Short answer
Biogen (BIIB) filed its fiscal 2025 10-K annual report with the SEC on Feb 6, 2026. It reported revenue of $9.9B (+2.2% year over year) and net income of $1.3B.
- Top risk flagged: Regulatory risk: IRA Medicare Part D redesign caused $90 million 2025 revenue loss, impacting SKYCLARYS and MS portfolio with future pricing enforcement uncertainty
FY2025 key financial metrics · XBRL
- Revenue
- $9.9B
- +2.2% YoY
- Net income
- $1.3B
- −20.8% YoY
- EPS (diluted)
- $8.79
- −21.4% YoY
- ROE
- 7.1%
- −2.7 pp YoY
- Operating cash flow
- $2.2B
- −23.3% YoY
Source: XBRL data from the Biogen (BIIB) FY2025 10-K on SEC EDGAR. USD.
Biogen FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
Generated from the filing text; verify against the original. How to read a 10-K
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