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渤健（BIIB）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的2.1倍（$2.5B vs $1.2B），渤健净利率更高（12.9% vs 9.1%，领先3.8%），利氏兄弟拍卖行同比增速更快（5.4% vs 2.0%），渤健自由现金流更多（$594.3M vs $186.5M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs 0.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
BIIB vs RBA — 直观对比
营收规模更大
BIIB
是对方的2.1倍
$1.2B
营收增速更快
RBA
高出3.4%
2.0%
净利率更高
BIIB
高出3.8%
9.1%
自由现金流更多
BIIB
多$407.8M
$186.5M
两年增速更快
RBA
近两年复合增速
0.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.2B |
| 净利润 | $319.5M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | — | 14.7% |
| 净利率 | 12.9% | 9.1% |
| 营收同比 | 2.0% | 5.4% |
| 净利润同比 | 32.8% | -7.4% |
| 每股收益（稀释后） | $2.15 | $0.53 |
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BIIBRBA
| Q1 26 | $2.5B | — | ||
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.5B | $1.1B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $2.5B | $1.1B | ||
| Q3 24 | $2.5B | $981.8M | ||
| Q2 24 | $2.5B | $1.1B |
净利润BIIBRBA
| Q1 26 | $319.5M | — | ||
| Q4 25 | $-48.9M | $109.7M | ||
| Q3 25 | $466.5M | $95.5M | ||
| Q2 25 | $634.8M | $109.8M | ||
| Q1 25 | $240.5M | $113.4M | ||
| Q4 24 | $266.7M | $118.5M | ||
| Q3 24 | $388.5M | $76.1M | ||
| Q2 24 | $583.6M | $111.1M |
毛利率BIIBRBA
| Q1 26 | — | — | ||
| Q4 25 | 78.3% | — | ||
| Q3 25 | 73.4% | — | ||
| Q2 25 | 77.1% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 76.2% | — | ||
| Q3 24 | 74.1% | — | ||
| Q2 24 | 77.8% | — |
营业利润率BIIBRBA
| Q1 26 | — | — | ||
| Q4 25 | -2.5% | 14.7% | ||
| Q3 25 | 22.0% | 14.5% | ||
| Q2 25 | 28.1% | 15.9% | ||
| Q1 25 | 12.8% | 17.1% | ||
| Q4 24 | 11.9% | 18.1% | ||
| Q3 24 | 18.3% | 15.6% | ||
| Q2 24 | 28.3% | 18.4% |
净利率BIIBRBA
| Q1 26 | 12.9% | — | ||
| Q4 25 | -2.1% | 9.1% | ||
| Q3 25 | 18.4% | 8.7% | ||
| Q2 25 | 24.0% | 9.3% | ||
| Q1 25 | 9.9% | 10.2% | ||
| Q4 24 | 10.9% | 10.4% | ||
| Q3 24 | 15.8% | 7.8% | ||
| Q2 24 | 23.7% | 10.1% |
每股收益（稀释后）BIIBRBA
| Q1 26 | $2.15 | — | ||
| Q4 25 | $-0.35 | $0.53 | ||
| Q3 25 | $3.17 | $0.43 | ||
| Q2 25 | $4.33 | $0.53 | ||
| Q1 25 | $1.64 | $0.55 | ||
| Q4 24 | $1.82 | $0.58 | ||
| Q3 24 | $2.66 | $0.36 | ||
| Q2 24 | $4.00 | $0.54 |
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 | $3.4B | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $18.7B | $5.6B |
| 总资产 | $29.5B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BIIBRBA
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | $531.5M | ||
| Q3 25 | — | $674.7M | ||
| Q2 25 | — | $710.2M | ||
| Q1 25 | — | $578.1M | ||
| Q4 24 | — | $533.9M | ||
| Q3 24 | — | $650.7M | ||
| Q2 24 | — | $599.5M |
总债务BIIBRBA
| Q1 26 | — | — | ||
| Q4 25 | $6.3B | $2.3B | ||
| Q3 25 | $6.3B | $2.6B | ||
| Q2 25 | $6.3B | $2.6B | ||
| Q1 25 | $4.5B | $2.6B | ||
| Q4 24 | $6.3B | $2.6B | ||
| Q3 24 | $4.5B | $2.7B | ||
| Q2 24 | $6.3B | $2.8B |
股东权益BIIBRBA
| Q1 26 | $18.7B | — | ||
| Q4 25 | $18.3B | $5.6B | ||
| Q3 25 | $18.2B | $5.5B | ||
| Q2 25 | $17.6B | $5.5B | ||
| Q1 25 | $17.0B | $5.3B | ||
| Q4 24 | $16.7B | $5.2B | ||
| Q3 24 | $16.4B | $5.2B | ||
| Q2 24 | $15.9B | $5.2B |
总资产BIIBRBA
| Q1 26 | $29.5B | — | ||
| Q4 25 | $29.4B | $12.1B | ||
| Q3 25 | $29.2B | $12.2B | ||
| Q2 25 | $28.3B | $12.2B | ||
| Q1 25 | $28.0B | $11.9B | ||
| Q4 24 | $28.0B | $11.8B | ||
| Q3 24 | $28.3B | $11.9B | ||
| Q2 24 | $26.8B | $12.1B |
负债/权益比BIIBRBA
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | 0.42× | ||
| Q3 25 | 0.35× | 0.47× | ||
| Q2 25 | 0.36× | 0.47× | ||
| Q1 25 | 0.27× | 0.50× | ||
| Q4 24 | 0.38× | 0.50× | ||
| Q3 24 | 0.28× | 0.52× | ||
| Q2 24 | 0.40× | 0.55× |
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 | — | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $594.3M | $186.5M |
| 自由现金流率自由现金流/营收 | 24.0% | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $2.4B | $719.2M |
8季度趋势，按日历期对齐
经营现金流BIIBRBA
| Q1 26 | — | — | ||
| Q4 25 | $511.9M | $255.2M | ||
| Q3 25 | $1.3B | $239.7M | ||
| Q2 25 | $160.9M | $326.5M | ||
| Q1 25 | $259.3M | $156.8M | ||
| Q4 24 | $760.9M | $184.5M | ||
| Q3 24 | $935.6M | $285.4M | ||
| Q2 24 | $625.8M | $337.3M |
自由现金流BIIBRBA
| Q1 26 | $594.3M | — | ||
| Q4 25 | $468.0M | $186.5M | ||
| Q3 25 | $1.2B | $188.5M | ||
| Q2 25 | $134.3M | $241.7M | ||
| Q1 25 | $222.2M | $102.5M | ||
| Q4 24 | $721.6M | $127.9M | ||
| Q3 24 | $900.6M | $248.5M | ||
| Q2 24 | $592.3M | $308.6M |
自由现金流率BIIBRBA
| Q1 26 | 24.0% | — | ||
| Q4 25 | 20.5% | 15.5% | ||
| Q3 25 | 48.4% | 17.3% | ||
| Q2 25 | 5.1% | 20.4% | ||
| Q1 25 | 9.1% | 9.2% | ||
| Q4 24 | 29.4% | 11.2% | ||
| Q3 24 | 36.5% | 25.3% | ||
| Q2 24 | 24.0% | 28.2% |
资本支出强度BIIBRBA
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 5.7% | ||
| Q3 25 | 1.8% | 4.7% | ||
| Q2 25 | 1.0% | 7.2% | ||
| Q1 25 | 1.5% | 4.9% | ||
| Q4 24 | 1.6% | 5.0% | ||
| Q3 24 | 1.4% | 3.8% | ||
| Q2 24 | 1.4% | 2.6% |
现金转化率BIIBRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 2.33× | ||
| Q3 25 | 2.73× | 2.51× | ||
| Q2 25 | 0.25× | 2.97× | ||
| Q1 25 | 1.08× | 1.38× | ||
| Q4 24 | 2.85× | 1.56× | ||
| Q3 24 | 2.41× | 3.75× | ||
| Q2 24 | 1.07× | 3.04× |
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
| Product revenue, net | $1.8B | 71% |
| Royalty revenue on sales of OCREVUS | $317.2M | 13% |
| Contract manufacturing, royalty and other revenue | $246.9M | 10% |
| Biogen's share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO | $94.7M | 4% |
| Alzheimer's collaboration Revenue | $59.5M | 2% |
| Other revenue from anti-CD20 therapeutic programs | $7.2M | 0% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
