Biogen Inc.
Cash Flow Statement
| Line Item | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $319.5M | $-48.9M | $466.5M | $634.8M | $240.5M | $266.7M | $388.5M | $583.6M |
| Depreciation & Amortization | $204.4M | $200.2M | $202.2M | $194.3M | $183.2M | $184.0M | $182.8M | $158.9M |
| Depreciation | $67.9M | $68.0M | $66.5M | $66.9M | $71.4M | $72.8M | $72.7M | $71.9M |
| Amortization | — | — | $135.7M | $127.4M | — | — | $110.1M | $86.9M |
| Stock-Based Compensation | $84.0M | $59.6M | $75.3M | $74.9M | $81.0M | $75.1M | $72.7M | $70.6M |
| Net Cash from Operating Activities | $645.5M | $511.9M | $1.27B | $160.9M | $259.3M | $760.9M | $935.6M | $625.8M |
| Investing Activities | ||||||||
| Capital Expenditures | $51.2M | $43.9M | $46.2M | $26.6M | $37.1M | $39.3M | $35.0M | $33.5M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-209.5M | $-1.23B | $-35.1M | $-57.0M | $-47.3M | $-18.6M | $-1.18B | $466.5M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-43.8M | $-137.0M | $-130.2M | $-11.7M | $-23.0M | $7.9M | $-6.6M | $-245.2M |
| Net Change in Cash | — | — | — | — | — | — | — | — |
| Free Cash Flow | $594.3M | $468.0M | $1.23B | $134.3M | $222.2M | $721.6M | $900.6M | $592.3M |