Biogen Inc. stock research
FY2025 Q4
Biogen (BIIB) Gross Margin — Quarter Ended Dec 31, 2025
Revenue and gross profit were lower than both the preceding quarter and the same quarter one year earlier. However, cost of revenue declined by a greater proportion, leading to an improved gross margin compared to both periods.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue and gross profit were lower than both the preceding quarter and the same quarter one year earlier. However, cost of revenue declined by a greater proportion, leading to an improved gross margin compared to both periods.
- The primary observable driver of the gross margin improvement was the reduction in cost of revenue, which was lower relative to revenue in both comparisons.
- Compared to the preceding quarter, gross margin improved, while revenue and gross profit were lower. Compared to the same quarter one year earlier, gross margin also improved, with revenue and gross profit lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
78.3%
Gross profit
$1.8B
Revenue
$2.3B
Cost of revenue
$495.5M
Quarter-over-quarter change
+4.9 pts
Year-over-year change
+2.0 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $2.3B | $1.8B | $495.5M | 78.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+4.9 pts
Year-over-year change
Dec 31, 2024
+2.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver of the gross margin improvement was the reduction in cost of revenue, which was lower relative to revenue in both comparisons.
Compared to the preceding quarter, gross margin improved, while revenue and gross profit were lower. Compared to the same quarter one year earlier, gross margin also improved, with revenue and gross profit lower.
Monitor the impact of the recent acquisition of Alcyone Therapeutics on future cost of revenue and revenue, as noted in the filing context.