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Biogen (BIIB) FY2024 results: revenue $9.7 billion, down 1.6% on the year

Biogen Inc. (BIIB) reported revenue of $9.7 billion for fiscal 2024, the year ended 31 December 2024, down 1.6% on the year before. Net income was $1.6 billion, up 40.6%, and diluted earnings per share $11.18. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2025.

Revenue
$9.7 billion
-1.6% on the year
FY2017FY2024
Operating margin
19.7%
13.2% a year earlier
FY2017FY2024
Net income
$1.6 billion
+40.6% on the year
FY2017FY2024
Diluted EPS
$11.18
+40.3% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue9,6769,83610,173-1.6%
Cost of revenue2,3102,5332,278-8.8%
Gross profit7,3667,3027,895+0.9%
Gross margin76.1%74.2%77.6%
Research and development1,9802,4452,231-19.0%
Selling, general and administrative2,4042,5502,404-5.7%
Operating income1,9061,2973,592+47.0%
Operating margin19.7%13.2%35.3%
Interest expense250247247+1.4%
Pre-tax income1,9061,2973,592+47.0%
Income tax274135633+102.4%
Effective tax rate14.4%10.4%17.6%
Net income1,6321,1613,047+40.6%
Net margin16.9%11.8%29.9%
Diluted EPS$11.18$7.97$20.87+40.3%
$ million except per share.
Read moreFree 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.

Cash flow

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow2,8761,5471,384+85.9%
Capital expenditure154277240-44.5%
Free cash flow2,7221,2701,144+114.3%
Free cash flow margin28.1%12.9%11.2%
Cash from investing-799-4,1011,577
Cash from financing-684149-1,747
Depreciation and amortisation673495518+36.1%
Share-based compensation291264254+10.2%
Buybacks0.00.0750
Diluted shares, weighted146m146m146m+0.2%
Shares outstanding at period end146m145m144m+0.6%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity16,71614,79913,398+13.0%
Non-controlling interestn/a0.0-9.5
Debt6,2966,9386,281-9.3%
Operating lease liabilities334400333-16.4%
Other liabilities4,7034,7074,552-0.1%
Total liabilities and equity28,04926,84524,554+4.5%
Fixed assets3,1813,3103,299-3.9%
Goodwill6,4796,2195,749+4.2%
Intangible assets9,6918,3631,850+15.9%
Investments0.00.02,179
Cash and equivalents2,3751,0503,419+126.2%
Receivables1,4051,6641,705-15.6%
Inventory2,4602,5271,344-2.6%
Other assets2,4583,7125,008-33.8%
Total assets28,04926,84524,554+4.5%

10-K for the year ended 31 December 2024, filed 12 February 2025: the filing.