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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. Gross margin stands at 75.49% and operating margin at 22.9%. 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$29.5B
P/E Ratio20.78
ROE7.98%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits—$81M$74.9M$75.3M—$84M
Depreciation and amortization$184M$183.2M$194.3M$202.2M$200.2M$204.4M
Impairment charges—$0$0$0$0$0
Other operating expenses—-$68.4M-$48.7M-$34.1M—-$19.7M
Research and development$513.3M$434.1M$399M$436.1M$509.4M$539M
Restructuring charges$5.3M$35.3M-$700K$7.4M$6.6M$7.9M
Selling, general and administrative$680M$572.5M$583.8M$594.8M$682.5M$607.3M
Total operating expenses$2.2B$2.1B$1.9B$2B$2.3B$2.1B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
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 shares, basic145.6M146.1M146.5M146.6M146.5M147.2M
Weighted-average shares, diluted145.9M146.6M146.7M147.1M147.1M148.4M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.9B$1.8B$2B$1.9B$1.8B$1.8B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$291.5M$311.2M$744M$557.3M$0$377.7M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$24.8M$70.7M$109.2M$90.8M$0$58.2M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense—$60M$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
Other income (expense), net-$338.9M$2.5M-$3.3M$15.8M-$317.6M-$1.1M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$266.7M$240.5M$634.8M$466.5M$0$319.5M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
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
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1—$9.6M$13.2M$5.6M—$20.5M
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect—$189M$92.2M$1.1B—$392.2M
Collaboration profit sharing/(loss reimbursement)$63.6M$72.6M$72.6M$72.6M$72.6M—
Collaboration profit sharing/(loss reimbursement)—$58.1M$75M$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—$881M$930.1M$869.6M—$905M
Deferred taxes-$58.4M-$27.8M-$31.3M$253.8M$166.9M$23.6M
Depreciation—$71.4M$66.9M$66.5M—$67.9M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$34.3M$68.3M——-$18M
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—$16M$14.9M$14.4M—$16.5M
Gain on sale of equity security—-$5.4M$0$7M—-$3.2M
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings-$51.5M$9.6M$13.2M$5.6M-$62M$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$500K—-$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-$194M$18.4M
Accrued liabilities$108.8M-$300.5M-$18.2M$286M$203.8M-$243.2M
Changes in the fair value of equity securities—-$40.9M—-$500K—$19M
Increase (Decrease) in Inventories$66.4M-$62M$89.9M$7.4M$29.4M-$116.2M
Increase (Decrease) in Other Operating Assets and Liabilities, Net—$53.5M$22M$104.4M—$89M
Interest In Subsidiary—100.0%———100.0%
Inventory Write Down—$7.3M$7M——$4.8M
Settlement expense—$3M———$4.7M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$0-$23M-$11.7M-$130.2M-$137M-$43.8M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$18.6M-$47.3M-$57M-$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—1.00———1.00
Number of wholesalers—2.002.002.00—2.00
Other comprehensive income/(loss) before reclassifications—-$28M-$78.2M$3.1M—$21.1M
Lease impairment$0$13.2M$13.2M$13.2M$13.2M—
Unrealized gains (losses) on available-for-sale securities—$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—-$400K-$600K$0—$500K
Other Noncash Income (Expense)-$64.5M-$6.7M-$9.3M-$33.3M-$19M-$28M
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$300K$200K$30.4M-$50.8M-$22.7M$200K
Payment, Tax Withholding, Share-Based Payment Arrangement—$24.3M———$55.1M
Payments Returns Applied Against Product Revenue Reserves Relating To Current Year—$348M$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——$1.2B$748.8M
Payments to acquire in process research and development—$0———$35M
Payments to Acquire Intangible Assets$27M$10M$0$5.3M$16.3M$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———$625.2M
(Purchases) refunds of spectrum licenses and other intangible assets, including deposits—$51M————
Proceeds From Sale Of Other Investments—$0$0$56.6M—$500K
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—$50M$50M$50M—$25M
Acquired in-process research and development, upfront and milestone expense$15.4M$118M$118M$118M$118M—
Research and development expense$513.3M$434.1M$399M$436.1M$509.4M$539M
Acquired in-process research and development, upfront and milestone expense—$200.7M$46.6M$2.1M—$34M
Stock-based compensation$75.1M$81M$74.9M$75.3M$59.6M$84M
Share-based compensation expense included in total cost and expense—$81M$74.9M$75.3M—$84M
Issuance of vested restricted stock units—-$39.5M-$800K-$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—$700K$100K——$600K
Change in fair value of interest rate swap—-$73.3M-$61.9M——-$14.7M
Unrealized gains—$0$17.9M——$9.7M
Unrealized Loss on Derivatives—$73.3M$79.8M——$24.4M
Add: dilutive effect of potential common shares (in shares)—$500K$200K$500K—$1.2M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$583.5M$629.3M$605M$674.4M$495.5M$661M

Revenue

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