Biogen Inc. (BIIB) financial statements: income statement, balance sheet and cash flow
Biogen Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Biogen Inc. reported revenue of $9.9B (+2.2% year on year) and net income of $1.3B (-20.8% year on year).
Income statement
Biogen Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$9.9B
$9.7B
$9.8B
$10.2B
Cost of sales, excluding amortization and impairment of acquired intangible assets
$2.4B
$2.3B
$2.5B
$2.3B
Research and development
$1.8B
$2.0B
$2.5B
$2.2B
Acquired in-process research and development, upfront and milestone expense
$471.8M
—
—
—
Selling, general and administrative
$2.4B
$2.4B
$2.5B
$2.4B
Amortization and impairment of acquired intangible assets
$515.0M
$446.7M
$240.6M
$365.9M
Collaboration profit sharing/(loss reimbursement)
$290.2M
$254.4M
$218.8M
—
(Gain) loss on fair value remeasurement of contingent consideration
$33.6M
$27.7M
$0
($209.1M)
Impairment of ROU asset
$52.9M
—
—
—
Restructuring charges
$48.6M
$30.2M
$218.8M
$131.1M
Gain on sale of priority review voucher, net
$0
($88.6M)
—
—
Other (income) expense, net
$305.6M
$343.6M
$315.5M
($108.2M)
Total cost and expense
$8.3B
$7.8B
$8.5B
$6.6B
Income before income tax (benefit) expense
$1.6B
—
—
—
Income tax (benefit) expense
$263.6M
$273.8M
$135.3M
$632.8M
Net income
$1.3B
$1.6B
$1.2B
$3.0B
Net income attributable to noncontrolling interests, net of tax
$0
$0
$400.0K
($85.3M)
Net income attributable to Biogen Inc.
$1.3B
$1.6B
$1.2B
$3.0B
Basic earnings per share attributable to Biogen Inc. (in dollars per share)
$8.83
$11.21
$8.02
$20.96
Diluted earnings per share attributable to Biogen Inc. (in dollars per share)
$8.79
$11.18
$7.97
$20.87
Weighted-average number of common shares outstanding (in shares)
146.5M
145.6M
144.7M
145.3M
Diluted earnings per share attributable to Biogen Inc. (in shares)
$147100000.00
$145900000.00
$145600000.00
$146000000.00
Biogen Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenue
$2.7B
$2.5B
$2.5B
$2.6B
Cost of sales, excluding amortization and impairment of acquired intangible assets
$776.9M
$661.0M
$674.4M
$605.0M
Research and development
$529.6M
$539.0M
$436.1M
$399.0M
Acquired in-process research and development, upfront and milestone expense
$164.0M
$34.0M
$2.1M
$46.6M
Selling, general and administrative
$709.7M
$607.3M
$594.8M
$583.8M
Amortization and impairment of acquired intangible assets
$168.2M
$136.5M
$135.7M
$130.9M
Collaboration profit sharing/(loss reimbursement)
$68.8M
$74.2M
$87.2M
$75.0M
(Gain) loss on fair value remeasurement of contingent consideration
$2.5M
$20.5M
$5.6M
$13.2M
Restructuring charges
$165.4M
$7.9M
$7.4M
($700.0K)
Other (income) expense, net
$18.5M
$19.7M
$34.1M
$48.7M
Total cost and expense
$2.6B
$2.1B
$2.0B
$1.9B
Income before income tax (benefit) expense
$132.4M
$377.7M
$557.3M
$744.0M
Income tax (benefit) expense
$34.9M
$58.2M
$90.8M
$109.2M
Net income attributable to Biogen Inc.
$97.5M
$319.5M
$466.5M
$634.8M
Basic earnings per share attributable to Biogen Inc. (in USD per share)
$0.66
$2.17
$3.18
$4.33
Diluted earnings per share attributable to Biogen Inc. (in USD per share)
$0.66
$2.15
$3.17
$4.33
Basic earnings per share attributable to Biogen Inc. (in USD per share)
$147700000.00
$147200000.00
$146600000.00
$146500000.00
Diluted earnings per share attributable to Biogen Inc. (in USD per share)
$148700000.00
$148400000.00
$147100000.00
$146700000.00
Balance sheet
Biogen Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$3.0B
$2.4B
$1.0B
$3.4B
Current portion of marketable securities
$807.2M
—
$0
$1.5B
Accounts receivable, net of allowance for doubtful accounts of $3.0 and $2.2, respectively
$1.3B
$1.4B
$1.7B
$1.7B
Due from anti-CD20 therapeutic programs
$524.6M
$464.0M
$435.9M
$431.4M
Inventory
$2.2B
$2.5B
$2.5B
$1.3B
Other current assets
$1.1B
$752.5M
$1.2B
$1.4B
Total current assets
$9.0B
$7.5B
$6.9B
$9.8B
Marketable securities
$431.9M
—
$0
$705.7M
Property, plant and equipment, net
$3.1B
$3.2B
$3.3B
$3.3B
Operating lease assets
$265.4M
$356.4M
$420.0M
$403.9M
Intangible assets, net
$9.2B
$9.7B
$8.4B
$1.9B
Goodwill
$6.5B
$6.5B
$6.2B
$5.7B
Deferred tax asset
$292.5M
$324.2M
$928.6M
$1.2B
Investments and other assets
$750.6M
$560.5M
$745.0M
$1.5B
Total assets
$29.4B
$28.0B
$26.8B
$24.6B
Current portion of notes payable
$0
$1.7B
$150.0M
$0
Taxes payable
$114.8M
$548.3M
$257.4M
$259.9M
Accounts payable
$432.0M
$424.2M
$403.3M
$491.5M
Accrued expense and other
$2.8B
$2.8B
$2.6B
$2.5B
Total current liabilities
$3.3B
$5.5B
$3.4B
$3.3B
Notes payable
$6.3B
$4.5B
$6.8B
$6.3B
Deferred tax liability
$507.6M
$190.5M
$641.8M
$334.7M
Long-term operating lease liabilities
$290.4M
$334.5M
$400.0M
$333.0M
Other long-term liabilities
$748.5M
$732.3M
$781.1M
$944.2M
Total liabilities
$11.2B
$11.3B
$12.0B
$11.2B
Preferred stock, par value $0.001 per share
$0.00
$0.00
$0.00
$0.00
Common stock, par value $0.0005 per share
$100000.00
$100000.00
$100000.00
$100000.00
Additional paid-in capital
$863.1M
$569.4M
$302.5M
$73.3M
Accumulated other comprehensive income (loss)
($182.0M)
($136.2M)
($153.7M)
($164.9M)
Retained earnings
$20.6B
$19.3B
$17.6B
$16.5B
Treasury stock, at cost; 23.8 million and 23.8 million shares, respectively
-3.0B
-3.0B
-3.0B
-3.0B
Total equity
$18.3B
$16.7B
$14.8B
$13.4B
Total liabilities and equity
$29.4B
$28.0B
$26.8B
$24.6B
Biogen Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.3B
$3.4B
$3.9B
$2.8B
Current portion of marketable securities
$0
$900.0M
$97.6M
—
Accounts receivable, net of allowance for doubtful accounts of $2.9 and $3.0, respectively
$2.4B
$1.8B
$1.9B
$2.1B
Inventory
$2.4B
$1.9B
$2.2B
$2.3B
Other current assets
$1.2B
$1.2B
$916.8M
$850.6M
Total current assets
$7.3B
$9.2B
$8.9B
$8.0B
Marketable securities
$0
$465.6M
—
—
Property, plant and equipment, net
$3.0B
$3.0B
$3.1B
$3.1B
Operating lease assets
$245.7M
$251.3M
$330.5M
$334.5M
Intangible assets, net
$13.5B
$9.1B
$9.3B
$9.5B
Goodwill
$7.0B
$6.5B
$6.5B
$6.5B
Deferred tax asset
$202.1M
$238.2M
$312.4M
$330.9M
Investments and other assets
$831.8M
$777.5M
$729.7M
$637.7M
Total assets
$32.1B
$29.5B
$29.2B
$28.3B
Current portion of term loan
$800.0M
—
—
—
Taxes payable
$86.9M
$93.6M
$103.3M
$114.8M
Accounts payable
$403.9M
$358.5M
$413.1M
$408.4M
Accrued expense and other
$2.6B
$2.5B
$2.8B
$2.7B
Total current liabilities
$3.9B
$3.0B
$3.3B
$3.2B
Notes payable and term loan
$7.3B
$6.3B
$6.3B
$6.3B
Deferred tax liability
$945.5M
$483.5M
$358.1M
$118.3M
Long-term operating lease liabilities
$264.8M
$273.4M
$305.0M
$310.9M
Other long-term liabilities
$820.9M
$787.1M
$761.8M
$799.6M
Total liabilities
$13.2B
$10.8B
$11.0B
$10.7B
Preferred stock, par value $0.001 per share
$0.00
$0.00
$0.00
$0.00
Common stock, par value $0.0005 per share
$100000.00
$100000.00
$100000.00
$100000.00
Additional paid-in capital
$983.0M
$896.7M
$797.7M
$714.0M
Accumulated other comprehensive income (loss)
($127.7M)
($140.2M)
($214.8M)
($238.1M)
Retained earnings
$21.0B
$20.9B
$20.6B
$20.1B
Treasury stock, at cost
($3.0B)
($3.0B)
($3.0B)
($3.0B)
Total equity
$18.8B
$18.7B
$18.2B
$17.6B
Total liabilities and equity
$32.1B
$29.5B
$29.2B
$28.3B
Cash flow statement
Biogen Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$1.3B
$1.6B
$1.2B
$3.0B
Depreciation and amortization
$779.9M
$673.2M
$494.8M
$518.4M
Impairment of intangible assets
$7.9M
$60.2M
$0
$119.6M
Impairment of ROU asset
$52.9M
—
—
—
Excess and obsolescence charges related to inventory
$29.2M
$101.9M
$124.4M
$336.2M
Amortization of acquired inventory step-up
$240.8M
$230.0M
$31.5M
—
Acquired in-process research and development
$85.0M
—
$0
$0
Share-based compensation
$290.8M
$291.2M
$264.2M
$254.1M
Contingent consideration
$33.6M
$27.7M
$0
($209.1M)
Deferred income taxes
$361.6M
($158.1M)
($305.8M)
($168.6M)
(Gain) loss on strategic investments
$19.3M
$101.4M
$277.1M
$265.9M
Gain on sale of priority review voucher, net
$0
($88.6M)
—
—
Other
$68.3M
$159.6M
$148.2M
$208.2M
Accounts receivable
$102.7M
$222.3M
$61.3M
($203.4M)
Due from anti-CD20 therapeutic programs
($60.6M)
($28.1M)
($4.6M)
($19.0M)
Inventory
($64.7M)
($273.8M)
($130.9M)
($320.2M)
Accrued expense and other current liabilities
$171.1M
$24.6M
($201.6M)
($113.4M)
Income tax assets and liabilities
($958.1M)
$78.5M
($299.0M)
($142.3M)
Other changes in operating assets and liabilities, net
($248.0M)
($178.7M)
($73.9M)
($92.0M)
Net cash flow provided by (used in) operating activities
$2.2B
$2.9B
$1.5B
$1.4B
Purchases of property, plant and equipment
($153.8M)
($153.7M)
($277.0M)
($240.3M)
Proceeds from sales and maturities of marketable securities
$23.0M
$0
$7.4B
$3.7B
Purchases of marketable securities
($1.3B)
$0
($5.1B)
($3.4B)
Acquisition, net of cash acquired
$0
($1.1B)
($6.9B)
—
Proceeds from sale of equity interest in Samsung Bioepis
$0
$406.8M
$788.1M
$990.3M
Proceeds from sale of priority review voucher, net
$0
$88.6M
$0
$0
Acquired in-process research and development
($50.0M)
—
—
$0
Acquisitions of intangible assets
($31.6M)
($206.1M)
($34.4M)
($2.9M)
Proceeds from sales of strategic investments
$56.7M
$144.7M
$119.6M
$0
Other
$42.9M
($4.7M)
($11.3M)
$24.4M
Net cash flow provided by (used in) investing activities
($1.4B)
($799.2M)
($4.1B)
$1.6B
Payments related to issuance of stock for share-based compensation arrangements, net
($10.0M)
($31.3M)
($44.3M)
($1.9M)
Proceeds from borrowings
$1.7B
$0
$997.2M
$0
Repayments of borrowings
($1.8B)
—
—
$0
Net (distribution) contribution to noncontrolling interest
$0
$0
$12.3M
$12.4M
Contingent consideration payments
($280.0M)
—
—
—
Other
$5.0M
($2.2M)
($6.0M)
($5.6M)
Net cash flow provided by (used in) financing activities
($301.9M)
($683.5M)
$149.3M
($1.7B)
Net increase (decrease) in cash and cash equivalents
$531.6M
$1.4B
($2.4B)
$1.2B
Effect of exchange rate changes on cash and cash equivalents
$101.9M
($67.7M)
$35.1M
($55.7M)
Cash and cash equivalents, beginning of the year
$2.4B
$1.0B
$3.4B
$2.3B
Cash and cash equivalents, end of the year
$3.0B
$2.4B
$1.0B
$3.4B
Biogen Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$417.0M
$319.5M
$1.3B
$875.3M
Depreciation and amortization
$440.5M
$204.4M
$579.7M
$377.5M
Impairment of intangible assets
$0
—
$3.5M
$3.5M
Excess and obsolescence charges related to inventory
$9.9M
$4.8M
$13.9M
$14.3M
Amortization of acquired inventory step-up
$310.4M
$107.6M
$165.4M
$103.9M
Acquired in-process research and development
$100.0M
—
—
—
Share-based compensation
$161.4M
$84.0M
$231.2M
$155.9M
Contingent consideration
$23.0M
$20.5M
$28.4M
$22.8M
Deferred income taxes
($4.0M)
$23.6M
$194.7M
($59.1M)
(Gain) loss on strategic investments
($61.8M)
($19.0M)
$33.7M
$33.2M
Other
$64.0M
$28.0M
$49.3M
$16.0M
Accounts receivable
($154.2M)
$69.7M
$63.1M
($166.3M)
Inventory
$191.9M
$116.2M
($35.3M)
($27.9M)
Accrued expense and other current liabilities
($292.9M)
($243.2M)
($32.7M)
($318.7M)
Income tax assets and liabilities
$32.2M
$18.4M
($764.1M)
($534.7M)
Other changes in operating assets and liabilities, net
($143.0M)
($89.0M)
($179.9M)
($75.5M)
Net cash flow provided by (used in) operating activities
$1.1B
$645.5M
$1.7B
$420.2M
Purchases of property, plant and equipment
($92.1M)
($51.2M)
($109.9M)
($63.7M)
Proceeds from sales and maturities of marketable securities
$2.1B
$625.2M
—
—
Purchases of marketable securities
($896.6M)
($748.8M)
($91.0M)
—
Acquisition of Apellis, net of cash acquired
$5.1B
—
—
—
Payments to acquire in process research and development
$135.0M
($35.0M)
—
—
Acquisitions of intangible assets
$0
$0
($15.3M)
($10.0M)
Proceeds from sales of strategic investments
$500.0K
$500.0K
$56.6M
$0
Other
($800.0K)
($200.0K)
$20.2M
($30.6M)
Net cash flow provided by (used in) investing activities
($4.0B)
($209.5M)
($139.4M)
($104.3M)
Payments related to issuance of stock for share-based compensation arrangements, net
($49.1M)
($55.1M)
($13.0M)
($18.2M)
Proceeds from borrowings, net
$2.4B
—
$1.7B
$1.7B
Repayments of borrowings
($1.1B)
—
($1.8B)
($1.8B)
Other
($2.0M)
$11.3M
$6.3M
$100.0K
Net cash flow provided by (used in) financing activities
$1.3B
($43.8M)
($164.9M)
($34.7M)
Net increase (decrease) in cash and cash equivalents
($1.7B)
$392.2M
$1.4B
$281.2M
Effect of exchange rate changes on cash and cash equivalents
($21.4M)
($18.0M)
$99.4M
$102.6M
Cash and cash equivalents, beginning of the period