Biogen Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Buying today means buying a profitable biotechnology company with roughly $2 billion of free cash flow at about 13 to 14 times its own 2026 guidance — and, at the same time, three open questions that will all be answered in the same report. First: what does Apellis actually contribute, measured against quarterly revenue of $2,477.8 million? Second: where does the consolidated leverage ratio sit against the contractual ceiling of 3.75 to 1.0 after $3.6 billion of liquidity left and $2.0 billion of credit was drawn? Third: does revenue really fall only by a mid-single-digit percentage? Watching here means waiting for the quarterly report covering June 30, 2026 rather than betting on the next earnings beat — which says less about the state of the business than about the level of the estimate. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Biogen is the beat trap in pure form: earnings came in above the analyst estimate five quarters in a row, most recently by 23.5 percent — and yet revenue has fallen 31 percent since 2019 to $9,890.6 million, with a further decline as the company's own guidance for 2026. The multiple sclerosis foundation halved, the growth products grow at double-digit rates but do not yet fill the gap. To close it, Biogen acquired Apellis Pharmaceuticals on May 14, 2026 for roughly $5.3 billion — paid from $3.6 billion of its own liquidity and $2.0 billion of bank debt carrying a leverage ceiling of 3.75 to 1.0. The cushion that made the shrinking bearable is now largely spent. Not investment advice.
Earnings quality
Five quarters above the analyst estimate, most recently by 23.5 percent (first quarter of 2026: $3.57 against $2.89). But the beats refer to the non-GAAP measure: 2025 showed $15.28 per diluted share there and only $8.79 under GAAP — and a loss of $0.33 in the fourth quarter of 2025.
Revenue trend
Revenue fell from $14,377.9 million (2019) to $9,890.6 million (2025), down 31 percent. The multiple sclerosis franchise halved from $8,529.3 million to $4,038.9 million; the fumarates TECFIDERA and VUMERITY lost 68 percent. For 2026 Biogen itself guides to a mid-single-digit percentage decline (as of April 29, 2026).
Cash flow and cost discipline
Operating cash flow of $2,204.6 million in 2025 against only $153.8 million of capital expenditure — roughly $2.05 billion of free cash flow. The "Fit for Growth" program delivered roughly $1.0 billion in gross operating expense savings by the end of 2025 at a net headcount reduction of roughly 1,400 and about $320 million in restructuring charges.
Growth products
In the first quarter of 2026 SKYCLARYS grew to $151 million (up 22 percent), ZURZUVAE to $55 million (up 100 percent) and QALSODY to $33 million (up 110 percent); global LEQEMBI in-market sales rose 74 percent to $168 million. The rare disease franchise grew from $1,803.0 million (2023) to $2,154.2 million (2025).
Balance sheet and funding
Roughly $3.6 billion of the $4.7 billion of liquidity (March 31, 2026) went into Apellis, joined by $2.0 billion of bank debt carrying a leverage ceiling of 3.75 to 1.0 and a $1.0 billion repayment due May 12, 2027. At March 31, 2026 the balance sheet already carried $6,288.5 million of long-term notes; 52.7 percent of total assets are goodwill and intangible assets.
Deal transparency
On June 10, 2026 Biogen determined that the Apellis merger was not a significant acquisition as defined in Regulation S-X, so financial statements and pro forma information are not required. Formally correct against $29,483.1 million of total assets, it means in practice that the first reliable contribution from SYFOVRE and EMPAVELI appears only in the quarterly report for June 30, 2026.
Worth Noting
Biogen came onto the research list through our in-house stock scanner: rank 40 in the U.S. selection of the biggest earnings surprises (81 hits), relative strength 69, as of July 25, 2026. Scanner lists are recalculated daily, so the ranking is a dated snapshot. The scanner measures the distance between reported earnings and the analyst estimate — not the distance between expectation and reality.
Two earnings measures that must not be confused: GAAP diluted earnings per share were $8.79 in 2025, the non-GAAP figure $15.28. The scanner surprise values and the guidance range of $14.25 to $15.25 refer to the non-GAAP measure, which excludes amortization of acquired drug rights, restructuring charges and one-time items.
Data currency: the most recent periodic report is the Form 10-Q for the quarter ended March 31, 2026, filed April 29, 2026. Everything filed after that was reviewed — the tender offer amendments of May 6, 12 and 14, 2026, the Schedule 13D/A of May 14, 2026, the Form 8-K of May 14, 2026 on the completion of the Apellis acquisition, the Forms 8-K and 8-K/A of June 10, 2026 and the Form 8-K of July 1, 2026. The balance sheet figures for March 31, 2026 therefore predate the closing; the first balance sheet including Apellis is the quarterly report for June 30, 2026. The share count comes from the most recent document that names one (147,637,117 as of April 27, 2026). Valuation figures are orders of magnitude as of July 25, 2026, not daily prices.
Possible confusion: Biogen Inc. was named IDEC Pharmaceuticals Corp. until 2003 and Biogen Idec Inc. until 2015, so the SEC history under CIK 0000875045 begins under a different name. The ticker BIIB belongs to this company alone.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BIIB since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 135.70 $ to 224.50 $ · Last price: 219.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/17/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Drug Manufacturers - General
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Biogen Inc. BIIB | 32.4 | 23.3 | 18.3 | 78.3 | 22.9 | 1.4 | 50.3 |
| Eli Lilly and Company LLY | 1,027.6 | 44.4 | 24.9 | 83.4 | 49.4 | 44.7 | 52.6 |
| Johnson & Johnson JNJ | 629.2 | 33.1 | 19.7 | 68.1 | 27.4 | 6.1 | 56.0 |
| AbbVie Inc ABBV | 460.3 | 137.7 | 26.6 | 72.8 | 32.2 | 8.6 | 23.3 |
| Merck & Company Inc MRK | 351.0 | 43.5 | 27.9 | 75.9 | 38.6 | 1.2 | 86.7 |
| Amgen Inc AMGN | 203.6 | 27.0 | 14.0 | 71.9 | 33.8 | 9.9 | 42.1 |
| Novo Nordisk A/S NVO | 187.9 | 10.6 | 9.7 | 82.0 | 42.5 | 6.4 | -23.4 |
| Gilead Sciences Inc GILD | 187.1 | 21.1 | 111.6 | 79.6 | 39.3 | 2.4 | 37.7 |
| Pfizer Inc PFE | 162.4 | 22.2 | 15.5 | 74.7 | 31.6 | -1.7 | 23.0 |
| Median of companies shown | 203.6 | 27.0 | 19.7 | 75.9 | 33.8 | 6.1 | 42.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 11,449 | 5,152 | 3,703 | 16.92 | 4,522 | 12,129 | 22,877 |
| 2017 | 12,274 | 5,346 | 2,539 | 11.92 | 4,551 | 12,598 | 23,653 |
| 2018 | 13,453 | 5,889 | 4,431 | 21.58 | 6,188 | 13,040 | 25,289 |
| 2019 | 14,378 | 7,043 | 5,889 | 31.42 | 7,079 | 13,343 | 27,234 |
| 2020 | 13,445 | 4,593 | 4,001 | 24.80 | 4,230 | 10,700 | 24,619 |
| 2021 | 10,982 | 2,791 | 1,556 | 10.40 | 3,640 | 10,896 | 23,877 |
| 2022 | 10,173 | 2,889 | 3,047 | 20.87 | 1,384 | 13,398 | 24,554 |
| 2023 | 9,836 | 2,097 | 1,161 | 7.97 | 1,547 | 14,799 | 26,845 |
| 2024 | 9,676 | 2,490 | 1,632 | 11.19 | 2,876 | 16,716 | 28,049 |
| 2025 | 9,811 | 1,878 | 1,293 | 8.82 | 2,205 | 18,257 | 29,440 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 4.00 | -1.70 | 2,465 | 0.40 | 23.70 | 626 | 583 |
| 2024: Q3 | 2.66 | 666.00 | 2,466 | -2.50 | 15.80 | 936 | 806 |
| 2024: Q4 | 1.83 | 7.00 | 2,455 | 2.90 | 10.90 | 761 | 695 |
| 2025: Q1 | 1.64 | -39.30 | 2,431 | 6.10 | 9.90 | 259 | 212 |
| 2025: Q2 | 4.33 | 8.30 | 2,646 | 7.30 | 24.00 | 161 | 144 |
| 2025: Q3 | 3.17 | 19.20 | 2,535 | 2.80 | 18.40 | 1,273 | 1,226 |
| 2025: Q4 | 1.99 | 8.70 | 2,279 | -7.10 | -2.10 | 512 | 468 |
| 2026: Q1 | 2.15 | 31.10 | 2,478 | 1.90 | 12.90 | 646 | 594 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Mike Webster: Swing Trading List
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 12.54 | 12.00 – 16.39 | 10,444 | -17.9% | 32 |
| 12/31/2027 | 16.54 | 13.33 – 19.29 | 10,656 | 31.9% | 32 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -0.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $2.97B |
|---|---|
| Market cap | $32.35B |
| Free cash flow in year ten | $2.78B |
| Terminal value as a share of market value | 45.3% |
For comparison: over the past five years free cash flow shrank by 11.0% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Biogen verkauft keine KI und weist keinen KI-Umsatz aus, setzt KI-gestützte Software aber nach eigener Angabe in Forschung, Marketing, Fertigung und Vermarktung ein und kündigt eine steigende Nutzung an; im Geschäftsbericht 2025 und im Quartalsbericht zum 31.03.2026 steht das als eigener Risikofaktor.
View the full file — quotes, sources, reviewed filings
„AI-based software is increasingly used in the biopharmaceutical industry, including by us, for research, marketing, manufacturing and commercialization, and we anticipate increasing our usage of technology that uses AI in the future."
KI-gestützte Software wird in der biopharmazeutischen Industrie zunehmend eingesetzt, auch von uns, für Forschung, Marketing, Fertigung und Vermarktung, und wir erwarten, unsere Nutzung von Technologie, die KI verwendet, künftig auszuweiten.
10-K · 2026-02-06 · View SEC filing
„Since the use of AI is subject to new or evolving laws and regulations, compliance may impose operational costs and limit our ability to use AI-based software, and failure to comply may result in potential government actions, litigation, fines, penalties or adverse publicity."
Da die Nutzung von KI neuen oder sich entwickelnden Gesetzen und Vorschriften unterliegt, kann deren Einhaltung Betriebskosten verursachen und unsere Möglichkeit einschränken, KI-gestützte Software zu nutzen; ein Verstoß kann zu behördlichen Maßnahmen, Rechtsstreitigkeiten, Geldbußen, Strafen oder nachteiliger Publizität führen.
10-Q · 2026-04-29 · View SEC filing
„our incorporation of technologies using AI into some of our processes"
unsere Einbindung von Technologien, die KI nutzen, in einige unserer Prozesse
10-Q · 2026-04-29 · View SEC filing
Filings Reviewed: 10-Q 2026-04-29 · 10-K 2026-02-06 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2025-02-12
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -1.2%
- More than 10% revenue growth is expected for the coming year -73.9%
- Share count grows by less than 3% a year 0.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 22.3%
- Gross margin at 40% or higher and without meaningful erosion 70.5%
- Goodwill from acquisitions does not grow faster than revenue 22.1%
- Net debt below twice EBITDA 1.0 x EBITDA
- Operating cash flow covers the profits of the last three years 2,541 m
- Return on capital at 15% or higher, or up versus two years ago 7.2%
- Insiders hold at least 10% or are net buyers 0.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -1.7%
- Exp. sales growth 3Y > 5% 4.2%
- EBIT growth 10Y > 5% -10.6%
- Exp. EBIT growth 3Y > 5% 37.0%
- Net debt < 4x EBIT 1.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 73.3%
- Return on equity > 15% 50.0%
- ROCE > 15% 7.2%
- Expected return > 10% 45.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Minor Lloyd | Director | Sell | 593 | 200.96 | 119,169 |
| Aug 3, 2026 | Minor Lloyd | Director | Sell | 593 | 203.34 | 120,581 |
The company
About the Company
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
- Employees
- 7,500
- Headquarters
- Cambridge, MA
- Address
- 225 Binney Street, 02142 Cambridge, United States
- Phone
- 617 679 2000
- Website
- biogen.com
- IPO Date
- 09/16/1991
- ISIN
- US09062X1037
- Stock Split
- 3:1 on 01/18/2001
- Stock Split
- 2:1 on 12/21/1999
Management
| Name | Title | Birth Year |
|---|---|---|
| Christopher A. Viehbacher | President, CEO & Director | 1961 |
| Robin C. Kramer | Executive VP & CFO | 1966 |
| Nicole Murphy | Executive VP and Head of Pharmaceutical Operations & Technology | 1973 |
| Priya Singhal M.D., M.P.H. | Executive VP & Head of Development | 1968 |
| Sean Godbout | VP, Chief Accounting Officer & Global Corporate Controller | 1974 |
| Guy Hadari | Chief Information Officer | – |
| Tim Power M.B.A., Ph.D. | Head of Investor Relations | – |
| Michael John Parini J.D. | Chief Legal Officer | 1974 |
| Natacha Gassenbach | Chief Communication Officer & Head of Corporate Affairs | – |
| Adam Keeney Ph.D. | Executive VP & Head of Corporate Development | 1977 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/29/2026 BIOGEN INC. (BIIB): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.