Biogen balance sheet

At the end of fiscal 2025, Biogen had total assets of $29.44bn, total liabilities of $11.18bn and shareholders' equity of $18.26bn. It held $3.01bn in cash against $6.57bn of debt: net debt of $3.56bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Biogen: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash and equivalents	0.6	0.8	0.5	0.6	0.6	1.2	1.3	2.3	1.6	1.2	2.9	1.3	2.3	3.4	1.0	2.4	3.0	1.3
Receivables	0.6	0.6	0.6	0.7	0.8	1.3	1.2	1.4	1.8	2.0	1.9	1.9	1.5	1.7	1.7	1.4	1.3	—
Inventory	0.3	0.3	0.3	0.4	0.7	0.8	0.9	1.0	0.9	0.9	0.8	1.1	1.4	1.3	2.5	2.5	2.2	2.2
Total current assets	2.5	2.5	3.0	3.2	3.2	4.5	6.7	8.7	7.9	7.6	8.4	6.9	7.9	9.8	6.9	7.5	9.0	7.6
Goodwill	1.1	1.1	1.1	1.2	1.2	1.8	2.7	3.7	4.6	5.7	5.8	5.8	5.8	5.7	6.2	6.5	6.5	7.0
Total assets	8.6	8.1	9.0	10.1	11.9	14.3	19.5	22.9	23.7	25.3	27.2	24.6	23.9	24.6	26.8	28.0	29.4	32.1
Accounts payable	0.1	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.4	0.4	0.5	0.5	0.6	0.5	0.4	0.4	0.4	0.4
Deferred revenue (current)	0.0	0.0	0.1	0.1	0.2	0.1	0.1	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	0.7	1.1	0.9	1.7	1.8	2.2	2.6	3.4	3.4	3.3	4.9	3.7	4.3	3.3	3.4	5.5	3.3	3.9
Short-term debt	—	—	—	0.5	0.0	0.0	0.0	0.0	0.0	0.0	1.5	0.0	1.0	0.0	0.2	1.7	0.0	—
Long-term debt	1.1	1.0	1.0	0.7	0.6	0.6	6.5	6.5	5.9	5.9	4.5	7.4	6.3	6.3	6.8	4.5	6.3	7.3
Total debt	1.1	1.2	1.1	1.1	0.6	0.6	6.6	6.6	6.0	6.0	7.5	7.5	8.6	6.3	7.2	6.6	6.6	7.3
Total liabilities	2.3	2.6	2.6	3.2	3.2	3.5	10.1	10.7	11.1	12.3	13.9	13.9	12.9	11.2	12.0	11.3	11.2	13.1
Shareholders' equity	6.2	5.4	6.4	7.0	8.6	10.8	9.4	12.1	12.6	13.0	13.3	10.7	10.9	13.4	14.8	16.7	18.3	18.9
Net debt (negative = net cash)	0.5	0.4	0.5	0.6	−0.0	−0.6	5.3	4.2	4.4	4.8	4.6	6.2	6.3	2.9	6.2	4.2	3.6	6.0
Shares outstanding	275m	241m	242m	237m	236m	235m	219m	216m	212m	197m	174m	152m	147m	144m	145m	146m	147m	—

US$ billions unless shown otherwise. Fiscal quarters.

Biogen: balance sheet, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Receivables	1.4	—	—	—	1.3	—	—	—
Inventory	2.5	2.3	2.3	2.2	2.2	1.9	2.4	2.2
Total current assets	7.5	7.6	8.0	8.9	9.0	9.2	7.3	7.6
Goodwill	6.5	6.5	6.5	6.5	6.5	6.5	7.0	7.0
Total assets	28.0	28.0	28.3	29.2	29.4	29.5	32.1	32.1
Accounts payable	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
Total current liabilities	5.5	5.3	3.2	3.3	3.3	3.0	3.9	3.9
Short-term debt	1.7	—	—	—	0.0	—	—	—
Long-term debt	4.5	4.5	6.3	6.3	6.3	6.3	7.3	7.3
Total debt	6.3	4.5	6.3	6.3	6.3	6.3	7.3	7.3
Total liabilities	11.3	11.1	10.7	11.0	11.2	10.8	13.2	13.1
Shareholders' equity	16.7	17.0	17.6	18.2	18.3	18.7	18.8	18.9
Shares outstanding	146m	—	—	—	147m	—	—	—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Biogen's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Biogen.