Biogen Inc (IDP.DE) Q1 2025 Earnings Report

Biogen reported QQ1 2025 revenue of $2.431 billion, up 6.13% year over year, with gross profit of $1.8017 billion and a robust gross margin of approximately 74.11%. Operating income reached $625.2 million, delivering an operating margin of roughly 25.7%, while EBITDA stood at $554.4 million (EBITDA margin ~22.8%). Net income was $240.5 million, translating to a net margin of about 9.89% and an EPS of $1.65 for the quarter. On a year-over-year basis, net income declined about 38.9% and EPS fell around 39.1%, driven largely by higher non-operating costs that weighed on net earnings despite stronger operating performance. QoQ results were mixed: revenue declined 0.97% from the prior quarter, but operating income surged by 38.75% as non-operating headwinds moderated relative to the prior period.

Biogen generated solid operating cash flow of $259.3 million in QQ1 2025 and free cash flow of $212.2 million, supporting an ending cash balance of $2.598 billion. Net debt stood at $4.0229 billion against total debt of $6.6212 billion, with liquidity metrics showing current ratio ~1.44 and quick ratio ~1.01. The balance sheet remains asset-heavy, reflecting substantial intangible and goodwill assets, and a sizeable non-current asset base. While profit performance benefited from operating leverage, elevated non-operating expense (totalOtherIncomeExpensesNet of -$314 million) dampened bottom-line growth. Looking ahead, Biogen’s investment thesis hinges on pipeline progress, continued monetization of its neurology portfolio, and disciplined capital allocation to fund R&D initiatives while preserving near-term cash generation.