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Biogen Inc.

BIIB Healthcare Drug Manufacturers General

Biogen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.9 billion, up 2.22% from fiscal 2024.

Revenue
+10.6%
EPS
−104.4%
Free cash flow
−69.3%
Total debt
+16.0%

Quarter to September 2026, against a year earlier

247.77 3.84 +1.57%
Market cap
$36.1B
P/E
104×
Fwd P/E
47.4×
Dividend yield
—
F-score
4/9
Altman Z
3.13
Beneish M
−2.67
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2022 →

Insider Decisions last twelve months

Bought, $m 0.00
Sold, $m 0.91
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — 2 — — — — — 1 — — —
Insider Ownership 0.74%

Capital & Financial Ratios $m

Size
Market Cap 36,060.00
Revenue ttm 10,297.30
Net income ttm 347.50
Free cash flow ttm 1,694.40
Net debt Q 5,988.10
Valuation
P/E 103.67 (above 35: high)
Forward P/E 47.40 (above 35: high)
Price / sales 3.51
Forward P/S Powerpack
Price / FCF 21.34
Price / book 1.91
Financial health
Current ratio Q 1.95 (at or above 1.5: strong)
Debt / equity Q 0.39 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +10.63% (above 0%: growing)
Operating income growth Q −78.29% (below 0%: shrinking)
EPS, this year −18.22% (below 0%: weak)
EPS, next year A +29.88% (at or above 15%: strong)
Revenue, next year A +6.45%
EPS, past 5 yrs −18.73% (below 0%: weak)
EPS, next 5 yrs A +6.27%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, against a ten-year median of 3.9×; over the ten years it ranged from 2.0× in 2025 to 6.2× in 2018.
P/E against its own 10 years 99.67%
10-year low 10-year high
P/S against its own 10 years 48.18%
10-year low 10-year high
P/B against its own 10 years 20.79%
10-year low 10-year high
EV/Sales against its own 10 years 59.55%
10-year low 10-year high
EV/FCF against its own 10 years 83.83%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,050 2,375 3,816 1,304
Receivables 1,664 1,405 1,342 1,885
Inventory 2,527 2,461 2,168 2,224
Other 1,618 1,217 1,648 2,172
6,859 7,457 8,974 7,584
2023 2024 2025 Q'26
Payables 403 424 432 430
ST’ Debt — — — —
Other — — — —
3,434 5,529 3,349 3,898

Compound Annual Growth %

10y 5y 3y
Sales (0.84%) (5.96%) (0.94%)
Cash Flow (5.59%) (12.22%) 16.78%
Earnings (9.60%) (20.22%) (24.85%)
Book Value 6.89% 11.31% 10.89%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.06 Actual 2.62

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.61 1.99 Beat by 0.38
Q1 FY26 2.95 3.57 Beat by 0.62
Q2 FY26 3.04 3.60 Beat by 0.56
Q3 FY26 2.06 2.62 Beat by 0.56
Q4 FY26 2.85 — Reports 5 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.15 0.66 (0.14) — —
’25 1.64 4.33 3.17 (0.33) 8.79
’24 2.70 4.00 2.66 1.83 11.18
’23 2.67 4.07 (0.47) 1.71 7.97
’22 2.06 7.24 7.84 3.79 20.87
’21 2.69 2.99 2.22 2.50 10.40
’20 8.08 9.59 4.46 2.32 24.80
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,478 2,736 2,804 — —
’25 2,431 2,646 2,535 2,279 9,891
’24 2,291 2,465 2,466 2,455 9,676
’23 2,463 2,456 2,530 2,386 9,836
’22 2,532 2,589 2,509 2,544 10,173
’21 2,694 2,775 2,779 2,734 10,982
’20 3,534 3,682 3,376 2,853 13,445
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 646 449 641 — —
’25 259 161 1,273 512 2,205
’24 553 626 936 761 2,876
’23 455 487 592 13 1,547
’22 162 737 661 (175) 1,384
’21 769 1,227 805 838 3,640
’20 1,467 1,949 1,181 (367) 4,230
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 594 273 375 — —
’25 212 134 1,221 452 2,019
’24 432 583 806 695 2,516
’23 384 400 505 (53) 1,236
’22 104 698 1,185 (262) 1,724
’21 676 1,155 743 788 3,363
’20 1,206 1,844 1,097 (468) 3,678
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.2% a year for ten years. It grew −5.8% a year over the last ten.

Implied
11.2%
10 years, reported
−5.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,449 12,274 13,453 14,378 13,445 10,982 10,173 9,836 9,676 9,891 10,297 (1.6%) 10,529 10,727 11,074 +3.8%
Gross margin, % 87.08 86.72 86.50 86.40 86.57 80.79 77.61 74.24 76.12 75.69 73.96 (11.4) pt
EBT 4,933 5,129 5,900 7,126 5,048 1,745 3,592 1,297 1,906 1,557 445 (12.0%)
EBT margin, % 43.09 41.79 43.85 49.56 37.54 15.89 35.31 13.18 19.70 15.74 4.32 (27.3) pt
Net income 3,696 2,670 4,474 5,889 4,061 1,728 2,962 1,162 1,632 1,293 348 (11.0%)
Per share, $
Per share, $ Revenue 52.42 57.73 65.66 76.85 83.56 73.65 70.02 67.97 66.46 67.51 69.67 +2.9%
Earnings 16.96 11.94 21.63 31.47 24.86 10.44 20.97 8.02 11.21 8.83 2.36 (7.0%)
Cash flow 21.00 21.41 30.20 37.83 26.29 24.41 9.53 10.69 19.75 15.05 15.20 (3.6%)
Capex (3.33) (9.23) (4.32) (3.58) (3.43) (1.86) 2.34 (2.15) (2.47) (1.27) (3.74) (10.2%)
Free cash flow 17.67 12.17 25.87 34.25 22.86 22.56 11.86 8.54 17.28 13.78 11.46 (2.7%)
Book value 55.53 59.26 63.60 71.29 66.41 73.51 92.14 102.28 114.81 124.62 128.03 +9.4%
Shares, m 218 213 205 187 161 149 145 145 146 147 147 (4.3%)
Valuation, ×
Valuation, × P/E 16.11 28.01 13.91 9.41 9.99 23.00 12.99 33.34 13.63 19.93 103.67 18.0
P/S 5.21 5.79 4.58 3.86 2.93 3.26 3.89 3.94 2.30 2.61 3.51 3.8
P/B 4.92 5.64 4.73 4.16 3.69 3.26 2.96 2.62 1.33 1.41 1.91 3.5
EV/Sales 5.35 5.97 4.76 3.86 3.29 3.48 4.03 4.52 2.53 2.86 4.09 4.1
EV/FCF 15.88 28.32 12.08 8.66 12.02 11.37 23.79 35.99 9.71 13.99 24.88 17.2
Cash, $m
Cash, $m Operating cash flow 4,587 4,551 6,188 7,079 4,230 3,640 1,384 1,547 2,876 2,205 2,247 (7.8%)
Capex (728) (1,963) (886) (669) (552) (277) 339 (311) (360) (185) (553) (14.1%)
Free cash flow 3,860 2,588 5,302 6,409 3,678 3,363 1,724 1,236 2,516 2,019 1,694 (6.9%)
Balance, $m
Balance, $m Working capital 5,312 4,505 4,346 3,518 3,145 3,558 6,518 3,425 1,928 5,625 3,686 +0.6%
Net debt 1,618 2,246 2,399 (17) 4,816 2,472 1,388 5,738 2,172 2,471 5,988 +4.8%
Shareholders’ equity 12,129 12,598 13,032 13,339 10,686 10,960 13,388 14,799 16,716 18,257 18,922 +4.6%
Returns, %
Returns, % ROA 17.47 10.91 18.11 22.42 15.43 6.42 12.58 4.52 5.95 4.50 1.13 (13.0) pt
ROIC 23.42 22.51 23.85 33.04 20.35 13.22 14.73 4.91 7.44 5.61 1.94 (17.8) pt
ROE 34.44 20.54 34.57 44.66 33.30 14.38 25.03 8.24 10.36 7.39 1.87 (27.0) pt
People
People Employees 7,400 7,300 7,800 7,400 9,100 9,610 8,725 7,570 7,605 7,500 — +0.1%
Revenue/emp, $m 1.55 1.68 1.72 1.94 1.48 1.14 1.17 1.30 1.27 1.32 — (1.8%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Biogen is a global biopharmaceutical company that discovers, develops and sells medicines for serious diseases. Founded in 1978 and headquartered in Cambridge, it is led by President and Chief Executive Officer Christopher A. Viehbacher.

Its medicines treat people with multiple sclerosis (MS), a disease that disrupts signals along nerve cells. They include TYSABRI, VUMERITY, TECFIDERA, AVONEX and PLEGRIDY. Biogen also sells SPINRAZA for spinal muscular atrophy, SKYCLARYS for Friedreich’s ataxia and QALSODY for a genetic form of amyotrophic lateral sclerosis. These are rare diseases that affect the nervous system or muscles.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 9,891 100.00%
Gross margin 75.69%
Operating margin 18.83%
Pre-tax margin 15.74%

Revenue by segment since 2022

Biogen Inc. vs peers in Drug Manufacturers General (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AZN AstraZeneca PLC $289.8B 26.3× 24.5× +6.70% (above 0%: growing) +22.50% (above 0%: growing) +1.99% (above 0%: growing) 81.82% 27.07% Compare
AMGN Amgen Inc. $248.8B 26.6× 29.6× +8.45% (above 0%: growing) +19.44% (above 0%: growing) −0.16% (below 0%: shrinking) 73.10% 35.79% Compare
GILD Gilead Sciences, Inc. $207.8B — (loss-making) — (loss-making) +6.83% (above 0%: growing) −20.33% (below 0%: shrinking) +21.13% (above 0%: growing) 81.07% 41.71% Compare
PFE Pfizer Inc. $170.3B 42.2× 18.9× −0.43% (below 0%: shrinking) −7.98% (below 0%: shrinking) +20.02% (above 0%: growing) 75.71% 22.14% Compare
NVO Novo Nordisk A/S $134.8B 9.9× — +4.47% (above 0%: growing) −18.68% (below 0%: shrinking) +71.57% (above 0%: growing) 78.21% 34.48% Compare
BMY Bristol Myers Squibb Company $129.0B 14.0× 11.9× +6.93% (above 0%: growing) −2.02% (below 0%: shrinking) −35.95% (below 0%: shrinking) 68.28% 19.40% Compare
SNY Sanofi $111.8B 23.2× — +13.89% (above 0%: growing) +8.21% (above 0%: growing) +99.60% (above 0%: growing) 76.16% 28.53% Compare
GSK GSK PLC Sponsored ADR $101.0B 16.7× 14.6× +3.75% (above 0%: growing) −14.73% (below 0%: shrinking) +62.44% (above 0%: growing) 73.11% 23.93% Compare
BIIB Biogen Inc. $36.1B 104× 47.4× +10.63% (above 0%: growing) n/m −69.25% (below 0%: shrinking) 73.31% 4.58%
Median of peers $152.6B 23.2× 18.9× +6.77% −5.00% +20.58% 75.94% 27.80%

All 21 Drug Manufacturers General stocks →

From the latest earnings call

Updated

  • CFO Robin Kramer said rapid conversion to high-dose SPINRAZA pulled revenue into the third quarter, while dosing patterns should normalize as the conversion group matures.
  • Kramer said the Apellis transaction was roughly neutral on an operating basis, with integration savings captured faster than Biogen had expected.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
TD Cowen Oct 22, 2026 Target raised Buy 225.00 → 250.00
Bank of America Oct 22, 2026 Target raised Hold 219.00 → 244.00
UBS Oct 16, 2026 Target raised Buy 240.00 → 270.00
JPMorgan Oct 16, 2026 Upgrade Hold → Outperform 210.00 → 300.00
RBC Oct 12, 2026 Target cut Outperform 260.00 → 256.00
Needham Oct 12, 2026 Upgrade Buy —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.22%
Held by the ten largest 60.48%
Holder Shares Stake Change
Fidelity (FMR) 18.22m 12.33% +5.41m
Vanguard 17.82m 12.06% +219.47k
BlackRock 15.99m 10.82% +11.14k
PRIMECAP Management 15.15m 10.26% +397.00k
State Street 7.34m 4.97% +176.41k
Geode Capital Management 4.45m 3.01% +106.69k
Wellington Management 3.12m 2.11% +155.83k
Norges Bank 2.58m 1.75% +2.58m
Morgan Stanley 2.41m 1.63% +240.33k
UBS 2.29m 1.55% +384.30k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together less than 1%
PRIMECAP Management Company 10.10%
BlackRock, Inc. 8.50%
FMR LLC 6.40%
State Street Corporation One Congress Street, Suite 5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Biogen Inc. (BIIB) Latest News

5 Nov

Impact 3 · · Insider Monkey

29 Oct

Impact 4 · · MT Newswires
Impact 4 · · GlobeNewswire
Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · InvestorsHub
Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 4 · · Investing.com earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks

27 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

26 Oct

Impact 4 · · Zacks

23 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · TIKR

21 Oct

Impact 4 · · Zacks

19 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

16 Oct

Impact 4 · · TheStreet
Impact 3 · · biopharmadive.com

13 Oct

Impact 4 · · Barchart

12 Oct

Impact 4 · · StockStory
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

BIIB metrics, ten years each

stockrow.com/BIIB · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com