Biogen (BIIB) Q4 FY2025 earnings: revenue $2.3 billion, down 7.1% on the year

Biogen Inc. (BIIB) reported revenue of $2.3 billion for Q4 FY2025, the quarter ended 31 December 2025, down 7.1% on the same quarter a year earlier. Net income was -$49 million, and diluted earnings per share $-0.33. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue

$2.3 billion

-7.1% on the year · -10.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

-2.5%

11.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

-$49 million

Q1 FY2024Q4 FY2025

Diluted EPS

-$0.33

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Fourth quarter revenue and EPS declined: Fourth quarter total revenue was $2.3 billion, down 7% year-over-year. GAAP diluted EPS was $(0.33) against $1.83 a year earlier. Non-GAAP diluted EPS was $1.99 against $3.44.
Growth products offset MS decline: Full year revenue from growth products rose 19%, offsetting the decline in multiple sclerosis product revenue. Growth products are SKYCLARYS, QALSODY, ZURZUVAE, VUMERITY, SPINRAZA and Biogen's 50% share of LEQEMBI.
MS product revenue declined: Multiple sclerosis product revenue fell 14% in the fourth quarter to $917 million and 7% for the full year to $4,039 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,279	2,535	2,455	-10.1%	-7.1%
Cost of revenue	496	674	584	-26.5%	-15.1%
Gross profit	1,784	1,860	1,871	-4.1%	-4.7%
Gross margin	78.3%	73.4%	76.2%
Research and development	509	436	532	+16.8%	-4.3%
Selling, general and administrative	682	595	680	+14.7%	+0.4%
Operating income	-56.0	557	292
Operating margin	-2.5%	22.0%	11.9%
Interest expense	67.5	67.4	60.0	+0.1%	+12.5%
Pre-tax income	-56.0	557	292
Income tax	-7.1	90.8	24.8
Effective tax rate	n/a	16.3%	8.5%
Net income	-48.9	466	267
Net margin	-2.1%	18.4%	10.9%
Diluted EPS	-$0.33	$3.17	$1.83

$ million except per share.

Fourth quarters are the year less the first three 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.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	512	1,272	761	-59.8%	-32.7%
Capital expenditure	43.9	46.2	39.3	-5.0%	+11.7%
Free cash flow	468	1,226	722	-61.8%	-35.1%
Free cash flow margin	20.5%	48.4%	29.4%
Cash from investing	-1,232	-35.1	-18.6
Cash from financing	-137	-130	7.9
Depreciation and amortisation	200	202	184	-1.0%	+8.7%
Share-based compensation	59.6	75.3	75.1	-20.8%	-20.6%
Diluted shares, weighted	147m	147m	146m	0.0%	+0.8%
Shares outstanding at period end	147m	147m	146m	+0.1%	+0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	18,257	18,208	16,716	+0.3%	+9.2%
Debt	6,287	6,285	6,296	+0.0%	-0.1%
Operating lease liabilities	290	305	334	-4.8%	-13.2%
Other liabilities	4,606	4,410	4,703	+4.4%	-2.1%
Total liabilities and equity	29,440	29,208	28,049	+0.8%	+5.0%
Fixed assets	3,055	3,076	3,181	-0.7%	-4.0%
Goodwill	6,491	6,491	6,479	+0.0%	+0.2%
Intangible assets	9,178	9,332	9,691	-1.6%	-5.3%
Investments	1,239	97.6	0.0	+1,169.6%
Cash and equivalents	3,008	3,863	2,375	-22.1%	+26.7%
Receivables	1,342	n/a	1,405		-4.4%
Inventory	2,168	2,209	2,460	-1.9%	-11.9%
Other assets	2,956	4,139	2,458	-28.6%	+20.3%
Total assets	29,440	29,208	28,049	+0.8%	+5.0%

Questions

What was Biogen's revenue in Q4 FY2025?

Biogen (BIIB) reported revenue of $2.3 billion for Q4 FY2025, the quarter ended 31 December 2025, down 7.1% on the same quarter a year earlier.

How much did Biogen earn in Q4 FY2025?

Net loss for Q4 FY2025 was $49 million, and the diluted loss per share $0.33.

When did Biogen report Q4 FY2025 results?

Biogen filed its 10-K for the year that ended with the quarter on 6 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,734	2,532	2,589	2,508	2,544	2,463	2,456	2,530	2,386	2,290	2,465	2,466	2,455	2,431	2,646	2,535	2,279	2,478	2,736	2,804
Cost of revenue	660	754	484	470	571	663	593	660	618	542	546	639	584	629	605	674	496	661	777	748
Gross profit	2,074	1,778	2,105	2,039	1,973	1,800	1,863	1,871	1,768	1,748	1,919	1,827	1,871	1,802	2,040	1,860	1,784	1,817	1,959	2,056
Gross margin	76%	70%	81%	81%	78%	73%	76%	74%	74%	76%	78%	74%	76%	74%	77%	73%	78%	73%	72%	73%
R&D	700	552	529	549	602	571	584	736	571	445	505	516	532	434	399	436	509	539	530	574
SG&A	788	635	573	563	633	605	548	788	608	582	554	588	680	572	584	595	682	607	710	752
Operating income	587	611	1,270	1,371	604	438	708	-141	292	465	699	451	292	311	744	557	-56.0	378	132	-9.0
Operating margin	21%	24%	49%	55%	24%	18%	29%	-6%	12%	20%	28%	18%	12%	13%	28%	22%	-2%	15%	5%	-0%
Interest expense	66.2	66.1	65.8	59.9	54.8	62.5	49.1	63.8	71.5	69.2	61.3	59.8	60.0	60.0	72.6	67.4	67.5	67.6	82.3	87.5
Pre-tax income	405	347	1,270	1,371	604	438	708	-141	292	465	699	451	292	311	744	557	-56.0	378	132	-9.0
Tax rate	109%	36%	17%	17%	9%	12%	16%	n/a	15%	15%	16%	14%	9%	23%	15%	16%	n/a	15%	26%	n/a
Net income	368	304	1,058	1,135	550	388	592	-68.1	250	393	584	388	267	240	635	466	-48.9	320	97.5	-20.6
Net margin	13%	12%	41%	45%	22%	16%	24%	-3%	10%	17%	24%	16%	11%	10%	24%	18%	-2%	13%	4%	-1%
Diluted EPS	$2.50	$2.06	$7.24	$7.84	$3.79	$2.67	$4.07	-$0.47	$1.71	$2.70	$4.00	$2.66	$1.83	$1.64	$4.33	$3.17	-$0.33	$2.15	$0.66	-$0.14
Operating cash flow	838	162	736	661	-175	455	487	592	12.5	553	626	936	761	259	161	1,272	512	646	449	641
Capital expenditure	51.6	57.9	36.9	59.1	86.4	66.6	71.0	74.2	65.2	45.9	33.5	35.0	39.3	37.1	26.6	46.2	43.9	51.2	40.9	40.4
Free cash flow	787	104	700	602	-261	389	416	518	-52.7	507	592	901	722	222	134	1,226	468	594	408	600
Buybacks	0.0	0.0	500	250	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	147m	146m	145m	144m	144m	145m	145m	145m	145m	146m	146m	146m	146m	147m	147m	147m	147m	148m	148m	148m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-K for the period ended 31 December 2025, filed 6 February 2026: the filing.