$BIIB

BIOGEN INC.

CIK:0000875045|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 2,736.0	$ 2,645.5	$ 5,213.8	$ 5,076.5
Cost and expenses:
Cost of sales, excluding amortization and impairment of acquired intangible assets	776.9	605.0	1,437.9	1,234.3
Research and development	529.6	399.0	1,068.6	833.1
Acquired in-process research and development, upfront and milestone expense	164.0	46.6	198.0	247.3
Selling, general and administrative	709.7	583.8	1,317.0	1,156.3
Amortization and impairment of acquired intangible assets	168.2	130.9	304.7	242.7
Collaboration profit sharing/(loss reimbursement)	68.8	75.0	143.0	133.1
(Gain) loss on fair value remeasurement of contingent consideration	2.5		23.0	22.8
Restructuring charges	165.4	(0.7)	173.3	34.6
Other (income) expense, net	18.5	48.7	38.2	117.1
Total cost and expense	2,603.6	1,901.5	4,703.7	4,021.3
Income before income tax (benefit) expense	132.4	744.0	510.1	1,055.2
Income tax (benefit) expense	34.9	109.2	93.1	179.9
Net income attributable to Biogen Inc.	$ 97.5	$ 634.8	$ 417.0	$ 875.3
Net income per share:
Basic earnings per share attributable to Biogen Inc. (in USD per share)	$ 0.66	$ 4.33	$ 2.83	$ 5.98
Diluted earnings per share attributable to Biogen Inc. (in USD per share)	$ 0.66	$ 4.33	$ 2.81	$ 5.97
Weighted-average shares used in calculating:
Basic earnings per share attributable to Biogen Inc. (in USD per share)	147,700	146,500	147,400	146,300
Diluted earnings per share attributable to Biogen Inc. (in USD per share)	148,700	146,700	148,600	146,700
Product revenue, net
Total revenue	$ 1,916.4	$ 1,878.7	$ 3,668.7	$ 3,605.2
Revenue from anti-CD20 therapeutic programs
Total revenue	513.5	467.3	932.6	845.5
Alzheimer's collaboration revenue
Total revenue	63.7	54.9	123.2	87.9
Contract manufacturing, royalty and other revenue
Total revenue	$ 242.4	$ 244.6	$ 489.3	$ 537.9

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flow from operating activities:
Net income	$ 417.0	$ 875.3
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	440.5	377.5
Impairment of intangible assets	0.0	3.5
Excess and obsolescence charges related to inventory	9.9	14.3
Amortization of acquired inventory step-up	310.4	103.9
Acquired in-process research and development	100.0	0.0
Share-based compensation	161.4	155.9
Contingent consideration	23.0	22.8
Deferred income taxes	(4.0)	(59.1)
(Gain) loss on strategic investments	(61.8)	33.2
Other	64.0	16.0
Changes in operating assets and liabilities, net of effects of business acquired:
Inventory	191.9	(27.9)
Accrued expense and other current liabilities	(292.9)	(318.7)
Income tax assets and liabilities	32.2	(534.7)
Other changes in operating assets and liabilities, net	(143.0)	(75.5)
Net cash flow provided by (used in) operating activities	1,094.4	420.2
Cash flow from investing activities:
Purchases of property, plant and equipment	(92.1)	(63.7)
Proceeds from sales and maturities of marketable securities	2,140.4	0.0
Purchases of marketable securities	(896.6)	0.0
Acquisition of Apellis, net of cash acquired	5,065.1	0.0
Payments to acquire in process research and development	135.0	0.0
Acquisitions of intangible assets	0.0	(10.0)
Proceeds from sales of strategic investments	0.5	0.0
Other	(0.8)	(30.6)
Net cash flow provided by (used in) investing activities	(4,048.7)	(104.3)
Cash flow from financing activities:
Payments related to issuance of stock for share-based compensation arrangements, net	(49.1)	(18.2)
Proceeds from borrowings, net	2,400.0	1,733.4
Repayments of borrowings	(1,096.7)	(1,750.0)
Other	(2.0)	0.1
Net cash flow provided by (used in) financing activities	1,252.2	(34.7)
Net increase (decrease) in cash and cash equivalents	(1,702.1)	281.2
Effect of exchange rate changes on cash and cash equivalents	(21.4)	102.6
Cash and cash equivalents, beginning of the period	3,008.5	2,375.0
Cash and cash equivalents, end of the period	1,285.0	2,758.8
Nonrelated Party
Changes in operating assets and liabilities, net of effects of business acquired:
Accounts receivable	(166.0)	(170.5)
Related Party
Changes in operating assets and liabilities, net of effects of business acquired:
Accounts receivable	$ 11.8	$ 4.2

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,285.0	$ 3,008.5
Current portion of marketable securities	0.0	807.2
Inventory	2,384.3	2,168.1
Other current assets	1,238.0	1,123.3
Total current assets	7,305.7	8,974.1
Marketable securities	0.0	431.9
Property, plant and equipment, net	2,994.1	3,055.4
Operating lease assets	245.7	265.4
Intangible assets, net	13,516.4	9,178.5
Goodwill	6,990.8	6,491.1
Deferred tax asset	202.1	292.5
Investments and other assets	831.8	750.6
Total assets	32,086.6	29,439.5
Current liabilities:
Current portion of term loan	800.0	0.0
Taxes payable	86.9	114.8
Accounts payable	403.9	432.0
Accrued expense and other	2,626.3	2,802.6
Total current liabilities	3,917.1	3,349.4
Notes payable and term loan	7,290.3	6,286.8
Deferred tax liability	945.5	507.6
Long-term operating lease liabilities	264.8	290.4
Other long-term liabilities	820.9	748.5
Total liabilities	13,238.6	11,182.7
Commitments, contingencies and guarantees
Biogen Inc. shareholders’ equity:
Preferred stock, par value $0.001 per share	0.0	0.0
Common stock, par value $0.0005 per share	0.1	0.1
Additional paid-in capital	983.0	863.1
Accumulated other comprehensive income (loss)	(127.7)	(182.0)
Retained earnings	20,969.7	20,552.7
Treasury stock, at cost	(2,977.1)	(2,977.1)
Total equity	18,848.0	18,256.8
Total liabilities and equity	32,086.6	29,439.5
Nonrelated Party
Current assets:
Accounts receivable, net of allowance for doubtful accounts of $2.9 and $3.0, respectively	1,885.6	1,342.4
Related Party
Current assets:
Accounts receivable, net of allowance for doubtful accounts of $2.9 and $3.0, respectively	$ 512.8	$ 524.6