Biogen (BIIB)
Health Care · $33.5B market cap · SEC CIK 0000875045
fundamentals score out of 100
Next reports on Oct 28, 2026, with analysts expecting $2.09 in earnings per share.
The case for BIIB
- Generated $2.1B of free cash flow in FY2025, 21% of revenue.
- Gross margin of 74% absorbs cost shocks.
- Moves less than the market (beta 0.12).
- Within 1% of its 52-week high: the trend is up.
- Up 53.7% over the past year.
The case against
- Earnings per share down 46.0%.
- Pricey at 40.1× earnings, against a long-run market average nearer 20×.
- Revenue was flat on the year (+0.3%).
- Revenue has shrunk 6.0% a year over five years.
- Return on equity of only 5%.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 53 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 9 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 47 |
| Momentumhow the price has behaved lately | 87 |
| Stabilityhow violently it moves, what it owes and what it pays you | 74 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 40.1× |
|---|---|
| Price / book | 1.69× |
| Price / sales | 3.3× |
| Revenue growth (YoY) | +0.3% |
| EPS growth (YoY) | -46.0% |
| Gross margin | 74% |
| Operating margin | 11% |
| Net margin | 8% |
| Return on equity | 5% |
| Debt / equity | 0.43× |
| Current ratio | 1.87 |
| Dividend yield | none |
| Beta | 0.12 |
| 52-week range | $135.39 – $225.80 |
| Position in that range | 100% of the way up |
| 3-month return | +11.4% |
| 1-year return | +53.7% |
Five years of financials, as filed
Pulled from Biogen's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $9.9B | $9.7B | $9.8B | $10.2B | $11.0B |
| Operating income | — | — | — | — | $2.8B |
| Net income | $1.3B | $1.6B | $1.2B | $3.0B | $1.6B |
| Operating cash flow | $2.2B | $2.9B | $1.5B | $1.4B | $3.6B |
| Capital expenditure | $154M | $154M | $277M | $240M | $258M |
| Total assets | $29.4B | $28.0B | $26.8B | $24.6B | $23.9B |
| Total liabilities | $11.2B | $11.3B | $12.0B | $11.2B | $12.9B |
| Shareholder equity | — | — | $14.8B | $13.4B | $10.9B |
| Cash | $3.0B | $2.4B | $1.0B | $3.4B | $2.3B |
| Long-term debt | $6.3B | $4.5B | $6.8B | $6.3B | $6.3B |
| Free cash flow | $2.1B | $2.7B | $1.3B | $1.1B | $3.4B |
| Operating margin | — | — | — | — | 25.9% |
| Net margin | 13.1% | 16.9% | 11.8% | 30.0% | 14.2% |
| Diluted shares | 147M | 146M | 146M | 146M | 150M |
Share count is essentially flat over 4 years.
What Biogen says it does
OVERVIEW Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer’s disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions. Our marketed products include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY for the…
Risk factors BIIB lists in its 10-K
- Note 7, Intangible Assets and Goodwill
- Note 19, Collaborative and Other Relationships,
- Note 19, Collaborative and Other Relationships
- Other research and development costs
- $45.0 million milestone payment due upon the initiation of a Phase 3 trial of salanersen
- Note 1, Summary of Significant Accounting Policies,
- Note 1, Summary of Significant Accounting Policies
- Revenue from Contracts with Customers
- Acquired Intangible Assets, including IPR&D
- Note 7, Intangible Assets and Goodwill,
- Information about our Executive Officers
- Proposal 1 - Election of Directors," "Corporate Governance"
- Miscellaneous - Stockholder Proposals
- "Compensation Discussion and Analysis"