A Business at a Glance
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BIOGEN INC.
BIIB
$29.7B
Mkt Cap
$202.19
+0.78%
BIOGEN INC. (BIIB) has a current P/E ratio of 23.0, compared to its historical median P/E of 15.3. The stock is currently considered Expensive based on its historical valuation range.
BIOGEN INC. (BIIB) has a 5-year average return on invested capital (ROIC) of 12.2%. This indicates solid capital allocation.
BIOGEN INC. (BIIB) has a market capitalization of $30.0B. 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 expensive. The current P/E of 23.0 is 50% above its historical median of 15.3. The estimated fair value CAGR (P/E method) is -21.0%.
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 is a global biopharmaceutical company focused on discovering, developing, and delivering innovative therapies for serious and complex diseases, with a concentrated portfolio in neurology, specialized immunology, and rare diseases. The company earns revenue through marketed medicines including VUMERITY, TYSABRI, TECFIDERA, AVONEX, and PLEGRIDY for multiple sclerosis; SPINRAZA for spinal muscular atrophy; SKYCLARYS for Friedreich's ataxia; and QALSODY for amyotrophic lateral sclerosis, alongside collaborative arrangements with Eisai on LEQEMBI for Alzheimer's disease and Supernus on ZURZUVAE for postpartum depression. Biogen also maintains business and financial rights to anti-CD20 therapies including RITUXAN, GAZYVA, OCREVUS, LUNSUMIO, and COLUMVI through collaboration with Genentech, and commercializes biosimilars of advanced biologics including BENEPALI, IMRALDI, and FLIXABI. The company's business model combines internal research and development with external collaborations and acquisitions to build its pipeline, supported by a global commercial infrastructure that markets products across multiple geographies. Unit economics are characterized by a mix of specialty pharmaceutical products with high barriers to entry, subscription-like treatment patterns for chronic diseases, and capital-intensive development cycles, while distribution occurs through healthcare providers and specialty pharmacies in developed markets. Biogen's competitive moat derives from its proprietary drug delivery technologies, established relationships with neurologists and immunologists, and a diversified portfolio spanning multiple therapeutic areas and patient populations.
【Pipeline momentum accelerating】 Management expects a multi-year registrational data flow beginning in 2026 that extends through the end of the decade, with several data-related inflection points anticipated in 2026 including SLE and CLE data from litifilimab phase III studies, felzartamab readouts in AMR, and zorevunersen data in Dravet syndrome. The company is investing in late-stage clinical programs including felzartamab and litifilimab while maintaining disciplined cost management, with core operating expenses expected to remain roughly consistent with 2025 levels despite supporting multiple phase III programs. Management believes the acquisition of Apellis will enhance growth prospects in immunology and rare disease, with the transaction expected to be accretive to non-GAAP EPS in 2027 and strong combined cash flow generation providing opportunity to de-lever by the end of 2027. The company anticipates continued momentum in growth products, with LEQEMBI benefiting from subcutaneous formulation approvals and expanded geographic reach, while SKYCLARYS is expected to drive growth primarily from ex-U.S. markets as the launch advances.
| Metric | Target | Period |
|---|---|---|
| Non-GAAP diluted EPS | $15.25–$16.25 | FY2026 |
| Total revenue | mid-single-digit % decline | FY2026 |
| MS products revenue (excluding Vumerity) | mid-teens % decline | FY2026 |
| Contract manufacturing revenue | ~$300 million per half | FY2026 |
Non-GAAP diluted EPS (FY2026): “we expect full-year non-GAAP diluted EPS to be between $15.25 and $16.25, reflecting growth versus our full year 2025 results”
Total revenue (FY2026): “Total revenue is expected to decline by a mid-single-digit % for 2026 compared to 2025”
MS products revenue (excluding Vumerity) (FY2026): “We expect our full-year revenue for our MS products, excluding Vumerity, to decline by a mid-teens percentage versus 2025”
Contract manufacturing revenue (FY2026): “We expect our full-year contract manufacturing revenue to be roughly $300 million in each half of 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| 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 | 1.4B | 1.3B | 1.6B | 1.2B | 3.0B | 1.6B |
| EPS | $9.32 | $8.79 | $11.18 | $7.97 | $20.87 | $10.40 |
| Free Cash Flow | 2.4B | 2.1B | 2.7B | 1.3B | 1.1B | 3.4B |
| ROIC | 0.0% | 7.0% | 8.5% | 7.8% | 18.4% | 19.2% |
| Gross Margin | - | 75.7% | 76.1% | 74.2% | 77.6% | 69.8% |
| Debt/Equity | 10,480.83 | 0.36 | 0.51 | 0.51 | 0.50 | 0.71 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 1.8B | 2.2B | 1.5B | 3.9B | 2.8B |
| Operating Margin | 0.0% | 18.4% | 22.3% | 15.7% | 38.6% | 25.9% |
| ROE | 228650.0% | 7.4% | 10.4% | 8.2% | 25.1% | 14.4% |
| Shares Outstanding | 148M | 147M | 146M | 146M | 146M | 150M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 9.7B | 10.8B | 11.4B | 12.3B | 13.5B | 14.4B | 13.4B | 11.0B | 10.2B | 9.8B | 9.7B | 9.9B | 9.9B |
| Gross Margin | 87.9% | 88.5% | 87.1% | 86.7% | 86.5% | 86.4% | 86.6% | 69.8% | 77.6% | 74.2% | 76.1% | 75.7% | N/A |
| R&D | 1.9B | 2.0B | 2.0B | 2.3B | 2.6B | 2.3B | 4.0B | 2.5B | 2.2B | 2.4B | 2.0B | 1.8B | 1.9B |
| SG&A | 2.2B | 2.1B | 1.9B | 1.9B | 2.1B | 2.4B | 2.5B | 2.7B | 2.4B | 2.5B | 2.4B | 2.4B | 2.5B |
| EBIT | 4.0B | 4.9B | 5.2B | 5.3B | 5.9B | 7.0B | 4.6B | 2.8B | 3.9B | 1.5B | 2.2B | 1.8B | 0 |
| Op. Margin | 40.9% | 45.4% | 45.0% | 43.6% | 43.8% | 49.0% | 33.8% | 25.9% | 38.6% | 15.7% | 22.3% | 18.4% | 0.0% |
| Net Income | 2.9B | 3.5B | 3.7B | 2.5B | 4.4B | 5.9B | 4.0B | 1.6B | 3.0B | 1.2B | 1.6B | 1.3B | 1.4B |
| Net Margin | 30.2% | 33.0% | 32.3% | 20.7% | 32.9% | 41.0% | 29.8% | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% | 13.8% |
| Non-Recurring | 63M | 132M | 87M | 42M | 498M | 422M | 210M | 0 | 635M | 219M | 30M | 68M | 21M |
| Returns on Capital | |||||||||||||
| ROIC | 27.8% | 30.0% | 34.6% | 29.0% | 30.6% | 34.7% | 21.2% | 19.2% | 18.4% | 7.8% | 8.5% | 7.0% | 0.0% |
| ROE | 30.2% | 35.2% | 34.4% | 20.5% | 34.5% | 44.6% | 33.3% | 14.4% | 25.1% | 8.2% | 10.4% | 7.4% | 228650.0% |
| ROA | 22.4% | 21.0% | 17.5% | 10.9% | 18.1% | 22.4% | 15.4% | 6.4% | 12.6% | 4.5% | 5.9% | 4.5% | 4.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.9B | 3.9B | 4.6B | 4.6B | 6.2B | 7.1B | 4.2B | 3.6B | 1.4B | 1.5B | 2.9B | 2.2B | 2.6B |
| Free Cash Flow | 2.7B | 3.3B | 4.0B | 3.7B | 5.4B | 6.6B | 3.8B | 3.4B | 1.1B | 1.3B | 2.7B | 2.1B | 2.4B |
| Owner Earnings | 2.1B | 3.2B | 3.7B | 3.3B | 5.4B | 6.4B | 3.6B | 2.9B | 612M | 788M | 1.9B | 1.1B | 1.5B |
| CapEx | 288M | 643M | 616M | 867M | 771M | 515M | 425M | 258M | 240M | 277M | 154M | 154M | 168M |
| Maint. CapEx | 688M | 600M | 683M | 1.1B | 651M | 465M | 457M | 488M | 518M | 495M | 673M | 780M | 801M |
| Growth CapEx | 0 | 43M | 0 | 0 | 120M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 688M | 600M | 683M | 1.1B | 651M | 465M | 457M | 488M | 518M | 495M | 673M | 780M | 801M |
| CapEx/OCF | 9.8% | 16.4% | 13.4% | 19.1% | 12.5% | 7.3% | 10.0% | 7.1% | 17.4% | 17.9% | 5.3% | 7.0% | 6.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 887M | 5.0B | 1.0B | 1.4B | 4.4B | 5.9B | 6.7B | 1.8B | 750M | 0 | 0 | 0 | 0 |
| Buyback Yield | 1.1% | 7.1% | 1.6% | 2.0% | 7.2% | 10.4% | 17.0% | 5.1% | 1.9% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 155M | 161M | 155M | 128M | 158M | 182M | 198M | 239M | 254M | 264M | 291M | 291M | 294M |
| Debt Repayment | 2.7M | 2.1M | 2.7M | 561M | 3.2M | 0 | 1.5B | 0 | 0 | 810M | 650M | 1.8B | 1.8B |
| Balance Sheet | |||||||||||||
| Net Debt | -1.3B | 3.1B | 1.6B | 2.2B | 2.4B | 1.9B | 4.4B | 3.0B | 1.1B | 6.5B | 6.1B | 2.4B | 1.5B |
| Cash & Equiv. | 1.2B | 1.3B | 2.3B | 1.6B | 1.2B | 2.9B | 1.3B | 2.3B | 3.4B | 1.0B | 2.4B | 3.0B | 4.7B |
| Long-Term Debt | 580M | 6.5B | 6.5B | 5.9B | 5.9B | 4.5B | 7.4B | 6.3B | 6.3B | 6.9B | 6.3B | 6.3B | 6.3B |
| Debt/Equity | 0.05 | 0.70 | 0.54 | 0.47 | 0.46 | 0.48 | 0.73 | 0.71 | 0.50 | 0.51 | 0.51 | 0.36 | 10480.83 |
| Interest Coverage | 134.7 | 51.2 | 19.8 | 21.3 | 29.4 | 37.6 | 20.4 | 11.2 | 15.9 | 6.3 | 8.6 | 6.8 | 6.8 |
| Equity | 10.8B | 9.4B | 12.1B | 12.6B | 13.0B | 13.3B | 10.7B | 10.9B | 13.4B | 14.8B | 16.7B | 18.3B | 600K |
| Total Assets | 14.3B | 19.5B | 22.9B | 23.7B | 25.3B | 27.2B | 24.6B | 23.9B | 24.6B | 26.8B | 28.0B | 29.4B | 29.5B |
| Total Liabilities | 3.5B | 10.1B | 10.7B | 11.1B | 12.3B | 13.9B | 13.9B | 12.9B | 11.2B | 12.0B | 11.3B | 11.2B | 10.8B |
| Intangibles | 4.0B | 4.1B | 3.8B | 3.9B | 3.1B | 3.5B | 3.1B | 2.2B | 1.9B | 8.4B | 9.7B | 9.2B | 9.1B |
| Retained Earnings | 9.3B | 12.2B | 15.1B | 15.8B | 16.3B | 16.5B | 14.0B | 13.9B | 16.5B | 17.6B | 19.3B | 20.6B | 20.9B |
| Working Capital | 2.3B | 4.1B | 5.3B | 4.5B | 4.3B | 3.5B | 3.1B | 3.6B | 6.5B | 3.4B | 1.9B | 5.6B | 6.2B |
| Current Assets | 4.5B | 6.7B | 8.7B | 7.9B | 7.6B | 8.4B | 6.9B | 7.9B | 9.8B | 6.9B | 7.5B | 9.0B | 9.2B |
| Current Liabilities | 2.2B | 2.6B | 3.4B | 3.4B | 3.3B | 4.9B | 3.7B | 4.3B | 3.3B | 3.4B | 5.5B | 3.3B | 3.0B |
| Per Share Data | |||||||||||||
| EPS | 12.37 | 15.34 | 16.93 | 11.92 | 21.58 | 31.42 | 24.80 | 10.40 | 20.87 | 7.97 | 11.18 | 8.79 | 9.32 |
| Owner EPS | 8.85 | 13.66 | 17.14 | 15.69 | 26.20 | 34.32 | 22.16 | 19.47 | 4.19 | 5.41 | 13.09 | 7.71 | 10.08 |
| Book Value | 45.56 | 40.54 | 55.51 | 59.21 | 63.51 | 71.20 | 66.33 | 72.82 | 91.77 | 101.59 | 114.50 | 124.12 | 0.00 |
| Cash Flow/Share | 12.40 | 16.95 | 20.97 | 21.37 | 30.14 | 37.77 | 26.22 | 24.33 | 9.48 | 10.62 | 19.70 | 14.99 | 14.64 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 237.3M | 231.2M | 218.7M | 213.0M | 205.3M | 187.4M | 161.3M | 149.6M | 146.0M | 145.7M | 146.0M | 147.1M | 148.4M |
| Valuation | |||||||||||||
| P/E Ratio | 27.7 | 19.8 | 17.1 | 26.9 | 13.6 | 9.6 | 9.8 | 22.7 | 13.1 | 32.7 | 13.5 | 20.1 | 21.7 |
| P/FCF | 30.6 | 21.4 | 15.9 | 18.5 | 11.1 | 8.6 | 10.4 | 10.4 | 35.0 | 29.9 | 8.1 | 12.7 | 12.4 |
| EV/EBIT | 20.0 | 13.7 | 11.3 | 12.1 | 10.6 | 8.2 | 9.5 | 13.3 | 10.4 | N/A | N/A | N/A | N/A |
| Price/Book | 7.5 | 7.5 | 5.2 | 5.4 | 4.6 | 4.2 | 3.7 | 3.2 | 3.0 | 2.6 | N/A | N/A | N/A |
| Price/Sales | 7.8 | 7.6 | 5.4 | 5.0 | 4.8 | 3.4 | 3.4 | 3.9 | 3.3 | 4.0 | 3.1 | 2.1 | 3.0 |
| FCF Yield | 3.3% | 4.7% | 6.3% | 5.4% | 9.0% | 11.7% | 9.7% | 9.6% | 2.9% | 3.3% | 12.3% | 7.9% | 8.1% |
| Market Cap | 81.2B | 70.3B | 63.3B | 68.2B | 60.3B | 56.2B | 39.4B | 35.3B | 40.0B | 38.0B | 22.1B | 26.0B | 30.0B |
| Avg. Price | 317.39 | 352.99 | 280.49 | 290.89 | 313.74 | 263.56 | 285.89 | 289.35 | 229.11 | 271.88 | 207.64 | 141.30 | 202.19 |
| Year-End Price | 342.40 | 303.84 | 289.25 | 320.33 | 293.52 | 300.09 | 244.15 | 235.99 | 274.04 | 260.58 | 151.31 | 177.08 | 202.19 |
BIOGEN INC. passes 3 of 9 quality checks, indicating weak fundamentals.
BIOGEN INC. trades at 23.0x trailing earnings, compared to its 15-year median P/E of 15.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.5x vs a median of 11.9x. The company's 5-year average ROIC is 12.2% with a gross margin of 74.7%. At current prices, the estimated annualized return to fair value is -18.7%.
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.
Based on recent SEC filings and earnings disclosures, Management expects a multi-year registrational data flow beginning in 2026 that extends through the end of the decade, with several data-related inflection points anticipated in 2026 including SLE and CLE data from litifilimab phase III studies, felzartamab readouts in AMR, and zorevunersen data in Dravet syndrome. The company is investing in late-stage clinical programs including felzartamab and litifilimab while maintaining disciplined cost management, with core operating expenses expected to remain roughly consistent with 2025 levels despite supporting multiple phase III programs. Management believes the acquisition of Apellis will enhance growth prospects in immunology and rare disease, with the transaction expected to be accretive to non-GAAP EPS in 2027 and strong combined cash flow generation providing opportunity to de-lever by the end of 2027. The company anticipates continued momentum in growth products, with LEQEMBI benefiting from subcutaneous formulation approvals and expanded geographic reach, while SKYCLARYS is expected to drive growth primarily from ex-U.S. markets as the launch advances.
Based on recent SEC filings and earnings calls, BIOGEN INC. (BIIB) has provided the following forward guidance: Non-GAAP diluted EPS: $15.25–$16.25 (FY2026); Total revenue: mid-single-digit % decline (FY2026); MS products revenue (excluding Vumerity): mid-teens % decline (FY2026); Contract manufacturing revenue: ~$300 million per half (FY2026).