Biogen Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,293	1,632	1,162	2,962	1,728
Depreciation & Amortization	779.9	673.2	494.8	518.4	487.7
Stock-Based Compensation	290.8	291.2	264.2	254.1	238.6
Other Adjustments	898.6	434.1	275.4	-1,460	1,332
Change in Receivables	42.1	194.2	56.7	-222.4	326
Changes in Inventories	-64.7	-273.8	-130.9	-320.2	-462.4
Changes in Accrued Expenses	171.1	24.6	-201.6	-113.4	-95.4
Changes in Income Taxes Payable	-958.1	78.5	-299	-142.3	230.8
Changes in Other Operating Activities	-248	-178.7	-73.9	-92	-144.5
Operating Cash Flow	2,205	2,876	1,547	1,384	3,640
Operating Cash Flow Growth	-23.33%	85.85%	11.77%	-61.97%	-13.95%
Capital Expenditures	-153.8	-153.7	-277	-240.3	-258.1
Sale of Property, Plant & Equipment	-	-	-	582.6	93.5
Purchases of Intangible Assets	-81.6	-206.1	-34.4	-2.9	-36.8
Proceeds from Sale of Intangible Assets	-	88.6	-	-	-
Purchases of Investments	-1,258	-	-5,141	-3,449	-3,809
Proceeds from Sale of Investments	79.7	551.5	8,289	4,661	3,405
Payments for Business Acquisitions	-	-1,075	-6,926	-	-
Proceeds from Business Divestments	-	406.8	788.1	990.3	28.1
Other Investing Activities	-7.1	83.9	-11.3	24.4	-5.1
Investing Cash Flow	-1,371	-799.2	-4,101	1,577	-563.7
Long-Term Debt Issued	1,733	-	997.2	-	-
Long-Term Debt Repaid	-1,750	-650	-809.9	-1,002	-170
Net Long-Term Debt Issued (Repaid)	-16.9	-650	187.3	-1,002	-170
Repurchase of Common Stock	-	-	-	-750	-1,800
Net Common Stock Issued (Repurchased)	-	-	-	-750	-1,800
Other Financing Activities	-285	-33.5	-38	4.9	-116.2
Financing Cash Flow	-301.9	-683.5	149.3	-1,747	-2,086
Effect of Exchange Rate Changes on Cash and Cash Equivalents	101.9	-67.7	35.1	-55.7	-59.8
Net Cash Flow	531.6	1,393	-2,405	1,214	990
Free Cash Flow	2,051	2,722	1,270	1,144	3,382
Free Cash Flow Growth	-24.65%	114.28%	11.03%	-66.17%	-11.12%
FCF Margin	20.73%	28.13%	12.91%	11.25%	30.79%
Free Cash Flow Per Share	13.94	18.66	8.72	7.84	22.61
Levered Free Cash Flow	802.4	1,152	860.8	1,570	1,316
Unlevered Free Cash Flow	1,073	2,097	956.48	2,480	2,513

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.