Biogen Inc. (BIIB)

Biogen Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	347.5	1,293	1,632	1,161	3,047	1,556
Depreciation & Amortization	881.8	779.9	673.2	494.8	518.4	487.7
Loss (Gain) From Sale of Assets	-	-	-88.6	-	-503.7	-
Asset Writedown & Restructuring Costs	467.3	145.8	60.2	-	119.6	647.3
Loss (Gain) From Sale of Investments	-42.8	19.3	101.4	277.1	-1,240	826.8
Loss (Gain) on Equity Investments	-	-	-	-	-2.6	-34.9
Stock-Based Compensation	302.5	290.8	291.2	264.2	254.1	238.6
Other Operating Activities	1,056	733.5	361.1	-1.3	81.4	63.8
Change in Accounts Receivable	-137.9	102.7	222.3	61.3	-203.4	324.8
Change in Inventory	90.3	-64.7	-273.8	-130.9	-320.2	-462.4
Change in Other Net Operating Assets	-222	-137.5	-182.2	-280.1	-224.4	-238.7
Operating Cash Flow	2,247	2,205	2,876	1,547	1,384	3,640
Operating Cash Flow Growth	-8.42%	-23.33%	85.85%	11.77%	-61.97%	-13.95%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-176.4	-153.8	-153.7	-277	-240.3	-258.1
Sale of Property, Plant & Equipment	-	-	-	-	582.6	-
Cash Acquisitions	-5,071	-	-1,075	-6,926	-	-
Divestitures	-	-	-	-	-	28.1
Sale (Purchase) of Intangibles	-426.3	-81.6	-117.5	-34.4	-2.9	-36.8
Investment in Securities	155.1	-1,179	551.5	3,148	1,213	-309.8
Other Investing Activities	16.2	42.9	-4.7	-11.3	24.4	12.9
Investing Cash Flow	-5,503	-1,371	-799.2	-4,101	1,577	-563.7

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	1,733	-	997.2	-	-
Long-Term Debt Repaid	-	-2,030	-650	-809.9	-1,002	-170
Net Debt Issued (Repaid)	623.3	-296.9	-650	187.3	-1,002	-170
Repurchase of Common Stock	-	-	-	-	-750	-1,800
Other Financing Activities	98.1	-5	-33.5	-38	4.9	-116.2
Financing Cash Flow	721.4	-301.9	-683.5	149.3	-1,747	-2,086

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-24.9	101.9	-67.7	35.1	-55.7	-59.8
Net Cash Flow	-2,559	633.5	1,325	-2,369	1,158	930.2

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	2,071	2,051	2,722	1,270	1,144	3,382
Free Cash Flow Growth	-10.14%	-24.65%	114.28%	11.03%	-66.17%	-11.12%
Free Cash Flow Margin	20.11%	20.73%	28.13%	12.91%	11.24%	30.80%
Free Cash Flow Per Share	13.93	13.94	18.66	8.72	7.84	22.61
Levered Free Cash Flow	808.13	1,947	3,449	981.44	1,393	2,208
Unlevered Free Cash Flow	998.69	2,114	3,606	1,136	1,547	2,365

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	264.1	264.1	245.4	252.2	262.5	280.8
Cash Income Tax Paid	864	864	355.1	740.7	932.9	247.9
Change in Working Capital	-764.9	-1,058	-155.2	-648.7	-890.3	-145.5

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Oct 28, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 2, 2026

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