Biogen reported Q1 2024 revenue of $2.2905 billion, down 7.0% year over year and 4.01% quarter over quarter. Despite the revenue decline,operating income rose 11.64% YoY and 35.82% QoQ to $577.5 million, delivering a solid operating margin of approximately 25.2% and an EBITDA margin of about 29.8%. Net income totaled $393.4 million, a 1.4% YoY increase and a more pronounced 57.6% QoQ jump, with EPS of $2.71 (diluted $2.70). The company generated $553.2 million of cash flow from operations and $432.3 million in free cash flow, underpinning robust liquidity despite a substantial debt burden.
Biogen’s balance sheet shows a sizable asset base with total assets of roughly $26.57 billion and total stockholders’ equity of about $15.21 billion. Intangible assets and goodwill together total approximately $14.51 billion, reflecting the company’s acquisition-driven portfolio. Liquidity metrics remain healthy on a relative basis (current ratio 2.10; quick ratio 1.315; cash ratio 0.333), but leverage remains meaningful (long-term debt around $6.70 billion; total debt $6.95 billion; net debt about $5.87 billion). Return indicators are modest by some industry standards (ROE ~2.6%, ROA ~1.5%, ROIC ~2.3%), underscoring a cash-generative profile even as revenue headwinds persist.
Strategically, Biogen continues to rely on its neurodegenerative disease portfolio and MS therapies, while maintaining a robust R&D and SG&A investment cadence. With a strong free cash flow generation profile and a diversified—but pipeline-heavy—product roster, the stock should appeal to investors prioritizing cash flow visibility and balance-sheet resilience. The absence of an earnings-call transcript in the presented materials limits management-specific guidance and quotes; as such, the forward outlook rests on quantified performance and industry backdrop rather than explicit management targets disclosed here.