BIOGEN INC（BIIB）の決算・業績分析
BIOGEN INCの2025年有価証券報告書をAI分析。売上高$9.9B(+2.2%)。Health Care。
目次
BIOGEN INCの2025年度 業績サマリー
BIOGEN INC（証券コード: BIIB）の2025年度決算・業績分析。売上高は$9.9B（前年比+2.2%）。純利益は$1.3B（前年比-20.8%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
BIOGEN INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Net income surged 95.8% YoY to $3.0B (XBRL), despite a 7.4% revenue decline to $10.2B (XBRL) driven by generic competition for TECFIDERA.
- Operating margin remained robust at 32.0% (XBRL), with net margin of 29.9% (XBRL), reflecting strong cost control and pricing power.
- Share repurchases totaled $750M (XBRL), while long-term debt rose to $6.3B (XBRL), maintaining a debt-to-equity ratio of 1.10x (XBRL).
- Cash conversion cycle (CCC) reached 400 days (XBRL), with inventory days at 405 days (XBRL), signaling working capital inefficiencies.
BIOGEN INCの売上高変化の要因
- •Revenue declined 7.4% YoY to $10.2B (XBRL), primarily due to generic competition for TECFIDERA (10-K). Historical data shows a 5-year revenue CAGR of -6.1% (XBRL), with net income CAGR of -23.5% (XBRL). No segment-specific revenue breakdown is available in the data.
BIOGEN INCの営業利益変化の要因
- •Operating income of $3.3B (XBRL) and EBITDA of $3.8B (37.1% margin) (XBRL) reflect strong profitability despite revenue declines. Net margin of 29.9% (XBRL) improved significantly YoY, driven by cost management and R&D investments of $2.2B (XBRL). Gross profit data is not available (XBRL).
BIOGEN INCの事業リスクと対応
Revenue dependence on key products (e.g., TECFIDERA) in competitive markets (10-K).
Commercialization challenges for new products like LEQEMBI/SKYCLARYS, including reimbursement barriers (10-K).
High R&D costs and uncertainty in drug development pipelines (10-K).
Regulatory risks from IRA-driven price negotiations and varying international approval requirements (10-K).
Inventory management inefficiencies (405 days) and high CCC (400 days) (XBRL).
BIOGEN INCの今後の見通し・業績予想
BIOGEN INCの事業内容
Biogen Inc. (BIIB) is a global biopharmaceutical company focused on developing therapies for serious diseases, generating revenue through product sales (e.g., TECFIDERA, SPINRAZA) and collaborations (e.g., LEQEMBI with Eisai) (10-K). Key products include multiple sclerosis treatments (TECFIDERA, VUMERITY), spinal muscular atrophy therapies (SPINRAZA, SKYCLARYS), and rare disease medications (QALSODY, FUMADERM), alongside biosimilars like BENEPALI (10-K). Competitive advantages include a robust R&D pipeline (e.g., felzartamab from HI-Bio acquisition) and strategic partnerships (10-K).
BIOGEN INCのAI業績分析レポート（2024年度）
Biogen Inc. (BIIB) FY2024 Annual Report Analysis
Highlights
Business Overview
Biogen Inc. (BIIB) is a global biopharmaceutical company focused on developing therapies for serious diseases, generating revenue through product sales (e.g., TECFIDERA, SPINRAZA) and collaborations (e.g., LEQEMBI with Eisai) (10-K). Key products include multiple sclerosis treatments (TECFIDERA, VUMERITY), spinal muscular atrophy therapies (SPINRAZA, SKYCLARYS), and rare disease medications (QALSODY, FUMADERM), alongside biosimilars like BENEPALI (10-K). Competitive advantages include a robust R&D pipeline (e.g., felzartamab from HI-Bio acquisition) and strategic partnerships (10-K).
Revenue Analysis
Revenue declined 7.4% YoY to $10.2B (XBRL), primarily due to generic competition for TECFIDERA (10-K). Historical data shows a 5-year revenue CAGR of -6.1% (XBRL), with net income CAGR of -23.5% (XBRL). No segment-specific revenue breakdown is available in the data.
Profitability Analysis
Operating income of $3.3B (XBRL) and EBITDA of $3.8B (37.1% margin) (XBRL) reflect strong profitability despite revenue declines. Net margin of 29.9% (XBRL) improved significantly YoY, driven by cost management and R&D investments of $2.2B (XBRL). Gross profit data is not available (XBRL).
Balance Sheet Analysis
Equity ratio of 40.8% (XBRL) and debt-to-equity ratio of 1.10x (XBRL) indicate moderate leverage. Total assets increased from $23.9B in FY2022 (XBRL) to $26.8B in FY2024 (XBRL), while total equity fluctuated between $10.7B and $13.4B (XBRL). Liquidity details (cash, credit facilities) are not disclosed (XBRL).
Cash Flow Analysis
Operating cash flow of $1.4B (XBRL) was offset by $240M in CapEx (XBRL), resulting in $1.1B in free cash flow (XBRL). Share repurchases totaled $750M (XBRL), while investing cash flow of $1.6B (XBRL) reflects the HI-Bio acquisition (10-K). Financing cash flow was -$1.7B (XBRL), driven by debt and buybacks.
Working Capital Analysis
Cash conversion cycle (CCC) of 400 days (XBRL) was driven by 60 days of receivables (XBRL), 405 days of inventory (XBRL), and 65 days of payables (XBRL). Asset turnover of 0.38x (XBRL) indicates underutilized assets.
Risks
Outlook
Management highlights challenges from generic competition for TECFIDERA and the need for new product approvals (10-K). Pipeline advancements (e.g., HI-Bio acquisition) and patent protection are expected to drive future growth, though no specific FY2025 guidance is provided (10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 13.5B | 14.4B | 13.4B | 11.0B | 10.2B | 9.8B |
| Operating Income | 5.9B | 7.0B | N/A | N/A | 3.3B | N/A |
| Net Income | 4.4B | 5.9B | 4.0B | 1.6B | 3.0B | 1.2B |
| Total Assets | 27.2B | 24.6B | 23.9B | 24.6B | 26.8B | 28.0B |
| Total Equity | 13.3B | 10.7B | 10.9B | 13.4B | 11.0B | 13.4B |
| Operating Cash Flow | 6.2B | 7.1B | 4.2B | 3.6B | 1.4B | 1.5B |
Health Careの企業一覧
BIOGEN INCと同じ「Health Care」セクターの企業