Biogen Inc.
Financial Performance
Biogen Revenue & Financials
Revenue
$9.9B (FY2025)
Market Cap
$33.4B
Employees
7,500
What is Biogen's revenue?
Biogen had $9.9B in revenue for fiscal year 2025, up 2.2% from 2024.
- Latest revenue
- $9.9B (FY2025)
- Year-over-year
- +2.2%
- Growth rate (CAGR)
- -1.6% over 9 years
- Peak revenue
- $14.4B (FY2019)
- Years of data
- 10
- Employees
- 7,500
- What is Biogen's operating income?
- Biogen reported operating income of $2.8B for fiscal year 2021. sec.gov
- How many employees does Biogen have?
- Biogen has about 7,500 employees.
Financial Analysis
Biogen's revenue peaked at $14.38 billion in 2019, then fell to $9.84 billion by 2023 as generic dimethyl fumarate eroded Tecfidera after a 2020 US patent loss and as Aduhelm failed commercially. It has since stabilised at $9.68 billion in 2024 and $9.89 billion in 2025, when GAAP diluted EPS was $8.79, non-GAAP EPS $15.28, free cash flow $2.1 billion and year-end cash $4.2 billion. Q2 2026 revenue rose 3% to $2.74 billion. Funding the Apellis deal took net debt to $6.8 billion, and 2026 non-GAAP EPS guidance of $12 to $13 absorbs about $3 per share of milestone charges and $0.85 of deal dilution. Biogen Inc. is a major American multinational biotechnology company specializing in neurological diseases, holding a market valuation typically over $30 billion.
Revenue Trend Analysis
YoY Change
+2.2%
9-Year CAGR
-1.6%
Peak Year
2019
Trend
Volatile
Biogen Inc. has 10 full fiscal year figures on this page, compounding at -1.6% annually over 9 years. The most recent year saw a 2.2% increase versus the prior year. Annual revenue peaked in fiscal year 2019 at $14.4B. Of 9 comparable year-over-year steps, 4 showed growth and 5 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $9.9B | — | — | +2.2% | sec.gov Total revenue of $9.89 billion, up 2.2%, driven by Alzheimer's collaboration and contract manufacturing revenue. |
| FY2024 | $9.7B | — | — | -1.6% | sec.gov Total revenue of $9.68 billion, down 1.6% as MS sales declined. |
| FY2023 | $9.8B | — | — | -3.3% | stockanalysis.com Total revenue of $9.84 billion in the year Leqembi and Skyclarys were approved. |
| FY2022 | $10.2B | — | — | -7.4% | stockanalysis.com Total revenue of $10.17 billion as generic competition to Tecfidera continued. |
| FY2021 | $11B | $2.8Bfiling | — | -18.3% | stockanalysis.com Total revenue of $10.98 billion, down 18% after US generic entry against Tecfidera. |
| FY2020 | $13.4B | $4.6Bfiling | — | -6.5% | stockanalysis.com Total revenue of $13.44 billion, the year Biogen lost a key Tecfidera patent case. |
| FY2019 | $14.4B | $7Bfiling | — | +6.9% | stockanalysis.com Record total revenue of $14.38 billion, led by Tecfidera, Spinraza and Tysabri. |
| FY2018 | $13.5B | $5.9B | $4.4B | +9.6% | Biogen Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-02-03) Fiscal year ended 2018-12-31. |
| FY2017 | $12.3B | $5.3B | $2.5B | +7.2% | Biogen Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-02-06) Fiscal year ended 2017-12-31. |
| FY2016 | $11.4B | $5.2B | $3.7B | — | Biogen Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-02-06) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Biogen Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.2B | $153.8M | $29.4B | $11.2B | — | $2.1B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.9B | $153.7M | $28B | $11.3B | — | $2.7B | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.5B | $277M | $26.8B | $12B | $14.8B | $1.3B | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.4B | $240.3M | $24.6B | $11.2B | $13.4B | $1.1B | Form 10-K |
| FY2021ended Dec 31, 2021 | $3.6B | $258.1M | $23.9B | $12.9B | $10.9B | $3.4B | Form 10-K |
| FY2020ended Dec 31, 2020 | $4.2B | $424.8M | $24.6B | $13.9B | $10.7B | $3.8B | Form 10-K |
| FY2019ended Dec 31, 2019 | $7.1B | $514.5M | $27.2B | $13.9B | $13.3B | $6.6B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.2B | $770.6M | $25.3B | $12.3B | $13B | $5.4B | Form 10-K |
| FY2017ended Dec 31, 2017 | $4.6B | $867.4M | $23.7B | $11.1B | $12.6B | $3.7B | Form 10-K |
| FY2016ended Dec 31, 2016 | $4.6B | $616.1M | $22.9B | $10.7B | $12.1B | $4B | Form 10-K |
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Biogen Revenue and Financial FAQ
What was Biogen's revenue in 2025?
Biogen reported 2025 total revenue of $9.89 billion, up 2.2% from $9.68 billion in 2024. Net income was $1.29 billion, GAAP diluted EPS $8.79 and non-GAAP EPS $15.28.
How did Biogen perform in Q2 2026?
Q2 2026 revenue rose 3% to $2.74 billion. GAAP EPS fell to $0.66 and non-GAAP EPS to $3.60 because of Apellis deal costs and milestone charges, while the growth portfolio grew 24% to $1.1 billion.
What is Biogen's 2026 guidance?
After Q2 2026, Biogen raised its outlook to a mid-single-digit percentage revenue increase, from a previous mid-single-digit decline, and guided to non-GAAP EPS of $12 to $13, including about $3 per share of milestone charges and $0.85 of Apellis dilution.
How much debt does Biogen have?
At the end of June 2026, after paying for Apellis, Biogen had $8.1 billion of total debt and $1.3 billion of cash, or $6.8 billion of net debt. Free cash flow was $2.1 billion in 2025.
What is Biogen's market cap?
Biogen's market capitalization was about $33.4 billion on September 30, 2026, at a share price of about $226, up roughly 64% over the previous year.
Does Biogen pay a dividend?
No. Biogen does not pay a dividend. Since 2023 its largest uses of cash have been acquisitions: Reata ($7.3 billion), HI-Bio ($1.15 billion upfront) and Apellis (about $5.6 billion).
Is Biogen profitable?
Yes, it historically generated massive profits from its blockbuster Multiple Sclerosis drug Tecfidera, though its financials became highly volatile following the massive controversy and commercial failure of its Alzheimer's drug Aduhelm.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Biogen Revenue & Financials." CorpDigest, https://corpdigest.com/company/biogen/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Biogen reported $9.9B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/biogen/financials" target="_blank" rel="noopener">CorpDigest — Biogen financials</a></div>Related Financial Audits
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