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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. 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
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.00
Total sells 0.91
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — 1 — — — — — — — —
Sell — — — 2 — — — — — 1 — —
Insider Ownership 0.72%

Capital & Financial Ratios $m

Market Cap 34,770.00
Revenue 10,027.90
Net Income 834.60
Free Cash Flow 2,540.00
Net Debt 6,005.30
Current Ratio 1.87 (at or above 1.5: strong)
Debt/Equity 0.39 (at or below 0.5: strong)
P/E ratio 40.96 (above 35: high)
Fwd P/E 31.50
P/S ratio 3.43
P/B ratio 1.82
Past 5Y EPS Growth (18.73%) (below 0%: weak)
This Y EPS Growth (18.88%) (below 0%: weak)
Next Y EPS Growth 33.05% (at or above 15%: strong)
Next Y revenue growth 5.54%
Next 5Y EPS Growth 6.78%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.0×, 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 99.93%
10-year low 10-year high
P/S against its own 10 years 46.77%
10-year low 10-year high
P/B against its own 10 years 19.28%
10-year low 10-year high
EV/Sales against its own 10 years 57.87%
10-year low 10-year high
EV/FCF against its own 10 years 55.51%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,050 2,375 3,816 1,285
Receivables 1,664 1,405 1,342 1,886
Inventory 2,527 2,461 2,168 2,384
Other 1,618 1,217 1,648 1,751
6,859 7,457 8,974 7,306
2023 2024 2025 Q'26
Payables 403 424 432 404
ST’ Debt — — — —
Other — — — —
3,434 5,529 3,349 3,917

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%

Revenue $m

Mar Jun Sep Dec Year
’26 2,478 2,736 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 2.15 0.66 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 223.02 244.28 249.17 215.78 223.25 221.72 187.16 220.86 145.07 110.04

Analyst estimates 2026–2028

Powerpack
High 333.65 348.84 388.67 344.00 374.99 468.55 311.88 319.76 268.30 185.17
People
People Employees 7,400 7,300 7,800 7,400 9,100 9,610 8,725 7,570 7,605 7,500
Revenue/emp, $m 1.55 1.68 1.72 1.94 1.48 1.14 1.17 1.30 1.27 1.32
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
Gross margin, % 87.08 86.72 86.50 86.40 86.57 80.79 77.61 74.24 76.12 75.69
EBT 4,933 5,129 5,900 7,126 5,048 1,745 3,592 1,297 1,906 1,557
EBT margin, % 43.09 41.79 43.85 49.56 37.54 15.89 35.31 13.18 19.70 15.74
Net income 3,696 2,670 4,474 5,889 4,061 1,728 2,962 1,162 1,632 1,293
Depreciation 683 1,081 651 681 457 1,117 638 526 903 1,074
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
Earnings 16.96 11.94 21.63 31.47 24.86 10.44 20.97 8.02 11.21 8.83
Cash flow 21.00 21.41 30.20 37.83 26.29 24.41 9.53 10.69 19.75 15.05
Capex (3.33) (9.23) (4.32) (3.58) (3.43) (1.86) 2.34 (2.15) (2.47) (1.27)
Free cash flow 17.67 12.17 25.87 34.25 22.86 22.56 11.86 8.54 17.28 13.78
Book value 55.53 59.26 63.60 71.29 66.41 73.51 92.14 102.28 114.81 124.62
Shares, m 218 213 205 187 161 149 145 145 146 147
Valuation, ×
Valuation, × P/E 17.21 28.01 13.91 9.41 9.99 23.00 12.99 33.34 13.63 19.93
P/S 5.56 5.79 4.58 3.86 2.93 3.26 3.89 3.94 2.30 2.61
P/B 5.25 5.64 4.73 4.16 3.69 3.26 2.96 2.62 1.33 1.41
EV/Sales 5.71 5.97 4.76 3.86 3.29 3.48 4.03 4.52 2.53 2.86
EV/FCF 16.93 28.32 12.08 8.66 12.02 11.37 23.79 35.99 9.71 13.99
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
Capex (728) (1,963) (886) (669) (552) (277) 339 (311) (360) (185)
Free cash flow 3,860 2,588 5,302 6,409 3,678 3,363 1,724 1,236 2,516 2,019
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
Total debt 6,513 5,935 5,937 4,459 7,426 6,274 6,281 6,788 4,547 6,287
Net debt 1,618 2,246 2,399 (17) 4,816 2,472 1,388 5,738 2,172 2,471
Shareholders’ equity 12,129 12,598 13,032 13,339 10,686 10,960 13,388 14,799 16,716 18,257
Returns, %
Returns, % ROA 17.47 10.91 18.11 22.42 15.43 6.42 12.58 4.52 5.95 4.50
ROIC 23.42 22.51 23.85 33.04 20.35 13.22 14.73 4.91 7.44 5.61
ROE 34.44 20.54 34.57 44.66 33.30 14.38 25.03 8.24 10.36 7.39
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $258.5B 24.5× 23.4× +6.41% (above 0%: growing) +1.90% (above 0%: growing) −107.45% (below 0%: shrinking) 83.60% 20.57% Compare
AMGN Amgen Inc. $234.7B 26.7× 22.7× +9.53% (above 0%: growing) +65.41% (above 0%: growing) +82.57% (above 0%: growing) 72.04% 34.95% Compare
GILD Gilead Sciences, Inc. $195.1B — (loss-making) — (loss-making) +10.18% (above 0%: growing) n/m +376.81% (above 0%: growing) 79.76% (133.21%) Compare
PFE Pfizer Inc. $167.8B 38.9× 12.2× +2.60% (above 0%: growing) n/m +125.17% (above 0%: growing) 72.78% 20.38% Compare
NVO Novo Nordisk A/S $131.2B 9.5× — +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 $123.7B 13.2× 11.2× +5.74% (above 0%: growing) +153.13% (above 0%: growing) −13.16% (below 0%: shrinking) 71.28% 31.50% Compare
GSK GSK PLC Sponsored ADR $98.2B 15.4× 12.4× +5.81% (above 0%: growing) −69.47% (below 0%: shrinking) +54.83% (above 0%: growing) 73.05% 5.72% Compare
SNY Sanofi $96.0B 21.3× — +17.35% (above 0%: growing) −90.76% (below 0%: shrinking) −45.06% (below 0%: shrinking) 75.47% 17.48% Compare
BIIB Biogen Inc. $34.8B 41.0× 31.5× +3.42% (above 0%: growing) −84.76% (below 0%: shrinking) +103.28% (above 0%: growing) 71.60% 5.52%
Median of peers $149.5B 21.3× 12.4× +6.11% −8.39% +63.20% 74.26% 20.48%

All 21 Drug Manufacturers General stocks →

BIIB metrics, ten years each

Biogen Inc. (BIIB) key facts

  • Concern: Net income was $1.3 billion, or $8.83 per share (basic), a net margin of 13.1%.
  • Strength: Biogen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.9 billion, up 2.22% from fiscal 2024.
  • Biogen Inc. (BIIB) is a Drug Manufacturers General company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, BIIB traded at $232.65, a market capitalization of $34.8 billion.
  • At that price the stock trades at 41.0× trailing-twelve-month earnings and 3.4× sales; its P/E is higher than 100% of its own readings over the past ten years.
  • Return on equity was 7.39% and debt-to-equity 0.39.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 3.13 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Biogen Inc. (BIIB) Latest News

14 May

Impact 5 ·

31 Mar

Impact 5 ·
Impact 5 ·
stockrow.com/BIIB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com