Biogen
Biogen returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | — | — | — | 2.76% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | — | — | — | 4.77% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | 7.66% | — | — | 4.5% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | — | — | — | 5.59% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | — | — | — | 5.55% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | — | — | — | 5.42% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | — | — | — | 5.95% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | — | — | — | 5.72% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | — | — | — | 4.46% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | — | — | — | 4.56% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | — | — | 8.24% | 4.52% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | — | — | 10.73% | 5.51% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | — | — | — | — | — |
| FY 2023 Q1 | Mar 31, 2023 | — | — | — | — | — | — |
| FY 2022 Q4 | Dec 31, 2022 | — | — | — | 25.08% | 12.58% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | — | — | 24.69% | 11.77% | — |
| FY 2022 Q1 | Jun 30, 2022 | — | — | — | — | — | — |
| FY 2021 Q4 | Dec 31, 2021 | — | 14.04% | — | 14.41% | 6.42% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | 9.44% | — | 14.59% | 6.34% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 10.26% | — | 17.39% | 7.68% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 17.57% | — | 25.93% | 12.05% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | 21.04% | — | 33.28% | 15.43% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | 30.14% | — | 41.06% | 19.39% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 32.69% | — | 48.86% | 22.88% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 32.87% | — | 44.58% | 22.37% | — |
| FY 2019 Q4 | Dec 31, 2019 | 36.15% | 31.75% | — | 44.64% | 22.42% | 28.3 pp |
| FY 2019 Q3 | Sep 30, 2019 | 32.19% | 29.57% | — | 38.87% | 20.37% | 24.3 pp |
| FY 2019 Q2 | Jun 30, 2019 | 30.16% | 30.08% | 783.13% | 41.99% | 21.08% | 22.3 pp |
| FY 2019 Q1 | Mar 31, 2019 | 26.55% | 25.33% | 73.16% | 33.47% | 17.77% | 18.6 pp |
| FY 2018 Q4 | Dec 31, 2018 | 31.04% | 27.86% | 25.07% | 34.54% | 18.11% | 23.1 pp |
| FY 2018 Q3 | Sep 30, 2018 | 19.56% | 28.19% | -394.79% | 23.93% | 13.12% | 11.7 pp |
| FY 2018 Q2 | Jun 30, 2018 | 19.52% | 29.95% | -35.04% | 24.89% | 12.99% | 11.6 pp |
| FY 2018 Q1 | Mar 31, 2018 | 19.87% | 28.46% | — | 23.22% | 12.54% | 12 pp |
| FY 2017 Q4 | Dec 31, 2017 | 26.69% | 26.89% | -89.37% | 20.52% | 10.91% | 18.8 pp |
| FY 2017 Q3 | Sep 30, 2017 | 21.51% | 24.29% | -63.28% | 27.91% | 15.43% | 13.6 pp |
| FY 2017 Q2 | Jun 30, 2017 | 20.95% | 24.27% | — | 28.64% | 15.22% | 13 pp |
| FY 2017 Q1 | Mar 31, 2017 | 22.51% | 26.57% | -32.56% | 31.91% | 16.62% | 14.6 pp |
| FY 2016 Q4 | Dec 31, 2016 | 43.08% | 28.31% | 9.19% | 34.42% | 17.47% | 35.2 pp |
| FY 2016 Q3 | Sep 30, 2016 | 27.5% | 28.82% | 10.34% | 34.25% | 18.14% | 19.6 pp |
| FY 2016 Q2 | Jun 30, 2016 | 28.33% | 32.4% | 10.52% | 31.85% | 19.95% | 20.4 pp |
| FY 2016 Q1 | Mar 31, 2016 | 29.24% | 33.05% | 11.26% | 33.6% | 20.59% | 21.3 pp |
| FY 2015 Q4 | Dec 31, 2015 | 41.79% | 33.7% | — | 35.15% | 20.97% | 33.9 pp |
| FY 2015 Q3 | Sep 30, 2015 | 32.39% | 32.71% | 36.02% | 34.27% | 20.9% | 24.5 pp |
| FY 2015 Q2 | Jun 30, 2015 | 33.41% | 37% | 52.63% | 31.54% | 23.52% | 25.5 pp |
| FY 2015 Q1 | Mar 31, 2015 | 33.71% | 36.96% | 72.86% | 31.51% | 23.88% | 25.8 pp |
| FY 2014 Q4 | Dec 31, 2014 | 32.66% | 35.78% | 106.83% | 30.21% | 22.42% | 24.8 pp |
| FY 2014 Q3 | Sep 30, 2014 | 28.02% | 32.29% | 56.23% | 27.04% | 20.11% | 20.1 pp |
| FY 2014 Q2 | Jun 30, 2014 | 24.84% | 29.24% | 49.87% | 24.5% | 18.01% | 16.9 pp |
| FY 2014 Q1 | Mar 31, 2014 | — | 27.42% | — | 23.25% | 17.11% | — |
| FY 2013 Q4 | Dec 31, 2013 | 23.79% | 27.08% | 43.53% | 23.9% | 16.94% | 15.9 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | 25.82% | — | 22.96% | 16.26% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 24.95% | — | 22.69% | 16.08% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 23.97% | — | 22.05% | 15.6% | — |
| FY 2012 Q4 | Dec 31, 2012 | 19.3% | 22.35% | 22.7% | 20.62% | 14.39% | 11.4 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 22.71% | — | 21.54% | 15.06% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 23.03% | — | 21.91% | 15.09% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 22.24% | — | 20.87% | 14.28% | — |
| FY 2011 Q4 | Dec 31, 2011 | 20.17% | 22.72% | 30.07% | 20.87% | 14.4% | 12.3 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 23.07% | — | 20.85% | 14.5% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 19.1% | — | 19.3% | 13.36% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 18.34% | — | 18.77% | 13.11% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 16.79% | — | 17.27% | 12.08% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 17.17% | — | 18.45% | 13.04% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 19.93% | — | 19.16% | 13.44% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.9%, rounded from the Pharmaceuticals benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · BIIB, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.