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Biogen BIIB Acquired in-process research and development, upfront and milestone expense

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Other financials

Income statement

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Revenue$2.7B+3.4%
Gross profit$2.0B-4.0%
Operating income$610.7M
Net income$97.5M-84.6%
EPS (diluted)$0.66-84.8%

Balance sheet

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Cash & equivalents$1.3B-53.4%
Total debt$7.6B+14.6%
Total equity$18.8B+6.9%
Total assets$32.1B+13.3%

Cash flow

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Operating cash flow$448.9M+179%
CapEx$40.9M+53.8%
Free cash flow$408.0M+204%

Valuation

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Market cap$30.48B+60.7%
Enterprise value$36.75B+61.2%
P/E34.5×+22.1×
P/S+1.1×

Profitability

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Gross margin74%-1.4pp
Operating margin22.9%
Net margin8.8%-6.5pp
FCF margin26.9%+7.1pp

Returns & leverage

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Return on equity4.8%-4.3pp
Debt / equity0.4×0.0×
Current ratio1.9×-0.6×

Where this comes from

Reported directly by Biogen in its filing.

Tagged under the XBRL concept biib:ResearchAndDevelopmentExpenseAcquiredInProcessCost.

The source filing: Biogen’s 10-K, filed February 6, 2026.

Filed
Feb 6, 2026, 7:36 AM EST
Fiscal year
FY2025
Accession
0000875045-26-000013

| --- | --- | --- | --- | | Revenue: | | | | | Cost and expense: | | | | | Cost of sales, excluding amortization and impairment of acquired intangible assets | 2,404.2 | 2,310.4 | 2,533.4 | | Research and development | 1,778.6 | 1,980.3 | 2,445.4 | | Acquired in-process research and development, upfront and milestone expense | 471.8 | 61.5 | 16.6 | | Selling, general and administrative | 2,433.6 | 2,403.7 | 2,549.7 | | Amortization and impairment of acquired intangible assets | 515.0 | 446.7 | 240.6 | | Collaboration profit sharing/(loss reimbursement) | 290.2 | 254.4 | 218.8 | | (Gain) loss on fair value remeasurement of contingent consideration | 33.6 | 27.7 | — |

ITEM 16. FORM 10-K SUMMARY

FAQ

What is Biogen's acquired in-process research and development, upfront and milestone expense?
Biogen (BIIB) reported acquired in-process research and development, upfront and milestone expense of $117.95M in Q4 2025.
How has Biogen's acquired in-process research and development, upfront and milestone expense changed year-over-year?
Biogen's acquired in-process research and development, upfront and milestone expense increased by 667.2% year-over-year, from $15.38M to $117.95M.
What is the long-term trend for Biogen's acquired in-process research and development, upfront and milestone expense?
Over 2 years (2023 to 2025), Biogen's acquired in-process research and development, upfront and milestone expense has grown at a 433.1% compound annual growth rate (CAGR), from $16.6M to $471.8M.
What does acquired in-process research and development, upfront and milestone expense mean?
Costs associated with the acquisition of in-process research and development projects, including upfront payments and milestone payments to partners. These represent inorganic growth investments in the company's drug pipeline.

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