# Biogen Inc. (BIIB) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BIIB/thesis · /stocks/BIIB/memo

## Financial Snapshot

---
ticker: BIIB
step: 04
generated: 2026-05-12
source: quick-research
---

### Biogen Inc. (BIIB) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$10.2B | $9.84B | $9.68B | -1.6% |
| Gross Margin | ~83% | ~82% | ~82% | flat |
| Operating Margin (non-GAAP) | ~34% | ~30% | ~30% | flat |
| Net Income (GAAP) | ~$2.6B | ~$1.0B | ~$1.4B | +40% |
| Non-GAAP EPS | ~$19.00 | $14.72 | $16.47 | +12% |
| GAAP EPS | $20.87 | $7.97 | $11.18 | +40% |

*FY2025: Revenue ~$9.9B (+2%); non-GAAP EPS growth continuing. GAAP volatility reflects one-time charges (Reata acquisition amortization, restructuring costs). Non-GAAP EPS is the most relevant operational metric. GAAP FY2023 decline reflects $6.5B+ in Reata acquisition-related charges.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$3.0B |
| Free Cash Flow | ~$2.7B |
| FCF Margin | ~28% |
| Cash & Equivalents | ~$1.5B |
| Total Debt | ~$8.5B |
| Net Debt | ~$7.0B |
| Shares Outstanding | ~130M |

*FCF yield of ~11–16% at current market cap is exceptionally high for a large-cap biotech, reflecting the market's skepticism about Leqembi's commercial trajectory.*

#### Key Ratios (approximate, FY2024)
- P/E (non-GAAP): ~10–13x | FCF Yield: ~11–16%
- EV/EBITDA: ~8–10x | Dividend: None
- Revenue Growth (FY2024): -1.6% | FCF Margin: ~28%
- Ocrevus Royalty (~$700–800M/year): High-margin, declining as new CD20 competitors emerge

#### Growth Profile
Biogen's financials are a study in transition: the MS franchise that drove $10B+ in peak revenue is declining at 10–15% annually, partially offset by growing new product revenues. The four launch products (Leqembi, Skyclarys, Zurzuvae, Qalsody) grew 67% YoY in FY2024 — but from a small base. Leqembi global in-market sales reached $134M in Q4 2025 — growing 54% YoY. Annualizing Q4 2025 implies ~$500-600M in run-rate Leqembi sales entering 2026. If the subcutaneous autoinjector is approved (FDA priority review), home administration could dramatically expand the eligible patient population.

#### Forward Estimates
- **FY2025/FY2026**: Revenue stabilization ~$9.5–$10.0B as Leqembi ramps; non-GAAP EPS ~$16–18
- **Leqembi peak potential**: Analyst estimates range from $2–10B in annual global sales; Jefferies is a notable bull citing home injection expansion; bears point to APOE4 subgroup limitations
- **Cost discipline**: $800M net savings program reduces operating expenses; improving margins despite revenue headwinds
- **Reata amortization**: Ongoing drag on GAAP EPS ($6.5B acquisition amortized over product life); non-GAAP excludes this

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BIIB/fundamental

## Navigation

- Overview: /stocks/BIIB
- Financials (this page): /stocks/BIIB/financials
- Thesis: /stocks/BIIB/thesis
- Investment Memo: /stocks/BIIB/memo
- Coverage universe: /stocks