Biohaven Ltd. (BHVN) Income Statement
BHVN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBHVN revenue and net income
BHVN profit margins
BHVN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BHVN quarterly EPS vs estimates
Biohaven beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.80).
BHVN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $462.5M | $0 | $0 |
| Cost of revenue | $4.1M | $3.9M | $3.4M | $1.4M | $1.4M | $72,000 | — |
| Gross profit | −$4.1M | −$3.9M | −$3.4M | −$1.4M | $370.8M | −$72,000 | — |
| Research & development | $635.1M | $795.9M | $373.3M | $437.1M | $181.5M | $98.5M | $344.7M |
| Sales, general & admin | $106.2M | $89.2M | $68.6M | $130.9M | $37.4M | $16.0M | $134.4M |
| Total operating expenses | $741.2M | $885.1M | $436.1M | $567.9M | $218.9M | $114.5M | $479.1M |
| Operating income | −$745.4M | −$885.1M | −$436.1M | −$567.9M | −$218.9M | −$114.5M | −$479.1M |
| Interest expense | — | — | — | $1.4M | $41.6M | — | $12.7M |
| Income before taxes | −$737.4M | −$845.7M | −$409.6M | −$569.8M | −$212.4M | −$118.7M | −$528.4M |
| Income taxes | $1.4M | $735,000 | −$1.4M | $438,000 | $1.4M | −$134,000 | $419,000 |
| Net income | −$738.8M | −$846.4M | −$408.2M | −$570.3M | −$213.8M | −$118.7M | −$528.8M |
| EBITDA | −$727.5M | −$837.8M | −$402.6M | −$568.5M | −$211.0M | −$114.4M | −$479.1M |
| EPS (diluted) | −$5.64 | −$8.72 | −$5.66 | −$14.25 | −$13.08 | −$13.04 | −$10.97 |
| Gross margin | — | — | — | — | 80.2% | — | — |
| Operating margin | — | — | — | — | −47.3% | — | — |
| Net margin | — | — | — | — | −46.2% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $3.8M | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | — | — | $960,000 | $1.1M | — | $1.0M | $1.9M | $1.0M | $977,000 | $941,000 | $948,000 | $857,000 |
| Gross profit | — | — | −$960,000 | −$1.1M | — | −$1.0M | $1.9M | −$1.0M | −$977,000 | −$941,000 | −$948,000 | −$857,000 |
| Research & development | $100.8M | $103.8M | $121.9M | $141.2M | $184.4M | $187.6M | $167.5M | $157.6M | $314.8M | $156.0M | $134.8M | $95.5M |
| Sales, general & admin | $24.1M | $26.6M | $20.8M | $28.2M | $27.3M | $34.0M | $22.5M | $20.6M | $19.9M | $28.2M | $19.8M | $15.0M |
| Total operating expenses | $124.9M | $130.4M | $141.8M | $168.3M | $211.7M | $221.6M | $189.9M | $178.2M | $333.8M | $183.2M | $152.8M | $110.5M |
| Operating income | −$124.9M | −$130.4M | −$142.7M | −$169.4M | −$211.7M | −$221.6M | −$189.9M | −$178.2M | −$333.8M | −$183.2M | −$153.7M | −$110.5M |
| Income before taxes | −$136.9M | −$130.3M | −$145.2M | −$173.2M | −$197.9M | −$221.1M | −$186.8M | −$160.4M | −$319.6M | −$178.9M | −$146.0M | −$105.9M |
| Income taxes | $391,000 | $272,000 | $351,000 | $221,000 | $261,000 | $609,000 | $48,000 | −$59,000 | $177,000 | $569,000 | −$1.2M | −$3.3M |
| Net income | −$137.3M | −$130.5M | −$145.6M | −$173.4M | −$198.1M | −$221.7M | −$186.8M | −$160.3M | −$319.8M | −$179.5M | −$144.8M | −$102.6M |
| EBITDA | −$134.7M | −$127.9M | −$142.6M | −$170.1M | −$195.9M | −$218.8M | −$184.3M | −$158.4M | −$317.6M | −$177.5M | −$144.1M | −$104.3M |
| EPS (diluted) | −$0.91 | −$0.69 | −$0.90 | −$1.47 | −$1.63 | −$1.64 | −$1.71 | −$1.74 | −$3.50 | −$1.77 | −$1.81 | −$1.50 |
| Gross margin | — | — | — | — | — | — | 50.0% | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | −4,951.3% | — | — | — | — | — |
| Net margin | — | — | — | — | — | — | −4,870.8% | — | — | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BHVN's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BHVN financial results
Biohaven reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $738.8 million. Diluted earnings per share came to −$5.64.
See the BHVN stock overview for the latest quote and news, or the BHVN chart for price history and technical indicators.
BHVN income statement FAQ
Does Biohaven have revenue?
Biohaven reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Biohaven profitable?
No. Biohaven reported a net loss of $738.8 million in fiscal 2025.
How much does Biohaven spend on research and development?
Biohaven spent $635.1 million on research and development in fiscal 2025.
What are Biohaven's earnings per share?
Biohaven earned $-5.64 per diluted share in fiscal 2025, compared with $-8.72 a year earlier.
When will Biohaven report its next earnings?
Biohaven is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does Biohaven's fiscal year end?
Biohaven's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.