Income StatementBalance SheetCash FlowSegments
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Biogen Income Statement

Revenue, expenses, and profitability over time

Biogen generated $9.9B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $1.4B with a 14.3% net margin. Diluted EPS is $9.65, which declined 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$9.9BGross Profit (TTM)$7.5BOperating Income (TTM)$2.5BNet Income (TTM)$1.4BEps Diluted (TTM)$9.65
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$28.3B
P/E Ratio19.94
ROE7.98%

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Currency Transaction Gain (Loss)—$3.8M-$10.4M-$10.3M—-$6.5M
Unrealized Foreign Currency Transaction Gain (Loss)—$3.8M-$10.4M-$10.3M—-$6.5M
Foreign Currency Transaction Gain (Loss)—$3.8M-$10.4M-$10.3M—-$6.5M
Other Non-Cash Income (Expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19.0M-$28.0M
Foreign exchange gains (losses)—$3.8M-$10.4M-$10.3M—-$6.5M
Other non-cash income (expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19.0M-$28.0M
Equity Securities FV-NI Gain (Loss)—$35.6M-$5.3M$3.8M—-$22.3M
Gain (Loss) on Cenovus Energy Investment—$35.6M-$5.3M$3.8M—-$22.3M
Gain (Loss) on Equity Securities, FV-NI—-$40.9M—-$500.0K—$19.0M
Foreign Currency Transaction Gain (Loss), Pre-tax—$3.8M-$10.4M-$10.3M—-$6.5M
Other Charges—$2.5M-$3.3M$15.8M—-$1.1M
Foreign Currency Transaction Gain (Loss)—$3.8M-$10.4M-$10.3M—-$6.5M
Gains (losses) on equity investments—$35.6M-$5.3M$3.8M—-$22.3M
Interest expense—$60.0M$72.6M$67.4M—$67.6M
Interest income—$23.9M$32.3M$31.6M—$37.9M
Net investment gains (losses)—$35.6M-$5.3M$3.8M—-$22.3M
Realized Investment Gains (Losses)—-$35.6M$5.3M-$3.8M—$22.3M
Net Change in Cash Flow Hedges—-$57.8M-$105.8M$26.5M—$52.6M
OCI Defined Benefit Plans—-$400.0K-$600.0K$0.0—$500.0K
Other Non-Cash Income (Expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19.0M-$28.0M
Change in Net Unrealized Gains (Losses) on AFS Securities—$0.0———-$1.8M
Foreign currency transaction gain (loss)—$3.8M-$10.4M-$10.3M—-$6.5M
Foreign Currency Transaction Gain (Loss), Before Tax—$3.8M-$10.4M-$10.3M—-$6.5M
Other income (expense), net-$338.9M$2.5M-$3.3M$15.8M-$317.6M-$1.1M
Net gains (losses) on equity securities—$35.6M-$5.3M$3.8M—-$22.3M
Realized Gain (Loss) on Equity Securities—-$5.4M$0.0$7.0M—-$3.2M
Other Non-cash Income (Expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19.0M-$28.0M
Other Non-Cash Income (Expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19.0M-$28.0M
Unrealized Gain (Loss) on Equity Securities—$41.0M-$5.3M-$3.2M—-$19.1M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other Operating Expense, Net—-$68.4M-$48.7M-$34.1M—-$19.7M
Stock-Based Compensation Expense$75.1M$81.0M$74.9M$75.3M$59.6M$84.0M
Legal settlement—$3.0M———$4.7M
Legal Settlement—$3.0M———$4.7M
Litigation Settlement Expense—$3.0M———$4.7M
Share-Based Compensation Expense$75.1M$81.0M$74.9M$75.3M$59.6M$84.0M
Change in contingent consideration liability—$9.6M$13.2M$5.6M—$20.5M
Compensation and benefits—$81.0M$74.9M$75.3M—$84.0M
Depreciation and amortization$184.0M$183.2M$194.3M$202.2M$200.2M$204.4M
Share-Based Compensation Expense, Net of Tax—$84.1M$78.1M$78.4M—$87.8M
Impairment charges—$0.0$0.0$0.0$0.0$0.0
Allocated Share-Based Compensation (Net of Tax)—$84.1M$78.1M$78.4M—$87.8M
Impairment of Goodwill and Purchased Intangible Assets—$0.0$0.0$0.0$0.0$0.0
Stock-based compensation expense$75.1M$81.0M$74.9M$75.3M$59.6M$84.0M
Other operating income (expense), net—-$68.4M-$48.7M-$34.1M—-$19.7M
Contingent consideration fair value adjustment—$9.6M$13.2M$5.6M—$20.5M
Other operating expenses—-$68.4M-$48.7M-$34.1M—-$19.7M
Goodwill and indefinite-lived intangible asset impairment—$0.0$0.0$0.0$0.0$0.0
Research and development$513.3M$434.1M$399.0M$436.1M$509.4M$539.0M
Restructuring charges$5.3M$35.3M-$700.0K$7.4M$6.6M$7.9M
Selling, general and administrative$680.0M$572.5M$583.8M$594.8M$682.5M$607.3M
Share-Based Compensation$75.1M$81.0M$74.9M$75.3M$59.6M$84.0M
Total operating expenses$2.2B$2.1B$1.9B$2.0B$2.3B$2.1B

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other Operating Income—-$68.4M-$48.7M-$34.1M—-$19.7M
Other operating income (expense), net—-$68.4M-$48.7M-$34.1M—-$19.7M
Gross profit$1.9B$1.8B$2.0B$1.9B$1.8B$1.8B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Weighted Average Diluted Shares Adjustment—$500.0K$200.0K$500.0K—$1.2M
Basic earnings per share$1.83$1.65$4.33$3.18$0.00$2.17
Diluted earnings per share$1.83$1.64$4.33$3.17$0.00$2.15
Weighted Average Diluted Shares Adjustment—$500.0K$200.0K$500.0K—$1.2M
Weighted average number diluted shares outstanding adjustment—$500.0K$200.0K$500.0K—$1.2M
Weighted-average shares, basic100K146.1M146.5M146.6M100K147.2M
Weighted-average shares, diluted—146.6M146.7M147.1M300K148.4M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate (Continuing Operations)—$0.2$0.1$0.2—$0.2
Effective Tax Rate—$0.2$0.1$0.2—$0.2
Effective Tax Rate, Continuing Operations—$0.2$0.1$0.2—$0.2
Stock-Based Compensation Tax Benefit—$16.0M$14.9M$14.4M—$16.5M
Effective Income Tax Rate, Continuing Operations—$0.2$0.1$0.2—$0.2
Effective Tax Rate—$0.2$0.1$0.2—$0.2
Effective Tax Rate (Continuing Operations)—$0.2$0.1$0.2—$0.2
Share-Based Compensation Tax Benefit—$16.0M$14.9M$14.4M—$16.5M
Income tax expense$24.8M$70.7M$109.2M$90.8M$0.0$58.2M
Effective Tax Rate (Continuing Operations)—$0.2$0.1$0.2—$0.2
Share-Based Compensation Tax Benefit—$16.0M$14.9M$14.4M—$16.5M
Deferred Income Tax Expense (Benefit)—-$27.8M-$31.3M$253.8M—$23.6M
Effective Tax Rate (Continuing Operations)—$0.2$0.1$0.2—$0.2
Effective Income Tax Rate—$0.2$0.1$0.2—$0.2
Effective Tax Rate, Continuing Operations—$0.2$0.1$0.2—$0.2
Effective Tax Rate Continuing Operations—$0.2$0.1$0.2—$0.2

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Expenditures$39.3M$37.1M$26.6M$46.2M$43.9M$51.2M
Tax Withholding for Share-Based Payments—$24.3M———$55.1M
Other Comprehensive Income (Loss), Net of Tax—-$38.3M-$63.6M$23.3M—$41.8M
OCI - Available-for-sale securities, net of tax—$0.0———-$1.8M
OCI - Cash flow hedge, net of tax—-$57.8M-$105.8M$26.5M—$52.6M
OCI - Defined benefit plan, net of tax—-$400.0K-$600.0K$0.0—$500.0K
Other comprehensive income (loss), net of tax—-$57.8M-$105.8M$26.5M—$52.6M
Other Comprehensive Income (Loss)—-$400.0K-$600.0K$0.0—$500.0K
Change in Income Taxes Payable—$69.1M-$603.8M-$229.4M—$18.4M
Change in Inventories—-$62.0M$89.9M$7.4M—-$116.2M
Effect of Exchange Rate on Cash (Continuing Operations)—$34.3M$68.3M——-$18.0M
Net Change in Cash and Restricted Cash—$189.0M$92.2M$1.1B—$392.2M
Value of Treasury Stock Reissued—$15.2M$6.9M$6.5M—$15.2M
OCI Cash Flow Hedge Gain (Loss)—-$57.8M-$105.8M$26.5M—$52.6M
OCI Net Unrealized Gain (Loss) on Securities—$0.0———-$1.8M
OCI Attributable to Parent—-$38.3M-$63.6M$23.3M—$41.8M
OCI Available for Sale Securities Adjustment—$0.0———-$1.8M
OCI Defined Benefit Plan Net of Tax—-$400.0K-$600.0K$0.0—$500.0K
Unrealized Gains (Losses) on Hedge Instruments—-$57.8M-$105.8M$26.5M—$52.6M
Unrealized Gains on Available-for-Sale Securities—$0.0———-$1.8M
Number of reportable segments—1.00———1.00
Other comprehensive income (loss), after-tax—-$38.3M-$63.6M$23.3M—$41.8M
Other investing activities, net—$200.0K$30.4M-$50.8M—$200.0K
Payments to acquire available-for-sale debt securities—$0.0———$748.8M
OCI - Available-for-Sale Securities, Net of Tax—$0.0———-$1.8M
OCI - Cash Flow Hedges, Net of Tax—-$57.8M-$105.8M$26.5M—$52.6M
Share-based compensation expense related to employee stock plans—$84.1M$78.1M$78.4M—$88.1M
Adjustments To Product Revenue Reserves Relating To Sales In Prior Years—$26.1M$32.9M$20.2M—$17.2M
Share-Based Payment Arrangement, Expense, after Tax—$84.1M$78.1M$78.4M—$87.8M
Amortization and impairment of acquired intangible assets$151.2M$111.8M$130.9M$135.7M$136.6M$136.5M
Amortization of acquired inventory step-up—$51.4M$52.5M$61.5M—$107.6M
Collaboration profit sharing/(loss reimbursement)$63.6M$72.6M$72.6M$72.6M$72.6M—
Collaboration profit sharing/(loss reimbursement)—$58.1M$75.0M$87.2M—$74.2M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$202.2M$571.2M$489.8M—$361.3M
Current Provisions Relating To Sales In Current Year—$881.0M$930.1M$869.6M—$905.0M
Deferred taxes-$58.4M-$27.8M-$31.3M$253.8M$166.9M$23.6M
Depreciation—$71.4M$66.9M$66.5M—$67.9M
Effective tax rates—$0.2$0.1$0.2—$0.2
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount—$3.1M$3.2M$3.1M—$3.8M
Share-Based Payment Arrangement, Expense, Tax Benefit—$16.0M$14.9M$14.4M—$16.5M
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings-$51.5M$9.6M$13.2M$5.6M-$62.0M$20.5M
Gain (Loss), Foreign Currency Transaction, before Tax—$3.8M-$10.4M-$10.3M—-$6.5M
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments—$7.7M-$27.7M$500.0K—-$18.8M
Currency exchange and other—$3.3M$6.4M——-$2.4M
Income Tax Examination Estimate Of Possible Loss—————$209.8M
Increase Decrease In Accrued Income Taxes Payable$16.4M$69.1M-$603.8M-$229.4M-$194.0M$18.4M
Accrued liabilities$108.8M-$300.5M-$18.2M$286.0M$203.8M-$243.2M
Increase (Decrease) in Inventories$66.4M-$62.0M$89.9M$7.4M$29.4M-$116.2M
Increase (Decrease) in Other Operating Assets and Liabilities, Net—$53.5M$22.0M$104.4M—$89.0M
Interest In Subsidiary—100.0%———100.0%
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$0.0-$23.0M-$11.7M-$130.2M-$137.0M-$43.8M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$18.6M-$47.3M-$57.0M-$35.1M-$1.2B-$209.5M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$760.9M$259.3M$160.9M$1.3B$511.9M$645.5M
Number of reportable segments—$1.0———$1.0
Number of wholesalers—2.002.002.00—2.00
Other comprehensive income/(loss) before reclassifications—-$28.0M-$78.2M$3.1M—$21.1M
Lease impairment$0.0$13.2M$13.2M$13.2M$13.2M—
Unrealized gains (losses) on available-for-sale securities—$0.0———-$1.8M
Unrealized gains (losses) on hedge instruments—-$57.8M-$105.8M$26.5M—$52.6M
Foreign currency translation gains (losses)—$19.1M$41.6M-$3.2M—-$8.5M
Other comprehensive income (loss)—-$38.3M-$63.6M$23.3M—$41.8M
Other comprehensive income/(loss)—-$38.3M-$63.6M$23.3M—$41.8M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$400.0K-$600.0K$0.0—$500.0K
Other Noncash Income (Expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19.0M-$28.0M
Other income, net (Note 6)—$2.5M-$3.3M$15.8M—-$1.1M
Other income, net—-$68.4M-$48.7M-$34.1M—-$19.7M
Payment for (Proceeds from) Other Investing Activity$300.0K$200.0K$30.4M-$50.8M-$22.7M$200.0K
Payment, Tax Withholding, Share-Based Payment Arrangement—$24.3M———$55.1M
Payments Returns Applied Against Product Revenue Reserves Relating To Current Year—$348.0M$686.7M$734.2M—$388.8M
Payments Returns Applied Against Product Revenue Reserves Relating To Prior Year—$428.1M$109.9M$64.2M—$533.2M
Payments to Acquire Debt Securities, Available-for-Sale$0.0$0.0——$1.2B$748.8M
Payments to acquire in process research and development—$0.0———$35.0M
Payments to Acquire Intangible Assets$27.0M$10.0M$0.0$5.3M$16.3M$0.0
Payments to Acquire Property, Plant, and Equipment$39.3M$37.1M$26.6M$46.2M$43.9M$51.2M
Financing — other—$1.3M—$6.2M—$11.3M
Proceeds from maturities of marketable securities—$0.0———$625.2M
(Purchases) refunds of spectrum licenses and other intangible assets, including deposits—$51.0M————
Proceeds From Sale Of Other Investments—$0.0$0.0$56.6M—$500.0K
Gross realized gains (losses)—-$35.6M$5.3M-$3.8M—$22.3M
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent—$10.3M-$14.6M-$20.2M—-$20.7M
Reduction of research and development expense—$50.0M$50.0M$50.0M—$25.0M
Acquired in-process research and development, upfront and milestone expense$15.4M$118.0M$118.0M$118.0M$118.0M—
Research and development expense$513.3M$434.1M$399.0M$436.1M$509.4M$539.0M
Acquired in-process research and development, upfront and milestone expense—$200.7M$46.6M$2.1M—$34.0M
Stock-based compensation$75.1M$81.0M$74.9M$75.3M$59.6M$84.0M
Share-based compensation expense included in total cost and expense—$81.0M$74.9M$75.3M—$84.0M
Issuance of vested restricted stock units—-$39.5M-$800.0K-$1.2M—-$70.3M
Issuance of common stock and reissuance of treasury stock under equity incentive plans, net of forfeitures, value—$15.2M$6.9M$6.5M—$15.2M
Stockholders' Equity, Other—$700.0K$100.0K——$600.0K
Unrealized gains—$0.0$17.9M——$9.7M
Unrealized Loss on Derivatives—$73.3M$79.8M——$24.4M
Add: dilutive effect of potential common shares (in shares)—$500.0K$200.0K$500.0K—$1.2M
OCI Before Reclassifications, Net of Tax—-$28.0M-$78.2M$3.1M—$21.1M
Reclassification from AOCI, Net of Tax—$10.3M-$14.6M-$20.2M—-$20.7M
Foreign Currency Translation Adjustment, Net of Tax—$19.1M$41.6M-$3.2M—-$8.5M
OCI Defined Benefit Plan, After Tax—-$400.0K-$600.0K$0.0—$500.0K
Other Comprehensive Income (Loss)—$0.0$571.2M$489.8M—-$1.8M
OCI Pension Adjustments—-$400.0K-$600.0K$0.0—$500.0K
OCI Available for Sale Securities Adjustment, Net of Tax—$0.0———-$1.8M
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent—-$38.3M-$63.6M$23.3M—$41.8M
OCI Net of Tax, Parent—-$38.3M-$63.6M$23.3M—$41.8M
OCI Pension Reclassification Adjustment, Pre-tax—-$400.0K-$600.0K$0.0—$500.0K
OCI Unrealized Gain (Loss) on Securities, Pre-tax—$0.0———-$1.8M
OCI Attributable to Parent—-$38.3M-$63.6M$23.3M—$41.8M
OCI Defined Benefit Plan, Net of Tax—-$400.0K-$600.0K$0.0—$500.0K
Stockholders' Equity, Other—$700.0K$100.0K——$600.0K

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Inventory Write-Down—$7.3M$7.0M——$4.8M
Total cost of revenue$583.5M$629.3M$605.0M$674.4M$495.5M$661.0M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$291.5M$311.2M$744.0M$557.3M$0.0$377.7M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
OCI Attributable to Parent—-$38.3M-$63.6M$23.3M—$41.8M
Net income$266.7M$240.5M$634.8M$466.5M$0.0$319.5M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$2.5B$2.4B$2.6B$2.5B$2.3B$2.5B