BIOGEN INC. Earnings Per Share Disclosure
Note 15: | Earnings per Share | ||||
| For the Years Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net income attributable to Biogen Inc. | $ | 1,292.9 | $ | 1,632.2 | $ | 1,161.1 | ||||||||||||||
| Denominator: | ||||||||||||||||||||
| Weighted-average number of common shares outstanding | 146.5 | 145.6 | 144.7 | |||||||||||||||||
| Effect of dilutive securities: | ||||||||||||||||||||
| Time-vested restricted stock units | 0.5 | 0.3 | 0.7 | |||||||||||||||||
| Performance stock units settled in stock | 0.1 | — | 0.2 | |||||||||||||||||
| Dilutive potential common shares | 0.6 | 0.3 | 0.9 | |||||||||||||||||
| Shares used in calculating diluted earnings per share | 147.1 | 145.9 | 145.6 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Feb 3, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2018 | Feb 6, 2019 | |
| 2017 | Feb 1, 2018 | |
| 2016 | Feb 2, 2017 | |
| 2015 | Feb 3, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.