Filing Flows › Biogen (BIIB) › Q3 2025
Biogen (BIIB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Biogen (BIIB) reported revenue of $2.5B for the third quarter 2025 (Q3 2025), +3% from a year earlier and -4% from the quarter before. Operating margin was 22.0%, net earnings $466M (18.4% of revenue).
Biogen, Q3 2025: revenue $2.5B (+3% year over year), operating margin 22.0%, net earnings $466M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | -4% | +3% |
| Operating profit | $557M | -25% | +24% |
| Net earnings | $466M | -27% | +20% |
| Operating cash flow | $1.3B | +691% | +36% |
| Free cash flow | $1.2B | — | +36% |
What changed
Revenue was $2.5B in Q3 2025, up 3% year over year and down 4% from the previous quarter. TYSABRI was the largest line at 17% of revenue. VUMERITY added $0.06B year over year (up 36%), 82% of the total change. Contract manufacturing, royalty and other revenue declined 35%.
Operating profit was $0.56B, a 22.0% margin (up 3.7 points year over year). Of the extra revenue versus a year earlier, 154% reached operating profit, above the 18% margin then. Total costs fell 2% while revenue rose 3%. Net earnings were $0.47B, up 20% year over year. The effective tax rate was 16.3%.
Operating cash flow was $1.3B (up 36% year over year), 273% of net earnings. Non-cash charges added back $0.20B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.53B. After purchases of property, plant and equipment ($0.05B), free cash flow as the company reports it was $1.2B.
Questions
What was Biogen's revenue in the third quarter 2025?
Biogen (BIIB) reported revenue of $2.5B for the third quarter 2025 (Q3 2025), +3% from a year earlier and -4% from the quarter before.
Was Biogen profitable in the third quarter 2025?
Operating profit was $557M (22.0% of revenue) and net earnings $466M.
Source: Biogen 10-Q on SEC EDGAR.