Fundamentals Hub
▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
In fiscal 2025, BIOGEN INC. recorded $9.89B of revenue, net income of $1.29B, and an operating cash inflow of $2.20B. At $9.89B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 2.2% from $9.68B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $8.79, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $11.18 in fiscal 2024, the current result was 21.4% lower. Asset turnover was 0.34x, relating the company’s annual revenue directly to the total assets reported at the period end.Profitability
After reported cost of revenue, the company retained $7.49B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 75.7% of revenue, quantifying the portion retained before operating expenses were recognized. After all reported below-operating-line items, the company recorded net income of $1.29B for the fiscal year. Net margin was 13.1%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $1.56B of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 15.7%, relating income before taxes directly to revenue. The company recognized $263.60M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 16.9%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 7.1% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 4.4% of period-end assets, placing the company’s bottom-line result against the total resource base employed.Liquidity and Capital Structure
At period end, the $29.44B asset base was financed through $11.18B of liabilities and $18.26B of equity. The near-term balance sheet paired $8.97B of current assets with $3.35B of current liabilities at the reporting date. The current ratio was 2.68x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $3.01B, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 89.8%, excluding receivables and other current assets. Total debt was $6.29B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.34x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 21.4%, showing how much of the asset base was matched by borrowing. Liabilities represented 38.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 10.2%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 5.0% higher than fiscal 2024 assets of $28.05B, measuring the company’s own balance-sheet change.Cash Flow and Earnings Quality
Operating activities produced a cash inflow of $2.20B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.71x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $153.80M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 7.0%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $2.05B of positive free cash flow for the period. Free cash flow represented 20.7% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 7.0%, comparing post-investment cash with the balance-sheet asset base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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