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Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat 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; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.9B | $2.6B | $1.3B | $2.0B | 7.1% | 2.2% | -20.8% |
| 2024 | $9.7B | $2.8B | $1.6B | $2.5B | 9.8% | -1.6% | 40.6% |
| 2023 | $9.8B | $2.0B | $1.2B | $1.2B | 7.8% | -3.3% | -61.9% |
| 2022 | $10.2B | $4.4B | $3.0B | $1.1B | 22.7% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,173.40 | 9,835.60 | 9,675.90 | 9,890.60 |
| Operating Revenue | - | 9,688.30 | 9,835.60 | 9,675.90 | 9,890.60 |
| Cost Of Revenue | - | 2,278.30 | 2,533.40 | 2,310.40 | 2,404.20 |
| Gross Profit | - | 7,895.10 | 7,302.20 | 7,365.50 | 7,486.40 |
| Operating Expense | - | 4,993.20 | 5,454.50 | 5,085.10 | 5,017.40 |
| Research And Development | - | 2,231.10 | 2,445.40 | 1,980.30 | 1,778.60 |
| Selling General And Administration | - | 2,403.60 | 2,549.70 | 2,403.70 | 2,433.60 |
| Total Expenses | - | 7,271.50 | 7,987.90 | 7,395.50 | 7,421.60 |
| Operating Income | - | 2,901.90 | 1,847.70 | 2,280.40 | 2,469 |
| Total Operating Income As Reported | 2,840.70 | - | - | - | - |
| EBITDA | - | 4,356.80 | 2,038.50 | 2,829.50 | 2,603.90 |
| Normalized EBITDA | - | 3,499.50 | 2,619.40 | 3,106.50 | 3,398.60 |
| EBIT | - | 3,838.40 | 1,543.70 | 2,156.30 | 1,824 |
| Interest Income | - | 89.30 | 276.50 | 67.60 | 125 |
| Interest Expense | - | 246.60 | 246.90 | 250.30 | 267.50 |
| Net Interest Income | - | -157.30 | 29.60 | -182.70 | -142.50 |
| Other Non Operating Income Expenses | - | -10.10 | 0.40 | 85.30 | 24.70 |
| Other Income Expense | - | 847.20 | -580.50 | -191.70 | -770 |
| Interest Income Non Operating | - | 89.30 | 276.50 | 67.60 | 125 |
| Interest Expense Non Operating | - | 246.60 | 246.90 | 250.30 | 267.50 |
| Net Non Operating Interest Income Expense | - | -157.30 | 29.60 | -182.70 | -142.50 |
| Pretax Income | - | 3,591.80 | 1,296.80 | 1,906 | 1,556.50 |
| Tax Provision | - | 632.80 | 135.30 | 273.80 | 263.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 150.88 | -60.41 | -39.79 | -134.59 |
| Net Income Continuous Operations | - | 2,961.60 | 1,161.50 | 1,632.20 | 1,292.90 |
| Net Income From Continuing And Discontinued Operation | - | 3,046.90 | 1,161.10 | 1,632.20 | 1,292.90 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,046.90 | 1,161.10 | 1,632.20 | 1,292.90 |
| Net Income | - | 3,046.90 | 1,161.10 | 1,632.20 | 1,292.90 |
| Net Income Common Stockholders | - | 3,046.90 | 1,161.10 | 1,632.20 | 1,292.90 |
| Net Income Including Noncontrolling Interests | - | 2,961.60 | 1,161.50 | 1,632.20 | 1,292.90 |
| Normalized Income | - | 2,340.48 | 1,681.59 | 1,869.41 | 1,953.01 |
| Diluted NI Availto Com Stockholders | - | 3,046.90 | 1,161.10 | 1,632.20 | 1,292.90 |
| Basic Average Shares | - | 145.30 | 144.70 | 145.60 | 146.50 |
| Diluted Average Shares | - | 146 | 145.60 | 145.90 | 147.10 |
| Reconciled Depreciation | - | 518.40 | 494.80 | 673.20 | 779.90 |
| Reconciled Cost Of Revenue | - | 2,125.80 | 2,279.20 | 2,083.90 | 2,139.30 |
| Total Unusual Items | - | 857.30 | -580.90 | -277 | -794.70 |
| Total Unusual Items Excluding Goodwill | - | 857.30 | -580.90 | -277 | -794.70 |
| Minority Interests | - | 85.30 | -0.40 | 0 | 0 |
| Earnings From Equity Interest Net Of Tax | 34.90 | 2.60 | 0 | 0 | - |
| Special Income Charges | - | 1,170.10 | -239.30 | -145.70 | -746.40 |
| Gain On Sale Of Business | 0 | 1,505.40 | 0 | 0 | - |
| Other Special Charges | - | 917 | 20.50 | 87.80 | 611.30 |
| Impairment Of Capital Assets | - | - | 0 | 0 | 52.90 |
| Restructuring And Mergern Acquisition | - | -78 | 218.80 | 57.90 | 82.20 |
| Gain On Sale Of Security | - | -312.80 | -341.60 | -131.30 | -48.30 |
| Depreciation Amortization Depletion Income Statement | - | 365.90 | 240.60 | 446.70 | 515 |
| Depreciation And Amortization In Income Statement | - | 365.90 | 240.60 | 446.70 | 515 |
| Gain On Sale Of Ppe | 0 | 503.70 | 0 | 0 | - |
| Other Operating Expenses | - | -7.40 | 218.80 | 254.40 | 290.20 |
| Amortization | - | 365.90 | 240.60 | 446.70 | 515 |
| Amortization Of Intangibles Income Statement | - | 365.90 | 240.60 | 446.70 | 515 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Biogen Inc.this co. | BIIB | $29.0B | 22.43↑ premium | 1.59 | 7.1% | 12.51 |
| Zoetis Inc. | ZTS | $33.3B | 12.47 | 10.01 | 80.2% | 9.90 |
| IQVIA Holdings Inc. | IQV | $31.2B | 22.93 | 4.80 | 20.9% | 13.04 |
| Centene Corporation | CNC | $31.0B | -4.64 | 1.55 | -33.4% | -6.54 |
| GE HealthCare Technologies Inc. | GEHC | $29.0B | 13.93 |
| - |
| - |
| - |
| - |
| 2.80 |
| 20.1% |
| 9.24 |
| ResMed Inc. | RMD | $28.2B | 20.12 | 4.72 | 23.5% | 14.47 |
| DexCom, Inc. | DXCM | $28.0B | 33.49 | 10.20 | 30.5% | 20.97 |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| Insmed Incorporated | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| Peer Median | - | 17.03 | 4.80 | 20.5% | 13.04 | |