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Biogen Cash Flow Statement

Operating, investing, and financing cash movements

Biogen generated $2.6B in operating cash flow over the trailing twelve months. After $167.9M in capital expenditures, free cash flow was $2.4B. Free cash flow decreased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.6BNet Cash From Investing (TTM)-$1.5BNet Cash From Financing (TTM)-$322.7MCapital Expenditures (TTM)$167.9MDepreciation And Amortization Cf (TTM)$801.1MNet Change In Cash (TTM)$2.1B
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$29.5B
P/E Ratio20.78
ROE7.98%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquired in-process research and development$0$0———$35M
Capital expenditures$39.3M$37.1M$26.6M$46.2M$43.9M$51.2M
Payment for (Proceeds from) Other Investing Activity$300K$200K$30.4M-$50.8M-$22.7M$200K
Payments to Acquire in Process Research and Development$0$0———$35M
Payments to Acquire Intangible Assets$27M$10M$0$5.3M$16.3M$0
Net cash from investing activities-$18.6M-$47.3M-$57M-$35.1M-$1.2B-$209.5M
Other investing activities$300K$200K$30.4M-$50.8M-$22.7M$200K
Proceeds from maturities/sales of investments-$96.7M$0$0$56.6M—$500K
Purchases of intangible assets$27M$10M$0$5.3M$16.3M$0
Purchases of investments$0$0——$1.2B$748.8M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts receivable-$55.6M-$25.7M-$25.7M-$25.7M-$25.7M—
Change in accrued liabilities$108.8M-$300.5M-$18.2M$286M$203.8M-$243.2M
Change in income taxes payable/receivable$16.4M$69.1M-$603.8M-$229.4M-$194M$18.4M
Change in inventories$66.4M-$62M$89.9M$7.4M$29.4M-$116.2M
Change in other liabilities-$44.7M-$62M-$62M-$62M-$62M—
Other working capital changes—$53.5M$22M$104.4M—$89M
Change in fair value of contingent consideration—$9.6M$13.2M$5.6M—$20.5M
Deferred income taxes-$58.4M-$27.8M-$31.3M$253.8M$166.9M$23.6M
Depreciation and amortization$184M$183.2M$194.3M$202.2M$200.2M$204.4M
Net gains (losses) on investments-$78.7M-$40.9M—-$500K—$19M
Net cash from operating activities$760.9M$259.3M$160.9M$1.3B$511.9M$645.5M
Net income$266.7M$240.5M$634.8M$466.5M$0$319.5M
Amortization of acquired inventory step-up$44.9M$51.4M$52.5M$61.5M$75.4M$107.6M
Contingent consideration fair value adjustments—$9.6M$13.2M$5.6M—$20.5M
Inventory write-downs$33.2M$7.3M$7M$0$15.3M$4.8M
Lease impairment charges$0$13.2M$13.2M$13.2M$13.2M—
Other Noncash Income (Expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19M-$28M
Acquired in-process research and development$0$21.3M$21.3M$21.3M$21.3M—
Stock-based compensation$75.1M$81M$74.9M$75.3M$59.6M$84M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds From Divestiture Of Interest In Consolidated Subsidiaries$101.7M$0$0$0$0—
Other, net—$1.3M—$6.2M—$11.3M
Net cash from financing activities$0-$23M-$11.7M-$130.2M-$137M-$43.8M
Other financing activities$0$1.3M$0$141.2M$138.7M$11.3M
Taxes paid for net share settlement—$24.3M———$55.1M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$721.6M$222.2M$134.3M$1.2B$468M$594.3M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$74.4M$34.3M$68.3M$0$2.5M-$18M
Net increase (decrease) in cash$750.2M$189M$92.2M$1.1B—$392.2M