Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Biogen (BIIB) posted modest 2.2% revenue growth to $9.89B in FY2025, but net income fell 20.8% to $1.29B, pressured by higher costs and increased long-term debt, while operating cash flow declined sharply by 23.3%.
Revenue
$9.89B
+2.22% YoY
EPS (Diluted)
$8.79
-21.38% YoY
Source: SEC XBRL
Biogen (BIIB) reported FY2025 revenue of $9.89B, up 2.2% year over year. Operating cash flow was $2.2B, down 23.3% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 3.60 | 3.01 | Beat +19.8% |
| Mar 2026 | 3.57 | 2.83 | Beat +26.3% |
| Dec 2025This filing | 1.99 | 1.65 | Beat +20.9% |
| Sep 2025 | 4.81 | 3.96 | Beat +21.5% |
Reported EPS of $1.99 versus the $1.65 analyst consensus — a +20.9% beat for Dec 2025.
Compiled by AI from this SEC filing
Total revenue grew 2.2% year-over-year to $9.89B in FY2025, up from $9.68B in the prior year, suggesting modest but steady demand for Biogen's existing product portfolio despite competitive pressures in the neuroscience space.
Source: 10-K Income Statement, FY2025
Cost of revenue increased 4.1% to $2.40B, outpacing revenue growth of 2.2%, which compressed gross margins. SG&A expenses also rose 1.2% to $2.43B, adding further pressure on operating income and contributing to the 20.8% decline in net income to $1.29B.
Source: 10-K Income Statement, FY2025
Operating cash flow fell 23.3% to $2.20B from $2.88B in the prior year, reflecting lower net income and potentially unfavorable working capital changes, signaling reduced cash generation capacity relative to FY2024.
Source: 10-K Cash Flow Statement, FY2025
Long-term debt surged 38.3% to $6.29B, while current liabilities dropped 39.4% to $3.35B, suggesting Biogen refinanced or restructured near-term obligations into longer-dated debt, improving short-term liquidity but increasing leverage.
Source: 10-K Balance Sheet, FY2025
Investing cash outflows widened 71.6% to -$1.37B from -$799.2M, indicating significantly higher capital expenditures or acquisitions in FY2025, which alongside rising D&A of $779.9M (+15.8%) points to ongoing investment in infrastructure or pipeline assets.
Source: 10-K Cash Flow Statement, FY2025
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
Net income fell 20.8% to $1.29B even as revenue grew 2.2%, indicating that cost inflation and potentially higher R&D or restructuring charges are eroding profitability. If this trend continues, Biogen's ability to fund pipeline development from internal cash flows may be constrained.
Source: 10-K Income Statement, FY2025
Long-term debt increased 38.3% to $6.29B in FY2025, significantly raising Biogen's financial leverage. Higher interest obligations could weigh on future net income and limit financial flexibility, particularly if revenue growth remains modest.
Source: 10-K Balance Sheet, FY2025
Operating cash flow declined 23.3% to $2.20B, reducing free cash flow generation. This limits Biogen's capacity for share buybacks, dividends, or self-funded R&D investment without relying on external financing.
Source: 10-K Cash Flow Statement, FY2025
Cost of revenue grew 4.1% versus revenue growth of 2.2%, compressing gross margins. Sustained cost inflation in manufacturing, distribution, or raw materials could further erode profitability if pricing power remains limited.
Source: 10-K Income Statement, FY2025
Investing cash outflows increased 71.6% year-over-year to -$1.37B, suggesting significant capital commitments. If these investments do not generate adequate returns, they could strain the balance sheet and reduce shareholder value over time.
Source: 10-K Cash Flow Statement, FY2025
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 9.89 $B | 9.68 $B | +2.22% |
Cost of Revenue $B | 2.40 $B | 2.31 $B | +4.06% |
Net Income $B | 1.29 $B | 1.63 $B | -20.78% |
EPS (Basic) $ | 8.83 $ | 11.21 $ | -21.23% |
EPS (Diluted) $ | 8.79 $ | 11.18 $ | -21.38% |
SG&A Expense $B | 2.43 $B | 2.40 $B | +1.24% |
Answers draw on this SEC filing and the data on this page
Biogen reported 2026-Q2 total revenue of $2,736.0 million (+3.4% YoY), driven by the addition of Apellis products and growth in rare disease therapies, though net profitability fell sharply due to acquisition step-up costs and higher operating and IPR&D expenses.
Biogen delivered a solid Q1 2026 with revenue up 1.9% YoY to $2.48B, while net income surged 32.8% to $319.5M and operating cash flow nearly tripled to $645.5M, reflecting improved profitability and working capital management.
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