A Business at a Glance
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ITEM 1. BUSINESS Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer’s disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Subtotal: Multiple Sclerosis | $6.10B | $5.43B | $4.66B | $4.35B | $4.04B | 21% |
Subtotal: Rare Disease | $1.91B | $1.79B | $1.80B | $1.99B | $2.15B | 11% |
Revenue from anti-CD20 therapeutic programs | $1.66B | $1.70B | $1.69B | $1.75B | $1.86B | 10% |
TYSABRI | $2.06B | $2.03B | $1.88B | $1.72B | $1.67B | 9% |
SPINRAZA | $1.91B | $1.79B | $1.74B | $1.57B | $1.55B | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.9B | 9.9B | 9.7B | 9.8B | 10.2B | 11.0B |
| Net Income | 1.3B | 1.3B | 1.6B | 1.2B | 3.0B | 1.6B |
| EPS | $8.79 | $8.79 | $11.18 | $7.97 | $20.87 | $10.40 |
| Free Cash Flow | 2.1B | 2.1B | 2.7B | 1.3B | 1.1B | 3.4B |
| ROIC | 6.9% | 7.0% | 8.1% | 7.3% | 21.4% | 17.6% |
| Gross Margin | 75.7% | 75.7% | 76.1% | 74.2% | 77.6% | 69.8% |
| Debt/Equity | 0.36 | 0.36 | 0.50 | 0.51 | 0.49 | 0.79 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.8B | 1.8B | 2.2B | 1.5B | 3.9B | 2.8B |
| Operating Margin | 18.4% | 18.4% | 22.3% | 15.7% | 38.6% | 25.9% |
| ROE | 7.1% | 7.4% | 9.8% | 7.8% | 22.7% | 14.3% |
| Shares Outstanding | 147M | 147M | 146M | 146M | 146M | 150M |
BIOGEN INC. passes 3 of 9 quality checks, indicating weak fundamentals.
BIOGEN INC. trades at 20.1x trailing earnings, compared to its 15-year median P/E of 15.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.6x vs a median of 11.9x. The company's 5-year average ROIC is 12.3% with a gross margin of 74.7%. At current prices, the estimated annualized return to fair value is -17.7%.
BIOGEN INC. (BIIB) has a current P/E ratio of 20.1, compared to its historical median P/E of 15.3. The stock is currently considered Fair based on its historical valuation range.
BIOGEN INC. (BIIB) has a 5-year average return on invested capital (ROIC) of 12.3%. This indicates solid capital allocation.
BIOGEN INC. (BIIB) has a market capitalization of $25.9B. It is classified as a large-cap stock.
BIOGEN INC. (BIIB) does not currently pay a regular dividend.
Based on historical P/E analysis, BIOGEN INC. (BIIB) appears fair. The current P/E of 20.1 is 31% above its historical median of 15.3. The estimated fair value CAGR (P/E method) is -20.0%.
BIOGEN INC. (BIIB) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
BIOGEN INC. (BIIB) reported annual revenue of $9.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
BIOGEN INC. (BIIB) has a net profit margin of 13.1%. This is a healthy margin.
BIOGEN INC. (BIIB) generated $2.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BIOGEN INC. (BIIB) has a debt-to-equity ratio of 0.36. This indicates a conservatively financed balance sheet.
BIOGEN INC. (BIIB) reported earnings per share (EPS) of $8.79 in its most recent fiscal year.
BIOGEN INC. (BIIB) has a return on equity (ROE) of 7.4%. This indicates moderate shareholder returns.
BIOGEN INC. (BIIB) has a 5-year average gross margin of 74.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for BIOGEN INC. (BIIB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BIOGEN INC. (BIIB) has a book value per share of $124.12, based on its most recent annual SEC filing.