Biogen Inc. Revenue in 2024

Biogen Inc. reported $9.6B in revenue for fiscal year 2024. This represents a decline of 1.1% compared to the 2023 figure of $9.7B.

Revenue declining from $10.17 billion in 2022 to $9.62 billion in 2024 tells you the story of MS biosimilar competition arriving at the precise moment that the Alzheimer's commercial strategy stumbled. Tecfidera, Biogen's oral MS drug, faced biosimilar competition that the company had delayed through patent litigation but could not prevent indefinitely. As Tecfidera revenue fell, Leqembi needed to generate growth that it has not yet produced at scale. Net income of $1.2 billion in FY2024 on $9.62 billion in revenue is a 12.5% net margin — lower than the peak profitability of the MS-franchise years but positive and sustainable. The Pharmaceuticals gross margin exceeded 75% in FY2024, reflecting the pricing power of complex biologics that biosimilar manufacturers have difficulty replicating precisely enough to gain formulary substitution. R&D expenditure of approximately $3.24 billion in FY2024 — 33.7% of revenue — is disproportionately high for a company this size and reflects both the capital requirements of late-stage clinical trials and the strategic necessity of finding a post-MS growth driver. Forty molecules in clinical development require significant ongoing investment even when most will not reach approval. Market capitalization of approximately $32 billion against $9.62 billion in revenue prices Biogen at roughly 3.3x revenue — a deep discount to the 8-12x multiples that growing pharmaceutical companies command. The market is pricing the company as a business with declining legacy revenue and uncertain replacement — reasonable given the evidence, but potentially mispriced if Leqembi adoption accelerates or if pipeline assets in stroke, Parkinson's, or ALS deliver Phase III results that the market currently assigns low probability to.