Company file · BIIB
Biogen
Biogen's revenue rose 2.2% in FY2025, to $9.9B, and net income fell 20.8% to $1.3B
Revenue rose 2.2% to $9.9B in FY2025, from $9.7B in FY2024. Net income fell 20.8% to $1.3B.
Key facts
Biogen (Nasdaq: BIIB) closed fiscal 2025 on Dec 31, 2025 with revenue of $9.9B, up 2.2% from a year before; net income came to $1.3B, down 20.8%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.8B, up 10.6% on the same stretch of the prior year, and net income of −$21M. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 6, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026
How it makes money
Biogen reported revenue of $9.9B for FY2025, and net income of $1.3B.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Biogen 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 2.2% in FY2025 to $9.9B, from $9.7B a year earlier. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $2.8B, up 10.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income fell 20.8% in FY2025 to $1.3B, from $1.6B. 10-K, FY2025
- Operating cash flow fell 23.3% in FY2025 to $2.2B. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Biogen is in the biotechnology industry, part of the health care sector. The SEC files it under Biological Products, (No Diagnostic Substances).
The full description of Biogen's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the biotechnology industry. They are not a summary of Biogen’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $9.8B | $9.7B | $9.9B |
| Net income | $1.2B | $1.6B | $1.3B |
| Operating cash flow | $1.5B | $2.9B | $2.2B |
| Cash & equivalents (year end) | $1.0B | $2.4B | $3.0B |
| Total debt (year end) | $6.9B | $6.3B | $6.3B |
| Diluted shares | 146M | 146M | 147M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
- Total debt: Debt due within one year plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Legal proceedings and loss contingencies
- Contractual commitments
- Dividend payout ratio
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 28, 2026 | Jun 9, 2026 |
| 10-K | Feb 6, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Biogen
How does Biogen make money?
Fiscal 2025 revenue: $9.9B. Biogen reported revenue of $9.9B for FY2025, and net income of $1.3B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What was Biogen's revenue in fiscal 2025?
$9.9B, up 2.2% from fiscal 2024 ($9.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $9.8B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
Is Biogen profitable?
Net income was $1.3B in fiscal 2025 (down 20.8%; fiscal 2024 was $1.6B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was −$21M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What did Biogen report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $2.8B (up 10.6% from $2.5B) and net income −$21M (compared with $466M from $466M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does Biogen have?
As of Sep 30, 2026: $1.3B of cash and cash equivalents, $7.3B of total debt. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.
What are the main risks Biogen faces?
Biogen's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 6, 2026. Risks that are common among companies in the biotechnology industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these Biogen numbers come from?
The 10-K filed Feb 6, 2026 (fiscal 2025) and the 10-Q filed Oct 28, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Biogen
- Citadel Advisors: 418,356 shares, reported value $90.4M at Jun 30, 2026 (+203.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Point72 Asset Management: 88,149 shares, reported value $19.0M at Jun 30, 2026 (−89.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 77,744 shares, reported value $16.8M at Jun 30, 2026 (−61.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Two Sigma Investments: 7,105 shares, reported value $1.5M at Jun 30, 2026 (−24.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in BIIB
- The editor holds no position in Biogen (BIIB). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell BIIB from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold BIIB, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| BiogenBIIB | FY2025 | $9.9B | +2.2% | $1.3B |
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
| AmgenAMGN | FY2025 | $36.8B | +10.0% | $7.7B |
| GileadGILD | FY2025 | $29.4B | +2.4% | $8.5B |
| Vertex PharmaceuticalsVRTX | FY2025 | $12.0B | +8.9% | $4.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.