Biogen Inc. (BIIB)

Name: Biogen Inc. (BIIB): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

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Biogen Inc. (BIIB) reported revenue of $2.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 1.9% on the same quarter a year earlier. Net income was $320 million, up 32.8% on the year, and diluted earnings per share $2.15. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue$2.5 billionup 1.9%

Net income$320 millionup 32.8%

Diluted EPS$2.15

QuarterQ1 FY2026ended 31 March 2026

Ratios

From the filings

ROE7.4%

ROCE6.5%

Operating margin16.3%

Net margin13.8%

FCF margin24.4%

Interest cover5.90

Debt to equity0.34

Cash conversion1.89

Share count, 1 year0.8%

Sales CAGR, 3 years-0.9%

Profit CAGR, 3 years-24.9%

EPS, TTM$9.30

At the close of 21 September 2026

Price$219.07

Market cap$32.3 billion

Stock P/E23.56

Price to book1.73

EV / EBITDA14.54

Dividend yieldn/a

Market cap / sales3.25

52-week high$224.51

52-week low$135.67

Price, 1 year53.7%

Price CAGR, 3 years-5.3%

Price CAGR, 5 years-5.4%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Biogen Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

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50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on BIIB

Filings	21 in twelve months: 14 current reports (8-K), about 8 results of operations; 2 material agreement; 2 other events; 2 officer or director change; 1 shareholder vote
Planned insider sales	4 Form 144 notices in twelve months, $905,414; latest 4 August 2026
Options tape	put/call 0.81 by open interest on 23 September 2026; the straddle prices a 3.2% move to 25 September 2026
Holders	9 of the followed funds hold it; largest FMR LLC; 8 Schedule 13D or 13G filings in twelve months
Insider trading	4 sales and 1 purchase on Form 4 in twelve months
Congress	6 House trades disclosed in six months
Short interest	5.7 million shares short, 8.66 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	2,456	2,530	2,386	2,290	2,465	2,466	2,455	2,431	2,646	2,535	2,279	2,478
Cost of revenue	593	660	618	542	546	639	584	629	605	674	496	661
Gross profit	1,863	1,871	1,768	1,748	1,919	1,827	1,871	1,802	2,040	1,860	1,784	1,817
Gross margin	76%	74%	74%	76%	78%	74%	76%	74%	77%	73%	78%	73%
R&D	584	736	571	453	514	543	532	434	399	436	n/a	539
SG&A	548	788	608	582	554	588	680	572	584	595	682	607
Operating income	708	-141	292	465	699	451	292	311	744	557	-56.0	378
Operating margin	29%	-6%	12%	20%	28%	18%	12%	13%	28%	22%	-2%	15%
Interest expense	49.1	63.8	71.5	69.2	61.3	59.8	60.0	60.0	72.6	67.4	67.5	67.6
Pre-tax income	708	-141	292	465	699	451	292	311	744	557	-56.0	378
Tax rate	16%	n/a	15%	15%	16%	14%	9%	23%	15%	16%	n/a	15%
Net income	592	-68.1	250	393	584	388	267	240	635	466	-48.9	320
Net margin	24%	-3%	10%	17%	24%	16%	11%	10%	24%	18%	-2%	13%
Diluted EPS	$4.07	-$0.47	$1.70	$2.70	$4.00	$2.66	$1.82	$1.64	$4.33	$3.17	-$0.35	$2.15
Operating cash flow	487	592	12.5	553	626	936	761	259	161	1,272	512	646
Capital expenditure	71.0	74.2	65.2	45.9	33.5	35.0	39.3	37.1	26.6	46.2	43.9	51.2
Free cash flow	416	518	-52.7	507	592	901	722	222	134	1,226	468	594
Buybacks	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	145m	145m	145m	146m	146m	146m	146m	147m	147m	147m	147m	148m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014 †	FY2015 †	FY2016 †	FY2017	FY2018 †	FY2019 †	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024 †	FY2025	TTM
Revenue	9,703	10,764	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676	9,891	9,937
Cost of revenue	1,171	1,240	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310	2,404	2,436
Gross profit	8,532	9,523	9,970	10,644	11,637	12,422	11,639	8,872	7,895	7,302	7,366	7,486	7,502
Gross margin	87.9%	88.5%	87.1%	86.7%	86.5%	86.4%	86.6%	80.8%	77.6%	74.2%	76.1%	75.7%	75.5%
Research and development	1,893	2,013	1,973	2,254	2,597	2,281	3,991	2,501	2,231	2,445	1,980	1,779	n/a
Selling, general and administrative	2,232	2,113	1,948	1,936	2,106	2,375	2,504	2,674	2,404	2,550	2,404	2,434	2,468
Operating income	3,972	4,891	5,150	5,344	5,889	7,043	4,550	2,841	3,592	1,297	1,906	1,556	1,623
Operating margin	40.9%	45.4%	45.0%	43.5%	43.8%	49.0%	33.8%	25.9%	35.3%	13.2%	19.7%	15.7%	16.3%
Interest expense	29.5	95.5	260	251	201	187	222	254	247	247	250	268	275
Pre-tax income	3,947	4,767	4,933	5,129	5,900	7,126	5,048	1,745	3,592	1,297	1,906	1,556	1,623
Income tax	990	1,162	1,237	2,459	1,426	1,158	992	52.5	633	135	274	264	251
Effective tax rate	25.1%	24.4%	25.1%	47.9%	24.2%	16.3%	19.7%	3.0%	17.6%	10.4%	14.4%	16.9%	15.5%
Net income	2,935	3,547	3,703	2,539	4,431	5,888	4,001	1,556	3,047	1,161	1,632	1,293	1,372
Net margin	30.2%	33.0%	32.3%	20.7%	32.9%	41.0%	29.8%	14.2%	29.9%	11.8%	16.9%	13.1%	13.8%
Diluted EPS	$12.37	$15.34	$16.93	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18	$8.79	$9.30
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

	FY2014 †	FY2015 †	FY2016 †	FY2017	FY2018 †	FY2019 †	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024 †	FY2025	TTM
Operating cash flow	2,942	3,919	4,587	4,551	6,188	7,079	4,230	3,640	1,384	1,547	2,876	2,205	2,591
Capital expenditure	288	643	616	867	771	514	425	258	240	277	154	154	168
Free cash flow	2,654	3,276	3,971	3,684	5,417	6,564	3,805	3,382	1,144	1,270	2,722	2,051	2,423
Free cash flow margin	27.4%	30.4%	34.7%	30.0%	40.3%	45.7%	28.3%	30.8%	11.2%	12.9%	28.1%	20.7%	24.4%
Depreciation and amortisation	688	600	683	1,081	650	465	457	488	518	495	673	780	801
Share-based compensation	155	161	155	128	158	182	198	239	254	264	291	291	294
Buybacks	887	5,000	1,000	1,365	4,353	5,868	6,679	1,800	750	0.0	0.0	n/a	n/a
Diluted shares, weighted	237m	231m	219m	213m	205m	187m	161m	150m	146m	146m	146m	147m	148m
Shares outstanding at period end	235m	219m	216m	212m	197m	174m	152m	147m	144m	145m	146m	147m	148m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2014 †	FY2015 †	FY2016 †	FY2017	FY2018 †	FY2019 †	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024 †	FY2025	TTM
Total assets	14,317	19,505	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049	29,440	29,483
Cash and equivalents	1,205	1,308	2,326	1,574	1,225	2,914	1,331	2,261	3,419	1,050	2,375	3,008	3,383
Receivables	1,292	1,227	1,442	1,787	1,958	1,880	1,914	1,549	1,705	1,664	1,405	1,342	n/a
Inventory	804	893	1,002	903	930	804	1,069	1,352	1,344	2,527	2,460	2,168	1,949
Goodwill	1,760	2,664	3,669	4,632	5,706	5,758	5,762	5,761	5,749	6,219	6,479	6,491	6,489
Long-term debt	580	6,522	6,513	5,935	5,936	4,459	7,426	6,274	6,281	6,938	6,296	6,287	6,288
Long-term debt including finance leases	0.0	18.1	16.4	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Borrowings, as the company tags them	563	6,560	6,556	6,003	6,000	6,000	7,500	7,567	6,281	6,788	4,547	6,287	6,288
Operating lease liabilities	n/a	n/a	n/a	n/a	0.0	413	402	330	333	400	334	290	273
Shareholders' equity	10,809	9,373	12,140	12,613	13,040	13,343	10,700	10,896	13,398	14,799	16,716	18,257	18,652
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	-0.8%	-6.0%	-0.9%	1.2%
Profit growth, compounded	-9.6%	-20.2%	-24.9%	-7.3%
Return on equity, average	22.8%	12.3%	8.2%	7.1%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Biological Products, (No Diagnostic Substances)

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
Amgen Inc. AMGN	$212.5 billion	24.44	74.8%	30.0%	9.1%	4.90	1.9%
Gilead Sciences, Inc. GILD	$186.8 billion	n/a	-27.4%	-8.2%	5.5%	2.22	2.1%
Moderna, Inc. MRNA	$69.0 billion	n/a	-46.6%	-149.0%	-27.6%	0.09	n/a
Biogen Inc. BIIB	$32.3 billion	23.56	7.4%	16.3%	1.2%	0.34	n/a
Bio-Techne Corp. TECH	$11.3 billion	62.47	8.6%	20.7%	-0.4%	0.09	0.4%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	29 July 2026	EDGAR
10-Q	31 March 2026	29 April 2026	EDGAR
10-K	31 December 2025	6 February 2026	EDGAR
10-Q	30 September 2025	30 October 2025	EDGAR
10-Q	30 June 2025	31 July 2025	EDGAR
10-Q	31 March 2025	1 May 2025	EDGAR
10-K	31 December 2024	12 February 2025	EDGAR
10-Q	30 September 2024	30 October 2024	EDGAR
10-Q	30 June 2024	1 August 2024	EDGAR
10-Q	31 March 2024	24 April 2024	EDGAR

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