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Biogen (BIIB) stock

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NASDAQ: BIIB Nasdaq Biotechnology

B Fundamentals grade

Biogen is a global biopharmaceutical company that discovers, develops and markets therapies for serious and complex diseases, focusing on neurology, specialised immunology and rare diseases. Its multiple sclerosis medicines include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY. It also sells SPINRAZA for spinal muscular atrophy, SKYCLARYS for Friedreich's ataxia and QALSODY for ALS. The company states it markets the first approved treatment for SMA and the first drug approved to target a genetic cause of ALS.

Revenue comes from selling these prescription medicines to patients and healthcare systems, from collaborations, and from royalties. Through partnerships it commercialises LEQEMBI (with Eisai) for Alzheimer's disease and ZURZUVAE (with Supernus) for postpartum depression, and holds rights in anti-CD20 therapies such as RITUXAN, GAZYVA and OCREVUS via Genentech, part of Roche. It also offers biosimilars including BENEPALI, IMRALDI and FLIXABI.

Products are sold in the United States, the European Union and other international markets. Biogen supports its pipeline through internal research, external collaborations and acquisitions, and is moving its global headquarters to Cambridge, Massachusetts.

Based on Biogen's 10-K filed February 6, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$210

Cash-flow model

Base case. Range ~$150–$290 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 20% above our base value.

Price used: $248.94, November 3, 2026

Biogen valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Biogen files

10-Q filed October 28: Biogen

Revenue for the twelve months to September 2026 reached $10.3bn, up 2.3% on a year earlier and ahead of the 0.3% growth recorded a quarter before. That ranks Biogen 17 of 21 for growth among the biotechnology companies we cover. Margins told a weaker story: free cash flow slipped to 20.1% from 22.9%, while the operating margin narrowed to 22.9% from 29.4%. Our fundamentals grade edges up from C to C+. At $207 a share, our model value is little changed against a price of $250, and the rating stays Hold. Buyers at that price are backing cash-flow growth of about 5.4% a year for five years, well ahead of the -1.3% annual revenue growth delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Biogen stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $10.0bn, up 0.3% on a year earlier, slower than 1.2% a quarter earlier. That puts it 7 of 8 for growth among the biotechnology companies we cover. Free-cash-flow margin rose to 26.9% from 19.8% a year earlier. Operating margin narrowed to 22.9% from 29.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $178 a share, against a share price of $244. At that price, our model says the market is pricing in about 6.6% a year of cash-flow growth for five years, faster than the -1.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Biogen's trailing-twelve-month revenue grew 2.3% year on year, with a free-cash-flow margin of 20.1%. Where it stands out: stock pay as % of revenue of 3.0% ranks 20 of 179 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$150–$290 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 10.1% while net income fell 78.4%: a 68pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 20.1% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Margins narrowing. Operating margin is down 6.5 points on a year ago.
  • High earnings multiple. The shares trade at 106 times the last 12 months' earnings, so expectations are demanding.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$2.62 against an average estimate of $1.99: beat by 31.5%
Revenue
$2.80bn, up 10.6% on a year earlier
Share reaction
-1.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
non-GAAP diluted EPS $12.2 to $13 (Full year 2026); combined Non-GAAP R&D expense and Non-GAAP SG&A expense $4.95bn (full year 2026)
Next report
October 28, 2026; average EPS estimate $2.88

Biogen's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.0%
  • 1 week-1.5%
  • 1 month+13.2%
  • This year+41.5%
  • 1 year+64.4%
  • 5 years-11.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.3B
Net margin
3.4%
EPS (TTM, diluted)
$2.34

Growth

Revenue growth
+2.3%
Change in growth rate
+2.0 pts
Share count change
+1.2%

Cash

Free cash flow (TTM)
$2.1B
FCF margin
20.1%
Stock pay % of revenue
3.0%

Earnings

Last results
October 28, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Biogen valuation models and calculator

What the price is pricing in

The share price implies about 4.8% a year of cash-flow growth for five years.That is faster than the -1.3% a year revenue growth Biogen has delivered.

  • Priced in4.8%
  • Last 12 months2.3%
  • 3 years a year1.0%
  • 5 years a year-1.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($249.02, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$210
Price used
$249.02close November 3, 2026
Implied change
▼ 16%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Biogen's free cash flow after stock-based pay with after-tax interest added back ($2.2B, FY2026 Q3 TTM), growing 3.2% and 2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$150–~$290 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Biogen's free cash flow after stock-based pay ( $2.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Biogen as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$210 ~$150–$290 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$180–$390 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$180 ~$120–$280 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$190 ~$160–$220 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$180–$210 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Biogen with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −13%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $173$250$351$485$659$884
8.5% $123$179$252$347$471$631
10% $93$136$192$265$360$481

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$306.35$283.58$318.57$300.92$296.73$244.86$239.92$276.92$258.77$152.92$175.99$249.01
Market value$70.8bn$62.0bn$67.9bn$61.8bn$55.6bn$39.5bn$35.9bn$40.4bn$37.7bn$22.3bn$25.9bn$36.9bn
+ Net debt (− = net cash)$5.3bn$4.2bn$4.4bn$4.8bn$4.6bn$6.2bn$6.3bn$2.9bn$6.2bn$4.2bn$3.6bn$6.0bn
Enterprise value$76.1bn$66.3bn$72.3bn$66.6bn$60.2bn$45.7bn$42.2bn$43.3bn$43.8bn$26.5bn$29.4bn$42.9bn
Multiples
Price / sales 6.6x5.4x5.5x4.6x3.9x2.9x3.3x4.0x3.8x2.3x2.6x3.6x
Price / earnings 20.0x16.8x26.7x13.9x9.4x9.9x23.1x13.3x32.4x13.7x20.0x106.2x
Price / free cash flow 21.6x15.6x18.4x11.4x8.5x10.4x10.6x35.3x29.7x8.2x12.6x17.8x
EV / EBITDA 13.9x11.4x11.2x10.2x8.0x9.1x12.7x—————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

87 /100

Strong moat

How hard Biogen's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 35.9% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 79.8%, moving by 5.5 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 42.0%; its worst year was 22.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.0% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 2.0% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (92 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.47 −18% $10.5bn +7%
Next $16.30 +31% $10.7bn +2%

Next year's EPS estimate has moved −1.6% in 90 days, across 32 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 2 analysts raised Biogen's forecast and 3 cut it.

Consensus EPS forecast Biogen, last 90 days
$12.00 $14.00 $16.00 $18.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.46 Current fiscal year, 60 days ago: $12.41 Current fiscal year, 30 days ago: $12.42 Current fiscal year, 7 days ago: $12.36 Current fiscal year, Now: $12.47 $12.47 Next fiscal year, 90 days ago: $16.57 Next fiscal year, 60 days ago: $16.54 Next fiscal year, 30 days ago: $16.54 Next fiscal year, 7 days ago: $16.44 Next fiscal year, Now: $16.30 $16.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.46$16.57
60 days ago $12.41$16.54
30 days ago $12.42$16.54
7 days ago $12.36$16.44
Now $12.47$16.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.99 $2.62 +31.5%
Jun 2026 $2.03 $3.60 +77.4%
Mar 2026 $2.95 $3.57 +20.9%
Dec 2025 $1.62 $1.99 +23.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Non-GAAP diluted EPS Full year 2026 $12.20 to $13.00 Non-GAAP Raised
    “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” source
  • combined Non-GAAP R&D expense and Non-GAAP SG&A expense full year 2026 about $4.95bn Non-GAAP
    “Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be approximately $4.95 billion for the full year 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Biogen's revenue by +3.2% next year and +2.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.8%, weight 70%) and the company's own record (+2.0%, weight 30%) . How the weights are set.

Analyst recommendations

36 analysts, Oct 2026
Buy2569%
Hold1028%
Sell13%

Monthly trend

  1. Oct 20264211036
  2. Sep 20263191235
  3. Aug 20263201135
  4. Jul 20263201236

Counts of recommendations published by analysts covering Biogen, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.2%
of tradable shares
Days to cover
4.46
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
0.2%
of shares
Employees
7,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +61.4%

$154.27 on October 31, 2025 to $249.01

ThenNowEffect
Revenue (last 12 months) $10.0bn $10.0bn +0.3%
Net margin 15.3% 8.3% −45.6%
P/E multiple 14.7x 44.2x +199.6%
Share count 146m 148m −1.2%

Biggest factor: p/e multiple.

Last 3 years −0.2%

$249.50 on November 3, 2023 to $249.01

ThenNowEffect
Revenue (last 12 months) $10.0bn $10.0bn +0.6%
Net margin 26.7% 8.3% −68.9%
P/E multiple 13.6x 44.2x +224.8%
Share count 145m 148m −1.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BIIB−2%+15%−7%−41%+15%+42%
Industry peers (median)−36%−57%−18%−28%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BIIB50%42%33%17%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BIIB−46%−23%−30%−45%−26%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 73% from June 10, 2021 to April 10, 2025. Getting back needed a 266% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$149.33 – $253.84
From 52-week high
−1.9%
vs 50-day average
+9.3%
vs 200-day average
+23.5%
Volatility (1 year)
34%
Beta vs S&P 500
0.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±2.4%
After a week
7 up, 4 down
typical move ±2.9%
After a month
9 up, 2 down
typical move ±7.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −1.2% 0.0% — —
July 29, 2026 +1.1% +0.1% +0.5% +7.7%
July 1, 2026 0.0% −0.3% −7.9% −6.1%
April 29, 2026 +3.2% +1.0% +4.0% +6.9%
April 6, 2026 −1.0% +0.5% −0.5% +6.6%
February 6, 2026 +4.6% +2.4% +6.0% +1.6%
January 14, 2026 −5.5% −0.2% −2.5% +10.2%
October 30, 2025 +4.3% −0.8% +6.0% +20.2%
October 14, 2025 −0.7% +0.3% +1.1% +11.6%
July 31, 2025 +4.2% −2.0% +0.9% +4.4%
July 7, 2025 +1.2% −0.8% +0.2% 0.0%
May 1, 2025 +2.0% +2.2% −2.2% +8.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Biogen’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.69× the last 60 days’ realised volatility , richer than 100% of the 175 stocks we screen today.
  • Calls are priced 4 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is 1.69x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

BIIB Biogen Grade B $250.26

Own 100 shares, sell the $280 call expiring December 18, 2026 (45 days) for $6.60 a share — $660 per contract.

Bid $6.60, ask $7.60, quoted Tue 3 Nov, 14:18 New York time with BIIB at $250.26. Option prices move with the shares: check the live chain at your broker before trading.

  • If BIIB ends below $280: you keep your shares and the $660 — 2.6% extra on the position, 21.4% a year at that pace.
  • If it ends above $280: your shares are sold at $280, a total return of 14.5% including the premium — at or above our value of ~$210.
$3.6k $0 −$4.9k Our value $210 Break-even $243.66 Price $250.26
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$660
Annualised
21.4%
Break-even
$243.66
Max gain
$3,634
Chance of selling
~30%

Collar

Own the shares, buy the $230 put and sell the $280 call, both expiring December 18, 2026 (45 days).

  • Net cost of $1.40 a share ($140 per contract of 100 shares).
  • Worst case at expiry: -8.7%, if the shares fall below $230 (-8.1% from today).
  • Best case at expiry: +11.3%, if the shares rise above $280 (+11.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $210: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Biogen in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Biogen
$9.6B $9.8B $10B $10.2B $10.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9.8B Revenue (TTM), FY24 Q1: $9.7B Revenue (TTM), FY24 Q2: $9.7B Revenue (TTM), FY24 Q3: $9.6B Revenue (TTM), FY24 Q4: $9.7B Revenue (TTM), FY25 Q1: $9.8B Revenue (TTM), FY25 Q2: $10B Revenue (TTM), FY25 Q3: $10.1B Revenue (TTM), FY25 Q4: $9.9B Revenue (TTM), FY26 Q1: $9.9B Revenue (TTM), FY26 Q2: $10B Revenue (TTM), FY26 Q3: $10.3B $10.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9.8B
FY24 Q1 $9.7B
FY24 Q2 $9.7B
FY24 Q3 $9.6B
FY24 Q4 $9.7B
FY25 Q1 $9.8B
FY25 Q2 $10B
FY25 Q3 $10.1B
FY25 Q4 $9.9B
FY26 Q1 $9.9B
FY26 Q2 $10B
FY26 Q3 $10.3B
Revenue growth, TTM YoY Biogen
-5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -3.3% Revenue growth, TTM YoY, FY24 Q1: -4.4% Revenue growth, TTM YoY, FY24 Q2: -3.0% Revenue growth, TTM YoY, FY24 Q3: -3.9% Revenue growth, TTM YoY, FY24 Q4: -1.6% Revenue growth, TTM YoY, FY25 Q1: 1.6% Revenue growth, TTM YoY, FY25 Q2: 3.4% Revenue growth, TTM YoY, FY25 Q3: 4.8% Revenue growth, TTM YoY, FY25 Q4: 2.2% Revenue growth, TTM YoY, FY26 Q1: 1.2% Revenue growth, TTM YoY, FY26 Q2: 0.3% Revenue growth, TTM YoY, FY26 Q3: 2.3% 2.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -3.3%
FY24 Q1 -4.4%
FY24 Q2 -3.0%
FY24 Q3 -3.9%
FY24 Q4 -1.6%
FY25 Q1 1.6%
FY25 Q2 3.4%
FY25 Q3 4.8%
FY25 Q4 2.2%
FY26 Q1 1.2%
FY26 Q2 0.3%
FY26 Q3 2.3%
Operating margin (TTM) Biogen
0% 20% 40% 60% FY19 Q2 FY20 Q1 FY20 Q4 FY22 Q1 Operating margin (TTM), FY19 Q2: 46.9% Operating margin (TTM), FY19 Q3: 47.1% Operating margin (TTM), FY19 Q4: 49.0% Operating margin (TTM), FY20 Q1: 51.0% Operating margin (TTM), FY20 Q2: 50.9% Operating margin (TTM), FY20 Q3: 46.7% Operating margin (TTM), FY20 Q4: 33.8% Operating margin (TTM), FY21 Q1: 29.4% Operating margin (TTM), FY21 Q2: 18.9% Operating margin (TTM), FY21 Q3: 17.3% Operating margin (TTM), FY21 Q4: 25.9% Operating margin (TTM), FY22 Q1: 22.9% 22.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q2 46.9%
FY19 Q3 47.1%
FY19 Q4 49.0%
FY20 Q1 51.0%
FY20 Q2 50.9%
FY20 Q3 46.7%
FY20 Q4 33.8%
FY21 Q1 29.4%
FY21 Q2 18.9%
FY21 Q3 17.3%
FY21 Q4 25.9%
FY22 Q1 22.9%
FCF margin (TTM) Biogen
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.9% FCF margin (TTM), FY24 Q1: 14.4% FCF margin (TTM), FY24 Q2: 16.2% FCF margin (TTM), FY24 Q3: 20.3% FCF margin (TTM), FY24 Q4: 28.1% FCF margin (TTM), FY25 Q1: 24.8% FCF margin (TTM), FY25 Q2: 19.8% FCF margin (TTM), FY25 Q3: 22.9% FCF margin (TTM), FY25 Q4: 20.7% FCF margin (TTM), FY26 Q1: 24.4% FCF margin (TTM), FY26 Q2: 26.9% FCF margin (TTM), FY26 Q3: 20.1% 20.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.9%
FY24 Q1 14.4%
FY24 Q2 16.2%
FY24 Q3 20.3%
FY24 Q4 28.1%
FY25 Q1 24.8%
FY25 Q2 19.8%
FY25 Q3 22.9%
FY25 Q4 20.7%
FY26 Q1 24.4%
FY26 Q2 26.9%
FY26 Q3 20.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 4.4 4.7 5.0 5.5 6.9 9.7 10.8 11.4 12.3 13.5 14.4 13.4 11.0 10.2 9.8 9.7 9.9 10.3
Gross profit 4.0 4.3 4.6 5.0 6.1 8.5 9.5 10.0 10.6 11.6 12.4 11.6 8.9 7.9 7.3 7.4 7.5 7.6
EBITDA 1.7 1.6 2.1 2.2 3.0 4.7 5.5 5.8 6.4 6.5 7.5 5.0 3.3 — — — — —
Operating income 1.3 1.2 1.7 1.9 2.5 4.0 4.9 5.2 5.3 5.9 7.0 4.6 2.8 — — — — —
Net income 1.0 1.0 1.2 1.4 1.9 2.9 3.5 3.7 2.5 4.4 5.9 4.0 1.6 3.0 1.2 1.6 1.3 0.3
Diluted EPS $3.35 $3.94 $5.04 $5.76 $7.81 $12.37 $15.34 $16.93 $11.92 $21.58 $31.42 $24.80 $10.40 $20.87 $7.97 $11.18 $8.79 $2.34
Growth (year on year)
Revenue +6.8% +7.7% +7.0% +9.3% +25.7% +40.0% +10.9% +6.4% +7.2% +9.6% +6.9% −6.5% −18.3% −7.4% −3.3% −1.6% +2.2% +2.3%
EBITDA +2.8% −6.9% +29.9% +6.6% +37.2% +52.9% +17.8% +6.2% +10.2% +1.7% +14.8% −33.3% −33.5% — — — — —
Operating income +6.7% −3.6% +38.1% +7.6% +35.5% +57.9% +23.1% +5.3% +3.8% +10.2% +19.6% −35.4% −37.6% — — — — —
Net income +23.9% +3.6% +22.8% +11.8% +34.9% +57.6% +20.9% +4.4% −31.4% +74.5% +32.9% −32.1% −61.1% +95.8% −61.9% +40.6% −20.8% −78.4%
Diluted EPS +26.4% +17.6% +27.9% +14.3% +35.6% +58.4% +24.0% +10.4% −29.6% +81.0% +45.6% −21.1% −58.1% +100.7% −61.8% +40.3% −21.4% −78.6%
Margins
Gross margin 91.3% 91.5% 90.8% 90.1% 87.6% 87.9% 88.5% 87.1% 86.7% 86.5% 86.4% 86.6% 80.8% 77.6% 74.2% 76.1% 75.7% 74.0%
EBITDA margin 39.4% 34.0% 41.3% 40.3% 44.0% 48.0% 51.0% 51.0% 52.4% 48.6% 52.2% 37.2% 30.3% — — — — —
Operating margin 29.6% 26.5% 34.2% 33.6% 36.3% 40.9% 45.4% 45.0% 43.6% 43.8% 49.0% 33.8% 25.9% — — — — —
Net margin 22.2% 21.3% 24.5% 25.0% 26.9% 30.2% 33.0% 32.3% 20.7% 32.9% 41.0% 29.8% 14.2% 29.9% 11.8% 16.9% 13.1% 3.4%
Free-cash-flow margin 20.8% 30.8% 30.1% 29.5% 30.3% 27.4% 30.4% 34.7% 30.0% 40.3% 45.7% 28.3% 30.8% 11.2% 12.9% 28.1% 20.7% 20.1%
Cash flow
Cash from operations 1.1 1.6 1.7 1.9 2.3 2.9 3.9 4.6 4.6 6.2 7.1 4.2 3.6 1.4 1.5 2.9 2.2 2.2
Capital spending 0.2 0.2 0.2 0.3 0.2 0.3 0.6 0.6 0.9 0.8 0.5 0.4 0.3 0.2 0.3 0.2 0.2 0.2
Free cash flow 0.9 1.5 1.5 1.6 2.1 2.7 3.3 4.0 3.7 5.4 6.6 3.8 3.4 1.1 1.3 2.7 2.1 2.1
Stock-based pay 0.2 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3
Free cash flow after stock pay 0.7 1.3 1.4 1.5 2.0 2.5 3.1 3.8 3.6 5.3 6.4 3.6 3.1 0.9 1.0 2.4 1.8 1.8
Balance sheet
Cash 0.6 0.8 0.5 0.6 0.6 1.2 1.3 2.3 1.6 1.2 2.9 1.3 2.3 3.4 1.0 2.4 3.0 1.3
Total debt 1.1 1.2 1.1 1.1 0.6 0.6 6.6 6.6 6.0 6.0 7.5 7.5 8.6 6.3 7.2 6.6 6.6 7.3
Net debt (negative = net cash) 0.5 0.4 0.5 0.6 −0.0 −0.6 5.3 4.2 4.4 4.8 4.6 6.2 6.3 2.9 6.2 4.2 3.6 6.0
Diluted shares 289m 255m 245m 240m 238m 237m 231m 219m 213m 205m 187m 161m 150m 146m 146m 146m 147m 148m
Returned to shareholders
Buybacks 0.8 2.1 0.5 1.0 0.4 0.9 5.0 1.0 1.4 4.4 5.9 6.7 1.8 0.8 0.0 0.0 — —
Total returned 0.8 2.1 0.5 1.0 0.4 0.9 5.0 1.0 1.4 4.4 5.9 6.7 1.8 0.8 0.0 0.0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $32.1bn
Short-term assets $7.6bnLonger-term assets $24.5bn
What it owes, and who funded it · $32.1bn
Short-term liabilities $3.9bnLonger-term liabilities $9.2bnShareholders' equity $18.9bn
  • Short-term assets cover short-term liabilities $7.6bn of assets due within a year against $3.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.6bn short-term assets against $9.2bn of longer-dated liabilities.
  • More cash than debt $1.3bn of cash against $7.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 39% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 56% to 39% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.2bn of operating cash flow against $7.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Biogen's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.2%
year over year
R&D spending
20.9%
of revenue
Sales & admin spending
26.7%
of revenue
Days sales outstanding
50 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated BIIB VRTX REGN INCY ARGX NBIX Median
Revenue, last 12 months $10.3bn $12.6bn $16.9bn $6.0bn $4.2bn $3.7bn $56m
Revenue growth, last 12 months 2.3% 10.2% 18.6% 24.9% 89.9% 38.0% 12.6%
Revenue growth, 3-year average 1.0% 9.8% 8.9% 18.5% — 27.5% 13.7%
Revenue growth, latest quarter 10.6% 12.5% 36.3% 14.0% — 41.2% 10.2%
Gross margin 74.0% 86.0% — 92.7% 89.1% 98.2% 82.9%
Operating margin 22.9% 38.0% 28.8% 10.4% 25.4% 24.0% −189.4%
Operating margin, 3-year average 34.4% 23.0% 27.8% 13.3% — 23.4% −363.5%
Net margin 3.4% 35.0% 28.5% 6.7% 31.1% 19.0% −169.8%
Cash from operations / revenue 21.8% 34.1% 28.7% 12.4% 16.5% 28.8% −168.0%
Free-cash-flow margin 20.1% 30.2% 22.6% 10.8% 16.4% 28.1% −162.4%
Free-cash-flow margin, 3-year average 21.1% 16.5% 25.7% 11.7% — 23.3% −310.0%
Stock pay / revenue 3.0% 5.5% 5.9% 4.4% 6.0% 6.4% 20.0%
Change in share count 1.2% −0.6% −3.2% 2.9% 1.3% 1.9% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 2.3% 12.6% 108 of 172
Change in growth rate Growth +2.0pp -0.1pp 69 of 172
Gross margin Profitability 74.0% 82.4% 50 of 75
Net margin Profitability 3.4% -157.3% 35 of 180
Free-cash-flow margin Cash generation 20.1% -145.4% 24 of 176
Stock pay as % of revenue Cash generation 3.0% 19.2% 20 of 179
Long-term debt as % of assets Balance sheet 22.7% 20.6% 44 of 78
Change in share count Balance sheet 1.2% 7.9% 37 of 156
Days sales outstanding Balance sheet 50 days 75 days 30 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $7.1B ▼ 1.3%
MS Product Revenues $4B ▼ 7.1%
Rare Disease Product Revenue $2.2B ▲ 8.4%
Revenues From Anti CD20 Therapeutic Programs $1.9B ▲ 6.3%
Tysabri Product $1.7B ▼ 2.9%
SPINRAZA $1.5B ▼ 1.7%
Fumarate $1.4B ▼ 10.6%
Royalty Attributed To OCREVUS $1.4B ▲ 5.6%
Interferon $946M ▼ 2.3%
VUMERITY $747M ▲ 18.9%
Contract Manufacturing Royalty and Other Revenue $733M ▲ 12.3%
Biosimilars $729M ▼ 8.1%
AVONEX $696M ▼ 1.7%
TECFIDERA $680M ▼ 29.7%
Contract Manufacturing and Other Revenue $679M ▲ 14.7%
SKYCLARYS $521M ▲ 36.1%
BENEPALI $453M ▼ 5.4%
PLEGRIDY $250M ▼ 4.0%
Other $197M ▲ 139.0%
ZURZUVAE $195M ▲ 170.2%
IMRALDI $190M ▼ 10.7%
Alzheimers Collaboration $178M ▲ 196.7%
QALSODY $86.9M ▲ 168.2%
Royalty $53.5M ▼ 11.6%
FLIXABI $52.6M ▼ 16.8%
BYOOVIZ $32.4M ▼ 11.5%
FUMADERM and ADUHELM $2.1M ▼ 79.6%
FAMPYRA $1.4M ▼ 98.0%
TOFIDENCE $700,000 ▼ 36.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Biogen's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$30.7B
Institutions reporting
1,034
Shares held vs prior quarter
▲ 5.4%
Positions opened / closed
107 / 83

Top buyers and sellers, Q2 2026: 531 institutions bought and 372 sold ; the biggest buyer was FMR LLC (+5.4M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−1.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $3.9B 18.2M 12.8% ▲ 42.2%
Blackrock, Inc. $3.5B 16.0M 11.2% ▲ 0.1%
Primecap Management Co $3.3B 15.2M 10.7% ▲ 2.7%
Vanguard Capital Management LLC $2.1B 9.7M 6.8% ▲ 1.2%
State Street Corp $1.6B 7.3M 5.2% ▲ 2.5%
Vanguard Portfolio Management LLC $1.4B 6.6M 4.6% ▲ 1.1%
Geode Capital Management, LLC $958M 4.4M 3.1% ▲ 2.5%
Wellington Management Group LLP $674M 3.1M 2.2% ▲ 5.3%
Norges Bank $557M 2.6M 1.8% —
Morgan Stanley $521M 2.4M 1.7% ▲ 11.1%
AQR Capital Management LLC $417M 1.9M 1.4% ▲ 0.7%
Jpmorgan Chase & Co $395M 1.8M 1.3% ▼ 9.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Biogen's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $585 1 trade by 1 insider, last 12 months Insider sales History → $905,414 4 trades by 2 insiders · 100% under pre-set plans
Net ▼ $904,829 net selling
Insider Date Trade Shares Price Value
Minor Lloyd Director August 4, 2026 Sell pre-set plan 593 $200.96 $119,169
Minor Lloyd Director August 3, 2026 Sell pre-set plan 593 $203.34 $120,581
Murphy Nicole Head of Pharm Ops and Tech February 12, 2026 Buy 3 $195.03 $585
Singhal Priya Head of Development February 9, 2026 Sell pre-set plan 2,660 $199.83 $531,548
Singhal Priya Head of Development February 2, 2026 Sell pre-set plan 748 $179.30 $134,116

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 65 trades and filings

In the last 12 months, 3 members of Congress disclosed 5 purchases and 3 sales of Biogen shares.

  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed October 7, 2026
  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded August 18, 2026, filed September 1, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 5, 2026, filed July 2, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 28, 2026
  • July 29, 2026
  • July 1, 2026
  • April 29, 2026
  • April 6, 2026
  • February 6, 2026

Recent SEC filings

Data status

When each part of this page on Biogen was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Biogen in brief

What does Biogen do?
Biogen is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Biogen's stock ticker?
Biogen trades under the ticker BIIB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Biogen's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Biogen reported revenue of $10.3B, 2.3% higher than a year earlier, according to its SEC filings.
What is Biogen's free cash flow?
Biogen's free-cash-flow margin is 20.1% of revenue over the trailing twelve months, ranking 24 of the 176 biotechnology companies we cover.
What is Biogen's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Biogen's free cash flow after stock-based pay gives ~$210 per share in the base case, and ~$150–$290 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Biogen's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Primecap Management Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Biogen's market cap?
On November 2, 2026, Biogen's market capitalisation was about $36.9B, with a price-to-earnings ratio of 106.2 and net debt of $6B. Market figures come from third-party market data and may be delayed.
How much debt does Biogen have?
Biogen's debt-to-equity ratio is 38.5%, from its latest balance sheet (55.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Biogen's competitors?
In our Biotechnology peer group, the companies closest to Biogen are Vertex Pharmaceuticals, Regeneron Pharmaceuticals, Incyte, Argenx SE and Neurocrine Biosciences Inc. The side-by-side comparison below sets their revenue, margins and growth against Biogen's.
Are insiders buying or selling Biogen stock?
Over the last 12 months, Biogen's directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.