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Biogen cash flow statement

In fiscal 2025, Biogen's operations generated $2.20bn of cash; it spent $154m on capital projects, leaving free cash flow of $2.05bn.

Cash flow statement

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations1,0751,6251,7281,8802,3452,9423,9194,5874,5516,1887,0794,2303,6401,3841,5472,8762,2052,247
Depreciation and amortisation4283563593665326886006831,081651465457488518495673780541
Stock-based pay161168113119136155161155128158182198239254264291291308
Capital spending166173208255246288643616867771515425258240277154154176
Free cash flow9091,4521,5201,6252,0992,6543,2763,9713,6845,4176,5643,8053,3821,1441,2702,7222,0512,071
Free cash flow after stock pay7481,2841,4071,5071,9632,4993,1153,8163,5565,2606,3823,6073,1438901,0062,4311,7601,763
Share buybacks7512,0784989854008875,0001,0001,3654,3535,8686,6791,80075000——

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.