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BIIB

Biogen

Health CareBiological ProductsS&P 500
Ticker BIIBCAMBRIDGE, MAFiscal year ends DecemberBook value per share $126.84Diluted shares 148.6M

Biogen Inc. (NASDAQ: BIIB) is a global biopharmaceutical company headquartered in Cambridge, Massachusetts, with operations across North America, Europe, and international markets. The company website is www.biogen.com. From the company’s description.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$9.89BFY2025
+2.2% year over year
Last 12 mo $10.03B
18.83%FY2025
−4.4 percentage points
Last 12 mo 13.47%
$1.29BFY2025
−20.8% year over year
Last 12 mo $834.60M
7.54%FY2025
−2.4 percentage points
Last 12 mo 4.43%
Cash & financing
$2.20BFY2025
−23.3% year over year
Last 12 mo $2.88B
$2.05BFY2025
−24.7% year over year
Last 12 mo $2.70B
0.34FY2025
Was 0.38× a year earlier
Last 12 mo 0.43
147.1MFY2025
+0.8% year over year
Last 12 mo 148.6M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Biogen does

In the company’s own words

Biogen Inc. (NASDAQ: BIIB) is a global biopharmaceutical company headquartered in Cambridge, Massachusetts, with operations across North America, Europe, and international markets. The company website is www.biogen.com.

Biogen focuses on discovering, developing, and delivering innovative therapies for serious and complex diseases, with particular expertise in neurology, specialized immunology, and rare diseases. The company maintains a diversified portfolio of marketed products across multiple therapeutic areas. In neurology, Biogen markets multiple multiple sclerosis treatments including TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI. The company co-developed LEQEMBI with Eisai for Alzheimer's disease treatment and collaborates with Supernus on ZURZUVAE for postpartum depression. In rare diseases, Biogen markets SPINRAZA for spinal muscular atrophy, QALSODY for amyotrophic lateral sclerosis, and SKYCLARYS for Friedreich ataxia. The company also commercializes a portfolio of biosimilars including BENEPALI, IMRALDI, and FLIXABI through collaborations with Samsung Bioepis.

Biogen maintains significant collaborative relationships with leading pharmaceutical and biotechnology companies. The company has agreements with Genentech providing business and financial rights to anti-CD20 therapeutic programs including RITUXAN, GAZYVA, OCREVUS, LUNSUMIO, and COLUMVI. Collaborations with Ionis support development of antisense oligonucleotide therapies for rare neurological diseases.

The company supports its drug discovery and development efforts through internal research and development programs, external collaborations, and strategic acquisitions. Recent acquisitions include Alcyone Therapeutics for implantable drug delivery technology and Reata Pharmaceuticals for rare disease treatments. Biogen's business model emphasizes innovation in addressing unmet medical needs through both organic development and external partnerships, positioning the company as a leader in specialized therapeutic areas with high barriers to entry and significant patient populations requiring advanced treatment options.

Company details
Sector
Health Care
Industry (SIC)
Biological Products
Headquarters
CAMBRIDGE, MA
Fiscal year end
December
CIK
875045
SIC
2836

Financial performance, year by year

Fiscal 2013–2025 · USD
$-1.44B$2.88B$7.19B$11.50B$15.82B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Biogen — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

775
funds hold it
1 of 35
superinvestors hold it
$15.01B
held by funds, at market
48.7%
of shares held by funds
7
bond issues held by funds

Superinvestors in Biogen · what they did last quarter

Mark HillmanDECREASED -18.8%
Hillman Capital Management
3.8%of 13F portfolio

Share of each manager’s reported 13F portfolio. Change is in shares held, since the previous quarter.

Largest fund holders · Biogen’s weight in each

VANGUARD PRIMECAP FUND
VPMCX · VANGUARD CHESTER FUNDS
1.88%of fund net assets
0.60%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.04%of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.05%of fund net assets
VANGUARD MID-CAP INDEX FUND
VO · VANGUARD INDEX FUNDS
0.31%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Biogen’s bonds, as funds hold them

Funds report holding 7 issues of Biogen’s debt, $655.07M at market value — what funds hold, not the company’s total debt. Weighted-average coupon 3.82%, maturing 2030 to 2055.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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  • “How do Biogen and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of Biogen's earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in Biogen's last four quarterly filings that the numbers alone won't show?”
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