Biogen Inc.

biogen.com

What Do They Do?

Sells medicines for neurological, immune and rare diseases to health care providers and pharmaceutical distributors.

How Do They Make Money?

Biogen sells medicines to distributors and pharmacies, with product sales tied to delivery. It also receives royalties and shares of partner profits as sales occur.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Product revenue, net Sold outright	72% FY2022: 79%	Sold outright
Revenue from anti-CD20 therapeutic programs Licensed	19% FY2022: 17%	Licensed
Alzheimer's collaboration revenue	1.8% FY2022: 0.0%
Contract manufacturing, royalty and other revenue	7.4% FY2022: 4.8%

Who Are Their Customers?

Biogen promotes its medicines to health care providers through its own sales teams, partnering with third parties in some countries. It sells mainly through wholesalers and specialty pharmacies, while distribution in other countries may also involve hospitals and third-party partners.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 21 cents into free cash flow.

Operating income, FY2025

33% of revenue

▲ +10% vs FY2024 ($3B, 31%)

Net income, FY2025

13% of revenue

▼ −21% vs FY2024 ($1.6B, 17%)

Free cash flow, FY2025

21% of revenue

▼ −25% vs FY2024 ($2.7B, 28%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +11%; vs $2.5B in Q3 FY2025
Net income: ▼ Now a loss; vs $466.5M in Q3 FY2025

Product revenue, net share of revenue vs 72.9% in Q3 FY2025

Jul 29, 2026 Biogen updated its 2026 outlook and projected acquisition-related EPS dilution It expects approximately $0.85 of 2026 non-GAAP EPS dilution, with the transaction accretive to non-GAAP diluted EPS in 2027.
May 14, 2026 Biogen completed its acquisition of Apellis The acquisition added EMPAVELI and SYFOVRE to its commercial portfolio.
Mar 31, 2026 Biogen agreed to acquire Apellis The proposed offer included cash plus contingent payments tied to SYFOVRE sales.
Feb 11, 2026 Biogen elected a new board chair Maria C. Friere will take the role after the annual meeting; Caroline Dorsa will not stand for re-election.

Shrinking. Revenue fell 10% in 4 years, from $11B in FY2021 to $9.9B in FY2025, about 3% a year.

Zuranolone moved toward commercialization The older report described zuranolone as in development for major depressive disorder and postpartum depression; the latest says Biogen works with Supernus to commercialize ZURZUVAE for postpartum depression.

More marketed therapies The older report's marketed-product list named SPINRAZA but not SKYCLARYS or QALSODY; the latest lists all three among its marketed medicines.

Revenue over time

Product revenue, net Revenue from anti-CD20 therapeutic programs Alzheimer's collaboration revenue Contract manufacturing, royalty and other revenue

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Eli Lilly

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