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. In the quarter to June 2026, revenue grew 3.42%, EPS fell 84.8%, free cash flow grew 103.3% and total debt rose 16.0%, each against the same quarter a year earlier. Member of the S&P 500; insiders bought in the last twelve months.

232.65 2.70 −1.15%
Market cap
$34.8B
P/E
41.0×
Fwd P/E
31.5×
Dividend yield
—
F-score
4/9
Altman Z
3.13
Beneish M
−2.67
Dividend safety
n/a
Dec '25 Dec '24 Dec '23 Dec '22 Dec '21 Dec '20 Dec '19 Dec '18 Dec '17 Dec '16
P/E ratio
19.93 13.63 33.34 12.99 23.00 9.99 9.41 13.91 28.01 17.21
Piotroski F-Score
4 6 4 5 5 6 6 7 5 5
Altman Z-Score
3.13 2.83 3.50 4.30 3.51 3.87 4.78 5.42 6.11 5.90
P/S ratio
2.61 2.30 3.94 3.89 3.26 2.93 3.86 4.58 5.79 5.56
P/FCF ratio
12.77 8.85 31.35 22.98 10.64 10.71 8.66 11.63 27.45 16.51
Altman Z″-Score (non-manufacturers)
5.67 4.78 4.67 6.14 4.57 4.87 5.56 5.90 6.14 6.37
Beneish M-Score
(2.67) (2.86) (2.40) (1.99) (3.13) (2.56) (2.71) (2.59) (2.60) (2.48)
P/Operating CF
50.37 29.26 3,099.01 (226.36) 42.67 (107.32) 28.32 32.53 46.79 40.27
P/B ratio
1.41 1.33 2.62 2.96 3.26 3.69 4.16 4.73 5.64 5.25
Price to Tangible BV
9.97 40.79 178.35 6.84 12.01 21.42 13.70 14.66 17.39 13.70
EV/Sales
2.86 2.53 4.52 4.03 3.48 3.29 3.86 4.76 5.97 5.71
EV/EBITDA
9.62 7.75 20.80 9.95 9.66 8.03 7.19 9.80 11.40 11.20
EV/Operating CF
12.82 8.50 28.75 29.62 10.51 10.45 7.84 10.35 16.10 14.24
EV/FCF
13.99 9.71 35.99 23.79 11.37 12.02 8.66 12.08 28.32 16.93
Quick Ratio
1.54 0.68 0.79 2.02 1.25 1.21 1.31 1.67 1.63 1.85
Current Ratio
2.68 1.35 2.00 2.99 1.83 1.84 1.72 2.32 2.34 2.55
Net Debt/EBITDA
0.84 0.69 2.68 0.34 0.62 0.87 0.00 0.37 0.35 0.28
Debt/Assets
21.35% 16.21% 25.29% 25.58% 26.28% 30.16% 16.37% 23.47% 25.09% 28.47%
Debt/Equity
0.34 0.27 0.46 0.47 0.57 0.69 0.33 0.46 0.47 0.54
Asset Turnover
0.34 0.35 0.38 0.42 0.45 0.52 0.55 0.55 0.53 0.54
Operating CF/Net income
1.71 1.76 1.33 0.45 2.34 1.06 1.20 1.40 1.79 1.24
Capex/Depreciation
(0.17) (0.40) (0.59) 0.53 (0.25) (1.21) (0.98) (1.36) (1.82) (1.07)
ROE
7.39% 10.36% 8.24% 25.03% 14.38% 33.30% 44.66% 34.57% 20.54% 34.44%
ROA
4.50% 5.95% 4.52% 12.58% 6.42% 15.43% 22.42% 18.11% 10.91% 17.47%
ROIC
5.61% 7.44% 4.91% 14.73% 13.22% 20.35% 33.04% 23.85% 22.51% 23.42%
Return on Tangible Assets
14.89% 31.95% 17.24% 31.04% 22.31% 61.02% 87.04% 55.75% 33.03% 47.39%
Average Days of Receivables
49.54 52.99 61.75 61.17 51.50 51.96 47.74 53.14 53.14 45.96
Research and Development Expense of Revenue
17.98% 20.47% 24.86% 21.93% 22.78% 29.68% 15.86% 19.31% 18.36% 17.24%
Selling, General and Administrative Expense of Revenue
24.61% 24.84% 25.92% 23.63% 24.35% 18.63% 16.52% 15.66% 15.76% 17.00%
Intangible Assets out of Total Assets
0.53 0.58 0.54 0.31 0.33 0.36 0.34 0.35 0.36 0.33
Share Based Compensation of Revenue
2.94% 3.01% 2.69% 2.50% 2.17% 1.47% 1.27% 1.17% 1.04% 1.35%
Graham Net Nets
(0.09) (0.17) (0.13) (0.03) (0.14) (0.18) (0.10) (0.07) (0.04) (0.03)
Graham Number
157.35 170.24 135.94 208.61 131.34 191.34 224.86 175.97 126.12 145.53
Earnings Yield
5.02% 7.34% 3.00% 7.70% 4.35% 10.01% 10.62% 7.19% 3.57% 5.81%
Free Cash Flow Yield
7.83% 11.30% 3.19% 4.35% 9.40% 9.34% 11.54% 8.60% 3.64% 6.06%
Revenue per Share
67.51 66.46 67.97 70.02 73.65 83.56 76.85 65.66 57.73 52.42
Operating CF per Share
15.05 19.75 10.69 9.53 24.41 26.29 37.83 30.20 21.41 21.00
Capex per Share
(1.27) (2.47) (2.15) 2.34 (1.86) (3.43) (3.58) (4.32) (9.23) (3.33)
Free Cash Flow per Share
13.78 17.28 8.54 11.86 22.56 22.86 34.25 25.87 12.17 17.67
Cash per Share
26.05 16.31 7.26 33.67 25.50 16.22 23.92 17.27 17.35 22.41
Shareholders Equity per Share
124.62 114.81 102.28 92.14 73.51 66.41 71.29 63.60 59.26 55.53
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
124.62 114.81 102.28 92.14 73.51 66.41 71.29 63.60 59.26 55.53
Free Cash Flow
2,019.20 2,515.70 1,235.80 1,723.70 3,363.00 3,678.00 6,409.10 5,301.60 2,588.20 3,859.50
Working Capital
5,624.70 1,928.00 3,425.00 6,518.40 3,558.30 3,144.90 3,518.00 4,345.70 4,505.10 5,312.30
Capital Expenditures
(185.40) (359.80) (311.40) 339.40 (276.90) (551.80) (669.50) (886.10) (1,962.80) (727.70)
Net Current Asset Value
(2,208.60) (3,876.50) (5,186.10) (1,374.50) (5,061.10) (7,045.70) (5,513.40) (4,616.40) (3,181.20) (2,016.00)
EV/EBIT
15.17 10.86 27.59 11.77 13.46 8.76 7.88 10.88 13.71 12.68
Capex to Sales
0.02 0.04 0.03 (0.03) 0.03 0.04 0.05 0.07 0.16 0.06
Price to Operating Income
13.85 9.90 24.03 11.37 12.59 7.81 7.88 10.47 13.29 12.37
Other line items
Depreciation/Fixed assets
0.35 0.28 0.16 0.19 0.33 0.13 0.21 0.18 0.34 0.27
Cash ROIC
7.12% 10.64% 5.46% 7.02% 15.99% 17.75% 28.77% 23.56% 11.65% 16.40%
Accounts Receivable Turnover
7.20 6.31 5.84 6.25 6.34 7.09 7.49 7.18 7.60 8.58
Accounts Payable Turnover
5.62 5.58 5.66 4.22 4.04 3.66 4.34 4.74 4.83 5.40
Inventory Turnover
1.04 0.93 1.31 1.69 1.74 1.93 2.26 1.98 1.71 1.56
Average Days of Payables
65.59 67.02 58.11 78.74 101.94 91.98 99.08 74.45 88.56 69.07
Days of Inventory on Hand
329.16 388.71 364.14 215.38 233.82 216.06 150.11 186.87 202.14 247.23
Average Receivables
1,373.60 1,534.45 1,684.55 1,627.20 1,731.60 1,897.15 1,919.50 1,872.75 1,614.30 1,334.30
Average Payables
428.10 413.75 447.40 540.35 522.05 492.85 450.65 383.00 337.65 273.60
Average Inventory
2,314.30 2,493.95 1,935.90 1,347.95 1,210.05 936.40 867.05 916.30 952.15 947.50
Average Assets
28,744.40 27,447.05 25,699.45 24,215.70 24,248.10 25,926.60 26,261.60 24,470.75 23,264.70 21,190.80
Average Common Equity
17,486.40 15,757.70 14,093.90 12,174.05 10,822.90 12,012.60 13,185.35 12,814.85 12,363.35 10,751.75

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