vs
渤健（BIIB）与Solventum（SOLV）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Solventum的1.1倍（$2.3B vs $2.0B），Solventum净利率更高（3.2% vs -2.1%，领先5.3%），Solventum同比增速更快（-3.7% vs -7.1%），渤健自由现金流更多（$468.0M vs $32.0M），过去两年渤健的营收复合增速更高（-0.2% vs -0.4%）
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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
BIIB vs SOLV — 直观对比
营收规模更大
BIIB
是对方的1.1倍
$2.0B
营收增速更快
SOLV
高出3.4%
-7.1%
净利率更高
SOLV
高出5.3%
-2.1%
自由现金流更多
BIIB
多$436.0M
$32.0M
两年增速更快
BIIB
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $2.0B |
| 净利润 | $-48.9M | $63.0M |
| 毛利率 | 78.3% | 51.4% |
| 营业利润率 | -2.5% | 6.3% |
| 净利率 | -2.1% | 3.2% |
| 营收同比 | -7.1% | -3.7% |
| 净利润同比 | -118.3% | 103.2% |
| 每股收益（稀释后） | $-0.35 | $0.37 |
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BIIBSOLV
| Q4 25 | $2.3B | $2.0B | ||
| Q3 25 | $2.5B | $2.1B | ||
| Q2 25 | $2.6B | $2.2B | ||
| Q1 25 | $2.4B | $2.1B | ||
| Q4 24 | $2.5B | $2.1B | ||
| Q3 24 | $2.5B | $2.1B | ||
| Q2 24 | $2.5B | $2.1B | ||
| Q1 24 | $2.3B | $2.0B |
净利润BIIBSOLV
| Q4 25 | $-48.9M | $63.0M | ||
| Q3 25 | $466.5M | $1.3B | ||
| Q2 25 | $634.8M | $90.0M | ||
| Q1 25 | $240.5M | $137.0M | ||
| Q4 24 | $266.7M | $31.0M | ||
| Q3 24 | $388.5M | $122.0M | ||
| Q2 24 | $583.6M | $89.0M | ||
| Q1 24 | $393.4M | $237.0M |
毛利率BIIBSOLV
| Q4 25 | 78.3% | 51.4% | ||
| Q3 25 | 73.4% | 54.2% | ||
| Q2 25 | 77.1% | 54.4% | ||
| Q1 25 | 74.1% | 53.8% | ||
| Q4 24 | 76.2% | 53.9% | ||
| Q3 24 | 74.1% | 56.0% | ||
| Q2 24 | 77.8% | 54.6% | ||
| Q1 24 | 76.3% | 58.1% |
营业利润率BIIBSOLV
| Q4 25 | -2.5% | 6.3% | ||
| Q3 25 | 22.0% | 80.6% | ||
| Q2 25 | 28.1% | 9.9% | ||
| Q1 25 | 12.8% | 7.3% | ||
| Q4 24 | 11.9% | 6.6% | ||
| Q3 24 | 18.3% | 13.2% | ||
| Q2 24 | 28.3% | 11.7% | ||
| Q1 24 | 20.3% | 18.9% |
净利率BIIBSOLV
| Q4 25 | -2.1% | 3.2% | ||
| Q3 25 | 18.4% | 60.4% | ||
| Q2 25 | 24.0% | 4.2% | ||
| Q1 25 | 9.9% | 6.6% | ||
| Q4 24 | 10.9% | 1.5% | ||
| Q3 24 | 15.8% | 5.9% | ||
| Q2 24 | 23.7% | 4.3% | ||
| Q1 24 | 17.2% | 11.8% |
每股收益（稀释后）BIIBSOLV
| Q4 25 | $-0.35 | $0.37 | ||
| Q3 25 | $3.17 | $7.22 | ||
| Q2 25 | $4.33 | $0.51 | ||
| Q1 25 | $1.64 | $0.78 | ||
| Q4 24 | $1.82 | $0.18 | ||
| Q3 24 | $2.66 | $0.70 | ||
| Q2 24 | $4.00 | $0.51 | ||
| Q1 24 | $2.70 | $1.37 |
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 | — | $878.0M |
| 总债务越低越好 | $6.3B | $5.0B |
| 股东权益账面价值 | $18.3B | $5.0B |
| 总资产 | $29.4B | $14.3B |
| 负债/权益比越低杠杆越低 | 0.34× | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资BIIBSOLV
| Q4 25 | — | $878.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | — | $534.0M | ||
| Q4 24 | — | $762.0M | ||
| Q3 24 | — | $772.0M | ||
| Q2 24 | — | $897.0M | ||
| Q1 24 | — | $996.0M |
总债务BIIBSOLV
| Q4 25 | $6.3B | $5.0B | ||
| Q3 25 | $6.3B | $5.1B | ||
| Q2 25 | $6.3B | $7.8B | ||
| Q1 25 | $4.5B | $7.9B | ||
| Q4 24 | $6.3B | $8.0B | ||
| Q3 24 | $4.5B | $8.1B | ||
| Q2 24 | $6.3B | $8.3B | ||
| Q1 24 | $6.3B | $8.3B |
股东权益BIIBSOLV
| Q4 25 | $18.3B | $5.0B | ||
| Q3 25 | $18.2B | $5.0B | ||
| Q2 25 | $17.6B | $3.6B | ||
| Q1 25 | $17.0B | $3.3B | ||
| Q4 24 | $16.7B | $3.0B | ||
| Q3 24 | $16.4B | $3.2B | ||
| Q2 24 | $15.9B | $2.9B | ||
| Q1 24 | $15.2B | $3.9B |
总资产BIIBSOLV
| Q4 25 | $29.4B | $14.3B | ||
| Q3 25 | $29.2B | $14.0B | ||
| Q2 25 | $28.3B | $15.1B | ||
| Q1 25 | $28.0B | $14.5B | ||
| Q4 24 | $28.0B | $14.5B | ||
| Q3 24 | $28.3B | $14.7B | ||
| Q2 24 | $26.8B | $14.6B | ||
| Q1 24 | $26.6B | $14.7B |
负债/权益比BIIBSOLV
| Q4 25 | 0.34× | 1.00× | ||
| Q3 25 | 0.35× | 1.03× | ||
| Q2 25 | 0.36× | 2.14× | ||
| Q1 25 | 0.27× | 2.43× | ||
| Q4 24 | 0.38× | 2.71× | ||
| Q3 24 | 0.28× | 2.54× | ||
| Q2 24 | 0.40× | 2.90× | ||
| Q1 24 | 0.41× | 2.16× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 20.5% | 1.6% |
| 资本支出强度资本支出/营收 | 1.9% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.51× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $-10.0M |
8季度趋势，按日历期对齐
经营现金流BIIBSOLV
| Q4 25 | $511.9M | $95.0M | ||
| Q3 25 | $1.3B | $76.0M | ||
| Q2 25 | $160.9M | $169.0M | ||
| Q1 25 | $259.3M | $29.0M | ||
| Q4 24 | $760.9M | $219.0M | ||
| Q3 24 | $935.6M | $169.0M | ||
| Q2 24 | $625.8M | $355.0M | ||
| Q1 24 | $553.2M | $442.0M |
自由现金流BIIBSOLV
| Q4 25 | $468.0M | $32.0M | ||
| Q3 25 | $1.2B | $-21.0M | ||
| Q2 25 | $134.3M | $59.0M | ||
| Q1 25 | $222.2M | $-80.0M | ||
| Q4 24 | $721.6M | $92.0M | ||
| Q3 24 | $900.6M | $76.0M | ||
| Q2 24 | $592.3M | $297.0M | ||
| Q1 24 | $507.3M | $340.0M |
自由现金流率BIIBSOLV
| Q4 25 | 20.5% | 1.6% | ||
| Q3 25 | 48.4% | -1.0% | ||
| Q2 25 | 5.1% | 2.7% | ||
| Q1 25 | 9.1% | -3.9% | ||
| Q4 24 | 29.4% | 4.4% | ||
| Q3 24 | 36.5% | 3.7% | ||
| Q2 24 | 24.0% | 14.3% | ||
| Q1 24 | 22.1% | 16.9% |
资本支出强度BIIBSOLV
| Q4 25 | 1.9% | 3.2% | ||
| Q3 25 | 1.8% | 4.6% | ||
| Q2 25 | 1.0% | 5.1% | ||
| Q1 25 | 1.5% | 5.3% | ||
| Q4 24 | 1.6% | 6.1% | ||
| Q3 24 | 1.4% | 4.5% | ||
| Q2 24 | 1.4% | 2.8% | ||
| Q1 24 | 2.0% | 5.1% |
现金转化率BIIBSOLV
| Q4 25 | — | 1.51× | ||
| Q3 25 | 2.73× | 0.06× | ||
| Q2 25 | 0.25× | 1.88× | ||
| Q1 25 | 1.08× | 0.21× | ||
| Q4 24 | 2.85× | 7.06× | ||
| Q3 24 | 2.41× | 1.39× | ||
| Q2 24 | 1.07× | 3.99× | ||
| Q1 24 | 1.41× | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
