Biogen

Balance sheet and cash generation are solid. In Q3 2025 Biogen generated about 1.2 billion dollars of free cash flow; management reported cash and equivalents of roughly 4.0 billion dollars and total debt of about 6.3 billion dollars, implying net debt near 2.3 billion dollars.

Using quarterly disclosures, we estimate TTM free cash flow around 2.2 billion dollars, placing net debt at roughly 1.0x TTM FCF.

The Fit for Growth program targets about 1.0 billion dollars in gross savings and approximately 0.8 billion dollars net by year-end 2025, supporting operating flexibility even as the company invests in launches and late-stage programs. Liquidity is bolstered by an undrawn revolver.

These metrics provide resilience to absorb temporary Alzheimer’s ramp variability and regulatory surprises.