vs
渤健（BIIB）与蓝威斯顿（LW）财务数据对比。点击上方公司名可切换其他公司
渤健的季度营收约是蓝威斯顿的1.5倍（$2.3B vs $1.6B），蓝威斯顿净利率更高（3.5% vs -2.1%，领先5.6%），蓝威斯顿同比增速更快（2.9% vs -7.1%），渤健自由现金流更多（$468.0M vs $-36.3M），过去两年渤健的营收复合增速更高（-0.2% vs -1.5%）
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
蓝威斯顿控股是美国食品加工企业，为全球规模最大的冷冻薯条、华夫薯条及其他冷冻马铃薯制品的生产商与加工商之一，总部坐落于爱达荷州博伊西市郊的伊格尔市。
BIIB vs LW — 直观对比
营收规模更大
BIIB
是对方的1.5倍
$1.6B
营收增速更快
LW
高出10.1%
-7.1%
净利率更高
LW
高出5.6%
-2.1%
自由现金流更多
BIIB
多$504.3M
$-36.3M
两年增速更快
BIIB
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.6B |
| 净利润 | $-48.9M | $54.0M |
| 毛利率 | 78.3% | 21.2% |
| 营业利润率 | -2.5% | 8.1% |
| 净利率 | -2.1% | 3.5% |
| 营收同比 | -7.1% | 2.9% |
| 净利润同比 | -118.3% | -63.0% |
| 每股收益（稀释后） | $-0.35 | $0.39 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BIIBLW
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.3B | $1.6B | ||
| Q3 25 | $2.5B | $1.7B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.5B | $1.6B | ||
| Q3 24 | $2.5B | $1.7B | ||
| Q2 24 | $2.5B | $1.6B |
净利润BIIBLW
| Q1 26 | — | $54.0M | ||
| Q4 25 | $-48.9M | $62.1M | ||
| Q3 25 | $466.5M | $64.3M | ||
| Q2 25 | $634.8M | $119.9M | ||
| Q1 25 | $240.5M | $146.0M | ||
| Q4 24 | $266.7M | $-36.1M | ||
| Q3 24 | $388.5M | $127.4M | ||
| Q2 24 | $583.6M | $129.6M |
毛利率BIIBLW
| Q1 26 | — | 21.2% | ||
| Q4 25 | 78.3% | 20.0% | ||
| Q3 25 | 73.4% | 20.6% | ||
| Q2 25 | 77.1% | 20.4% | ||
| Q1 25 | 74.1% | 27.8% | ||
| Q4 24 | 76.2% | 17.4% | ||
| Q3 24 | 74.1% | 21.5% | ||
| Q2 24 | 77.8% | 24.1% |
营业利润率BIIBLW
| Q1 26 | — | 8.1% | ||
| Q4 25 | -2.5% | 8.6% | ||
| Q3 25 | 22.0% | 9.4% | ||
| Q2 25 | 28.1% | 11.1% | ||
| Q1 25 | 12.8% | 16.4% | ||
| Q4 24 | 11.9% | 1.2% | ||
| Q3 24 | 18.3% | 12.8% | ||
| Q2 24 | 28.3% | 13.2% |
净利率BIIBLW
| Q1 26 | — | 3.5% | ||
| Q4 25 | -2.1% | 3.8% | ||
| Q3 25 | 18.4% | 3.9% | ||
| Q2 25 | 24.0% | 7.2% | ||
| Q1 25 | 9.9% | 9.6% | ||
| Q4 24 | 10.9% | -2.3% | ||
| Q3 24 | 15.8% | 7.7% | ||
| Q2 24 | 23.7% | 8.0% |
每股收益（稀释后）BIIBLW
| Q1 26 | — | $0.39 | ||
| Q4 25 | $-0.35 | $0.44 | ||
| Q3 25 | $3.17 | $0.46 | ||
| Q2 25 | $4.33 | $0.84 | ||
| Q1 25 | $1.64 | $1.03 | ||
| Q4 24 | $1.82 | $-0.25 | ||
| Q3 24 | $2.66 | $0.88 | ||
| Q2 24 | $4.00 | $0.89 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $57.5M |
| 总债务越低越好 | $6.3B | $3.6B |
| 股东权益账面价值 | $18.3B | $1.8B |
| 总资产 | $29.4B | $7.4B |
| 负债/权益比越低杠杆越低 | 0.34× | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资BIIBLW
| Q1 26 | — | $57.5M | ||
| Q4 25 | — | $82.7M | ||
| Q3 25 | — | $98.6M | ||
| Q2 25 | — | $70.7M | ||
| Q1 25 | — | $67.5M | ||
| Q4 24 | — | $79.0M | ||
| Q3 24 | — | $120.8M | ||
| Q2 24 | — | $71.4M |
总债务BIIBLW
| Q1 26 | — | $3.6B | ||
| Q4 25 | $6.3B | $3.6B | ||
| Q3 25 | $6.3B | $3.7B | ||
| Q2 25 | $6.3B | $3.7B | ||
| Q1 25 | $4.5B | $3.7B | ||
| Q4 24 | $6.3B | $3.7B | ||
| Q3 24 | $4.5B | $3.4B | ||
| Q2 24 | $6.3B | $3.4B |
股东权益BIIBLW
| Q1 26 | — | $1.8B | ||
| Q4 25 | $18.3B | $1.8B | ||
| Q3 25 | $18.2B | $1.8B | ||
| Q2 25 | $17.6B | $1.7B | ||
| Q1 25 | $17.0B | $1.6B | ||
| Q4 24 | $16.7B | $1.6B | ||
| Q3 24 | $16.4B | $1.8B | ||
| Q2 24 | $15.9B | $1.8B |
总资产BIIBLW
| Q1 26 | — | $7.4B | ||
| Q4 25 | $29.4B | $7.3B | ||
| Q3 25 | $29.2B | $7.2B | ||
| Q2 25 | $28.3B | $7.4B | ||
| Q1 25 | $28.0B | $7.4B | ||
| Q4 24 | $28.0B | $7.5B | ||
| Q3 24 | $28.3B | $7.5B | ||
| Q2 24 | $26.8B | $7.4B |
负债/权益比BIIBLW
| Q1 26 | — | 1.99× | ||
| Q4 25 | 0.34× | 2.08× | ||
| Q3 25 | 0.35× | 2.05× | ||
| Q2 25 | 0.36× | 2.12× | ||
| Q1 25 | 0.27× | 2.25× | ||
| Q4 24 | 0.38× | 2.26× | ||
| Q3 24 | 0.28× | 1.87× | ||
| Q2 24 | 0.40× | 1.92× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $511.9M | $65.2M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $-36.3M |
| 自由现金流率自由现金流/营收 | 20.5% | -2.3% |
| 资本支出强度资本支出/营收 | 1.9% | 6.5% |
| 现金转化率经营现金流/净利润 | — | 1.21× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $569.2M |
8季度趋势，按日历期对齐
经营现金流BIIBLW
| Q1 26 | — | $65.2M | ||
| Q4 25 | $511.9M | $178.4M | ||
| Q3 25 | $1.3B | $352.0M | ||
| Q2 25 | $160.9M | $868.3M | ||
| Q1 25 | $259.3M | $56.0M | ||
| Q4 24 | $760.9M | $99.1M | ||
| Q3 24 | $935.6M | $330.2M | ||
| Q2 24 | $625.8M | $798.2M |
自由现金流BIIBLW
| Q1 26 | — | $-36.3M | ||
| Q4 25 | $468.0M | $101.0M | ||
| Q3 25 | $1.2B | $274.4M | ||
| Q2 25 | $134.3M | $230.1M | ||
| Q1 25 | $222.2M | $-19.8M | ||
| Q4 24 | $721.6M | $-49.6M | ||
| Q3 24 | $900.6M | $4.3M | ||
| Q2 24 | $592.3M | $-131.3M |
自由现金流率BIIBLW
| Q1 26 | — | -2.3% | ||
| Q4 25 | 20.5% | 6.2% | ||
| Q3 25 | 48.4% | 16.5% | ||
| Q2 25 | 5.1% | 13.7% | ||
| Q1 25 | 9.1% | -1.3% | ||
| Q4 24 | 29.4% | -3.1% | ||
| Q3 24 | 36.5% | 0.3% | ||
| Q2 24 | 24.0% | -8.1% |
资本支出强度BIIBLW
| Q1 26 | — | 6.5% | ||
| Q4 25 | 1.9% | 4.8% | ||
| Q3 25 | 1.8% | 4.7% | ||
| Q2 25 | 1.0% | 38.1% | ||
| Q1 25 | 1.5% | 5.0% | ||
| Q4 24 | 1.6% | 9.3% | ||
| Q3 24 | 1.4% | 19.7% | ||
| Q2 24 | 1.4% | 57.7% |
现金转化率BIIBLW
| Q1 26 | — | 1.21× | ||
| Q4 25 | — | 2.87× | ||
| Q3 25 | 2.73× | 5.47× | ||
| Q2 25 | 0.25× | 7.24× | ||
| Q1 25 | 1.08× | 0.38× | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 2.41× | 2.59× | ||
| Q2 24 | 1.07× | 6.16× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
LW
| Segments North America | $1.0B | 66% |
| Segments International | $529.8M | 34% |
