Biohaven Ltd. (BHVN) Revenue, Margins & Financial Statements
Biohaven Ltd. (BHVN) reported — in revenue over the most recent fiscal year on record. Growth has been not enough data. Free cash flow ran 83% of net income in the latest year. The balance sheet holds $319.14M more in cash & investments than debt. Share count grew 31.2% over the past year, some dilution.
Biohaven Ltd.'s revenue for the fiscal year ended Dec 2025 was —. Is growth accelerating, stable, slowing, or contracting? See the quarterly beat/miss history →
| Fiscal Year Ended | Revenue Growth |
|---|---|
| Dec 2025 | — |
| Dec 2024 | — |
| Dec 2023 | — |
| Dec 2022 | — |
| Dec 2021 | — |
"Accelerating" / "Slowing" means each of the last 3 years' growth rates moved consistently in that direction, not a subjective call.
Compared against 8 other Healthcare stocks tracked on this site, not the whole market, and small enough that this is directional context, not a definitive benchmark.
EPS +26.1% year over year. A rough breakdown of what drove it (approximate, since EPS is roughly net income divided by share count):
Accounting profit is not the same as cash in the bank. Here's how BHVN converts revenue into real cash.
BHVN used more cash in operations than it generated in the most recent year. At that burn rate:
How BHVN deployed cash in the most recent year, across its actual cash-flow-statement uses.
Objective, rule-based checks against the figures above, not a subjective rating.
| Fiscal Year Ended | Revenue Growth | Margin Change | FCF Growth |
|---|---|---|---|
| Dec 2025 | — | — | -4.0% |
| Dec 2024 | — | — | -75.2% |
| Dec 2023 | — | — | -10.2% |
| Dec 2022 | — | — | -107.0% |
| Dec 2021 | — | — | -90.5% |
Is BHVN's revenue growing?
Biohaven Ltd.'s revenue growth has been not enough data.
Are BHVN's profit margins improving or declining?
Operating margin has been roughly stable recently. It is currently in the middle of the last — years.
Is BHVN's reported profit backed by real cash?
Operating cash flow ran +82% of net income, and free cash flow ran +83% of net income, in the most recent year. Cash generation roughly tracks reported profit.
Does BHVN have more cash than debt?
Yes, BHVN holds $319.14M more in cash & short-term investments than its total debt.
Is BHVN diluting shareholders or buying back stock?
BHVN's share count grew +31.2% over the past year, existing shareholders were diluted.
What are the biggest financial red flags for BHVN right now?
Free cash flow was negative in the most recent year. Share count grew 31.2% year over year, meaningful dilution.
Every line item as reported, with the annual/quarterly toggle and ratio table.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Research & Development | $635.07M | $795.87M | $373.28M | $437.07M | $181.49M |
| General & Administrative | $110.31M | $89.24M | $62.77M | $130.86M | $37.41M |
| Total Operating Expenses | $745.38M | $885.11M | $436.05M | $567.93M | $218.90M |
| Operating Income | -$745.38M | -$885.11M | -$436.05M | -$567.93M | -$218.90M |
| Nonoperating Income (Expense) | $8.00M | $39.42M | $26.50M | -$1.91M | $6.47M |
| Pretax Income | -$737.38M | -$845.69M | -$409.55M | -$569.84M | -$212.43M |
| Income Tax Expense | $1.44M | $735.0K | -$1.38M | $438.0K | $1.37M |
| Net Income | -$738.82M | -$846.42M | -$408.17M | -$570.28M | -$213.80M |
| EPS (Basic) | $-6.86 | $-9.28 | $-5.73 | $-12.75 | $-5.43 |
| EPS (Diluted) | $-6.86 | $-9.28 | $-5.73 | $-12.75 | $-5.43 |
| Weighted Avg Shares (Basic) | 107.62M | 91.23M | 71.20M | 44.74M | 39.38M |
| Weighted Avg Shares (Diluted) | 107.62M | 91.23M | 71.20M | 44.74M | 39.38M |
Sourced from SEC filings (10-K / 10-Q). Figures not separately reported by the company are shown as —, not estimated. Quarterly "derived Q4" values are calculated as the full fiscal year total minus the three reported quarters.
Computed from the annual figures above, most recent first.
| Ratio | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — |
| Net Margin | — | — | — | — | — | — |
| Return on Equity | -1418.8% | -199.9% | -95.4% | -105.8% | -616.3% | -707.2% |
| Current Ratio | 3.18 | 3.49 | 7.98 | 6.52 | 2.26 | — |
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Free Cash Flow | -$610.15M | -$586.50M | -$334.77M | -$303.76M | -$146.78M | -$77.05M |