Biogen Inc. BIIB

Health CarePharmaceuticalsUnited States of America

Last close 248.93 USD on Nov 3, 2026, +41.4% year to date

Quant rating

Quant rating B Rank 192 of 565 in Health Care

Growth B 159 of 565
Valuation B 165 of 565
Quality B 158 of 565
Revisions D 468 of 565
Momentum B 105 of 565

Wall Street consensus Buy (2.05)Average target 264.51 USD +6.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 36.8B
Enterprise value: 43.2B
52-week range: 149.11 – 258.63
3-year range: 113.38 – 267.71
Dividend yield: –
Beta (5 years): 0.09
Shares outstanding: 148M
Next earnings: Feb 4, 2027

About the company

Biogen Inc. is a biotechnology company. The Company is focused on discovering, developing and delivering therapies. It has a portfolio of medicines to treat Multiple Sclerosis (MS), has introduced an approved treatment for Spinal Muscular Atrophy (SMA), co-developed treatments to address a defining pathology of Alzheimer's disease and launched an approved treatment to target a genetic cause of Amyotrophic Lateral Sclerosis (ALS). It markets a drug approved in United States, European Union and certain international markets for the treatment of Friedreich Ataxia (FA) in adults and adolescents aged 16 years and older. It is focused on advancing its pipeline in neurology, specialized immunology and rare diseases. Its marketed products include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of FA, and QALSODY for the treatment of ALS. Its commercialized products also include EMPAVELI and SYFOVRE.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,891	9,676	9,836	10,173	10,982	–
Revenue growth	2.2%	−1.6%	−3.3%	−7.4%	−18.3%	−6.0%
EPS (basic, normalized)	15.28	16.47	14.72	17.67	19.22	–
EPS growth	−7.2%	11.9%	−16.7%	−8.1%	–	–
Gross margin	76.0%	77.2%	75.5%	80.9%	82.3%	78.4%
Net margin	13.1%	16.9%	11.8%	29.9%	14.2%	17.2%
ROE	7.4%	10.4%	8.2%	25.1%	14.4%	13.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,304
Current ratio	1.95x
Long-term debt (mil)	7,292
Net debt (mil)	6,388
Total equity (mil)	18,922
Net debt / equity	0.34x
Net debt / EBITDA	2.02x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	9,891	+2.2%	4.4x	3,159	−11.6%	13.7x	15.28	−7.2%	16.3x
2026	10,599	+7.2%	4.1x	2,982	−5.6%	14.5x	12.51	−18.1%	19.9x
2027	10,770	+1.6%	4.0x	3,446	+15.6%	12.5x	15.90	+27.0%	15.7x
2028	11,097	+3.0%	3.9x	3,595	+4.3%	12.0x	18.24	+14.7%	13.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	10,599	+1.5%	+1.7%	+7.0%	12.51	+0.8%	+0.4%	−14.1%
2027	10,770	+1.0%	+1.3%	+7.0%	15.90	−3.4%	−3.4%	−2.0%
2028	11,097	+1.1%	+1.6%	+8.5%	18.24	−2.0%	−1.9%	+2.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,290	2,465	2,466	2,455	2,431	2,646	2,535	2,279	2,478	2,736
Sales mean (mil)	2,312	2,382	2,434	2,404	2,234	2,323	2,339	2,207	2,255	2,458
Surprise	−0.9%	+3.5%	+1.3%	+2.1%	+8.8%	+13.9%	+8.4%	+3.3%	+9.9%	+11.3%
EPS reported	3.67	5.28	4.08	3.44	3.02	5.47	4.81	1.99	3.57	3.60
EPS mean	3.45	4.03	3.79	3.35	2.52	3.86	3.88	1.61	2.77	2.95
Surprise	+6.4%	+31.2%	+7.6%	+2.7%	+19.6%	+41.7%	+23.9%	+23.3%	+28.9%	+22.1%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BIIB Biogen Inc.	36.8B	2.02x	13.1%	1.94x	19.9x	15.7x	14.5x	12.5x
ABBV AbbVie Inc.	505.4B	2.63x	6.8%	−85.15x	20.5x	17.7x	17.5x	15.3x
Mean		2.32x	10.0%	−41.60x	20.2x	16.7x	16.0x	13.9x
Median		2.32x	10.0%	−41.60x	20.2x	16.7x	16.0x	13.9x

Technical analysis

1M+13.2%
3M+23.3%
1Y+64.4%
3Y−0.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Biogen Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	9,891	9,676	9,836	10,173	10,982	13,445
Cost of revenue	2,375	2,208	2,409	1,942	1,942	1,779
Gross profit	7,516	7,467	7,427	8,231	9,040	11,666
Selling, general & administrative expenses	2,439	2,401	2,576	2,430	2,702	2,535
Research & development	1,753	2,015	2,460	2,229	2,497	3,985
Depreciation/amortization	507	386	241	246	252	255
Interest expense (income), operating	290	254	219	−7.4	7.2	233
Unusual expense (income)	780	147	343	−505	815	219
Other operating expenses	24.0	12.9	−23.5	−233	−74.6	−110
Operating income	1,723	2,250	1,612	4,072	2,841	4,550
Net interest income (expense)	−191	−314	−312	−470	−1,090	494
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	24.7	−29.6	−3.5	−10.1	−5.6	2.9
Net income before taxes	1,556	1,906	1,297	3,592	1,745	5,048
Provision for taxes	264	274	135	633	52.5	992
Minority interest	0	0	−0.4	85.3	−172	−59.9
Equity in affiliates	–	0	–	2.6	34.9	5.3
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,293	1,632	1,161	3,047	1,556	4,001
Extraordinary items	–	–	–	–	–	–
Net income	1,293	1,632	1,161	3,047	1,556	4,001
EBIT, normalized	2,792	2,651	2,174	3,559	3,663	5,002
EBITDA, normalized	3,572	3,325	2,669	4,078	4,150	5,459
Basic EPS, normalized	15.28	16.47	14.72	17.67	19.22	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Biogen Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,816	2,375	1,050	4,893	3,802	2,610
Receivables	1,867	1,869	2,100	2,136	1,962	2,327
Total inventory	2,168	2,460	2,527	1,344	1,352	1,069
Prepaid expenses	694	–	–	–	–	–
Other current assets	430	752	1,182	1,418	741	881
Total current assets	8,974	7,457	6,859	9,791	7,856	6,887
Property, plant & equipment	3,321	3,538	3,730	3,702	3,792	3,845
Goodwill	6,491	6,479	6,219	5,749	5,761	5,762
Intangibles	9,178	9,691	8,363	1,850	2,221	3,084
Long-term investments	1,182	560	745	2,235	2,832	3,671
Note receivable	–	–	–	–	–	–
Other long-term assets	292	324	929	1,226	1,415	1,370
Total assets	29,440	28,049	26,845	24,554	23,877	24,619
Liabilities
Accounts payable	432	424	403	492	589	455
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,759	1,590	1,661	1,594	1,471	1,716
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	1,749	150	0	999	0
Other current liabilities	1,158	1,766	1,220	1,188	1,239	1,571
Total current liabilities	3,349	5,529	3,434	3,273	4,298	3,742
Long-term debt	6,287	4,547	6,788	6,281	6,274	7,426
Minority interest	–	0	0	−9.5	63.5	−14.2
Other liabilities	1,546	1,257	1,823	1,612	2,345	2,764
Total liabilities	11,183	11,333	12,045	11,156	12,981	13,919
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	863	569	302	73.3	68.2	0
Retained earnings (accumulated deficit)	20,553	19,260	17,628	16,466	13,912	13,976
Treasury stock	−2,977	−2,977	−2,977	−2,977	−2,977	−2,977
Other equity	−182	−136	−154	−165	−107	−299
Total equity	18,257	16,716	14,799	13,398	10,896	10,700
Total liabilities & shareholders' equity	29,440	28,049	26,845	24,554	23,877	24,619

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Biogen Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,293	1,632	1,162	2,962	1,728	4,060
Depreciation, depletion & amortization	780	673	495	518	488	457
Deferred taxes	362	−158	−306	−169	−427	149
Non-cash items	828	883	845	−1,037	1,997	−250
Changes in working capital	−1,058	−155	−649	−890	−146	−187
Cash from operations	2,205	2,876	1,547	1,384	3,640	4,230
Investing activities
Capital expenditures	−185	−360	−311	−243	−295	−552
Other investing cash flows	−1,186	−439	−3,790	1,820	−269	−56.8
Cash from investing	−1,371	−799	−4,101	1,577	−564	−609
Financing activities
Financing cash flow items	−285	−33.5	−38.0	4.9	−116	−61.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−16.9	−650	187	−1,752	−1,970	−5,212
Cash from financing	−302	−684	149	−1,747	−2,086	−5,273
Foreign exchange effects	102	−67.7	35.1	−55.7	−59.8	69.0
Net change in cash	634	1,325	−2,369	1,158	930	−1,582
Free cash flow	2,019	2,516	1,236	1,141	3,345	3,678

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.