Biogen Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.29B | $1.63B | $1.16B | $3.05B | $1.56B | $4.00B | $5.89B | $4.43B |
| Depreciation & Amortization | $779.9M | $673.2M | $494.8M | $518.4M | $487.7M | $457.2M | $464.7M | $650.5M |
| Depreciation | $272.8M | $286.7M | $254.2M | $272.4M | $235.3M | $201.9M | $190.6M | $269.4M |
| Amortization | $507.1M | $386.5M | $240.6M | $246.3M | $252.0M | $255.1M | $274.0M | $381.2M |
| Stock-Based Compensation | $290.8M | $291.2M | $264.2M | $254.1M | $238.6M | $198.3M | $182.3M | $157.5M |
| Net Cash from Operating Activities | $2.20B | $2.88B | $1.55B | $1.38B | $3.64B | $4.23B | $7.08B | $6.19B |
| Investing Activities | ||||||||
| Capital Expenditures | $153.8M | $153.7M | $277.0M | $240.3M | $258.1M | $424.8M | $514.5M | $770.6M |
| Business Acquisitions | — | $1.07B | $6.93B | — | — | — | $744.4M | $0 |
| Net Cash from Investing Activities | $-1.37B | $-799.2M | $-4.10B | $1.58B | $-563.7M | $-608.6M | $470.5M | $-2.05B |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | $0 | $0 | $750.0M | $1.80B | $6.68B | $5.87B | $4.35B |
| Net Cash from Financing Activities | $-301.9M | $-683.5M | $149.3M | $-1.75B | $-2.09B | $-5.27B | $-5.86B | $-4.47B |
| Net Change in Cash | — | — | — | — | — | — | — | — |
| Free Cash Flow | $2.05B | $2.72B | $1.27B | $1.14B | $3.38B | $3.81B | $6.56B | $5.42B |