7% | 19.51% | 21% | 25% | 24.16% | 26.47% | 29.31% | 26.16% | 29.17% | 26.78% | 43.63% | 42.98% | 567.51% | 24.95% | 30.18% | 32.72% | 27.84% | 31.78% | 33.52% | 47.78% |
| Other Operating Expenses | 3M | 647.7M | 0 | 0 | 0 | 0 | 0 | 250.5M | 929.2M | 988.1M | 940.7M | 506.5M | 434.2M | 391.1M | 0 | 581.43M | 787.13M | 289.81M | 348.5M | 355.39M | 565.19M | -288.46M | -268.07M | -459.87M | 0 | 0 | 0 | 0 | 0 | -711K | 1.72M |
| Operating Income | 1.27B | 1.88B | 2.49B | 2.1B | 2.89B | 2.79B | 4.59B | 7.04B | 5.89B | 5.35B | 5.15B | 4.89B | 3.97B | 2.52B | 1.84B | 1.72B | 1.25B | 1.3B | 1.21B | 779.77M | 440.02M | 236.04M | 43.42M | -869.67M | 213.88M | 360.2M | 328.36M | 316.25M | 190.64M | 148.97M | 40.83M |
| Operating Margin % | 12.79% | 19.14% | 25.74% | 21.32% | 28.4% | 25.42% | 34.16% | 48.98% | 43.77% | 43.55% | 45% | 45.44% | 40.94% | 36.29% | 33.34% | 34.16% | 26.48% | 29.59% | 29.62% | 24.59% | 16.4% | 13.77% | 2.72% | -467.23% | 52.91% | 34.56% | 35.47% | 39.81% | 34.19% | 34.32% | 14.73% |
| Operating Income Growth % | - | -24.61% | 18.74% | -27.41% | 3.5% | -39.22% | -34.78% | 19.6% | 10.15% | 3.77% | 5.33% | 23.12% | 57.92% | 36.82% | 6.6% | 38.1% | -3.59% | 6.74% | 55.64% | 77.21% | 86.42% | 443.67% | 104.99% | -506.62% | -40.62% | 9.7% | 3.83% | 65.89% | 27.97% | 264.86% | 448.41% |
| EBITDA | 1.83B | 2.81B | 3.16B | 2.59B | 3.41B | 3.28B | 5.05B | 7.51B | 6.54B | 6.07B | 5.79B | 5.49B | 4.61B | 3.05B | 2.2B | 2.08B | 1.6B | 1.72B | 1.68B | 1.16B | 815.89M | 638.25M | 482.85M | -808.36M | 224.03M | 397.22M | 367.39M | 347.35M | 215.23M | 168.26M | 56.09M |
| EBITDA Margin % | 18.4% | 28.67% | 32.69% | 26.35% | 33.49% | 29.86% | 37.56% | 52.21% | 48.61% | 49.43% | 50.56% | 51.02% | 47.51% | 43.96% | 39.97% | 41.27% | 34.02% | 39.37% | 40.89% | 36.58% | 30.41% | 37.25% | 30.26% | -434.29% | 55.42% | 38.11% | 39.69% | 43.72% | 38.6% | 38.77% | 20.24% |
| EBITDA Growth % | -41.92% | -11.08% | 22.04% | -23.93% | 3.92% | -35.07% | -32.73% | 14.81% | 7.77% | 4.81% | 5.42% | 19.13% | 51.27% | 38.25% | 5.78% | 29.85% | -6.89% | 2.85% | 44.45% | 42.18% | 27.83% | 32.18% | 159.73% | -460.82% | -43.6% | 8.12% | 5.77% | 61.39% | 27.91% | 199.97% | 205.5% |
| D&A (Non-Cash Add-back) | 557.9M | 935.4M | 673.2M | 494.8M | 518.4M | 487.7M | 457.2M | 464.7M | 650.5M | 721.6M | 637.2M | 600.4M | 637.2M | 531.7M | 365.65M | 358.93M | 355.74M | 427.96M | 462.06M | 380.29M | 375.87M | 402.21M | 439.44M | 61.31M | 10.16M | 37.02M | 39.03M | 31.1M | 24.59M | 19.3M | 15.26M |
| EBIT | 1.11B | 2.17B | 2.32B | 1.88B | 3.02B | 3.44B | 4.65B | 7.28B | 6.36B | 5.89B | 5.71B | 5.01B | 3.97B | 2.49B | 1.84B | 1.74B | 1.27B | 1.37B | 1.21B | 951.1M | 493.06M | 265.84M | 82.99M | -865.44M | 247.59M | 393.45M | 491.42M | 316.25M | 190.64M | 148.97M | 40.83M |
| Net Interest Income | -152.8M | -158.2M | -182.7M | 29.6M | -157.3M | -242.6M | -180.5M | -67.4M | -88.1M | -172.3M | -196.6M | -73.4M | -17.3M | -23.7M | -7M | -13.8M | -13.8M | 12.7M | 20.1M | 63.1M | 100.3M | 53.1M | 38.33M | 18.43M | 18.45M | 40.17M | 38.66M | 0 | 0 | 0 | 0 |
| Interest Income | 132M | 87.8M | 67.6M | 276.5M | 89.3M | 11M | 42M | 120M | 112.5M | 78.5M | 63.4M | 22.1M | 12.2M | 8.2M | 29.5M | 19.2M | 22.3M | 48.5M | 72.1M | 103.6M | 101.22M | 62.75M | 57.23M | 33.61M | 33.72M | 44.13M | 42.97M | 0 | 0 | 0 | 0 |
| Interest Expense | 284.8M | 246M | 250.3M | 246.9M | 246.6M | 253.6M | 222.5M | 187.4M | 200.6M | 250.8M | 260M | 95.5M | 29.5M | 31.9M | 36.5M | 33M | 36.1M | 35.8M | 52M | 40.5M | 871K | 9.65M | 18.9M | 15.18M | 3.55M | 3.95M | 4.31M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -415.9M | -476M | -584.3M | -800.5M | 705.3M | -1.01B | 459.8M | 3.9M | 11M | -217M | -218.7M | -136.2M | -40.9M | -52.2M | 12.1M | -13.48M | -18.98M | 37.25M | -57.73M | 130.82M | 52.14M | 20.16M | 20.68M | -10.96M | 17.65M | 29.3M | 158.75M | 12.77M | 19.55M | 0 | 0 |
| Pretax Income | 856.4M | 1.4B | 1.91B | 1.3B | 3.59B | 1.78B | 5.05B | 7.05B | 5.9B | 5.13B | 4.93B | 4.75B | 3.93B | 2.46B | 1.85B | 1.71B | 1.23B | 1.33B | 1.16B | 910.6M | 492.16M | 256.19M | 64.09M | -880.62M | 231.52M | 389.5M | 487.11M | 329.02M | 210.19M | 148.97M | 40.83M |
| Pretax Margin % | 8.61% | 14.29% | 19.7% | 13.18% | 35.33% | 16.21% | 37.58% | 49.01% | 43.85% | 41.79% | 43.09% | 44.17% | 40.52% | 35.53% | 33.56% | 33.89% | 26.08% | 30.44% | 28.21% | 28.71% | 18.34% | 14.95% | 4.02% | -473.11% | 57.28% | 37.37% | 52.62% | 41.42% | 37.7% | 34.32% | 14.73% |
| Income Tax | 21.31M | 108.11M | 273.8M | 135.3M | 632.8M | 52.5M | 992.3M | 1.16B | 1.43B | 2.46B | 1.24B | 1.16B | 989.9M | 601M | 470.55M | 444.53M | 331.33M | 355.62M | 365.78M | 272.42M | 278.43M | 95.48M | 39.01M | -5.53M | 83.43M | 116.81M | 153.53M | 108.57M | 71.5M | 59.8M | 299K |
| Effective Tax Rate % | 2.49% | 7.71% | 14.37% | 10.43% | 17.61% | 2.95% | 19.64% | 16.43% | 24.16% | 47.94% | 25.08% | 24.43% | 25.18% | 24.4% | 25.43% | 25.98% | 26.94% | 26.68% | 31.64% | 29.92% | 56.57% | 37.27% | 60.86% | 0.63% | 36.04% | 29.99% | 31.52% | 33% | 34.01% | 40.14% | 0.73% |
| Net Income | 835.09M | 1.29B | 1.63B | 1.16B | 3.05B | 1.56B | 4B | 5.89B | 4.43B | 2.54B | 3.7B | 3.55B | 2.93B | 1.86B | 1.38B | 1.23B | 1.01B | 970.13M | 783.17M | 638.17M | 217.51M | 160.71M | 25.09M | -875.1M | 148.09M | 272.68M | 333.58M | 220.45M | 138.7M | 89.17M | 40.53M |
| Net Margin % | 8.39% | 13.18% | 16.87% | 11.81% | 29.95% | 14.17% | 29.76% | 40.96% | 32.93% | 20.69% | 32.34% | 32.95% | 30.25% | 26.86% | 25.02% | 24.45% | 21.31% | 22.16% | 19.11% | 20.12% | 8.11% | 9.38% | 1.57% | -470.14% | 36.64% | 26.16% | 36.04% | 27.75% | 24.87% | 20.54% | 14.63% |
| Net Income Growth % | -45.44% | -20.76% | 40.57% | -61.89% | 95.8% | -61.1% | -32.06% | 32.9% | 74.5% | -31.43% | 4.39% | 20.86% | 57.59% | 34.95% | 11.8% | 22.8% | 3.62% | 23.87% | 22.72% | 193.4% | 35.34% | 540.64% | 102.87% | -690.92% | -45.69% | -18.25% | 51.32% | 58.94% | 55.55% | 120% | 616.08% |
| Net Income (Continuing) | 835.09M | 1.29B | 1.63B | 1.16B | 2.96B | 1.73B | 4.06B | 5.89B | 4.47B | 2.67B | 3.7B | 3.59B | 2.94B | 1.86B | 0 | 1.27B | 898.57M | 977.06M | 790.11M | 638.17M | 213.73M | 160.71M | 25.09M | -875.1M | 148.09M | 272.68M | 333.58M | 220.45M | 138.7M | 89.17M | 40.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | 5.62 | 8.83 | 11.19 | 7.97 | 20.87 | 10.40 | 24.80 | 31.42 | 21.58 | 11.92 | 16.93 | 15.34 | 12.37 | 7.81 | 5.76 | 5.04 | 3.94 | 3.35 | 2.65 | 1.99 | 0.63 | 0.47 | 0.07 | -2.62 | 0.50 | 0.68 | 0.72 | 0.47 | 0.15 | 0.10 | 0.04 |
| EPS Growth % | -46.09% | -21.09% | 40.4% | -61.81% | 100.67% | -58.06% | -21.07% | 45.6% | 81.04% | -29.59% | 10.37% | 24.01% | 58.39% | 35.59% | 14.29% | 27.92% | 17.61% | 26.42% | 33.17% | 215.87% | 34.04% | 571.43% | 102.67% | -624% | -26.47% | -5.56% | 53.19% | 213.33% | 55.93% | 119.13% | - |
| EPS (Basic) | - | 8.85 | 11.20 | 8.02 | 20.97 | 10.44 | 24.86 | 31.47 | 21.62 | 11.94 | 16.96 | 15.38 | 12.42 | 7.86 | 5.80 | 5.09 | 3.98 | 3.37 | 2.67 | 2.02 | 0.64 | 0.48 | 0.07 | -2.62 | 0.51 | 0.70 | 0.75 | 0.49 | 0.16 | 0.10 | 0.05 |
| Diluted Shares Outstanding | 148.7M | 146.7M | 145.9M | 145.6M | 146M | 149.6M | 161.3M | 187.4M | 205.3M | 213M | 218.8M | 231.2M | 237.18M | 238.31M | 239.74M | 245.03M | 254.87M | 289.48M | 294.98M | 320.17M | 345.28M | 346.16M | 343.48M | 333.7M | 398.75M | 398.75M | 463.81M | 473.36M | 945.52M | 926.67M | 922.86M |
| Basic Shares Outstanding | 147.7M | 146.7M | 145.7M | 144.7M | 145.3M | 149.1M | 160.9M | 187.1M | 204.9M | 212.6M | 218.4M | 230.7M | 236.36M | 236.92M | 237.94M | 242.4M | 252.31M | 287.36M | 292.33M | 315.84M | 338.58M | 335.59M | 335M | 333.7M | 389.96M | 389.96M | 446.23M | 449.76M | 884.52M | 877.89M | 850M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BIIB stock.
For fiscal year 2025, Biogen Inc. (BIIB) reported total revenue of $9.81B. This represents a 3440.6% increase compared to $277.1M in 1996.
Biogen Inc. (BIIB) is profitable, generating $1.29B in net income for the fiscal year ending 2025 with a net profit margin of 13.2%.
Biogen Inc. (BIIB) reported an operating income of $1.88B, resulting in an operating profit margin of 19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Biogen Inc. (BIIB) generated $6.91B in gross profit for the year, representing a gross profit margin of 70.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
MS erosion and margin compression
Metrics are mathematically derived from official filings.
Growth Portfolio Outpaces Legacy MS
According to recent SEC filings, Biogen's growth portfolio delivered 24% YoY revenue growth in Q2 2026, surpassing legacy MS revenue, though total revenue grew only 3.4%.
The reported 24% growth in the growth portfolio, which includes recently acquired products, indicates a strategic pivot away from MS dependence is gaining traction. However, total revenue growth of just 3.4% in Q2 2026 suggests that the legacy MS franchise continues to drag on overall top-line expansion. Investors should monitor whether the growth portfolio can sustain this momentum and fully offset the ongoing erosion in MS sales.
Gross Margin Volatility Signals Mix Shift
Biogen's gross margin swung from 78.3% in Q1 2024 to 56.9% in Q2 2026, reflecting a mix shift toward lower-margin partnered products and potential inventory adjustments.
The dramatic fluctuation in gross margin, from a high of 78.3% to a low of 56.9%, suggests that the revenue mix is becoming less favorable, likely due to increased contributions from profit-sharing arrangements like Leqembi and the integration of acquired products. This volatility may indicate that the company's historical high-margin model is being diluted, and investors should assess whether this is a temporary phenomenon or a structural shift. The peer comparison shows Biogen's gross margin is now well below Regeneron's 85.4% and Vertex's 85.0%, highlighting a competitive disadvantage.
Operating Leverage Inconsistent Amid Restructuring
Operating margin ranged from -2.5% in Q4 2025 to 30.1% in Q1 2025, with Q2 2026 at 11.6%, indicating that cost controls are not yet delivering stable operating leverage.
The wide swings in operating margin, including a negative quarter in Q4 2025, suggest that Biogen's high fixed-cost base is not being efficiently leveraged as revenue growth remains modest. The Q2 2026 operating margin of 11.6% is significantly below the peer average, and despite the EPS beat, the operating income of $318.1 million is the lowest in the last five quarters. This may indicate that restructuring efforts have not yet fully aligned the cost structure with the new revenue mix, and investors should monitor whether management can achieve sustainable operating leverage.
EPS Volatility Masks Underlying Trends
Reported diluted EPS swung from -$0.33 in Q4 2025 to $4.35 in Q2 2025, with Q2 2026 EPS of $0.66 despite a $3.60 beat, suggesting non-operating items distort earnings quality.
The extreme volatility in EPS, including a negative quarter and a quarter with EPS of $4.35, indicates that reported net income is heavily influenced by one-time items, tax effects, or investment gains. The Q2 2026 EPS of $0.66 is far below the operating income per share of approximately $2.15, implying significant non-operating charges or higher tax rates. Investors should adjust for these items to assess the underlying profitability of the core business, as the headline EPS beat may not reflect sustainable earnings power.
R&D and SG&A Pressures Persist
R&D expenses averaged around $550M per quarter over the past year, while SG&A rose to $709.7M in Q2 2026, indicating continued investment and cost pressures.
The consistent R&D spending of roughly $500-600 million per quarter underscores Biogen's commitment to its neuroscience pipeline, but it also pressures margins given the high failure rate in Phase 3 trials. SG&A expenses increased to $709.7 million in Q2 2026, the highest in the reported periods, which may reflect costs associated with launching and integrating new products. This suggests that management is prioritizing growth investments over near-term profitability, and investors should monitor whether these expenses translate into durable revenue growth.
Margin Compression and MS Erosion Risks
Despite the Q2 2026 beat, gross margin fell to 56.9% and net margin to 3.6%, raising concerns that the growth portfolio may not be as profitable as legacy MS drugs.
The sharp decline in gross margin to 56.9% in Q2 2026, compared to the 70%+ levels seen in prior quarters, suggests that the revenue mix is shifting toward lower-margin products, possibly due to profit-sharing with partners like Eisai. Additionally, the legacy MS franchise continues to face generic competition, and the reported 24% growth in the growth portfolio may not be sufficient to offset the margin dilution. Short-sellers could argue that the company is trading revenue growth for profitability, and if the growth portfolio's margins do not improve, overall profitability may remain strained.