NASDAQ: BIIB · Biotechnology
Biogen Inc.
Biogen develops and sells medicines for neurological and rare diseases. Its older multiple sclerosis (MS) drugs — Tecfidera, Tysabri, Avonex and others — still bring in the most product revenue but are shrinking as generics enter. Its growth products are Vumerity, Spinraza (spinal muscular atrophy), Skyclarys (Friedreich's ataxia), Zurzuvae (postpartum depression, with Supernus) and Leqembi (Alzheimer's, with Eisai). Biogen also receives a large revenue stream from Roche/Genentech's anti-CD20 drugs such as Ocrevus. 2025 revenue rose 2% to $9.89 billion; MS product revenue fell 7% while rare disease rose 8%. In May 2026 Biogen completed its acquisition of Apellis Pharmaceuticals (Syfovre, for geographic atrophy) for about $5.3 billion plus contingent value rights. In Q2 2026, growth products brought in more revenue than the legacy MS portfolio.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-0610-Q (quarter ended 2026-09-30) · filed 2026-10-28
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- -6.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.71x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 105.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.62
Higher than 1% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 58% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$249.48close on 2026-11-04
Market cap$36.62B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 105.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 20.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.4x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 7.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.53B → $2.8B (vs. a year earlier)↑ +10.6%$2.53B → $2.8B (vs. a year earlier)
- Net income$467M → −$21M (vs. a year earlier)↓ −$21M$467M → −$21M (vs. a year earlier)
- Diluted EPS$3.17 → $-0.14 (vs. a year earlier)↓ $-0.14$3.17 → $-0.14 (vs. a year earlier)
- Cash$1.29B → $1.3B (vs. previous quarter-end)↑ +1.5%$1.29B → $1.3B (vs. previous quarter-end)
- Long-term debt$7.29B → $7.29B (vs. previous quarter-end)→ +0.0%$7.29B → $7.29B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Management outlook ↑ Raised
Raised the low end of 2026 non-GAAP EPS guidance to $12.20–$13.00 from $12.00–$13.00. Source sentence
Full year 2026 Non-GAAP diluted EPS guidance: Biogen raises the lower end of the reported range to $12.20 to $13.00 from $12.00 to $13.00 reflecting ongoing business strength and Apellis dilution favorability
Key changes
Q3 revenue $2.8B, up 11%. Source sentence
Third quarter 2026 total revenue of $2.8 billion increased 11% year-over-year;
Growth Portfolio revenue $1.26B, up 49%. Source sentence
Growth Portfolio 1 revenue of $1.26 billion, increased 49% year-over-year, representing 63% of Core Pharmaceutical 2 revenue, including a strong first full quarter contribution from the acquired Apellis products
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BIOGEN INC.
- Headquarters
- CAMBRIDGE, MA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: BIIB
- Industry
- Biotechnology
- CIK
- 875045
- Website
- https://www.biogen.com/ ↗
Workforce (as of FY2025 year-end)
Employees
7,500
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 37–44 days after quarter end (Feb 6, 2026; Feb 12, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–44 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 6, 2026 (+37 days) | Feb 6, 2026 10-K (+37 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 12, 2025 (+43 days) | Feb 12, 2025 10-K (+43 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | Apr 24, 2024 10-Q (+24 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 14, 2024 10-K (+45 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Multiple sclerosis
Tecfidera, Vumerity, Tysabri, Avonex, Plegridy, Fampyra
Examples: Oral and injectable MS therapies
Tecfidera revenue fell 29.7% to $680M on generics; Vumerity rose 18.9% to $747M.
Rare disease
Spinraza
Examples: Spinal muscular atrophy
About $1.55B in 2025; a high-dose regimen launched in 2026.
Rare disease
Skyclarys
Examples: Friedreich's ataxia
$521M in 2025, up 36%.
Neuropsychiatry
Zurzuvae
Examples: Postpartum depression (with Supernus)
Q3 2026 revenue $84M, up 53%.
Alzheimer's
Leqembi
Examples: Anti-amyloid antibody (with Eisai), including Leqembi Iqlik at-home dosing
Q3 2026 global in-market sales $202M, up 67% (U.S. $107M).
Ophthalmology
Syfovre (from Apellis)
Examples: Geographic atrophy
Q3 2026 revenue $191M, up 27%, the first full quarter under Biogen (acquired with Apellis in May 2026).
2025 figures from the Form 10-K; 2026 figures from the Q3 2026 earnings release.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.
Apellis acquisition
Agreed March 31, 2026 at $41.00 per share in cash plus a CVR of up to $4.00; completed May 14, 2026.
Source: 8-Ks filed 2026-03-31 and 2026-05-14
Q3 2026 results
Revenue $2.8B (+11%); GAAP diluted EPS −$0.14 on transaction-related charges; non-GAAP EPS $2.62. Full-year non-GAAP EPS guidance raised at the low end to $12.20–13.00.
Source: Q3 2026 earnings release
IPR&D charges
About $164M in Q2 2026 and $284M in Q3 2026 for acquired IPR&D, upfront and milestone payments.
Source: 8-K filed 2026-07-01; Q3 2026 earnings release
Board and legal leadership
Maria Freire succeeded Caroline Dorsa as board chair after the 2026 annual meeting; the Chief Legal Officer left at the end of May 2026.
Source: 8-Ks filed 2026-02-11 and 2026-03-11
Capex ÷ D&A (FY2025)
0.20x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$154M ÷ $780M = 0.20x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
18.0%
formularesearch & development expense ÷ revenue × 100
e.g.$1,779M ÷ $9,891M × 100 = 18.0%
M&A spend (6-year total)
$8B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $425M in FY2020 to $154M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$9.89B
As reported in the 10-K
Revenue CAGR (5 years)
-6.0%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,891M ÷ $13,445M) ^ (1÷5) − 1 = -6.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
7.4%
6-year average: 17.1%
As reported in the 10-K
P/B (FY2025 end)
1.42x
formulafiscal year-end closing price ÷ book value per share
e.g.$175.99 ÷ $124.37 = 1.42x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -6.0% a year over 5 years (a shrinking trend)
From $13.44B in FY2020 to $9.89B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 62.0% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 17.1% over 6 years (latest: 7.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Eisai
- Genentech (Roche)
- Supernus
07 · what it does
Key activities
- Clinical development
- Commercialization in the U.S. and abroad
- Collaborations with Eisai, Supernus and Genentech
06 · what it draws on
Key resources
- R&D ($1.78B in 2025)
- About 7,500 employees
- Biologics manufacturing
02 · why customers buy
Value propositions
- Therapies for neurological and other diseases, developed alone or with partners.
04 · how it keeps them
Customer relationships
- Collaboration partnerships that share profits and royalties; contracts with payers that set access.
03 · how it reaches them
Channels
- In the U.S., wholesale and specialty distributors and specialty pharmacies; distributors and partners abroad.
01 · who it serves
Customer segments
- Wholesale and specialty distributors and specialty pharmacies
- Hospitals and infusion centers
09 · where money goes
Cost structure
FY2025, share of revenue ($9.89B)
- Cost of revenue24.3%
- Research & development18.0%
- Selling, general & administrative24.6%
Depreciation & amortization (inside the costs above): $780M. Capital spending: $154M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Product sales
- Anti-CD20 program revenue from Genentech
- 50% share of Leqembi results
- Contract manufacturing and royalties
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Discovers, develops, makes and sells therapies, alone or with partners, and earns royalties and profit shares from collaborations.
01 what it draws on
Inputs & resources
- R&D ($1.78B in 2025)
- About 7,500 employees
- Biologics manufacturing
02 what it does
Activities
- Clinical development
- Commercialization in the U.S. and abroad
- Collaborations with Eisai, Supernus and Genentech
03 who it serves
Customers
- Wholesale and specialty distributors and specialty pharmacies
- Hospitals and infusion centers
04 how money comes in
How it earns
- Product sales
- Anti-CD20 program revenue from Genentech
- 50% share of Leqembi results
- Contract manufacturing and royalties
How the business makes money
- 2025 product revenue $7.12B: MS $4.04B (-7%), rare disease $2.15B (+8%), biosimilars $0.73B.
- Anti-CD20 program revenue $1.86B (+6%).
- The Fit for Growth program produced about $1.0B of gross operating expense savings by the end of 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Biogen works with regulators and patient groups on access and faces supply-chain trade risks.
Political engagement
Patient and regulator engagement
Works with regulators, physicians and patient advocacy groups on access to investigational therapies.
Supports the businessTouches: CustomersSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade restrictions
Tariffs or trade restrictions could disrupt or delay manufacturing.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Multiple sclerosis products
4,039 (41%)Rare disease products
2,154 (22%)Anti-CD20 therapeutic programs
1,861 (19%)Biosimilars
729 (7%)Contract manufacturing, royalty and other
733 (7%)Other products (Zurzuvae, Fumaderm, Aduhelm)
197 (2%)Alzheimer's collaboration (Leqembi)
178 (2%)
Source: Form 10-K (FY2025) — MD&A, revenue Biogen reports one segment; these are its revenue categories.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Rest of world (product revenue) — 50% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States (product revenue)
3,548 (50%)Rest of world (product revenue)
3,572 (50%)
Source: Form 10-K (FY2025) — MD&A, product revenue Product revenue only; anti-CD20, collaboration and other revenue are not split by region here.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Biogen sells mainly through U.S. wholesale and specialty distributors; two wholesalers each exceeded 10% of total revenue and together were about 43.9% of gross product revenue in 2025. Collaboration agreements set profit sharing and royalties with partners.
Product sales through distributors
$7.12B (72% of revenue)
Typical term: Sales to wholesalers and specialty pharmacies, net of rebates
U.S. pricing affected by the Inflation Reduction Act's Medicare redesign.
Genentech anti-CD20 arrangements
$1.86B (19%)
Typical term: Profit share and royalties on Ocrevus, Rituxan, Gazyva and others
Distributed by the Roche Group.
Leqembi collaboration with Eisai
$178M (2%)
Typical term: 50% share of Leqembi product revenue less costs
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Co-development and commercialization
Eisai
Leqembi for Alzheimer's disease; Biogen records 50% of Leqembi product revenue less cost of sales.
Source: Form 10-K (FY2025)
Collaboration
Genentech (Roche)
Business and financial rights to Rituxan, Gazyva, Ocrevus, Lunsumio and Columvi.
Source: Form 10-K (FY2025)
Commercialization
Supernus
Zurzuvae for postpartum depression.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Wholesale and specialty distributors and specialty pharmacies in the U.S.; distributors and partners abroad.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Two wholesale distributors each exceeded 10% of total revenue; combined about 43.9% of 2025 gross product revenue. (Form 10-K (FY2025), Item 1)
Suppliers
Biologics manufacturing and contract suppliers.
Named by the company
None named in the 10-K or the company’s press releases.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Biogen's 10-K says competition is intense and that many biotech and pharmaceutical companies, some with far greater resources, develop products for its indications. It describes generic and biosimilar competition for its MS drugs but doesn't name competitors.
Competitors named in the 10-K
Biogen's 10-K describes competition without naming companies.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Biotechnology and pharmaceutical companies Biogen competes with for executive talent. For 2026, Eli Lilly, AbbVie and Merck were removed and BeOne Medicines added.
- Amgensite ↗
- Alnylam Pharmaceuticalssite ↗
- BioMarin Pharmaceuticalsite ↗
- Gilead Sciencessite ↗
- Incytesite ↗
- Modernasite ↗
- Neurocrine Biosciencessite ↗
- Regeneron Pharmaceuticalssite ↗
- United Therapeuticssite ↗
- Vertex Pharmaceuticalssite ↗
- AbbViesite ↗
- Bristol-Myers Squibbsite ↗
- Eli Lillysite ↗
- Jazz Pharmaceuticalssite ↗
- Merck & Co.site ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Biogen has bought late-stage and commercial assets to replace declining MS revenue.
Cash spent on acquisitions, FY2023–FY2024: $8B (years not reported separately are excluded)
2023
Reata Pharmaceuticals
$172.50 a share in cash, about $6.6B, plus about $983.9M for equity awards
Maker of Skyclarys for Friedreich's ataxia.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025)
2024
Human Immunology Biosciences (HI-Bio)
$1.07B cash, net of cash acquired
Immunology pipeline company.
- Stated purpose (company)
- Not stated in the 10-K.
May 2026
Apellis Pharmaceuticals
About $5.3B ($41.00/share) plus CVRs of up to $4.00/share (about $582M maximum)
Maker of Syfovre for geographic atrophy.
- Stated purpose (company)
- Not stated in the 8-K.
Source: 8-K filed 2026-05-14
16
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 13,445 | 10,982 | 10,173 | 9,836 | 9,676 | 9,891 |
| Operating income | 4,550 | 2,841 | — | — | — | — |
| Pretax income | 5,048 | 1,745 | 3,592 | 1,297 | 1,906 | 1,557 |
| Net income (attributable) | 4,001 | 1,556 | 3,047 | 1,161 | 1,632 | 1,293 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -18.3% | -7.4% | -3.3% | -1.6% | 2.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 33.8% | 25.9% | — | — | — | — |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 29.8% | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% |
| Balance sheet ($M) | ||||||
| Total assets | 24,619 | 23,877 | 24,554 | 26,845 | 28,049 | 29,440 |
| Total equity | 10,700 | 10,960 | 13,398 | 14,799 | 16,716 | 18,257 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,426 | 6,274 | 6,281 | 6,938 | 6,296 | 6,287 |
| Equity ratio | 43.5% | 45.6% | 54.6% | 55.1% | 59.6% | 62.0% |
| ROE | 37.4% | 14.4% | 25.1% | 8.2% | 10.4% | 7.4% |
| Cash flow ($M) | ||||||
| Operating CF | 4,230 | 3,640 | 1,384 | 1,547 | 2,876 | 2,205 |
| Investing CF | -609 | -564 | 1,577 | -4,101 | -799 | -1,371 |
| Financing CF | -5,273 | -2,086 | -1,747 | 149 | -683 | -302 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,805 | 3,382 | 1,144 | 1,270 | 2,722 | 2,051 |
| Cash and equivalents | 1,331 | 2,261 | 3,419 | 1,050 | 2,375 | 3,009 |
| Per share & other | ||||||
| EPS ($) | 24.80 | 10.40 | 20.87 | 7.97 | 11.18 | 8.79 |
| BVPS ($) | 70.21 | 74.12 | 93.04 | 102.14 | 114.65 | 124.37 |
| P/E (x) | 9.9 | 23.1 | 13.3 | 32.5 | 13.7 | 20.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 8.7 | 11.8 | — | — | — | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.49 | 3.24 | 2.98 | 2.53 | 1.33 | 1.42 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $2.8B+10.6% | −$21M-104.4% | $-0.14 |
| 2026-06-30 | $2.74B+3.4% | $98M-84.6% | $0.66 |
| 2026-03-31 | $2.48B+1.9% | $320M+32.8% | $2.15 |
| 2025-12-31 † | $2.28B-7.1% | −$49M-118.3% | — |
| 2025-09-30 | $2.53B | $467M | $3.17 |
| 2025-06-30 | $2.65B | $635M | $4.33 |
| 2025-03-31 | $2.43B | $241M | $1.64 |
| 2024-12-31 † | $2.45B | $267M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
17
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
18
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.4% − 5.2%
Past FCF growth (FY2020–FY2025)
-11.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
-6.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.05B (operating CF − capex); enterprise value $39.09B = market cap $36.62B (latest close, 2026-11-04) + debt $6.29B − cash and short-term investments $3.82B; r = WACC of 7.4% using this page’s default assumptions (β 0.62, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$39.44B
FCF $2.05B ÷ (7.4% − 2.2%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.4% | 6.4% | 7.4% | 8.4% | 9.4% |
|---|---|---|---|---|---|
| 0% | 0.97x | 0.82x | 0.71x | 0.62x | 0.56x |
| 2% | 1.54x | 1.19x | 0.97x | 0.82x | 0.71x |
| 4% | 3.75x | 2.19x | 1.54x | 1.19x | 0.97x |
| 6% | — | 13.11x | 3.75x | 2.19x | 1.54x |
| 8% | — | — | — | 13.11x | 3.75x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.44x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.2%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 52 → 51 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,205M ÷ $1,293M = 1.71x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,405M + $1,342M) ÷ 2 ÷ $9,891M × 365 = 51 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($2,461M + $2,168M) ÷ 2 ÷ $2,404M × 365 = 351 days
termsInventory · Cost of revenue (COGS)
20
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 96.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 3.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 105 of 416
- Beta (adjusted)
- 0.62
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 25% of covered companies have more
above 1 = swings more than the market
- 142.3M shares reported by 1,042 13F filers ÷ 147.8M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-28 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
21
Strengths & weaknessesSite analysis
Strengths
1. Growth portfolio taking over
Q3 2026 growth-portfolio revenue was $1.26B (+49%), 63% of core pharmaceutical revenue, helped by the first full quarter of Apellis products.
Evidence: Q3 2026 earnings release
2. Diversified revenue streams
Besides its own products, Biogen earned $1.86B from Genentech anti-CD20 programs in 2025.
Evidence: Form 10-K (FY2025)
3. Cost discipline
About $1.0B of gross operating expense savings from Fit for Growth by the end of 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Eroding MS franchise
MS product revenue fell from $4.66B (2023) to $4.04B (2025) as Tecfidera and Tysabri faced generic and biosimilar competition.
Evidence: Form 10-K (FY2025)
2. Flat total revenue
Total revenue fell from $10.98B (2021) to $9.89B (2025).
Evidence: SEC EDGAR XBRL
3. Distributor concentration
Two wholesalers accounted for about 43.9% of gross product revenue in 2025.
Evidence: Form 10-K (FY2025), Item 1
22
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
20.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
7.9%
(Operating CF − capex) ÷ market cap
1. Shift to new growth drivers
Newer products (Skyclarys, Zurzuvae, Leqembi, Spinraza HD, Syfovre) are growing as MS declines.
- What has to hold
- Launches keep growing faster than MS erodes.
- The other side
- Total revenue has drifted down since 2021, and Leqembi profits are shared with Eisai.
Evidence: Form 10-K (FY2025); Q2 2026 earnings release
These summarize facts in Biogen's filings, not a recommendation.
23
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
No debt due
$3.82B vs. $0
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -18.3% in FY2021 ($13.44B → $10.98B) | Not yet, as of FY2025 |
| Operating income | -37.6% in FY2021 ($4.55B → $2.84B) | No later data to compare |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash and investments
$3.0B of cash and $0.8B of short-term investments at year-end 2025, before the Apellis purchase.
Source: SEC EDGAR XBRL
Operating cash flow
$2.2B in 2025.
Source: SEC EDGAR XBRL
24
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Biogen is defending securities suits over ADUHELM, LEQEMBI and other products, antitrust class actions over its TECFIDERA/VUMERITY contracts with PBMs, and appealing a $124 million Genentech royalty judgment.
4 open matters
TECFIDERA/VUMERITY PBM antitrust suits
PendingAntitrustHealth funds and the City of Baltimore (putative class); Walgreen Co. and The Kroger Co. (N.D. Ill.)
Allege Biogen's contracts with pharmacy benefit managers for TECFIDERA and VUMERITY violated federal antitrust law, RICO and state laws. The suits seek class status and monetary and equitable relief.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Genentech TYSABRI royalty judgment
On appealContract disputeGenentech Inc. (N.D. Cal.)
Genentech claimed royalties on TYSABRI sales made after a licensed patent expired.
- Amounts
- Judgment of about $124.3 million entered November 2025.
- Next step
- Biogen's appeal is pending.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Securities and derivative litigation (ADUHELM, LEQEMBI, SYFOVRE)
PendingClass actionShareholder plaintiffs (D. Mass.)
Four securities actions. The Oklahoma Firefighters ADUHELM settlement received final approval in September 2026, and in October 2026 the court preliminarily approved a settlement of the 2020 ADUHELM action (Aftoora, Khan and Shash). In August 2026 the First Circuit affirmed dismissal of the Michigan Laborers' case, and the Stokes dismissal is on appeal. Five derivative actions are pending.
- Next step
- Final approval hearing on the Oklahoma Firefighters settlement set for September 29, 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
IMRALDI patent disputes (Fresenius Kabi)
PendingPatent / IPFresenius Kabi (France, Germany, Spain, Italy)
Allegations that a former IMRALDI formulation infringes EP '488. Fresenius Kabi claims about €19.1 million in France, where trial was held in June 2026. A German appeals court found infringement in May 2025, and Biogen sought review.
- Next step
- German validity hearing set for February 2027.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
25
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Generic and biosimilar competition
- Company disclosure (summarized from the 10-K)
- Generic Tecfidera entrants cut its revenue 29.7% in 2025; competition outside the U.S. reduced Tysabri demand.
- Company’s stated mitigation
- Shifting revenue toward newer products.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Drug pricing
- Company disclosure (summarized from the 10-K)
- U.S. pricing is affected by the Inflation Reduction Act, including its Medicare redesign.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Governance & quality
Pipeline and launch execution
- Company disclosure (summarized from the 10-K)
- Growth depends on Leqembi uptake, new launches and late-stage data readouts starting in 2026.
- Company’s stated mitigation
- Multiple late-stage programs and acquisitions (Reata, HI-Bio, Apellis).
- This site’s assessment
- Impact High / Likelihood Med
- 4M&A & integration
Apellis integration and CVRs
- Company disclosure (summarized from the 10-K)
- About $5.3B paid for Apellis, funded with cash and borrowings, plus up to about $582M of milestone payments under CVRs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
26
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (6)
• disruptions, turnover or changes in strategy, priorities or capabilities at our collaborators resulting from, for example, a change in control, may impact the commercialization or manufacturing of our shared products and may result in loss of revenue or higher operating expense; and
In July 2025 the U.S. signed into law the OBBBA, which enacts significant potential changes to Medicaid funding and rescinds or does not continue elements of the PPACA. Read more
The OBBBA implements additional eligibility rules on government health plans, expands administrative procedures around enrollment, modifies how states can obtain federal funding for Medicaid and no longer extends ACA premium subsidies. Additional federal and state guidance is expected to be issued in order to implement these OBBBA provisions, most of which have effective dates in 2027 and 2028. At this time, we are unable to determine the overall impact that the OBBBA will have on our business, results of operations and financial condition, or the impact the OBBBA will have on the pharmaceutical industry as a whole because any such impact will depend upon developing interpretations of the OBBBA provisions and…
Additionally, the current government administration has introduced various measures to address prescription drug pricing and access, including through issuance of an executive order aiming to establish an MFN drug pricing policy that would tie U.S. drug prices to the prices paid for drugs in other developed countries. If HHS sets MFN pricing targets for prescription drugs, including the use of international pricing reference to set drug prices in the U.S., or if legislation is passed enabling generic drug or biosimilar entry sooner than expected, our business could be materially harmed, including with respect to our ability to set adequate pricing for new drugs to recover our research and development costs. Additional proposals, regulations or initiatives related to drug pricing, such as the CMS-proposed MFN initiatives, the Global Benchmark for Efficient Drug Pricing for certain…
pharmaceuticals, limit our ability to launch products in certain markets and impact healthcare systems and drug markets in the U.S. Read more
and abroad, thereby negatively affecting our revenue and adversely impacting our business.
Our international operations are also subject to regulation under U.S. Read more
law. For example, the U.S. federal government has initiated Section 232 investigations including with respect to pharmaceutical imports into the U.S. The result of these Section 232 investigations and any subsequent rulemaking could result in the government taking actions such as trade protection measures, embargoes, import or export licensing requirements, the imposition of trade sanctions or similar restrictions, which could have adverse consequences to our business and operations.
Additionally, we are building a new clinical packaging and other manufacturing facility as well as modernizing and automating our existing manufacturing facilities in RTP with no assurance that these investments will be fully utilized.
No longer in the text (1)
Additionally, sales of new products or products with additional indications may not meet investor expectations.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 6, 2026 ↗ with the 10-K filed Feb 12, 2025 ↗.
27
What to watch going forwardSite analysis
- Leqembi in-market growth, including at-home Leqembi Iqlik.
- Syfovre performance and Apellis integration.
- Spinraza high-dose conversion.
- Phase 3 readouts expected over the next 12 months (per the Q3 2026 release).
28
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Biogen Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.