Biogen Inc. stock research
FY2025 Q3
Biogen (BIIB) Gross Margin — Quarter Ended Sep 30, 2025
Revenue was unchanged from the same quarter last year but lower than the prior quarter. Gross profit improved year-over-year but declined sequentially, while cost of revenue increased in both comparisons, resulting in a gross margin that weakened from both the prior quarter and the year-ago quarter.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue was unchanged from the same quarter last year but lower than the prior quarter. Gross profit improved year-over-year but declined sequentially, while cost of revenue increased in both comparisons, resulting in a gross margin that weakened from both the prior quarter and the year-ago quarter.
- The rise in cost of revenue relative to revenue was the most prominent observable factor associated with the gross margin decline. A concrete item to monitor is the trend in cost of revenue as a proportion of revenue.
- Compared to the immediately preceding quarter, revenue and gross profit were lower while cost of revenue was higher, causing gross margin to weaken. Versus the same quarter one year earlier, revenue was flat, gross profit was higher, but cost of revenue also increased, leading to a slightly lower gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
73.4%
Gross profit
$1.9B
Revenue
$2.5B
Cost of revenue
$674.4M
Quarter-over-quarter change
-3.7 pts
Year-over-year change
-0.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $2.5B | $1.9B | $583.5M | 76.2% |
| Mar 31, 2025 | $2.4B | $1.8B | $629.3M | 74.1% |
| Jun 30, 2025 | $2.6B | $2.0B | $605.0M | 77.1% |
| Sep 30, 2025 | $2.5B | $1.9B | $674.4M | 73.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-3.7 pts
Year-over-year change
Sep 30, 2024
-0.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The rise in cost of revenue relative to revenue was the most prominent observable factor associated with the gross margin decline. A concrete item to monitor is the trend in cost of revenue as a proportion of revenue.
Compared to the immediately preceding quarter, revenue and gross profit were lower while cost of revenue was higher, causing gross margin to weaken. Versus the same quarter one year earlier, revenue was flat, gross profit was higher, but cost of revenue also increased, leading to a slightly lower gross margin.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters.