— Know what they know.
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Not Investment Advice

BIIB

NASDAQ · USD
Biogen Inc.
Healthcare · Drug Manufacturers - General
CEO Christopher A. Viehbacher Employees 7,500 R&D / revenue 19.9%
Last price
$232.65−1.15%last session
Market cap
$34.4B
P/E (TTM)
41.0x
From 52w high
−3.5%
From 52w low
+68.6%
1-year return
+63.5%
RSI 14 · vs SMA200
61.5 · +17.6%
IS score
48.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

BIIB   SPY   XLV (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26BIIB 164XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
33
Profitability
20
Growth
38
Value
55
Momentum
65
Risk (safety)
63
Quality
52
Balance sheet
68
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: None, Efficient ScalePiotroski 3 / 9Altman Z 2.9Beta 0.173 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
2 open-market sales, $239,750
Form 144 notices (12m): 4, $905,414 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
12
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+35
126 new holders, 84 closed
1,044 filers hold 97.2% · 426 added, 296 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+185
1,232 funds adding shares
1,047 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
78.2%
20-day avg 61.1%, 50-day avg 60.0%
Latest 17.1 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$9.8B
Revenue growth YoY+1.4%
Gross margin70.5%
Operating income$1.9B
Operating margin19.1%
Net income$1.3B
Net margin13.2%
EPS (diluted)$8.83
Cash flow
Operating cash flow$2.2B
Capital expenditure$153.8M
Free cash flow$2.1B
FCF conversion (FCF / OCF)93.0%
Stock-based compensation$290.8M
FCF less SBC$1.8B
Buybacks$0
Dividends$0
Balance sheet & returns
Cash & short-term investments$3.8B
Total debt$6.7B
Net debt$2.8B
Shareholders' equity$18.3B
Goodwill & intangibles$15.7B
Debt / equity0.44
ROE (TTM)4.5%
ROIC (TTM)4.3%
Operating margin by fiscal year
25.1%FY202128.4%FY202221.3%FY202322.1%FY202419.1%FY2025
Revenue $11.0B (FY2021) to $9.8B (FY2025), a -2.8% CAGR.

Valuation

P/E (TTM)41.0x
EV / EBITDA21.2x
Price / sales3.46x
Price / FCF11.6x
FCF yield8.64%
Buyback yield0.00%
SBC / revenue1.4%
Price / book1.82x
Forward P/E FY202618.7x
Forward P/E FY202714.1x
Forward P/E FY202812.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $250.53 across 15 analysts last quarter is theirs, not ours.

BIIB vs industry median

40 companies in Drug Manufacturers - General
Gross margin 67.7% 72.4% Operating margin 12.8% 20.1% Net margin 8.4% 12.7% ROIC 4.3% 16.2%
BIIB (TTM)Industry median Asset turnover 0.31 vs industry 0.54 · financial leverage 1.70

Earnings delivery

Next report 2026-10-28 · consensus EPS $2.00
92%
beat rate, 11 of 12 quarters
+8.7%
median EPS surprise
9
longest beat streak
+7+9-7+6+30+8+0+4+40+24+22+17
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-25 to 2026-04-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
BIIB Biogen Inc. $34.4B41.0x4.5%8.4%+1.4% +63.5%
BMY Bristol-Myers Squibb Company $122.1B13.2x46.7%25.6%+3.1% +43.8%
PFE Pfizer Inc. $168.6B39.1x5.0%-1.6%−0.2% +24.2%
GILD Gilead Sciences, Inc. $193.7Bn/m-20.6%—+5.5% +33.4%
AMGN Amgen Inc. $233.8B26.7x91.5%23.6%+9.2% +50.3%
AZN AstraZeneca PLC $256.5B24.7x22.0%16.3%+8.6% —
NVS Novartis AG $286.3B22.9x30.6%22.7%+0.8% —
OGN Organon & Co. $3.6B17.4x24.0%6.9%−2.5% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-07-29Earnings Release; Exhibits
2026-07-01Earnings Release
2026-06-10Shareholder Vote
2026-06-10Exhibits
2026-05-14Material Agreement; Acquisition/Disposition; Financial Obligation; Regulation FD; Exhibits
2026-04-29Earnings Release; Exhibits

Context

Shares outstanding147,753,998
Free float99.2%
Institutional ownership97.2%
Beta0.17
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$219.18 / $197.55
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where BIIB sits among 12 scored companies in Drug Manufacturers - General (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureBIIBIndustry medianIndustry percentileSector median
P/E (TTM) 41.2x 29.3x
70th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 3.5x 5.3x
27th		 3.7x
Price / book 1.8x 6.9x
0th		 3.6x
Price / tangible book —
Price / free cash flow 11.6x 20.3x
18th		 21.2x
Price / operating cash flow 11.9x 16.8x
18th		 17.1x
Enterprise value $41.4B $280.5B
9th		 $2.5B
EV / sales 4.2x 6.0x
27th		 3.8x
EV / EBITDA 20.3x 18.0x
64th		 16.2x
EV / EBIT 37.2x 24.8x
80th		 23.0x
EV / free cash flow 14.0x 23.7x
9th		 24.6x
Earnings yield 2.4% 3.0%
36th		 -0.3%
FCF yield 8.6% 5.0%
82nd		 1.7%
Operating cash flow yield 8.4% 6.0%
82nd		 2.9%
Graham number (per share) $126.56 $63.36
89th		 $26.70

Profitability (TTM)

MeasureBIIBIndustry medianIndustry percentileSector median
Gross margin 67.7% 72.1%
9th		 65.1%
EBITDA margin 20.5% 32.8%
18th		 6.6%
Operating margin 12.8% 25.2%
9th		 3.5%
EBIT margin 11.2% 22.0%
27th		 2.4%
Net margin 8.4% 13.4%
36th		 0.3%
NOPAT margin 12.5% 20.5%
27th		 2.7%
FCF margin 29.8% 24.7%
91st		 4.3%
Operating cash flow margin 28.9% 29.5%
45th		 7.1%
R&D / revenue 19.6% 20.0%
36th		 12.4%
SG&A / revenue 26.1% 22.0%
82nd		 37.9%
Stock comp / revenue 1.4% 1.1%
73rd		 4.5%
Effective tax rate 2.5% 19.2%
9th		 21.0%

Returns on capital

MeasureBIIBIndustry medianIndustry percentileSector median
ROE (on average equity) 4.6% 24.0%
10th		 0.8%
ROA 2.8% 6.9%
36th		 -0.3%
ROIC 4.8% 15.9%
9th		 5.5%
ROCE 4.0% 15.6%
9th		 2.3%
Return on tangible assets 3.7% 11.2%
18th		 1.7%
Cash ROIC (OCF / invested capital) 11.1% 22.4%
18th		 9.7%
Gross profitability (GP / assets) 21.0% 34.0%
0th		 29.9%
ROIC, 3-yr average 5.5% 10.3%
27th		 2.6%
ROIC, 5-yr average 8.2% 14.2%
22nd		 3.2%
ROE, 5-yr average 11.2% 19.6%
0th		 -4.9%
Incremental ROIC -8.5% 4.4%
45th		 17.2%

Growth

MeasureBIIBIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -0.5% 5.0%
9th		 10.5%
Revenue growth (QoQ) 10.4% 8.6%
55th		 7.2%
Revenue CAGR, 3 yr -0.1% 4.4%
18th		 10.7%
Revenue CAGR, 5 yr -3.2% 3.3%
0th		 12.1%
Gross profit CAGR, 3 yr -4.3% 5.9%
9th		 10.6%
Operating income CAGR, 3 yr -22.1% 10.0%
0th		 11.7%
Net income growth (TTM YoY) -45.4% -6.6%
30th		 17.5%
Net income CAGR, 3 yr -32.1% 3.1%
20th		 11.3%
EPS growth (TTM YoY) -46.5% -4.3%
30th		 19.2%
EPS CAGR, 3 yr -32.6% 2.7%
20th		 14.0%
EPS CAGR, 5 yr -15.2% 2.2%
11th		 8.1%
FCF growth (TTM YoY) 59.9% 4.7%
100th		 18.6%
FCF CAGR, 3 yr 38.1% 11.3%
91st		 15.4%
Operating cash flow CAGR, 3 yr 26.3% 6.8%
91st		 11.9%
Book value CAGR, 3 yr 8.4% 5.2%
67th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 4.6% 11.0%
22nd		 12.2%

Margin history & stability

MeasureBIIBIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 70.7% 70.1%
55th		 62.6%
Operating margin, 3-yr average 18.8% 23.5%
9th		 1.0%
Net margin, 3-yr average 11.9% 13.4%
45th		 -2.6%
FCF margin, 3-yr average 21.2% 22.0%
45th		 3.2%
Revenue stability (0-1) 0.61 0.75
27th		 0.80
Earnings stability (0-1) 0.47 0.23
82nd		 0.37
Margin stability (0-1) 0.92 0.94
18th		 0.93

Liquidity (latest quarter)

MeasureBIIBIndustry medianIndustry percentileSector median
Cash & short-term investments $1.3B $7.4B
9th		 $330.9M
Net cash (− = net debt) −$7.1B −$36.7B
100th		 $8.4M
Working capital $3.4B $4.1B
45th		 $381.1M
Current ratio 1.87 1.29
91st		 3.02
Quick ratio 1.26 1.05
82nd		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.33 0.31
55th		 1.43
Defensive interval (days) 212 days 287 days
27th		 415 days

Leverage & solvency (latest quarter)

MeasureBIIBIndustry medianIndustry percentileSector median
Total debt $8.4B $49.0B
0th		 $289.1M
Debt / equity 0.44 1.29
0th		 0.45
Net debt / equity 0.38 1.12
10th		 −0.13
Debt / assets 26.0% 40.8%
9th		 24.4%
Debt / capital 30.7% 56.2%
0th		 31.1%
Debt / EBITDA 4.09 3.30
73rd		 2.62
Net debt / EBITDA 3.46 2.75
73rd		 1.42
Interest coverage (EBIT / interest) 3.9x 5.3x
27th		 2.1x
Cash interest coverage 10.1x 9.8x
55th		 3.6x
Debt payback (years of OCF) 2.9 yrs 2.8 yrs
55th		 2.7 yrs
Liabilities / assets 41.3% 71.1%
0th		 49.8%
IS credit model rating BBB — —
Implied credit spread (bps) 275 250
55th		 225

Efficiency

MeasureBIIBIndustry medianIndustry percentileSector median
Asset turnover 0.33 0.49
9th		 0.56
Fixed asset turnover 3.07 4.31
18th		 4.87
Inventory turnover 1.4 2.1
9th		 2.7
Receivables turnover 5.0 4.9
55th		 6.4
Days sales outstanding 73 days 74 days
45th		 57 days
Days inventory outstanding 265 days 172 days
91st		 136 days
Days payables outstanding 46 days 116 days
9th		 59 days
Cash conversion cycle (days) 291 days 126 days
91st		 70 days
Capex / revenue —
Capex / depreciation —
Operating expense ratio 45.3% 40.9%
73rd		 56.5%

Cash flow & earnings quality

MeasureBIIBIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.45 1.44
80th		 1.61
FCF / net income 3.55 1.24
90th		 1.36
FCF / operating cash flow —
Capex / operating cash flow —
Accruals ratio -6.8% -4.3%
27th		 -5.4%
Sloan accruals ratio -7.7% -2.6%
0th		 -1.3%
Earnings quality score (0-1) 0.75 1.00
0th		 0.75

Dividends & buybacks

MeasureBIIBIndustry medianIndustry percentileSector median
Dividend yield 0.0% 2.2%
0th		 0.0%
Dividend per share (TTM) $0.00 $3.33
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 60.0%
0th		 0.0%
Dividends / FCF 0.0% 50.8%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.0% 0.1%
0th		 0.0%
Shareholder yield (dividends + buybacks) 0.0% 2.5%
0th		 0.0%
Share count change (YoY) 1.9% -0.1%
91st		 2.0%
Buybacks, last 5 years $0 $3.6B
0th		 $0

Scores & forensic checks

MeasureBIIBIndustry medianIndustry percentileSector median
IS score 49 64
27th		 46
IS profitability 33 67
18th		 22
IS growth 20 40
0th		 60
IS value 38 42
36th		 39
IS momentum 55 67
18th		 67
IS risk (safety) 65 72
36th		 80
IS quality 63 72
27th		 49
IS balance sheet 52 49
55th		 55
IS earnings quality 68 68
45th		 56
IS cash flow 86 66
100th		 41
Piotroski F-score (0-9) 3 7
0th		 5
Altman Z-score 2.9 3.0
45th		 3.2
Beneish M-score −2.74 −2.72
36th		 −2.62
Ohlson O-score −9.10 −8.11
0th		 −7.16
IS credit score 58 60
45th		 62

Per share

MeasureBIIBIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.62 $5.07
55th		 −$0.03
Book value per share $126.75 $19.22
100th		 $7.10
Tangible book per share −$11.23 −$8.38
36th		 $1.91
Revenue per share $66.90 $32.71
82nd		 $9.38
FCF per share $19.96 $7.97
91st		 $0.46
Operating cash flow per share $19.36 $9.66
82nd		 $0.93
Cash per share $8.64 $4.10
82nd		 $3.51

Size (TTM)

MeasureBIIBIndustry medianIndustry percentileSector median
Market cap $34.4B $245.2B
9th		 $2.4B
Revenue $9.9B $58.5B
9th		 $770.2M
EBITDA $2.0B $16.9B
18th		 $56.1M
Net income $835.1M $7.5B
18th		 −$3.3M
Free cash flow $3.0B $12.3B
9th		 $41.2M
Total assets $32.1B $118.9B
9th		 $1.3B
Shareholders' equity $18.8B $28.1B
36th		 $568.4M
Employees 7,500 53,500
0th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-02Godbout Sean
Chief Accounting Officer
 Option exercise 27——1,467
2026-10-02Godbout Sean
Chief Accounting Officer
 Tax withholding 8$219.88$1,7591,459
2026-10-02Godbout Sean
Chief Accounting Officer
 Option exercise 27——0
2026-10-01Godbout Sean
Chief Accounting Officer
 Award / grant 985——985
2026-09-01Parini Michael
Chief Legal Officer
 Award / grant 7,405——7,405
2026-08-04Minor Lloyd
Director
 Open-market sale 593$200.96$119,1692,689
2026-08-03Minor Lloyd
Director
 Open-market sale 593$203.34$120,5813,282
2026-06-09Pangalos Menelas N
Director
 Option exercise 2,370——2,370
2026-06-09Pangalos Menelas N
Director
 Award / grant 1,505——3,875
2026-06-09Pangalos Menelas N
Director
 Option exercise 2,370——0
2026-06-09Minor Lloyd
Director
 Award / grant 1,505——3,875
2026-06-09Freire Maria C
Director
 Award / grant 2,005——8,820

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayJunAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1122,435—
Open-market saleDisposed21,186$239,750
Option exerciseDisposed33,336—
Option exerciseAcquired33,336—
Tax withholdingDisposed2463$86,871
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 4 notices · 4,594 shares · $905,414
FiledFilerShares proposedEst. proceeds
2026-08-04Minor Lloyd593$119,169
2026-08-03Minor Lloyd593$120,581
2026-02-09Singhal Priya2,660$531,548
2026-02-02Singhal Priya748$134,116
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 22 trades (14 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-18Kevin HernHouseSale$1,001 - $15,0002026-09-02
2022-11-03Susan M. CollinsSenatePurchase$15,001 - $50,0002022-12-16
2019-03-22Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002019-04-17
2019-03-22Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002019-04-16
2018-01-08Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002018-02-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
FMR LLC18,217,239$3.9B12.33%
BlackRock, Inc.15,985,736$3.5B10.82%
PRIMECAP MANAGEMENT CO/CA/15,154,606$3.3B10.26%
VANGUARD CAPITAL MANAGEMENT LLC9,651,117$2.1B6.53%
STATE STREET CORP7,344,327$1.6B4.97%
VANGUARD PORTFOLIO MANAGEMENT LLC6,604,936$1.4B4.47%
GEODE CAPITAL MANAGEMENT, LLC4,449,295$957.9M3.01%
WELLINGTON MANAGEMENT GROUP LLP3,117,469$673.6M2.11%
NORGES BANK2,580,033$557.4M1.75%
MORGAN STANLEY2,127,785$459.7M1.44%
Invesco Ltd.1,803,944$389.8M1.22%
JPMORGAN CHASE & CO1,623,304$351.7M1.10%
Amundi1,516,831$327.7M1.03%
Legal & General Group Plc1,493,289$322.6M1.01%
GOLDMAN SACHS GROUP INC1,230,390$265.8M0.83%

Institutional ownership by quarter

2023-092026-0697.2%
% of shares held by 13F filers
2023-092026-061,044
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,04497.2%12642629684
2026-03-311,00991.4%138401287107
2025-12-311,00194.6%19432329380
2025-09-3090688.9%12532226873
2025-06-3086588.2%9534126498
2025-03-3188088.0%124332271108
2024-12-3187789.6%134299321157
2024-09-3091787.9%101269375115
2024-06-3094087.3%10231933695
2024-03-3194987.8%105304350143
2023-12-3199787.1%14128436980
2023-09-3095484.6%89332340116

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-06SCHEDULE 13G/AAbigail P. Johnson12.4%18,294,524
2026-06-05SCHEDULE 13G/AAbigail P. Johnson11.3%16,652,975
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%10,989,562
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VPMAX1.88%$1.8B
VPMCX1.88%$1.8B
VITSX0.05%$1.1B
VSMPX0.05%$1.1B
VTI0.05%$1.1B
VTSAX0.05%$1.1B

Share structure

Shares outstanding147,753,998
Float146,639,196
Free float99.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$11.0B$10.2B$9.8B$9.7B$9.8B
Cost of revenue$2.1B$2.3B$2.5B$2.3B$2.9B
Gross profit$8.9B$7.9B$7.3B$7.4B$6.9B
R&D$3.4B$2.6B$2.7B$2.5B$2.0B
SG&A$2.7B$2.4B$2.5B$2.4B$2.4B
Operating income$2.8B$2.9B$2.1B$2.5B$1.9B
EBITDA$3.9B$3.5B$2.4B$3.0B$3.1B
Pretax income$1.8B$3.6B$1.3B$1.9B$1.4B
Income tax$52.5M$632.8M$135.3M$273.8M$108.1M
Net income$1.6B$3.0B$1.2B$1.6B$1.3B
EPS, diluted$10.40$20.87$7.97$11.19$8.83
Diluted shares149.6M146.0M145.6M145.9M146.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.8B$4.9B$1.0B$2.4B$3.8B
Receivables$2.0B$2.1B$2.1B$1.9B$1.9B
Inventory$1.4B$1.3B$2.5B$2.5B$2.2B
Total current assets$7.9B$9.8B$6.9B$7.5B$9.0B
PP&E, net$3.8B$3.7B$3.7B$3.5B$3.3B
Goodwill & intangibles$8.0B$7.6B$14.6B$16.2B$15.7B
Total assets$23.9B$24.6B$26.8B$28.0B$29.4B
Accounts payable$589.2M$491.5M$403.3M$424.2M$432.0M
Total current liabilities$4.3B$3.3B$3.4B$5.5B$3.3B
Long-term debt$6.3B$6.3B$6.8B$4.5B$6.6B
Total liabilities$12.9B$11.2B$12.0B$11.3B$11.2B
Shareholders' equity$11.0B$13.4B$14.8B$16.7B$18.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.7B$3.0B$1.2B$1.6B$1.3B
Depreciation & amortization$487.7M$518.4M$494.8M$673.2M$779.9M
Stock-based compensation$238.6M$254.1M$264.2M$291.2M$290.8M
Change in working capital−$145.5M−$890.3M−$648.7M−$155.2M−$1.1B
Operating cash flow$3.6B$1.4B$1.5B$2.9B$2.2B
Capital expenditure−$258.1M−$240.3M−$311.4M−$359.8M−$153.8M
Free cash flow$3.4B$1.1B$1.2B$2.5B$2.1B
Investing cash flow−$563.7M$1.6B−$4.1B−$799.2M−$1.4B
Net debt issued / repaid−$170.0M−$1.0B$187.3M−$650.0M−$16.9M
Buybacks−$1.8B−$750.0M$0$0$0
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin80.8%77.6%74.2%72.3%70.5%
Operating margin25.1%28.4%21.3%22.1%19.1%
Net margin14.2%29.9%11.8%16.9%13.2%
FCF margin30.5%11.2%12.6%26.0%21.8%
ROE14.4%25.1%8.2%10.4%7.4%
ROIC18.2%15.7%8.9%8.8%8.1%
ROA6.4%12.6%4.5%5.9%4.5%
Debt / equity0.700.490.500.400.38
Interest coverage11.4x12.2x7.6x9.9x7.8x
Current ratio1.832.992.001.352.68
Revenue growth−18.3%−7.4%−3.3%−1.6%+1.4%
EPS growth−59.4%+98.9%−62.0%+40.2%−21.1%
P/E at year end22.7x13.2x32.5x13.7x20.0x
EV / EBITDA at year end11.6x11.9x18.5x8.4x9.6x
FCF yield at year end9.45%2.84%3.29%11.26%8.28%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
MS Product Revenues$6.1B$5.4B$4.7B$4.3B$4.0B
Fumarate$2.4B$2.0B$1.6B$1.6B$1.4B
TYSABRI product$2.1B$2.0B$1.9B$1.7B$1.7B
SPINRAZA$1.9B$1.8B$1.7B$1.6B$1.5B
Interferon$1.6B$1.3B$1.1B$968.0M$945.6M

Revenue by region · FY2025

Non-US$3.6B · 60%
UNITED STATES$2.4B · 40%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $2.00 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$10.5B$10.1B – $10.6B$12.42$10.80 – $15.412018.7x
2027$10.7B$10.1B – $11.2B$16.50$11.54 – $19.712014.1x
2028$11.0B$10.1B – $11.7B$18.62$13.46 – $25.241112.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-29$3.05$3.57+17.0%$2.3B$2.5B+8.4%
2026-02-06$1.63$1.99+22.1%$2.2B$2.3B+3.5%
2025-10-30$3.88$4.81+24.0%$2.3B$2.5B+4.9%
2025-07-31$3.90$5.47+40.3%$2.3B$2.6B+13.6%
2025-05-01$2.90$3.02+4.1%$2.2B$2.4B+8.8%
2025-02-12$3.43$3.44+0.3%$2.4B$2.5B+1.9%
2024-10-30$3.77$4.08+8.2%$2.4B$2.5B+1.3%
2024-08-01$4.07$5.28+29.7%$2.4B$2.4B−1.6%
2024-04-24$3.47$3.67+5.8%$2.3B$2.2B−4.7%
2024-02-13$3.16$2.95−6.6%$2.5B$2.4B−3.2%
2023-11-08$3.99$4.36+9.3%$2.4B$2.5B+5.9%
2023-07-25$3.77$4.02+6.6%$2.4B$2.5B+3.7%
2023-04-25$3.28$3.40+3.7%$2.3B$2.5B+5.2%
2023-02-15$3.48$4.05+16.4%$2.4B$2.5B+4.0%
2022-10-25$4.13$4.77+15.5%$2.5B$2.5B+1.6%
2022-07-20$4.06$5.25+29.3%$2.5B$2.6B+4.7%
2022-05-03$4.41$3.62−17.9%$2.5B$2.5B+1.3%
2022-02-03$3.32$3.39+2.1%$2.6B$2.7B+4.3%
2021-10-20$4.15$4.77+14.9%$2.7B$2.8B+4.1%
2021-07-22$4.57$5.68+24.3%$2.7B$2.8B+3.7%
2021-04-22$5.06$5.34+5.5%$2.7B$2.7B+1.1%
2021-02-03$4.93$4.58−7.1%$3.0B$2.9B−5.6%
2020-10-21$8.06$8.84+9.7%$1.1B$3.4B+216.0%
2020-07-22$8.03$10.26+27.8%$2.9B$3.7B+27.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.406-220.306-290.507-060.707-130.207-200.507-270.308-030.208-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$229.8M1,043,61636,020
2026-08-24$165.2M753,28832,544
2026-08-17$231.6M1,074,78037,009
2026-08-10$244.8M1,177,98742,249
2026-08-03$298.0M1,451,06145,155
2026-07-27$503.7M2,430,44361,139

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1578.2%
DateShort shareShort volumeTotal volume
2026-10-1578.2%451,045576,664
2026-10-1467.5%452,487670,781
2026-10-1372.2%277,062383,698
2026-10-1251.4%354,549690,332
2026-10-0952.3%182,556348,775
2026-10-0845.7%218,666478,221
2026-10-0752.7%278,272528,154
2026-10-0670.0%298,059425,703
2026-10-0554.7%223,179407,863
2026-10-0266.6%202,352303,895
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.8Jan-1.3Feb-0.6Mar+1.1Apr+1.9May+0.5Jun+1.6Jul+0.3Aug+1.7Sep+0.2Oct+2.4Nov-0.1Dec
MonthAvg returnUp yearsYears
Jan+1.8%60%20
Feb−1.3%40%20
Mar−0.6%48%21
Apr+1.1%40%20
May+1.9%60%20
Jun+0.5%50%20
Jul+1.6%65%20
Aug+0.3%60%20
Sep+1.7%60%20
Oct+0.2%40%20
Nov+2.4%65%20
Dec−0.1%45%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1461.5
MFI50.4
ADX23.4
Stochastic %K / %D73.5 / 69.8
Williams %R-33.0
CCI140
TSI / signal18.5 / 14.1
Chaikin money flow-0.15
ATR$6.34
Bollinger width7.9%
Volume vs 20-day avg1.12x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$226.11 (+2.9%)
SMA 50$219.71 (+5.9%)
SMA 200$197.83 (+17.6%)
EMA 21$225.73 (+3.1%)
EMA 50$219.90 (+5.8%)
EMA 200$199.02 (+16.9%)
Bollinger upper$235.00 (−1.0%)
Bollinger lower$217.22 (+7.1%)
Parabolic SAR$218.01 (+6.7%)
Open the live chart, 110+ indicators

About Biogen Inc.

Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications addressing multiple sclerosis (MS), such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. For spinal muscular atrophy (SMA), Biogen provides SPINRAZA, while FUMADERM is available for the treatment of plaque psoriasis. Among its other key offerings is ADUHELM, specifically developed for Alzheimer's disease. The company also markets a selection of biosimilar drugs, including BENEPALI (an etanercept biosimilar akin to ENBREL), IMRALDI (an adalimumab biosimilar comparable to HUMIRA), and FLIXABI (an infliximab biosimilar referencing REMICADE). Further extending its therapeutic reach, Biogen supplies RITUXAN, prescribed for conditions like non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, certain types of ANCA-associated vasculitis, and pemphigus vulgaris. RITUXAN HYCELA targets non-Hodgkin's lymphoma and CLL, and GAZYVA is utilized for CLL and follicular lymphoma. OCREVUS addresses both relapsing and primary progressive forms of MS, complementing the company's broader efforts in anti-CD20 therapies. The company maintains a robust research and development pipeline, featuring numerous investigational therapies. These candidates are designed to tackle a wide spectrum of conditions, including multiple sclerosis and neuroimmunological disorders (e.g., BIIB135, BIIB061, BIIB091, BIIB107), Alzheimer's disease and other forms of dementia (e.g., Aducanumab, Lecanemab, BIIB076, BIIB080), neuromuscular disorders (e.g., BIIB067, BIIB078, BIIB105, BIIB100, BIIB110), Parkinson's disease and related movement disorders (e.g., BIIB124, BIIB094, BIIB118, BIIB101, BIIB122), neuropsychiatric conditions (e.g., BIIB125, BIIB104), immunology-related illnesses (e.g., Dapirolizumab pegol, BIIB059), acute neurological events (e.g., BIIB093, BIIB131), and neuropathic pain (e.g., BIIB074). Additionally, several biosimilar candidates, such as BYOOVIZ, BIIB800, and SB15, are progressing through various developmental stages. Biogen actively engages in strategic collaborations and licensing arrangements with various partners, including Acorda Therapeutics, Inc., Alkermes Pharma Ireland Limited, Denali Therapeutics Inc., Eisai Co., Ltd., Genentech, Inc., Neurimmune SubOne AG, Ionis Pharmaceuticals, Inc., Samsung Bioepis Co., Ltd., Sangamo Therapeutics, Inc., and Sage Therapeutics, Inc. Established in 1978, Biogen Inc. maintains its corporate headquarters in Cambridge, Massachusetts.

https://www.biogen.com

Key executives

NameTitlePayBorn
Christopher A. ViehbacherPresident, Chief Executive Officer & Director$5.3M1961
Nicole MurphyExecutive Vice President and Head of Pharmaceutical Operations & Technology$2.0M1973
Priya SinghalExecutive Vice President & Head of Development$2.0M1968
Robin C. KramerExecutive Vice President & Chief Financial Officer$1.6M1966
Ginger GregoryExecutive Vice President & Chief Human Resources Officer$1.6M1968
Guy HadariChief Information Officer——
Michael J. PariniChief Legal Officer—1974
Natacha GassenbachChief Communication Officer & Head of Corporate Affairs——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Christopher A. Viehbacher President and Chief Executive Officer2025$1.7M$18.4M$3.2M$23.6M
Susan H. Alexander Executive Vice President, Chief Legal Officer2025$1.0M$5.8M$1.1M$8.1M
Nicole C. Murphy Head of Pharmaceutical Operations and Technology2025$909,109$5.6M$977,828$7.6M
Priya A. Singhal Head of Development2025$929,712$5.6M$950,833$7.6M
Robin C. Kramer Executive Vice President and Chief Financial Officer2025$759,617$4.2M$788,252$5.8M
Michael R. McDonnell Former Executive Vice President and Chief Financial Officer2025$226,895$0$0$270,850

Employees

8k20187k20199k202010k20219k20228k20238k20248k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

None · Efficient Scale · 2026-06-30
Cost advantage32
Intangibles39
Switching costs38
Network effect24
Efficient scale57
Our component scores (0-100) and overall 37.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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