Biogen reported a solid QQ3 2024 set of results with revenue of $2.466 billion and a robust gross margin of about 74.1%, delivering an operating margin near 20.1% and net income of $388.5 million ($2.67 per share). The year-over-year improvement in net income represents a meaningful swing from the prior-year Q3, when Biogen generated a net loss, underscoring the earnings quality of the current quarter despite top-line pressure. The company generated strong operating cash flow of $935.6 million and free cash flow of $805.6 million, reflecting efficient working capital and cash-generating capability even as it deployed capital toward acquisitions totaling approximately $1.075 billion in the quarter. Free cash flow per share stood at $5.53, highlighting Biogen’s ability to fund ongoing R&D and strategic initiatives internally.
From a balance-sheet perspective, total assets stood at $28.31 billion with a heavy goodwill/intangible base (goodwill and intangible assets around $16.29 billion) and a net debt position of about $4.95 billion. The company ended the period with cash of roughly $1.70 billion and a cash conversion efficiency (operating cash flow as a share of revenue) of approximately 37.9%. While the acquisitions cadence supports long-term strategic repositioning, it also introduces elevated near-term cash outflows and leverage considerations. Management commentary—particularly around pipeline milestones, cost discipline, and capital allocation—will be critical to gauge how Biogen balances growth investments with deleveraging in a competitive CNS landscape.