Biogen Inc.

BIIBNASDAQHealthcare● Active

$196.62

+$1.28(+0.66%)

Market Cap$29.0B

P/E Ratio—

52W High$205.97

52W Low$121.05

Avg Volume1.2M

Open$197.25

Beta0.18

Free Cash Flow Financials Revenue

Biogen Inc. (BIIB) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BIIB · free cash flow · updated Jun 8, 2026

Core FCF metrics

BIIB · FCF · TTM · margin & CAGR

Free cash flow was $2.05B for FY2025 (fiscal year ending 2025-12-31), down 18.5% year-over-year The FCF margin was 20.9%. Five-year CAGR stands at -11.6%.

FY2025 Free Cash Flow$2.05B▼ -18.5% YoY

Trailing 12M (TTM)$2.62Btrailing 4 quarters sum

FCF Margin20.9%$2.05B ÷ revenue

3-Year CAGR+21.5%FY2022 → FY2025

5-Year CAGR-11.6%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BIIB · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.20B(154M)$2.05B▼ 18.5%20.9%

FY2024$2.88B(360M)$2.52B▲ +103.6%26.0%

FY2023$1.55B(311M)$1.24B▲ +8.0%12.6%

FY2022$1.38B(240M)$1.14B▼ 66.2%11.3%

FY2021$3.64B(258M)$3.38B▼ 11.1%30.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BIIB · P/FCF · FCF yield · FCF per share

Biogen Inc. (BIIB) trades at a FCF yield of 9.10% and a price-to-free-cash-flow ratio of 11.0x. FCF per share stands at $17.88, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

9.10%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$17.88

TTM FCF ÷ Shares Outstanding

Price / FCF

x11.0

Share Price ÷ FCF per Share

EV / FCF (TTM)

x12.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BIIB · cash flow statement · operating / investing / financing

For FY2025, Biogen Inc. generated $2.20B in operating cash flow and spent 154M in capital expenditures, yielding $2.05B in free cash flow.

Operating Activities

+$2.20B

Cash from core business operations

2025-12-31

Investing Activities

−$1.37B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$301.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.20B) − |CapEx| (154M) = FCF ($2.05B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

BIIB vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Biogen Inc.YOU

BIIB

$2.05B-18.5%20.9%

10%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Biogen Inc. (BIIB) reported free cash flow of $2.05B for FY2025 (fiscal year ending 2025-12-31), down 18.5% year-over-year. The FCF margin was 20.9%.

Based on available data, Biogen Inc. has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $6.56B in FY2019. The 5-year CAGR stands at -11.6%.

Biogen Inc.'s FCF yield is 9.10% and price-to-FCF ratio is 11.0x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BIIB free cash flow · 8 questions

Biogen Inc. free cash flow was $2.05B for FY2025, down 18.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.62B.

BIIB free cash flowBIIB FCFBIIB FCF 2025BIIB free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Biogen Inc. · Biogen Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026