BIIB at a glance
Biogen (BIIB, SEC CIK 875045) filed its latest 10-K annual report on February 6, 2026, a 10-Q quarterly report on July 29, 2026, an 8-K current report on July 29, 2026 and Form 4 insider filings as recently as October 5, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Biogen (BIIB) reported revenue of $9.9 billion (up 2.2% from FY2024) and net income of $1.3 billion. Diluted EPS was $8.79.
- As of June 30, 2026, 43 institutional investment managers tracked by SignalX reported holding Biogen (BIIB) shares worth $16.1 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Minor Lloyd on August 4, 2026 of 593 shares at $200.96 per share.
- In the last 90 days, BIIB insiders reported 0 open-market purchases ($0) and 2 open-market sales ($240K) on Form 4, a net sale of $240K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $9.9B
- +2.2% vs prior year
- Insiders · 90 days
- 0 buys · 2 sells
- Net −$240K
- 13F holders
- 43 funds
- $16.1B · +3 vs prior quarter
- Latest 8-K
- Jul 29, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Global biopharmaceutical company developing and commercializing therapies primarily for neurology, specialized immunology, and rare diseases
- New or emphasized segment: Expanded collaboration with Genentech on multiple anti-CD20 therapies including recently approved GAZYVA for lupus nephritis in Oct 2025
- Strategic shift: Increased focus on biosimilars portfolio commercialization, including BENEPALI, IMRALDI, and FLIXABI as key growth drivers
- Quantitative highlight: Acquired in-process research and development expense surged to $471.8M in 2025 from $61.5M in 2024, signaling aggressive pipeline investment
- Noteworthy fact: Completed agreement to acquire Reata Pharmaceuticals (2023 filing) reflected in continued integration and intangible assets balancing $9.18B as of Dec 2025
Risk Factors
- Regulatory risk: IRA Medicare Part D redesign caused $90 million 2025 revenue loss, impacting SKYCLARYS and MS portfolio with future pricing enforcement uncertainty
- Geopolitical risk: Russia-Ukraine conflict may disrupt supply; revenues from Russia, Ukraine, Middle East each <2.0% of total revenue in 2023-2025
- Supply chain risk: TECFIDERA, VUMERITY, LEQEMBI raw materials and components partly sourced outside U.S., with tariffs and supplier substitution risks
- Competitive risk: TECFIDERA patent revoked by European Patent Office Nov 2025; multiple generic entrants causing significant revenue erosion
- Financial risk: $1.75 billion 2025 Senior Notes issuance with proceeds used to redeem $4.050% notes; $4.2 billion cash and equivalents end 2025
Management Discussion & Analysis
- No profitability or margin figures mentioned
- Capital investments include new biologics manufacturing facility in Solothurn, Switzerland; expansion supports LEQEMBI and TYSABRI production
- Future growth dependent on new product development, regulatory approvals, patent protection, and external business opportunities
AI summary of the BIIB 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue and YoY change not provided in supplied MD&A excerpt
- Profitability and margin percentages not provided in supplied MD&A excerpt
- Apellis acquisition added SYFOVRE and EMPAVELI on May 14, 2026
- Solothurn facility operational and approved for LEQEMBI and TYSABRI manufacturing
- Headwinds from originator therapies, generics, biosimilars, pricing pressure and reimbursement uncertainty
Risk Factors
- New regulatory risk: OBBBA, enacted July 2025, introduces Medicaid changes with uncertain material impact beginning in 2027 and 2028
- LEQEMBI commercialization risk: U.S. subcutaneous starting-dose approval remains pending, with delays potentially reducing anticipated benefits
- Integration risk: May 2026 Apellis acquisition requires effective integration and commercialization of EMPAVELI and SYFOVRE
- Market risk: Increasing generic, biosimilar and originator competition may reduce branded-product prices and sales volumes
- Pricing risk: IRA drug negotiations, Medicare Part D redesign and potential MFN policies could pressure sales, especially Medicare-reliant products
AI summary of the BIIB 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Biogen reported second-quarter results for the period ended June 30, 2026
- Press release furnished as Exhibit 99.1 contains the operating and financial results
Item EX-99.1: Item EX-99.1
- Q2 revenue $2.736B, up 3% YoY, led by Growth Portfolio revenue of $1.06B, up 24%
- Non-GAAP EPS $3.60 versus $5.47, pressured by acquisition costs, pipeline investment, and Apellis financing expense
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 GAAP and non-GAAP EPS expected to include approximately $164 million of pre-tax milestone-related expense
- Q2 EPS impact estimated at approximately $0.95 per diluted share
AI summaries of BIIB 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for BIIB
Don't miss the next BIIB filing
- Alerts as it files. A push when BIIB files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut BIIB, by share count.
- Ask anything. An AI agent that reads every BIIB filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Godbout Sean | M | Oct 2, 2026 | 27 | - |
| Godbout Sean | F | Oct 2, 2026 | 8 | $219.88 |
| Godbout Sean | M | Oct 2, 2026 | 27 | - |
| Godbout Sean | A | Oct 1, 2026 | 985 | - |
| Parini Michael | A | Sep 1, 2026 | 7,405 | - |
| Minor Lloyd | Sell | Aug 4, 2026 | 593 | $200.96 |
| Minor Lloyd | Sell | Aug 3, 2026 | 593 | $203.34 |
| Freire Maria C | A | Jun 9, 2026 | 2,005 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $9.8B | $9.7B | $9.9B |
| Net Income | $1.2B | $1.6B | $1.3B |
| Net Margin | 11.8% | 16.9% | 13.1% |
| Balance Sheet | |||
| Total Assets | $26.8B | $28.0B | $29.4B |
| Equity | $14.8B | $16.7B | $18.3B |
| ROE | 7.8% | 9.8% | 7.1% |
| Per Share | |||
| EPS | $7.97 | $11.18 | $8.79 |
| Cash Flow | |||
| Operating CF | $1.5B | $2.9B | $2.2B |
| CapEx | - | $153.7M | $153.8M |
Source: XBRL data in Biogen (BIIB)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate BIIB share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 43 | $16.09B |
| Q1 2026 | 40 | $12.48B |
| Q4 2025 | 39 | $11.75B |
| Q3 2025 | 41 | $8.65B |
| Q2 2025 | 38 | $7.43B |
| Q1 2025 | 36 | $6.15B |
| Q4 2024 | 35 | $5.76B |
| Q3 2024 | 31 | $3.52B |
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- Millennium Management−94.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 303 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
BIIB filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Aug 5, 2026 | - | - | - |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 29, 2026 | - | Analysis | - |
| 8-K | Jul 1, 2026 | - | Analysis | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 4 | Jun 11, 2026 | - | - | - |
| 8-K | Jun 10, 2026 | - | Analysis | |
| 8-K | Jun 10, 2026 | - | - | |
| 8-K | May 14, 2026 | - | Analysis | |
| 4 | May 5, 2026 | - | - | - |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 29, 2026 | - | - | |
| 8-K | Apr 29, 2026 | - | Analysis | - |
| SC 13D | Apr 6, 2026 | - | - | |
| 8-K | Apr 6, 2026 | - | Analysis | - |
| 4 | Apr 3, 2026 | - | - | - |
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BIIB SEC filings: frequently asked questions
Are BIIB insiders buying or selling?
In the last 90 days, Biogen (BIIB) officers, directors and 10% owners reported no open-market purchases and 2 open-market sales worth $239,750 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold BIIB stock?
As of June 30, 2026, the largest Biogen (BIIB) holders among the 13F filers tracked by SignalX were FMR LLC (Fidelity) ($3.9 billion), BlackRock ($3.5 billion), Vanguard Capital Management LLC ($2.1 billion), State Street Corp ($1.6 billion), Vanguard Portfolio Management LLC ($1.4 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was BIIB's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Biogen (BIIB) reported revenue of $9.9 billion (up 2.2% from FY2024) and net income of $1.3 billion. Diluted EPS was $8.79. The figures come from the XBRL data in the 10-K.
What are the main risks in BIIB's latest 10-K?
In the 10-K filed February 6, 2026, Biogen (BIIB) flagged: Regulatory risk: IRA Medicare Part D redesign caused $90 million 2025 revenue loss, impacting SKYCLARYS and MS portfolio with future pricing enforcement uncertainty. Geopolitical risk: Russia-Ukraine conflict may disrupt supply; revenues from Russia, Ukraine, Middle East each <2.0% of total revenue in 2023-2025. (AI summary of the Risk Factors section.)
What did BIIB report in its latest 8-K?
Biogen (BIIB) filed an 8-K on July 29, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Biogen reported second-quarter results for the period ended June 30, 2026.
What are the latest BIIB SEC filings?
Biogen (BIIB) filed its latest 10-K annual report on February 6, 2026, a 10-Q quarterly report on July 29, 2026, an 8-K current report on July 29, 2026 and a Form 4 insider filing on October 5, 2026.
What is BIIB's SEC CIK number?
Biogen (BIIB)'s SEC Central Index Key (CIK) is 875045. EDGAR lists every BIIB filing under that number.
Ask anything about BIIB
The research agent reads BIIB's filings, financials, insider trades and 13F holders, then answers with sources.