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Biogen (BIIB)

Market Price (3/26/2026): $189.0 | Market Cap: $27.7 Bil
Sector: Health Care | Industry: Biotechnology

Biogen (BIIB)

Market Price (3/26/2026): $189.0
Market Cap: $27.7 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%		 Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -95%		 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.9%, Rev Chg QQuarterly Revenue Change % is -7.1%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%, CFO LTM is 2.2 Bil		  Key risks
BIIB key risks include [1] eroding sales in its core multiple sclerosis franchise from intense generic and branded competition, Show more.
2 Attractive yield
FCF Yield is 7.1%		  
3 Low stock price volatility
Vol 12M is 34%		  
4 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.		  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%, CFO LTM is 2.2 Bil
2 Attractive yield
FCF Yield is 7.1%
3 Low stock price volatility
Vol 12M is 34%
4 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -39%, 3Y Excs Rtn is -95%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.9%, Rev Chg QQuarterly Revenue Change % is -7.1%
7 Key risks
BIIB key risks include [1] eroding sales in its core multiple sclerosis franchise from intense generic and branded competition, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Biogen (BIIB) stock has gained about 5% since 11/30/2025 because of the following key factors:

1. Mixed Financial Performance and Outlook: Biogen reported a mixed financial performance, with fourth-quarter 2025 total revenue declining 7% year-over-year to $2.3 billion, though this still exceeded analyst expectations. Non-GAAP diluted EPS for Q4 2025 was $1.99, outperforming the forecasted $1.61. However, the company projected a mid-single-digit percentage decline in total revenue for 2026, primarily due to continued erosion in its multiple sclerosis (MS) product revenues, which fell approximately 14% year-over-year in Q4 2025. This balance of better-than-expected short-term earnings but a cautious revenue outlook for the upcoming year contributed to the stable stock movement.

2. Growth Products Offset Legacy Declines: Strong commercial execution of Biogen's newer "growth products" partially offset the decline in its legacy MS franchise. LEQEMBI, the Alzheimer's therapy, achieved global in-market sales of approximately $134 million in Q4 2025, representing a 54% year-over-year increase and surpassing consensus estimates. Additionally, SKYCLARYS saw a 30% increase in global patients on therapy in 2025, generating approximately $89 million in U.S. revenue in Q4, while ZURZUVAE's Q4 revenue was around $66 million with strong demand growth. This strategic pivot and the growth of these newer products provided underlying support for the stock despite challenges in older therapies.

Show more

Stock Movement Drivers

Fundamental Drivers

The 3.9% change in BIIB stock from 11/30/2025 to 3/25/2026 was primarily driven by a 29.4% change in the company's P/E Multiple.
(LTM values as of)113020253252026Change
Stock Price ($)182.09189.183.9%
Change Contribution By: 
Total Revenues ($ Mil)10,0669,891-1.7%
Net Income Margin (%)16.0%13.1%-18.2%
P/E Multiple16.621.529.4%
Shares Outstanding (Mil)147147-0.1%
Cumulative Contribution3.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/25/2026
ReturnCorrelation
BIIB3.9% 
Market (SPY)-3.6%32.1%
Sector (XLV)-6.8%60.4%

Fundamental Drivers

The 43.1% change in BIIB stock from 8/31/2025 to 3/25/2026 was primarily driven by a 69.7% change in the company's P/E Multiple.
(LTM values as of)83120253252026Change
Stock Price ($)132.22189.1843.1%
Change Contribution By: 
Total Revenues ($ Mil)9,9979,891-1.1%
Net Income Margin (%)15.3%13.1%-14.6%
P/E Multiple12.721.569.7%
Shares Outstanding (Mil)146147-0.2%
Cumulative Contribution43.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/25/2026
ReturnCorrelation
BIIB43.1% 
Market (SPY)2.4%25.8%
Sector (XLV)7.4%65.9%

Fundamental Drivers

The 34.6% change in BIIB stock from 2/28/2025 to 3/25/2026 was primarily driven by a 71.0% change in the company's P/E Multiple.
(LTM values as of)22820253252026Change
Stock Price ($)140.50189.1834.6%
Change Contribution By: 
Total Revenues ($ Mil)9,6769,8912.2%
Net Income Margin (%)16.9%13.1%-22.5%
P/E Multiple12.621.571.0%
Shares Outstanding (Mil)146147-0.6%
Cumulative Contribution34.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/25/2026
ReturnCorrelation
BIIB34.6% 
Market (SPY)11.8%36.4%
Sector (XLV)-0.1%67.2%

Fundamental Drivers

The -29.9% change in BIIB stock from 2/28/2023 to 3/25/2026 was primarily driven by a -56.4% change in the company's Net Income Margin (%).
(LTM values as of)22820233252026Change
Stock Price ($)269.86189.18-29.9%
Change Contribution By: 
Total Revenues ($ Mil)10,1739,891-2.8%
Net Income Margin (%)29.9%13.1%-56.4%
P/E Multiple12.721.568.7%
Shares Outstanding (Mil)144147-2.0%
Cumulative Contribution-29.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/25/2026
ReturnCorrelation
BIIB-29.9% 
Market (SPY)72.4%34.3%
Sector (XLV)20.9%57.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
BIIB Return-2%15%-7%-41%15%5%-25%
Peers Return19%26%17%12%24%2%149%
S&P 500 Return27%-19%24%23%16%-4%75%

Monthly Win Rates [3]
BIIB Win Rate50%42%33%17%50%67% 
Peers Win Rate47%62%48%58%63%60% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
BIIB Max Drawdown-9%-22%-20%-43%-26%-7% 
Peers Max Drawdown-10%-7%-15%-11%-11%-5% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-5% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMGN, LLY, BMY, GILD, VRTX. See BIIB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/25/2026 (YTD)

How Low Can It Go

Unique KeyEventBIIBS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-54.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven121.1%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-33.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven50.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven210 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-43.5%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven77.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven808 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-52.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven111.5%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven865 days1,480 days

Compare to AMGN, LLY, BMY, GILD, VRTX

In The Past

Biogen's stock fell -54.8% during the 2022 Inflation Shock from a high on 6/10/2021. A -54.8% loss requires a 121.1% gain to breakeven.

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About Biogen (BIIB)

Biogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis. It also provides BENEPALI, an etanercept biosimilar referencing ENBREL; ADUHELM for the treatment of Alzheimer's disease; IMRALDI, an adalimumab biosimilar referencing HUMIRA; and FLIXABI, an infliximab biosimilar referencing REMICADE. In addition, the company offers RITUXAN for treating 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; and OCREVUS for treating relapsing MS and primary progressive MS; and other anti-CD20 therapies. Further, it develops BIIB135, BIIB061, BIIB091, and BIIB107 for MS and neuroimmunology; Aducanumab, Lecanemab, BIIB076, and BIIB080 to treat Alzheimer's disease and dementia; BIIB067, BIIB078, BIIB105, BIIB100, and BIIB110 to treat neuromuscular disorders; BIIB124, BIIB094, BIIB118, BIIB101, and BIIB122 for treating Parkinson's disease and movement disorders; BIIB125 and BIIB104 for treating neuropsychiatry; Dapirolizumab pegol and BIIB059 to treat immunology related diseases; BIIB093 and BIIB131 to treat acute neurology; BIIB074 for neuropathic pain; and BYOOVIZ, BIIB800, and SB15 biosimilars, which are under various stages of development. The company has collaboration and license agreements with 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. Biogen Inc. was founded in 1978 and is headquartered in Cambridge, Massachusetts.

AI Analysis | Feedback

Here are 1-3 brief analogies for Biogen (BIIB):

  • Like Amgen, but with a primary focus on developing therapies for neurological and neurodegenerative diseases.
  • Think of it as Eli Lilly, but largely dedicated to finding treatments for disorders of the brain and nervous system, such as MS and Alzheimer's.

AI Analysis | Feedback

  • TECFIDERA: A therapy used for treating multiple sclerosis (MS).
  • VUMERITY: A therapy used for treating multiple sclerosis (MS).
  • AVONEX: A therapy used for treating multiple sclerosis (MS).
  • PLEGRIDY: A therapy used for treating multiple sclerosis (MS).
  • TYSABRI: A therapy used for treating multiple sclerosis (MS).
  • FAMPYRA: A therapy used for treating multiple sclerosis (MS).
  • SPINRAZA: A therapy specifically for spinal muscular atrophy (SMA).
  • FUMADERM: A treatment for plaque psoriasis.
  • BENEPALI: An etanercept biosimilar referencing ENBREL.
  • ADUHELM: A therapy approved for the treatment of Alzheimer's disease.
  • IMRALDI: An adalimumab biosimilar referencing HUMIRA.
  • FLIXABI: An infliximab biosimilar referencing REMICADE.
  • RITUXAN: A therapy for various conditions including non-Hodgkin's lymphoma, CLL, rheumatoid arthritis, vasculitis, and pemphigus vulgaris.
  • RITUXAN HYCELA: A therapy for non-Hodgkin's lymphoma and chronic lymphocytic leukemia (CLL).
  • GAZYVA: A therapy used for chronic lymphocytic leukemia (CLL) and follicular lymphoma.
  • OCREVUS: A therapy for relapsing and primary progressive multiple sclerosis (MS).
  • Lecanemab: A therapy for Alzheimer's disease, developed in collaboration with Eisai Co., Ltd.
  • BYOOVIZ: A biosimilar referencing Lucentis, used in ophthalmology.

AI Analysis | Feedback

Biogen (BIIB) is a pharmaceutical company that discovers, develops, manufactures, and delivers therapies for treating various diseases. As such, it sells its products to other companies rather than directly to individual patients. The major customers for pharmaceutical companies like Biogen typically include: 1. **Pharmaceutical Wholesalers and Distributors:** These companies purchase drugs in bulk from manufacturers and then distribute them to various healthcare providers. 2. **Hospitals and Integrated Delivery Networks (IDNs):** These institutions directly purchase drugs for use in their facilities for inpatient and outpatient care. 3. **Retail and Specialty Pharmacies:** These pharmacies purchase drugs to dispense to patients based on prescriptions. However, the provided background information about Biogen Inc. does not list the specific names of these major customer companies (e.g., specific wholesalers, hospital chains, or pharmacy retailers). It lists companies with which Biogen has "collaboration and license agreements" (e.g., Eisai Co., Ltd., Samsung Bioepis Co., Ltd.). While these collaborations involve commercial arrangements, these partners are not explicitly described as direct "customers" purchasing Biogen's broad portfolio of therapies in the traditional sense of the supply chain for its marketed drugs. Given that the request specifically asks to "list the names of those customer companies" if the company sells primarily to other companies, and the provided background text does not contain this specific information regarding Biogen's direct major customers, it is not possible to fulfill this part of the request based solely on the provided description. null

AI Analysis | Feedback

  • Genentech, Inc. (RHHBY)
  • Ionis Pharmaceuticals, Inc. (IONS)
  • Samsung Bioepis Co., Ltd.

AI Analysis | Feedback

Here is the management team for Biogen (BIIB):

Christopher A. Viehbacher

President and Chief Executive Officer

Christopher A. Viehbacher joined Biogen as President and Chief Executive Officer in November 2022. He has extensive international experience in both large pharmaceutical companies and entrepreneurial biotech companies. Viehbacher spent 20 years with GlaxoSmithKline and then served as the global CEO of Sanofi for six years (2008-2014), where he oversaw strategic acquisitions including the $20 billion purchase of Genzyme, and strengthened and diversified its R&D pipeline. In 2015, he co-founded Gurnet Point Capital, a Cambridge-based healthcare investment fund, which has led to the creation and development of many innovative companies. He has also chaired or been a member of the board of several entrepreneurial biotechnology companies.

Robin Kramer

Chief Financial Officer

Robin Kramer is the Chief Financial Officer at Biogen.

Priya Singhal, M.D., M.P.H.

Executive Vice President, Head of Development

Priya Singhal was named Executive Vice President and Head of Development at Biogen in January 2023, after serving as interim Head of Research and Development. She first joined Biogen in 2012 as Vice President Clinical Trials and Benefit-Risk Management, and rejoined in 2020 as Senior Vice President of Global Safety & Regulatory Sciences, with oversight for Japan and China R&D. Prior to her return to Biogen, Dr. Singhal served as Head of R&D and Manufacturing at Zafgen Inc., a clinical-stage biopharmaceutical company. She also held various roles at Vertex Pharmaceuticals and began her drug-development career at Millennium Pharmaceuticals.

Adam Keeney, Ph.D.

Executive Vice President, Head of Corporate Development

Adam Keeney joined Biogen as Executive Vice President and Head of Corporate Development in April 2023. He brings over 20 years of experience in R&D, business development, and strategy within biotech and large pharma. Most recently, he served as the Chief Executive Officer of NodThera, a clinical-stage biotech company. Before NodThera, Dr. Keeney was at Sanofi, where he was responsible for all of Sanofi Genzyme's business development activities, successfully completing several significant transactions. He also held business development roles at Johnson & Johnson and started his career as a discovery scientist at Lundbeck.

AI Analysis | Feedback

Here are the key risks to Biogen's business:

  1. Loss of market share and revenue in the Multiple Sclerosis (MS) franchise due to generic and biosimilar competition and patent expirations: Biogen's long-standing and significant revenue stream from its MS drugs, such as Tecfidera and Tysabri, faces substantial erosion from generic and biosimilar competition. The invalidation of key patents for Tecfidera in the U.S. has already led to a significant reduction in revenue from this drug. While Biogen has secured some patent protection in Europe until 2028, it faces ongoing legal challenges and competitive pressures from biosimilars like Sandoz's Tyruko, leading to a projected mid-teens erosion in legacy MS product sales.
  2. Challenges with Alzheimer's disease treatments, including safety concerns, slow commercial adoption, and competition: Biogen has faced significant hurdles in its Alzheimer's pipeline. Its previous drug, Aduhelm, had a controversial launch due to questions about its clinical benefit and safety concerns like brain swelling and bleeding, ultimately leading Biogen to halt its sales and development. While its newer Alzheimer's drug, Leqembi (co-developed with Eisai), shows promise, its sales growth has been slower than anticipated due to issues such as PET scan reimbursement problems and slow updates to hospital protocols. Leqembi also carries warnings about serious side effects, including amyloid-related imaging abnormalities (ARIA), characterized by brain swelling and bleeding. Furthermore, the entry of competitors like Eli Lilly's Kisunla is creating a more crowded market, potentially limiting Leqembi's growth.
  3. Overall declining revenue and earnings per share (EPS): Biogen has experienced a downward trend in its revenue and EPS in recent years. Its revenue has been falling since 2020, with analysts projecting continued declines. This indicates broader challenges in the company's ability to generate consistent growth and profitability, stemming from the pressures on its core MS business and the difficulties in effectively commercializing new products, particularly in the Alzheimer's space.

AI Analysis | Feedback

null

AI Analysis | Feedback

Biogen Inc. operates in several key therapeutic areas with significant addressable markets globally and in specific regions.

Multiple Sclerosis (MS)

The global multiple sclerosis therapeutic market was estimated at USD 27.39 billion in 2024 and is projected to reach USD 38.62 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.93% from 2025 to 2030. Another estimate places the global market at USD 27.6 billion in 2024, growing to USD 38 billion by 2030. North America holds the largest share of this market, accounting for 38.28% in 2024. The U.S. multiple sclerosis market size alone was approximately USD 16 billion in 2024.

Key Biogen products for MS include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and OCREVUS. While Tecfidera's sales have significantly declined due to generic competition, dropping from a peak of $4.4 billion in 2019 to $1.4 billion in 2022, Ocrevus (developed with Roche) is a significant player with global sales projected to reach $7.6 billion by 2028.

Spinal Muscular Atrophy (SMA)

The global spinal muscular atrophy treatment market was valued at USD 4.40 billion in 2024 and is projected to reach USD 13.09 billion by 2030, exhibiting a CAGR of 18.0% from 2025 to 2030. Other forecasts indicate the market could reach nearly USD 20.06 billion by 2033, growing at a CAGR of 16.5%. North America dominates this market, holding a 68.4% revenue share in 2024. The U.S. market for SMA treatment is expected to generate US$2.07 billion in sales in 2025. The spinal muscular atrophy market across the seven major markets (7MM: US, France, Germany, Italy, Japan, Spain, and the UK) is projected to grow from $2.7 billion in 2023 to $3 billion in 2033. The U.S. alone accounts for 56.5% of the 7MM sales in 2023.

Biogen's main product in this area is SPINRAZA.

Alzheimer's Disease

The Alzheimer's disease therapeutics market across the 7MM (United States, EU4 (Germany, France, Italy, and Spain), United Kingdom, and Japan) was approximately USD 3,610 million in 2023. This market is anticipated to increase to approximately USD 5,048 million in 2025 and is projected to reach USD 34,335 million by 2034, with a CAGR of 23.7%. The global Alzheimer's therapeutics market size was estimated at USD 4.05 billion in 2022 and is anticipated to reach USD 15.19 billion by 2030. Similarly, the global Alzheimer's drug market size was estimated at USD 4.08 billion in 2025 and is projected to reach USD 6.38 billion by 2034. North America held the largest share of the Alzheimer's therapeutics market, exceeding 40.79% in 2022, and 51.55% of the Alzheimer's drugs market in 2025. The U.S. Alzheimer's drug market size was USD 1.48 billion in 2024 and is projected to be around USD 2.73 billion by 2034.

Biogen's product ADUHELM for Alzheimer's disease was discontinued from development and commercialization by November 2024 due to minimal market uptake. Biogen also partners with Eisai Co., Ltd. on Lecanemab (Leqembi) for Alzheimer's disease.

AI Analysis | Feedback

Biogen (BIIB) is expected to drive future revenue growth over the next 2-3 years through several key strategies, primarily focusing on the expansion and commercialization of recently launched products and advancements in its pipeline. While the company anticipates continued declines in its legacy multiple sclerosis (MS) franchise due to competitive pressures, a "new Biogen" is emerging, propelled by its newer therapies.

Expected Drivers of Future Revenue Growth:

  1. Growing Sales of Leqembi (Lecanemab) for Early Alzheimer's Disease: Leqembi is a significant growth driver for Biogen. After a slow start, sales are gaining momentum, with strong growth reported in recent quarters. The anticipated approval and broader reimbursement of a subcutaneous injection formulation in the U.S., along with marketing authorizations in the European Union, Japan, and China, are expected to further accelerate its uptake and global reach.
  2. Continued Expansion of Skyclarys (Omaveloxolone) for Friedreich's Ataxia: Skyclarys, a treatment for the rare neurodegenerative disorder Friedreich's ataxia, is consistently highlighted as a strong performer and a key contributor to Biogen's revenue growth. The drug has received approvals in the U.S., Europe, the U.K., and Brazil, and its geographic expansion is ongoing.
  3. Increasing Demand for Zurzuvae for Postpartum Depression (PPD): Zurzuvae, a recently launched treatment for postpartum depression, has demonstrated strong demand growth and is exceeding initial sales expectations. Its approval in the European Union is expected to further contribute to its revenue potential.
  4. Uptake of High-Dose SPINRAZA (nusinersen) for Spinal Muscular Atrophy (SMA): The European Commission has approved a higher-dose regimen of Spinraza, which is considered more effective. An anticipated FDA decision on this high-dose regimen by April 2026 is expected to bolster revenue from this established product.
  5. Pipeline Advancements and Strategic Business Development: Biogen is strategically expanding its late-stage pipeline, with programs such as litifilimab for systemic lupus erythematosus (with Phase 3 data readouts expected in the second half of 2026) and other early-stage assets. The company's strategic acquisitions, such as Reata Pharmaceuticals (which brought in Skyclarys) and Alcyone Therapeutics, along with collaborations, are crucial for diversifying its portfolio and fueling future growth.

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Share Repurchases

  • Biogen's 2020 Share Repurchase Program authorized up to $5.0 billion of common stock, with approximately $2.1 billion remaining available as of March 31, 2024.
  • The company repurchased $750 million worth of common stock in 2022.
  • In 2021, Biogen repurchased a total of $1.8 billion in common stock.

Share Issuance

  • Biogen issued 169.5 million shares of common stock in 2024.
  • In 2023, 168.7 million shares of common stock were issued.
  • In 2022, 167.9 million shares of common stock were issued.

Outbound Investments

  • Biogen acquired Human Immunology Biosciences (HI-Bio) in July 2024 for an upfront payment of $1.15 billion, with up to an additional $650 million tied to potential development milestones.
  • The company acquired Reata Pharmaceuticals, Inc. in July 2023 for approximately $7.3 billion.
  • Biogen acquired Alcyone in September 2025 for $85 million.

Capital Expenditures

  • Capital expenditures were approximately $154 million in 2024, $246.3 million in 2023, and $240 million in 2022.
  • Capital expenditures for the third quarter of 2025 were approximately $46 million.
  • The primary focus of capital expenditures includes advancing new medicines, particularly in the Alzheimer's disease pipeline, and investing in a smaller set of high-conviction clinical-stage programs to diversify the portfolio.

Better Bets vs. Biogen (BIIB)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Strong Cash Yield: Is Biogen Stock A Buy?01/17/2026
2Would You Still Hold Biogen Stock If It Fell Another 30%?01/17/2026
3Biogen Earnings Notes12/28/2026
4Can PTC Therapeutics Outrun Biogen in the Next Rally?12/03/2025
5Day 6 of Loss Streak for Biogen Stock with -9.5% Return (vs. -5.4% YTD) [10/13/2025]10/14/2025
6Day 6 of Gains Streak for Biogen Stock with 18% Return (vs. 4.6% YTD) [10/3/2025]10/04/2025
7Day 5 of Gains Streak for Biogen Stock with 14% Return (vs. 1.5% YTD) [10/2/2025]10/03/2025
8Biogen vs PTC Therapeutics: Which Is A Better Investment?08/18/2025
9ARTICLES 
10Could Cash Machine Biogen Stock Be Your Next Buy?01/17/2026
11Between PTC Therapeutics and Biogen, Which Stock Looks Set to Break Out?12/03/2025
12S&P 500 Stocks Trading At 52-Week High11/17/2025
13BIIB Stock Up 18% after 6-Day Win Streak10/04/2025
14BIIB Stock Up 14% after 5-Day Win Streak10/02/2025

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Buying dips for companies with high FCF yield and meaningfully high operating margin		16.7%16.7%0.0%
BIIB_6302020_Dip_Buyer_FCFYield06302020BIIBBiogenDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
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Financials

BIIBAMGNLLYBMYGILDVRTXMedian
NameBiogen Amgen Eli LillyBristol-.Gilead S.Vertex P. 
Mkt Price189.18353.93916.3158.94138.26454.97271.56
Mkt Cap27.8190.4820.8119.9171.6115.4145.7
Rev LTM9,89136,75165,17948,19529,44112,00133,096
Op Inc LTM2,4699,08029,69613,72311,6994,55410,390
FCF LTM1,9698,1005,96412,8459,4563,1947,032
FCF 3Y Avg1,9078,6181,07513,1469,0611,8325,262
CFO LTM2,2059,95816,81314,15610,0193,6319,988
CFO 3Y Avg2,2099,9739,95714,4029,6182,2259,787

Growth & Margins

BIIBAMGNLLYBMYGILDVRTXMedian
NameBiogen Amgen Eli LillyBristol-.Gilead S.Vertex P. 
Rev Chg LTM2.2%10.0%44.7%-0.2%2.4%8.9%5.6%
Rev Chg 3Y Avg-0.9%11.9%32.1%1.5%2.6%10.4%6.5%
Rev Chg Q-7.1%8.6%42.6%1.3%4.7%9.5%6.6%
QoQ Delta Rev Chg LTM-1.7%2.2%9.7%0.3%1.2%2.4%1.7%
Op Mgn LTM25.0%24.7%45.6%28.5%39.7%37.9%33.2%
Op Mgn 3Y Avg22.4%24.8%37.9%19.6%36.4%24.7%24.8%
QoQ Delta Op Mgn LTM-0.4%0.6%1.1%4.7%1.1%38.7%1.1%
CFO/Rev LTM22.3%27.1%25.8%29.4%34.0%30.3%28.2%
CFO/Rev 3Y Avg22.6%30.5%19.3%30.5%33.7%20.5%26.5%
FCF/Rev LTM19.9%22.0%9.2%26.7%32.1%26.6%24.3%
FCF/Rev 3Y Avg19.5%26.4%0.3%27.9%31.8%17.0%23.0%

Valuation

BIIBAMGNLLYBMYGILDVRTXMedian
NameBiogen Amgen Eli LillyBristol-.Gilead S.Vertex P. 
Mkt Cap27.8190.4820.8119.9171.6115.4145.7
P/S2.85.212.62.55.89.65.5
P/EBIT15.216.227.610.715.924.816.0
P/E21.524.739.817.020.229.223.1
P/CFO12.619.148.88.517.131.818.1
Total Yield4.7%6.7%3.2%10.1%7.3%3.4%5.7%
Dividend Yield0.0%2.7%0.7%4.2%2.3%0.0%1.5%
FCF Yield 3Y Avg7.4%5.6%0.0%12.0%7.5%1.7%6.5%
D/E0.20.30.10.40.10.00.2
Net D/E0.10.20.00.30.1-0.00.1

Returns

BIIBAMGNLLYBMYGILDVRTXMedian
NameBiogen Amgen Eli LillyBristol-.Gilead S.Vertex P. 
1M Rtn-3.6%-6.7%-13.4%-3.8%-7.2%-5.4%-6.1%
3M Rtn7.3%6.7%-14.8%9.0%10.6%-1.7%7.0%
6M Rtn37.4%28.5%23.9%36.9%23.1%20.8%26.2%
12M Rtn35.9%19.0%8.3%4.6%31.6%-10.6%13.6%
3Y Rtn-29.9%63.3%178.7%-0.2%91.3%44.7%54.0%
1M Excs Rtn1.8%-2.7%-7.2%0.5%-1.0%-1.8%-1.4%
3M Excs Rtn13.0%12.2%-10.1%13.8%16.7%3.5%12.6%
6M Excs Rtn37.3%26.7%24.6%36.1%23.9%21.3%25.6%
12M Excs Rtn19.9%2.4%-6.9%-12.3%19.3%-24.8%-2.3%
3Y Excs Rtn-95.3%-0.3%114.9%-65.4%26.7%-13.7%-7.0%

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #		Brand
Name		Generic
Name		Dosage
Form		FDA
Approval		3M
Rtn		6M
Rtn		1Y
Rtn		2Y
Rtn		Total
Rtn
BLA761029  ZINBRYTAdaclizumabinjectable52720169.0%7.9%-3.7%10.0%-27.3%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
TYSABRI1,8772,0312,0631,9461,892
SPINRAZA1,7411,7941,9052,0522,097
Revenue from anti-CD20 therapeutic programs1,6901,7001,6581,9782,290
TECFIDERA1,0121,4441,952  
Contract manufacturing, royalty and other revenue899485   
AVONEX8119741,209  
VUMERITY576553410  
BENEPALI439441498482486
PLEGRIDY295332357  
IMRALDI222224233216184
FAMPYRA909710510397
FLIXABI7781999868
SKYCLARYS560   
BYOOVIZ324   
Other1013   
QALSODY60   
ZURZUVAE2    
Alzheimer's collaboration revenue0    
TOFIDENCE0    
ADUHELM  3  
FUMADERM  111215
Other revenues  476775708
Fumarate   3,9054,438
Interferon   1,8782,102
Total9,83610,17310,98213,44514,378


Price Behavior

Price Behavior
Market Price$189.18 
Market Cap ($ Bil)27.8 
First Trading Date09/17/1991 
Distance from 52W High-6.0% 
   50 Days200 Days
DMA Price$184.26$157.68
DMA Trendupup
Distance from DMA2.7%20.0%
 3M1YR
Volatility35.8%34.4%
Downside Capture51.6571.89
Upside Capture113.4293.64
Correlation (SPY)34.2%38.7%
BIIB Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.400.670.610.450.610.61
Up Beta4.794.193.651.740.630.65
Down Beta-0.64-0.90-1.02-0.380.450.49
Up Capture6%77%70%99%74%21%
Bmk +ve Days9203170142431
Stock +ve Days9193065126361
Down Capture-133%4%41%-1%70%93%
Bmk -ve Days12213054109320
Stock -ve Days12223159124389

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BIIB
BIIB36.9%34.4%0.97-
Sector ETF (XLV)0.7%17.6%-0.1167.6%
Equity (SPY)15.5%18.8%0.6338.6%
Gold (GLD)51.3%27.2%1.513.2%
Commodities (DBC)17.8%17.5%0.847.5%
Real Estate (VNQ)0.7%16.4%-0.1342.5%
Bitcoin (BTCUSD)-19.2%43.9%-0.3622.6%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BIIB
BIIB-6.2%38.1%-0.08-
Sector ETF (XLV)6.7%14.5%0.2845.1%
Equity (SPY)12.4%17.0%0.5732.7%
Gold (GLD)20.9%17.5%0.978.8%
Commodities (DBC)12.0%18.9%0.526.7%
Real Estate (VNQ)3.1%18.8%0.0733.1%
Bitcoin (BTCUSD)4.1%56.7%0.299.4%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with BIIB
BIIB-1.9%41.3%0.08-
Sector ETF (XLV)10.0%16.5%0.4947.8%
Equity (SPY)14.3%17.9%0.6835.7%
Gold (GLD)13.3%15.8%0.705.9%
Commodities (DBC)8.3%17.6%0.3910.3%
Real Estate (VNQ)4.9%20.7%0.2027.3%
Bitcoin (BTCUSD)67.1%66.8%1.067.6%

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Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity4.3 Mil
Short Interest: % Change Since 22820263.1%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest5.2 days
Basic Shares Quantity146.8 Mil
Short % of Basic Shares3.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/6/20268.5%5.5%1.6%
10/14/2025-1.1%0.6%11.1%
7/31/20251.1%2.1%4.7%
5/1/2025-0.1%-3.2%7.2%
2/12/2025-4.3%-1.9%0.4%
10/30/2024-1.2%-3.6%-12.9%
8/1/2024-1.2%-6.3%-3.9%
4/24/20244.6%11.2%16.6%
...
SUMMARY STATS   
# Positive699
# Negative171414
Median Positive1.1%2.1%6.2%
Median Negative-2.4%-4.3%-5.1%
Max Positive8.5%11.2%16.6%
Max Negative-9.4%-10.4%-12.9%

SEC Filings

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Report DateFiling DateFiling
12/31/202502/06/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/12/202510-K
09/30/202410/30/202410-Q
06/30/202408/01/202410-Q
03/31/202404/24/202410-Q
12/31/202302/14/202410-K
09/30/202311/08/202310-Q
06/30/202307/25/202310-Q
03/31/202304/25/202310-Q
12/31/202202/15/202310-K
09/30/202210/25/202210-Q
06/30/202207/20/202210-Q
03/31/202205/03/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/6/2026 | Prior: Q3 2025 Earnings Reported 10/30/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Non-GAAP Diluted EPS15.215.816.26.8% RaisedGuidance: 14.8 for 2025
2026 Revenue Growth -5.0% -1100.0%-5.5%LoweredGuidance: 0.5% for 2025
2026 Non-GAAP Effective Tax Rate17.0%17.5%18.0%   

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Singhal, PriyaHead of DevelopmentDirectSell9022025133.5551769,045770,870Form
2Izzar, RachidHead of Global Product Strat.DirectSell7162025135.002,223300,105854,550Form
3Singhal, PriyaHead of DevelopmentDirectSell5202025126.253,806480,508685,177Form
4Dorsa, Caroline DirectBuy5052025122.721,235151,5593,416,770Form
5Sherwin, Stephen A DirectSell3102025150.028,7601,314,1421,697,883Form

Industry Resources

External Quote Links


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