Revenue growth remains inconsistent, fluctuating between a 7.1% contraction in 2025Q4 and a 7.3% expansion in 2025Q2, while gross margins have shown significant variance, dropping to 61.2% in 2024Q2 before recovering to 73.3% in 2026Q1.
| 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 | 9.86B | 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 % | 0.42% | 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 | 2.98B | 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 | 6.88B | 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 % | 69.77% | 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 | 5.33B | 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 | 2.47B | 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 | 1.98B | 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 | 2M | 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 | 1.54B | 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 % | 15.65% | 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 | 2.43B | 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 % | 24.66% | 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 % | -16% | -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) | 888.7M | 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 | 1.9B | 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 | -136.1M | -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 | 139M | 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 | 275.1M | 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 | -74.3M | -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 | 1.47B | 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 % | 14.89% | 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 | 95.61M | 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 % | 6.51% | 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 | 1.37B | 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 % | 13.92% | 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 % | -7.23% | -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) | 1.37B | 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) | 9.25 | 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 % | -7.8% | -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 | 148.4M | 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 | 147.2M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Neurology pipeline execution failure
According to the provided quarterly data, Biogen's revenue growth remains inconsistent, fluctuating between a 7.1% contraction in 2025Q4 and a 7.3% expansion in 2025Q2, suggesting that the company is struggling to offset the secular decline of its legacy multiple sclerosis franchise with new product launches.
The top-line volatility indicates that the transition toward newer assets like Leqembi has yet to provide a stable growth floor. Investors should monitor whether the current revenue mix can sustain positive momentum as the legacy portfolio faces increasing generic pressure.
As reported in financial statements, Biogen's gross margins have experienced significant variance, dropping to a low of 61.2% in 2024Q2 before recovering to 73.3% in 2026Q1, which highlights the sensitivity of the company's cost structure to product mix shifts and potential inventory-related adjustments.
The fluctuation in gross margins suggests that the company's manufacturing and collaboration-based cost structure is not yet optimized for its evolving product portfolio. This instability may indicate that the costs associated with newer therapies are currently less predictable than those of established legacy treatments.
Based on the reported figures, Biogen's operating margins have swung from a negative 2.5% in 2025Q4 to a peak of 30.1% in 2025Q1, demonstrating that the company has yet to achieve consistent operating leverage as it balances R&D investment with necessary cost-cutting initiatives.
The lack of a clear trend in operating income relative to gross profit suggests that SG&A and R&D expenses are not scaling efficiently with revenue. This inconsistency warrants further investigation into whether management's restructuring programs are effectively controlling overhead or if they are merely reactive to trial outcomes.
Data from the income statement shows that net income has fluctuated significantly, including a net loss in 2025Q4, which, when combined with consistent stock-based compensation expenses averaging over $70 million per quarter, suggests that reported EPS may not fully reflect the underlying operational cash generation.
The wide variance in net income appears driven by non-operating items and periodic adjustments rather than steady core performance. Investors should be cautious of relying on EPS as a proxy for operational health given the impact of collaboration accounting and potential one-time charges.
While the company maintains a strong balance sheet, the income statement reveals a concerning trend of margin compression during periods of high R&D spending, as seen in 2024Q4, which may indicate that the cost of innovation is currently outpacing the commercial returns of new assets.
Short-term margin pressure may be a structural reality rather than a temporary hurdle if the company's reliance on profit-sharing collaborations continues to dilute net margins. The market may be underestimating the long-term impact of these agreements on the company's ability to generate sustainable bottom-line growth.
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.