Biogen Inc. (BIIB) Income Statement
BIIB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBIIB revenue and net income
Where BIIB's revenue goes
2025Each bar shows an amount and its share of revenue. BIIB kept 13.2% of revenue as net income.
BIIB profit margins
BIIB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.4% | −1.2% | −6.1% | −0.9% |
| Gross profit | −6.1% | −4.3% | −9.9% | −3.2% |
| Operating income | −24.6% | −13.4% | −16.4% | −9.1% |
| Net income | −20.8% | −24.8% | −20.2% | −9.6% |
| EPS (diluted) | −7.2% | −4.7% | −14.2% | −1.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BIIB quarterly EPS vs estimates
Biogen beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 28, 2026 (estimate $2.10).
BIIB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.81B | $9.68B | $9.84B | $10.17B | $10.98B | $13.44B | $14.38B | $13.45B | $12.27B | $11.45B |
| Cost of revenue | $2.90B | $2.31B | $2.53B | $2.28B | $2.11B | $1.81B | $1.96B | $1.82B | $1.63B | $1.43B |
| Gross profit | $6.91B | $7.37B | $7.30B | $7.90B | $8.87B | $11.64B | $12.42B | $11.64B | $10.64B | $10.02B |
| Research & development | $1.95B | $2.49B | $2.70B | $2.60B | $3.40B | $4.53B | $2.77B | $2.71B | $2.37B | $1.97B |
| Sales, general & admin | $2.43B | $2.39B | $2.50B | $2.41B | $2.68B | $2.52B | $2.36B | $2.11B | $1.94B | $1.95B |
| Total operating expenses | $5.04B | $4.88B | $5.20B | $5.01B | $6.08B | $7.05B | $5.38B | $5.75B | $5.30B | $4.86B |
| Operating income | $1.88B | $2.49B | $2.10B | $2.89B | $2.79B | $4.59B | $7.04B | $5.89B | $5.35B | $5.15B |
| Interest income | $125.0M | $67.6M | $276.5M | $89.3M | $11.0M | $42.0M | $120.0M | $112.5M | $78.5M | $63.4M |
| Interest expense | $246.0M | $250.3M | $246.9M | $246.6M | $253.6M | $222.5M | $187.4M | $200.6M | $250.8M | $260.0M |
| Income before taxes | $1.40B | $1.91B | $1.30B | $3.59B | $1.78B | $5.05B | $7.05B | $5.90B | $5.13B | $4.93B |
| Income taxes | $108.1M | $273.8M | $135.3M | $632.8M | $52.5M | $992.3M | $1.16B | $1.43B | $2.46B | $1.24B |
| Net income | $1.29B | $1.63B | $1.16B | $3.05B | $1.56B | $4.00B | $5.89B | $4.43B | $2.54B | $3.70B |
| EBITDA | $2.95B | $3.00B | $2.38B | $3.54B | $3.92B | $5.11B | $7.74B | $7.01B | $6.61B | $6.39B |
| EPS (diluted) | $15.29 | $16.47 | $15.08 | $17.69 | $19.18 | $32.82 | $33.64 | $26.24 | $21.81 | $20.23 |
| Gross margin | 70.5% | 76.1% | 74.2% | 77.6% | 80.8% | 86.6% | 86.4% | 86.5% | 86.7% | 87.5% |
| Operating margin | 19.1% | 25.7% | 21.3% | 28.4% | 25.4% | 34.2% | 49.0% | 43.8% | 43.6% | 45.0% |
| Net margin | 13.2% | 16.9% | 11.8% | 29.9% | 14.2% | 29.8% | 41.0% | 32.9% | 20.7% | 32.3% |
| 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 | $2.74B | $2.48B | $2.28B | $2.45B | $2.65B | $2.43B | $2.45B | $2.47B | $2.46B | $2.29B | $2.39B | $2.53B |
| Cost of revenue | $1.18B | $661.0M | $496.3M | $876.6M | $946.2M | $577.9M | $583.5M | $638.7M | $955.8M | $498.1M | $618.3M | $659.6M |
| Gross profit | $1.56B | $1.82B | $1.78B | $1.58B | $1.70B | $1.85B | $1.87B | $1.83B | $1.51B | $1.79B | $1.77B | $1.87B |
| Research & development | $495.6M | $573.0M | $509.3M | $369.6M | $529.9M | $545.9M | $683.5M | $673.0M | $592.3M | $523.7M | $647.5M | $797.2M |
| Sales, general & admin | $709.7M | $607.3M | $683.0M | $594.8M | $583.8M | $572.5M | $678.7M | $588.4M | $553.8M | $581.5M | $608.1M | $788.2M |
| Total operating expenses | $1.24B | $1.42B | $1.84B | $964.4M | $1.11B | $1.12B | $1.36B | $1.25B | $1.14B | $1.10B | $1.26B | $1.55B |
| Operating income | $318.1M | $397.4M | −$57.0M | $613.8M | $588.1M | $732.6M | $509.0M | $577.2M | $366.5M | $690.4M | $512.4M | $320.8M |
| Interest income | $25.3M | $37.9M | $37.2M | $31.6M | $32.3M | $23.9M | $18.5M | $11.6M | $20.1M | $17.4M | $23.8M | $95.9M |
| Interest expense | $82.3M | $67.6M | $67.5M | $67.4M | $72.6M | $60.0M | $60.0M | $59.8M | $61.3M | $69.2M | $71.5M | $63.8M |
| Income before taxes | $132.4M | $377.7M | −$211.0M | $557.3M | $744.0M | $311.2M | $291.5M | $451.0M | $698.7M | $464.8M | $291.6M | −$141.2M |
| Income taxes | $34.9M | $58.2M | −$162.6M | $90.8M | $109.2M | $70.7M | $24.8M | $62.5M | $115.1M | $71.4M | $42.7M | −$72.9M |
| Net income | $97.5M | $319.5M | −$48.4M | $466.5M | $634.8M | $240.5M | $266.7M | $388.5M | $583.6M | $393.4M | $249.7M | −$68.1M |
| EBITDA | $450.8M | $621.5M | $56.7M | $826.9M | $1.11B | $865.1M | $691.7M | $714.4M | $968.4M | $779.9M | $601.2M | $395.5M |
| EPS (diluted) | $3.60 | $3.57 | $1.99 | $4.81 | $5.47 | $3.02 | $3.44 | $4.08 | $5.28 | $3.67 | $3.30 | $4.36 |
| Gross margin | 56.9% | 73.3% | 78.2% | 64.3% | 64.2% | 76.2% | 76.2% | 74.1% | 61.2% | 78.3% | 74.1% | 73.9% |
| Operating margin | 11.6% | 16.0% | −2.5% | 25.0% | 22.2% | 30.1% | 20.7% | 23.4% | 14.9% | 30.1% | 21.5% | 12.7% |
| Net margin | 3.6% | 12.9% | −2.1% | 19.0% | 24.0% | 9.9% | 10.9% | 15.8% | 23.7% | 17.2% | 10.5% | −2.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BIIB's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BIIB financial results
In fiscal year 2025 (ended December 31, 2025), Biogen reported revenue of $9.8 billion, up 1.4% from the year before. It had net income of $1.3 billion (down 20.8%), a net profit margin of 13.2%. Diluted earnings per share came to $15.29. Over five years revenue grew at an average rate of −6.1% a year.
See the BIIB stock overview for the latest quote and news, or the BIIB chart for price history and technical indicators.
BIIB income statement FAQ
What is Biogen's annual revenue?
Biogen reported total revenue of $9.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.4% from $9.7 billion the previous year.
Is Biogen profitable?
Yes. Biogen reported net income of $1.3 billion in fiscal 2025, a net profit margin of 13.2%; its operating margin was 19.1%.
What is Biogen's gross margin?
Biogen's gross margin was 70.5% in fiscal 2025: for every $100 of revenue, Biogen kept $70 after the direct cost of its products and services.
How much does Biogen spend on research and development?
Biogen spent $2.0 billion on research and development in fiscal 2025, 19.9% of revenue.
How fast is Biogen growing?
Revenue grew −6.1% a year on average over the last five fiscal years, from $13.4 billion to $9.8 billion.
What are Biogen's earnings per share?
Biogen earned $15.29 per diluted share in fiscal 2025, compared with $16.47 a year earlier.
When will Biogen report its next earnings?
Biogen is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does Biogen's fiscal year end?
Biogen's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.