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BIOGEN INC.BIIB

Sector
Healthcare
Industry
Biological Products, (No Diagnostic Substances)
Exchange
Nasdaq

Stock Price $BIIB

Latest filings

You are here#33 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K112

BIIB filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 112 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Feb ’17Feb ’17
  2. Leadership change8-K · Sep ’20Sep ’20
  3. Leadership change8-K · Mar ’23Mar ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $9.89B
YoY changeLargest recent move−18.3%in FY21Latest +2.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All BIIB Financial Metrics61 metrics

Income Statement16

Balance Sheet27

Cash Flow14

Per Share4

02—Overview

BIOGEN INC. Financial Overview 2021–2025

Updated Aug 8, 2026

Biogen’s Alzheimer's collaboration revenue surged by 365.3%a in Q2 2025, signaling a high-stakes structural pivot. The company is actively executing a capital-intensive M&A strategy to replace its rapidly decaying multiple sclerosis franchise with new growth drivers in rare diseases and specialized immunology.

This transformation is born of necessity, as intense generic competition for TECFIDERA eroded the company's legacy foundation. Total revenue shrank from $10.98 billion in FY2021 to $9.89 billionb in FY2025. To offset these structural losses, Biogen executed a series of major acquisitions, including the $6.6 billion buyout of Reata Pharmaceuticals and the $5.3 billion purchase of Apellis Pharmaceuticals. These capital allocation decisions are beginning to alter the product mix. While multiple sclerosis revenue dropped another 7.1% in FY2025, the rare disease segment grew by 8.4%, bolstered by $520.5 million in full-year sales from SKYCLARYS.

To protect bottom-line profitability during this revenue transition, management implemented a "Fit for Growth" program targeting $1.0 billionc in operating expense savings. Despite heavy M&A and integration costs, the company held $4.2 billion in cash by the end of FY2025. At the close of FY2025, the market valued this ongoing turnaround with a market cap of $25.8 billion, as the stock traded at $175.99 per share with a price-to-earnings ratio of 20.0x.

Recent Developments (Q1 and Q2 2026)

Biogen formally integrated its acquisition of Apellis Pharmaceuticals in Q2 2026, immediately yielding $127.8 milliond in specialized immunology revenue. This strategic shift pushed Q2 2026 total revenue to $2.74 billion, a 3.4% year-over-year increase. The rare disease portfolio also advanced, growing by 10.8% during the quarter. However, the legacy multiple sclerosis franchise continued its steep decay, falling 13.0% in Q2 2026.

Bottom-line profitability took a massive hit from the ongoing portfolio transition. Q2 2026 net income plummeted to $97.5 millione, pressured by integration costs and an estimated $164 million in in-process research and development expenses. Bulls argue that expanding rare disease sales and newly acquired immunology assets are successfully replacing eroding legacy revenues. Bears warn that escalating integration costs and plunging multiple sclerosis sales make the stock look richly valued at 23.8x earnings as of July 29, 2026.

What to watch: the projected $290 million to $320 million IPR&D charge expected in Q3 2026; early commercial trajectory for newly acquired SYFOVRE and EMPAVELI.

03—Filings

Recent SEC Filings

  1. 8-KBIOGEN INC. 8-K Report, Financial Results (Jul 29, 2026)Biogen reported second quarter 2026 total revenue of $2.74 billion, up 3% year-over-year (2% at constant currency). Growth Portfolio revenue reached $1.06 billion, up 24%, and exceeded Legacy MS revenue of $767 million for the first time, which management presents as evidence of the company's repositioning. Product-level results were mixed: SKYCLARYS (+29%), ZURZUVAE (+53%), EMPAVELI (+123%) and LEQEMBI global in-market sales (+15%) grew strongly, while MS product revenue fell 13% and VUMERITY declined 7% on inventory dynamics. SYFOVRE and EMPAVELI contributed revenue after the Apellis acquisition closed on May 14, 2026. Profitability fell sharply. GAAP diluted EPS was $0.66 versus $4.33 a year ago, and Non-GAAP diluted EPS was $3.60 versus $5.47, reflecting $164 million of acquired IPR&D and milestone expense, higher SG&A from Apellis and launch spending, and higher interest expense tied to the transaction financing. Free cash flow was $408 million, and net debt stood at about $6.8 billion at June 30, 2026, after total debt rose to roughly $8.1 billion. Full-year 2026 guidance is internally split. Underlying Non-GAAP EPS guidance was raised $0.60 to $15.85 to $16.85, but reported Non-GAAP guidance was cut to $12.00 to $13.00 from $15.25 to $16.25. The reduction reflects roughly $3.00 of acquired IPR&D and milestone charges and about $0.85 of Apellis dilution. Management expects the deal to be accretive in 2027, with run-rate synergies of at least $250 million exiting 2027, and it guides to five registrational readouts over the next four quarters.
  2. 8-KBIOGEN INC. 8-K Report, Financial Results (Jul 1, 2026)Biogen Inc. (BIIB) has filed a Form 8-K on July 1, 2026, to provide preliminary updates on its expected financial results for the second and third quarters of 2026. The primary driver of the disclosed impact is acquired in-process research and development (IPR&D), upfront, and milestone expenses related to collaborations and license agreements. These costs are significant and are expected to impact both GAAP and non-GAAP earnings per diluted share. For the second quarter of 2026, Biogen anticipates an IPR&D expense of approximately $164 million pre-tax, translating to an impact of roughly $0.95 per diluted share. Looking ahead to the third quarter of 2026, the company expects a broader range of IPR&D expenses, estimated between $290 million and $320 million, which could affect earnings per diluted share by approximately $1.75 to $1.95. Investors should note that these are preliminary estimates and are subject to change as financial closing procedures are completed.
  3. 8-KBIOGEN INC. 8-K/A Report, Exhibit Filing (Jun 10, 2026)Biogen Inc. (BIIB) has filed an amendment to its previous 8-K filing dated May 14, 2026. The company is clarifying that the previously disclosed acquisition of Apellis Pharmaceuticals, Inc. did not constitute a "significant" acquisition under Regulation S-X. Consequently, Biogen will not be filing the financial statements of Apellis or the pro forma financial information related to the merger as initially anticipated. This amendment is primarily an administrative update to correct the reporting requirements associated with the Apellis acquisition. Investors should note that this filing does not alter the fundamental terms or completion of the acquisition itself, but rather clarifies the regulatory reporting obligations post-transaction. The original disclosures regarding the consummation of the merger remain unchanged.
  4. 8-KBIOGEN INC. 8-K Report, Shareholder Vote Results (Jun 10, 2026)Biogen Inc. (BIIB) filed an 8-K on June 10, 2026, reporting the final voting results from its 2026 Annual Meeting of Stockholders held on June 9, 2026. The meeting's primary outcomes included the election of ten directors to the Board and the ratification of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2026. Additionally, stockholders provided an advisory vote on executive compensation. Investors can view the detailed voting outcomes for each director nominee, which indicate overwhelming support for most candidates, with a few exceptions receiving notably fewer 'for' votes but still comfortably elected. The ratification of the auditor and the advisory vote on executive compensation also received significant stockholder approval, suggesting general confidence in the company's governance and financial oversight for the upcoming fiscal year.
  5. 8-KBIOGEN INC. 8-K Report, Material Agreement (May 14, 2026)Biogen (BIIB) has completed its acquisition of Apellis Pharmaceuticals (APLS), a deal announced March 31, 2026. The tender offer expired May 13, 2026, with about 105.7 million shares tendered (roughly 82.4% of outstanding shares), satisfying the minimum condition. Purchaser accepted the shares for payment on May 14, 2026, and Apellis was merged into a Biogen subsidiary under DGCL Section 251(h) without a stockholder vote. Shareholders receive $41.00 in cash plus one non-transferable contingent value right (CVR) per share. The total cash outlay is about $5.3 billion, excluding fees and CVR payments, and Biogen estimates up to about $582 million more if all CVR milestones are met. Management says the deal adds EMPAVELI and SYFOVRE, which generated $689 million in combined 2025 net product revenue, and expects it to be accretive to non-GAAP EPS in 2027. Updated guidance is due with Q2 earnings in July. Financing is a $2 billion unsecured term loan from U.S. Bank, signed May 12, 2026 and fully drawn May 13. It has a $1 billion 364-day Tranche A (SOFR plus 0.75%, due May 2027) and a $1 billion two-year Tranche B (SOFR plus 0.75%–1.00%, due May 2028). Biogen must keep consolidated leverage at or below 3.75x, temporarily flexible to 4.25x after material acquisitions. The added debt and the CVR obligations will weigh on the balance sheet until the loans are repaid or refinanced. The CVRs pay $2.00 per share if SYFOVRE annual net sales reach $1.5 billion in any of 2027–2030, and a further $2.00 per share if sales reach $2.0 billion in any of 2027–2031. The second milestone pays $4.00 instead if the first is missed by 2030 and the second is hit in 2031. Each milestone pays only once, and there is no assurance either will be achieved. Investors should note that the filing refers to the deal's $4 maximum CVR value as conditional on SYFOVRE sales, which is a real risk given the product's current scale.
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04—See also

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