Filing Flows › Biogen (BIIB) › Q4 2025
Biogen (BIIB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
Biogen (BIIB) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and -10% from the quarter before. Operating margin was -2.5%, net loss $48.9M (2.1% of revenue).
Biogen, Q4 2025: revenue $2.3B (-7% year over year), operating margin -2.5%, net loss $48.9M, operating cash flow $512M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | -10% | -7% |
| Operating profit | −$56.0M | -110% | — |
| Net earnings | −$48.9M | -110% | — |
| Operating cash flow | $512M | -60% | -33% |
| Free cash flow | $468M | — | -35% |
What changed
Revenue was $2.3B in Q4 2025, down 7% year over year and down 10% from the previous quarter. Subtotal: Rare Disease was the largest line at 23% of revenue.
Operating costs exceeded revenue by $0.06B, an operating margin of -2.5%. Total costs grew 8% against a revenue fall of 7%. The fastest-growing cost line was Other operating costs (+68%). The quarter ended with a net loss of $0.05B, after a profit of $0.47B the previous quarter.
Operating cash flow was $0.51B (down 33% year over year). Non-cash charges added back $0.20B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.30B. After purchases of property, plant and equipment ($0.04B), free cash flow as the company reports it was $0.47B.
Questions
What was Biogen's revenue in the fourth quarter 2025?
Biogen (BIIB) reported revenue of $2.3B for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and -10% from the quarter before.
Was Biogen profitable in the fourth quarter 2025?
Operating loss was $56.0M (-2.5% of revenue) and net loss $48.9M.
Source: Biogen 10-K on SEC EDGAR.