Biogen Inc. stock research
FY2026 Q1
Biogen (BIIB) Gross Margin — Quarter Ended Mar 31, 2026
Revenue rose compared to both the prior quarter and the same quarter last year, while gross profit remained flat. As a result, gross margin weakened because cost of revenue increased more than proportionally.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue rose compared to both the prior quarter and the same quarter last year, while gross profit remained flat. As a result, gross margin weakened because cost of revenue increased more than proportionally.
- The strongest observable margin driver is the increase in cost of revenue relative to revenue, which was associated with the gross margin decline.
- Compared to the immediately preceding quarter, gross margin was lower; it was also lower than the same quarter one year earlier. Revenue was higher in both comparisons, but cost of revenue was higher as well, with gross profit unchanged.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
73.3%
Gross profit
$1.8B
Revenue
$2.5B
Cost of revenue
$661.0M
Quarter-over-quarter change
-4.9 pts
Year-over-year change
-0.8 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2026 | $2.5B | $1.8B | $661.0M | 73.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-4.9 pts
Year-over-year change
Mar 31, 2025
-0.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in cost of revenue relative to revenue, which was associated with the gross margin decline.
Compared to the immediately preceding quarter, gross margin was lower; it was also lower than the same quarter one year earlier. Revenue was higher in both comparisons, but cost of revenue was higher as well, with gross profit unchanged.
The company's planned acquisition of Apellis Pharmaceuticals, as disclosed in the filing, is a development to monitor for its potential impact on future financial results.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Biogen Inc. (BIIB) | 73.3% |