Biogen vs Toyota: Revenue, Profit and Business Model
Biogen reported $9.9B of revenue in FY2025 and $1.3B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
Biogen
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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
Biogen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $9.9B | $1.3B | 13.1% | +2.2% | Source |
| FY2024 | $9.7B | — | 0.0% | -1.6% | Source |
| FY2023 | $9.8B | — | 0.0% | -3.3% | Source |
| FY2022 | $10.2B | — | 0.0% | -7.4% | Source |
| FY2021 | $11B | — | 0.0% | -18.3% | Source |
| FY2020 | $13.4B | — | 0.0% | -6.5% | Source |
| FY2019 | $14.4B | — | 0.0% | +6.9% | Source |
| FY2018 | $13.5B | $4.4B | 32.9% | +9.6% | Source |
| FY2017 | $12.3B | $2.5B | 20.7% | +7.2% | Source |
| FY2016 | $11.4B | $3.7B | 32.3% | — | Source |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
Biogen
- Product revenue
about 70% (Q2 2026)
$1.92 billion in Q2 2026 from Tysabri, Spinraza, Vumerity, Skyclarys, Syfovre, Zurzuvae, Empaveli, biosimilars and other products.
- Anti-CD20 programs
about 19% (Q2 2026)
$514 million in Q2 2026 in royalties and profit share from Genentech on Ocrevus and other anti-CD20 drugs, up 10%.
- Alzheimer's collaboration, contract manufacturing and other
about 11% (Q2 2026)
Biogen's share of Leqembi economics with Eisai, manufacturing for third parties and other royalty income.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
Biogen
How it makes money
Biogen discovers, licenses or acquires drug candidates, runs the clinical trials needed for approval, manufactures most of its biologics in Research Triangle Park, North Carolina and Solothurn, Switzerland, and sells approved products through specialty pharmacies, hospitals and infusion centers.
Growth strategy
Viehbacher's plan has three parts. First, cut costs: the Fit for Growth program launched in 2023 targeted about $1 billion of gross savings and removed roughly 1,000 roles. Second, launch newer drugs such as Leqembi, Skyclarys, Zurzuvae and Qalsody; the growth portfolio reached $1.1 billion of revenue in Q2 2026, up 24%.
Competitive advantage
Biogen's edge is more than four decades of neurology experience: relationships with neurologists and MS and SMA treatment centers, experience running long central nervous system trials, antisense know-how built with Ionis (Spinraza, Qalsody, salanersen and diranersen all came from that alliance) and in-house biologics manufacturing.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Biogen vs Toyota
Which company has higher revenue — Biogen Inc. or Toyota Motor Corporation?
Biogen Inc. reported $9.9B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Biogen Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Biogen Inc. vs Toyota Motor Corporation?
Biogen Inc.'s market capitalisation stands at $33.4B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Biogen Inc..
Which is more financially efficient — Biogen Inc. or Toyota Motor Corporation?
Biogen Inc. generates $1.32M / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Biogen Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Biogen Inc. and Toyota Motor Corporation make money?
Biogen Inc. and Toyota Motor Corporation generate revenue in fundamentally different ways. Biogen Inc.: Biogen discovers, licenses or acquires drug candidates, runs the clinical trials needed for approval, manufactures most of its biologics in Research Triangle Park, North Carolina and Solothurn, Switzerland, and sells approved products through specialty pharmacies, hospitals and infusion centers. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — Biogen Inc. or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Biogen Inc. trades at 3.4x P/S and Toyota Motor Corporation at 0.8x P/S. Biogen Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Biogen Inc. bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Biogen Inc. ($9.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Biogen vs Toyota overview