BHVN net incomeQ3 2026-$129.28M
BHVN net income was -$129.28M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$173.44M a year earlier. For the full fiscal 2025 it was -$738.82M, compared with -$846.42M in fiscal 2024.
Biohaven Ltd. (BHVN) financials
For the twelve months ended Sep 30, 2026, Biohaven Ltd. reported -$542.68M of net income.
- Net income, TTM
- -$542.68M
- Free cash flow, TTM
- -$473.17M
- EPS, diluted, TTM
- -$3.76
- Cash
- $95.75M
- Market cap
- $2.29B
FY2020FY2025
FY2020FY2025
BHVN revenue and earnings growth
BHVN EPSQ3 2026-$0.86
BHVN diluted EPS was -$0.86 in fiscal Q3 2026 (ended Sep 30, 2026). For the full fiscal 2025 it was -$6.86, compared with -$9.28 in fiscal 2024.
BHVN free cash flowQ3 2026-$107.03M
BHVN free cash flow was -$107.03M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$145.73M a year earlier. For the full fiscal 2025 it was -$610.15M, compared with -$586.50M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Research and development | $635.07M | $795.87M | $373.28M | $437.07M | $181.49M | $98.46M |
| Selling, general and admin | $110.31M | $89.24M | $62.77M | $130.86M | $37.41M | $16.05M |
| Operating income | -$745.38M | -$885.11M | -$436.05M | -$567.93M | -$218.90M | -$114.51M |
| Pre-tax income | -$737.38M | -$845.69M | -$409.55M | -$569.84M | -$212.43M | -$118.67M |
| Income tax | $1.44M | $735.0K | -$1.38M | $438.0K | $1.37M | $0 |
| Net income | -$738.82M | -$846.42M | -$408.17M | -$570.28M | -$213.80M | -$118.67M |
| EPS, basic | -$6.86 | -$9.28 | -$5.73 | -$12.75 | -$5.43 | -$3.01 |
| EPS, diluted | -$6.86 | -$9.28 | -$5.73 | -$12.75 | -$5.43 | -$3.01 |
| Diluted shares | 107.6M | 91.2M | 71.2M | 44.7M | 39.4M | 39.4M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $229.96M | $102.54M | $248.40M | $242.60M | $77.06M | $83.51M |
| Short-term investments | $89.18M | $386.86M | $133.42M | $260.46M | $0 | - |
| Current assets | $368.33M | $538.47M | $442.45M | $586.97M | $94.82M | - |
| Goodwill | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | - |
| Total assets | $451.45M | $615.11M | $513.21M | $661.78M | $142.06M | - |
| Current liabilities | $115.93M | $154.23M | $55.42M | $90.02M | $41.94M | - |
| Total liabilities | $399.38M | $191.67M | $85.24M | $123.01M | $47.37M | - |
| Shareholders' equity | $52.07M | $423.44M | $427.98M | $538.77M | $34.69M | $16.78M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$609.44M | -$582.45M | -$331.73M | -$297.69M | -$145.84M | -$75.96M |
| Capital expenditures | $715.0K | $4.05M | $3.05M | $6.07M | $938.0K | $1.10M |
| Free cash flow | -$610.15M | -$586.50M | -$334.77M | -$303.76M | -$146.78M | -$77.05M |
| Investing cash flow | $300.56M | -$244.97M | $129.83M | -$304.79M | $944.0K | -$2.70M |
| Financing cash flow | $439.12M | $677.77M | $211.91M | $767.60M | $138.45M | $152.24M |
| Stock-based compensation | $112.36M | $71.96M | $28.79M | $193.56M | $65.64M | $29.50M |
| Depreciation and amortization | $9.92M | $7.86M | $6.91M | $1.39M | $1.39M | $72.0K |
Key ratios
Income statement
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | $101.85M | $100.81M | $103.83M | $121.94M | $141.17M | $184.37M | $187.58M | $167.47M | $157.61M | $314.82M | $155.97M | $134.81M |
| Selling, general and admin | $24.57M | $24.09M | $26.60M | $20.79M | $28.21M | $27.33M | $33.98M | $22.46M | $20.56M | $18.95M | $27.27M | $18.90M |
| Operating income | -$126.42M | -$124.90M | -$130.43M | -$142.73M | -$169.38M | -$211.70M | -$221.56M | -$189.93M | -$178.17M | -$333.77M | -$183.24M | -$153.71M |
| Pre-tax income | -$129.34M | -$136.92M | -$130.26M | -$145.20M | -$173.22M | -$197.89M | -$221.07M | -$186.79M | -$160.36M | -$319.59M | -$178.94M | -$145.97M |
| Income tax | -$64.0K | $391.0K | $272.0K | $351.0K | $221.0K | $261.0K | $609.0K | $48.0K | -$59.0K | $177.0K | $569.0K | -$1.21M |
| Net income | -$129.28M | -$137.31M | -$130.53M | -$145.56M | -$173.44M | -$198.15M | -$221.68M | -$186.84M | -$160.30M | -$319.77M | -$179.50M | -$144.76M |
| EPS, basic | -$0.86 | -$0.91 | -$0.88 | -$1.11 | -$1.64 | -$1.94 | -$2.17 | -$1.74 | -$1.70 | -$3.64 | -$2.20 | -$1.88 |
| EPS, diluted | -$0.86 | -$0.91 | -$0.88 | -$1.11 | -$1.64 | -$1.94 | -$2.17 | -$1.74 | -$1.70 | -$3.64 | -$2.20 | -$1.88 |
| Diluted shares | 151.0M | 150.6M | 147.6M | - | 105.8M | 102.4M | 101.9M | - | 94.4M | 87.8M | 81.6M | - |
Balance sheet
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $95.75M | $238.03M | $273.07M | $229.96M | $184.85M | $165.80M | $98.42M | $102.54M | $84.39M | $239.15M | $182.71M | $248.40M |
| Short-term investments | $65.37M | $29.83M | $74.74M | $89.18M | $75.37M | $239.18M | $224.33M | $386.86M | $294.43M | $197.80M | $100.71M | $133.42M |
| Current assets | $191.51M | $296.56M | $385.65M | $368.33M | $323.62M | $474.83M | $382.76M | $538.47M | $440.50M | $511.27M | $348.74M | $442.45M |
| Goodwill | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M | $1.39M |
| Total assets | $263.68M | $370.74M | $466.41M | $451.45M | $409.12M | $550.41M | $458.95M | $615.11M | $510.52M | $582.64M | $418.53M | $513.21M |
| Current liabilities | $62.77M | $62.66M | $52.08M | $115.93M | $113.02M | $124.32M | $164.03M | $154.23M | $152.29M | $156.21M | $86.59M | $55.42M |
| Total liabilities | $361.92M | $358.52M | $336.91M | $399.38M | $426.28M | $415.83M | $199.45M | $191.67M | $194.52M | $198.90M | $117.08M | $85.24M |
| Shareholders' equity | -$98.25M | $12.22M | $129.50M | $52.07M | -$17.16M | $134.59M | $259.50M | $423.44M | $316.01M | $383.74M | $301.45M | $427.98M |
Cash flow
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$106.85M | -$85.10M | -$149.92M | -$130.66M | -$145.72M | -$167.94M | -$165.12M | -$170.74M | -$141.28M | -$167.80M | -$102.64M | -$114.88M |
| Capital expenditures | $180.0K | $454.0K | $0 | $8.0K | $13.0K | $233.0K | $461.0K | $49.0K | $611.0K | $2.95M | $440.0K | $470.0K |
| Free cash flow | -$107.03M | -$85.55M | -$149.92M | -$130.67M | -$145.73M | -$168.17M | -$165.59M | -$170.79M | -$141.89M | -$170.75M | -$103.08M | -$115.35M |
| Investing cash flow | -$35.33M | $44.82M | $15.21M | -$13.74M | $164.97M | -$15.55M | $164.88M | -$87.68M | -$93.40M | -$97.93M | $34.03M | -$3.91M |
| Financing cash flow | $211.0K | $3.80M | $179.02M | $188.80M | $122.0K | $249.83M | $369.0K | $272.85M | $80.38M | $321.12M | $3.42M | $245.24M |
| Stock-based compensation | $18.62M | $19.16M | $28.29M | $16.95M | $21.54M | $20.81M | $53.06M | $12.69M | $12.16M | $12.23M | $34.88M | $15.87M |
| Depreciation and amortization | $2.22M | $2.26M | $2.37M | $2.57M | $3.13M | $1.98M | $2.25M | $2.46M | $1.99M | $1.95M | $1.45M | $1.89M |
Key ratios
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 3.05 | 4.73 | 7.41 | 3.18 | 2.86 | 3.82 | 2.33 | 3.49 | 2.89 | 3.27 | 4.03 | 7.98 |
Source: XBRL data Biohaven Ltd. files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
BHVN peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| BHVN | - | - | -$542.68M | - | $2.29B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $521.41B |
| PFE | $63.63B | +1.3% | $4.03B | 6.3% | $167.83B |
| TEVA | $14.02B | -16.4% | $506.00M | 3.6% | $50.45B |
| AXSM | $865.27M | +54.2% | -$157.29M | -18.2% | $7.85B |
| AMLX | $0 | -100.0% | -$144.74M | - | $4.09B |
| NBIX | $3.70B | +38.0% | $702.50M | 19.0% | $17.65B |
| SUPN | $1.37B | +16.3% | $450.00M | 32.8% | $3.48B |
BHVN FAQ
6 questionsIs BHVN profitable?
No. Biohaven Ltd. reported a net loss of $542.68M for the twelve months ended Sep 30, 2026.How much cash and debt does BHVN have?
Biohaven Ltd. reported $95.75M in cash and cash equivalents on its most recent balance sheet in SEC filings.What is BHVN free cash flow?
Biohaven Ltd. generated -$473.17M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$472.53M less capital expenditures.What is BHVN earnings per share?
Diluted earnings per share were -$3.76 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.When did BHVN last report financial results?
The latest statements here come from Biohaven Ltd.'s 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.Where does this BHVN financial data come from?
Quantisnow builds these statements from the structured XBRL data Biohaven Ltd. files with the SEC. It is provided for information only and is not investment advice.