BIOGEN INC.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
BIIB$253.25-0.6%Stored close · as of Nov 10, 2026
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Item 1. Financial Statements (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions, except per share amounts)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Product revenue, net | $1,846.9 | $1,769.4 | $5,452.1 | $5,380.9 |
| Revenue from anti-CD20 therapeutic programs | 493.9 | 446.2 | 1,339.4 | 1,284.7 |
| Alzheimer's collaboration revenue | 42.7 | 18.6 | 130.6 | 33.2 |
| Contract manufacturing, royalty and other revenue | 151.2 | 231.6 | 689.1 | 522.4 |
| Total revenue | 2,534.7 | 2,465.8 | 7,611.2 | 7,221.2 |
| Cost and expense: | ||||
| Cost of sales, excluding amortization and impairment of acquired intangible assets | 674.4 | 638.7 | 1,908.7 | 1,726.9 |
| Research and development | 436.1 | 516.2 | 1,269.2 | 1,467.0 |
| Acquired in-process research and development, upfront and milestone expense | 2.1 | 26.5 | 249.4 | 42.5 |
| Selling, general and administrative | 594.8 | 588.4 | 1,751.1 | 1,723.7 |
| Amortization and impairment of acquired intangible assets | 135.7 | 130.3 | 378.4 | 295.5 |
| Collaboration profit sharing/(loss reimbursement) | 87.2 | 69.3 | 220.3 | 197.3 |
| (Gain) loss on fair value remeasurement of contingent consideration | 5.6 | 23.8 | 28.4 | 23.8 |
| Restructuring charges | 7.4 | 6.8 | 42.0 | 24.9 |
| Gain on sale of priority review voucher, net | — | — | — | (88.6) |
| Other (income) expense, net | 34.1 | 14.8 | 151.2 | 193.7 |
| Total cost and expense | 1,977.4 | 2,014.8 | 5,998.7 | 5,606.7 |
| Income before income tax (benefit) expense | 557.3 | 451.0 | 1,612.5 | 1,614.5 |
| Income tax (benefit) expense | 90.8 | 62.5 | 270.7 | 249.0 |
| Net income attributable to Biogen Inc. | $466.5 | $388.5 | $1,341.8 | $1,365.5 |
| Net income per share: | ||||
| Basic earnings per share attributable to Biogen Inc. | $3.18 | $2.67 | $9.16 | $9.38 |
| Diluted earnings per share attributable to Biogen Inc. | $3.17 | $2.66 | $9.14 | $9.35 |
| Weighted-average shares used in calculating: | ||||
| Basic earnings per share attributable to Biogen Inc. | 146.6 | 145.7 | 146.4 | 145.5 |
| Diluted earnings per share attributable to Biogen Inc. | 147.1 | 146.1 | 146.8 | 146.0 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net income attributable to Biogen Inc. | $466.5 | $388.5 | $1,341.8 | $1,365.5 |
| Other comprehensive income (loss): | ||||
| Unrealized gains (losses) on cash flow hedges, net of tax | 26.5 | (41.0) | (137.1) | (6.2) |
| Unrealized gains (losses) on pension benefit obligation, net of tax | — | 0.3 | 1.0 | 0.2 |
| Currency translation adjustments, net of tax | (3.2) | 41.0 | 57.5 | 14.0 |
| Total other comprehensive income (loss), net of tax | 23.3 | 0.3 | (78.6) | 8.0 |
| Comprehensive income (loss) attributable to Biogen Inc. | $489.8 | $388.8 | $1,263.2 | $1,373.5 |
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