Biogen Inc. (BIIB) 10-K 2026: AI Summary

Summary

Full summary

The Print

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Biogen's FY2025 revenue rose 2.2% to $9.89B while net income fell 20.8% to $1.29B and diluted EPS declined to $8.79 from $11.18.

Revenue increased 2.2% to $9.89B in FY2025 from $9.68B in FY2024, while net income declined 20.8% to $1.29B from $1.63B and diluted EPS fell to $8.79 from $11.18. The filing excerpts provided do not state a cause for these movements.

Revenue increased 2.2% YoY to $9.89B (from $9.68B), but net income declined 20.8% to $1.29B (from $1.63B).
Diluted EPS fell to $8.79 from $11.18, a 21.4% decline, with net margin compressing to 13.1% from 16.9%.
Operating cash flow declined 23.3% to $2.20B (from $2.88B), and free cash flow (OCF minus capex) fell to $2.05B from $2.72B.
Working capital expanded to $5.62B from $1.93B, lifting the current ratio to 2.68x from 1.35x.

Results That Matter

Revenue
Current period
$9.9B
Prior period
$9.7B
Change
+2.2%
Revenue increased 2.2% YoY to $9.89B from $9.68B; the filing excerpts provided do not state a cause for the movement.
Net Income
Current period
$1.3B
Prior period
$1.6B
Change
−20.8%
Net income declined 20.8% YoY to $1.29B from $1.63B; the filing excerpts provided do not state a cause for the movement.
EPS (Basic)
Current period
$8.8
Prior period
$11.2
Change
−21.2%
Basic EPS declined to $8.83 from $11.21; the filing excerpts provided do not state a cause for the movement.
EPS (Diluted)
Current period
$8.8
Prior period
$11.2
Change
−21.4%
Diluted EPS declined to $8.79 from $11.18; the filing excerpts provided do not state a cause for the movement.
Net Margin
Current period
13.1%
Prior period
16.9%
Change
−3.8 ppts
Net margin compressed to 13.1% from 16.9%; the filing excerpts provided do not state a cause for the movement.

Financial highlights: current period, prior period, change, and investor takeaway per metric
Metric	Current Period	Prior Period	Change	Investor Takeaway
Revenue	$9.9B	$9.7B	+2.2%	Revenue increased 2.2% YoY to $9.89B from $9.68B; the filing excerpts provided do not state a cause for the movement.
Net Income	$1.3B	$1.6B	−20.8%	Net income declined 20.8% YoY to $1.29B from $1.63B; the filing excerpts provided do not state a cause for the movement.
EPS (Basic)	$8.8	$11.2	−21.2%	Basic EPS declined to $8.83 from $11.21; the filing excerpts provided do not state a cause for the movement.
EPS (Diluted)	$8.8	$11.2	−21.4%	Diluted EPS declined to $8.79 from $11.18; the filing excerpts provided do not state a cause for the movement.
Net Margin	13.1%	16.9%	−3.8 ppts	Net margin compressed to 13.1% from 16.9%; the filing excerpts provided do not state a cause for the movement.

Earnings Quality & Cash Conversion

The filing excerpts provided do not disclose unusual or one-time items, nor an adjusted or core earnings total; reported net income of $1.29B and diluted EPS of $8.79 are the only earnings figures available.

Value Drivers & Capital Allocation

Capital expenditures $153.8M (prior $153.7M) (selected cash-flow amount, not necessarily total capital investment).

Return on equity was 7.1% (prior 9.8%) (period net income / period-end equity, not annualized); return on assets 4.4% (prior 5.8%) (period net income / period-end assets, not annualized).

Forward Signals

No guidance is stated in the filing excerpts provided; the excerpts contain only forward-looking-statement cautionary language.

Known trends

Not disclosed—the filing excerpts provided contain no Item 303 known trend or uncertainty disclosure.

Subsequent events

Not disclosed—the filing excerpts provided contain no subsequent-event disclosure.

Risks

3 source-verified filing excerpts. Selected excerpts are not a complete risk inventory.

Filing excerpt 1

Evidencewe operate in a very competitive and rapidly changing environment, new risks and uncertainties may emerge from time to time and it is not possible for us to predict all risks nor identify all uncertainties

Filing excerpt 2

EvidenceBecause some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events

Filing excerpt 3

Evidenceour actual future results, performance, events and circumstances might be materially different from what we expect

Balance Sheet & Liquidity

Leverage: Identified debt as of 2025-12-31: reported debt balance of unestablished maturity scope of $6.3B. The concept behind this balance does not establish which maturities it covers. Total debt, net debt and debt-to-equity are therefore not stated.

Liquidity: Cash and equivalents rose to $3.01B from $2.38B; no available credit facility or runway disclosure is present in the filing excerpts provided.

Cash flow: Cash flow — operating $2.2B, investing $-1.4B, financing $-301.9M.

Working capital: Current assets $9.0B vs. current liabilities $3.3B (current ratio 2.68x). Prior reported balance sheet as of 2024-12-31: $7.5B vs. $5.5B (1.35x).

Maturities & covenants

Not disclosed—the filing excerpts provided contain no debt maturity or covenant detail.

Notable Footnotes

Item	Impact
Forward-looking statements	The filing states that forward-looking statements speak only as of the date of the report and that the company undertakes no obligation to update them except as required by law.

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AI-generated. Informational only, not investment advice. May be incomplete or contain errors. The authoritative source is always the original SEC filing.