Biogen Inc. (BIIB)
Health Care · Biotechnology · US stock · S&P 500 component
$253.84
▲ +12.86 (5.34%)
Fair valueFair
$239 −5.7% to fair value
$120fair band $204–$290$359
Day's range
$240.05 – $254.41
52-week range
$138.00 – $254.41
About Biogen Inc.
Biogen is a biotechnology company that develops and markets therapies for neurological and neurodegenerative conditions. Its marketed medicines include Spinraza for spinal muscular atrophy and Tysabri for multiple sclerosis, and it works with Eisai on Leqembi for Alzheimer's disease. Customers include hospitals, specialty pharmacies and distributors that supply patients and clinicians, and the company also earns income from partner products.
Revenue comes from sales of its medicines and from royalties and collaboration income. Revenue was $9.9 billion over the last twelve months, but growth was -0.9% a year over the last three years. The operating margin is 19.1%, and the business earns a profit of 8% on the capital invested in it. Net debt is 0.7 times EBITDA, and no dividend is paid. On the site's X-Ray Score it receives 44 out of 100.
Price chart
52-wk range $138.00 – $254.41Volume 2,237,875Daily, split-adjusted
Vitals
Market cap$37.7B
52-week range$138.00 – $254.41
Volume (last day)2,237,875
P/E (TTM)27.3
EBIT / EV yield4.8%
Free-cash-flow yield6.4%
Dividend yieldNo dividend
Revenue (TTM)$9.9B
Net income (TTM)$1.4B
Operating margin19.1%
Return on capital7.8%
Debt incl. leases$6.3B
Cash & securities$4.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$239middle half of models $223 – $254
Fair
−5.7% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $254
Undervalued < $204Fair $204 – $290Overvalued > $290
P/E multiple
$242
P/B multiple
$319
P/S multiple
$275
EV/EBITDA multiple
$254
EV/EBIT multiple
$215
EV/revenue multiple
$281
10-year DCF, EBITDA exit
$240
5-year DCF, EBITDA exit
$242
10-year DCF, revenue exit
$246
5-year DCF, revenue exit
$251
10-year DCF, growth exit
$170
5-year DCF, growth exit
$153
Earnings power value
$223
Growth the price implies
16.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
57/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.8%
Free-cash-flow yield6.4%
Fair value vs price0.9×
Growth
Weak
24/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-0.9%
EPS growth (3y)-25.0%
Growth consistency60%
Profitability
Weak
39/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital7.8%
Operating margin19.1%
Gross profitability25.4%
Financial health
Fair
55/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA0.7×
Interest cover6.9×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+2.9%
Dec '24
+6.1%
Mar '25
+7.3%
Jun '25
+2.8%
Sep '25
-7.1%
Dec '25
+1.9%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.5B, diluted EPS $2.15.
Compare with peers
INCY Incyte Corp80 VRTX Vertex Pharmaceuticals...50 AMGN Amgen Inc48 REGN Regeneron Pharmaceutic...47Other Biotechnology companies by X-Ray Score.
SWOT analysis: Biogen Inc.
Strengthsinside the company
- Free cash flow equals 6.4% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Return on invested capital of 7.8% is well below the 17.7% median of industry peers.
- Revenue has fallen 0.9% a year over three years while industry peers grew 5.6%.
- Earnings per share have declined 25.0% a year over three years.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BIIB with peers and sector
Medians of 7 Biotechnology peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABBV 41, AMGN 48, GILD 37, VRTX 50, REGN 47, MRNA 12.
| Metric | BIIB | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 44 | 47 | 49 |
| Valuation | 57 | 26 | 52 |
| Growth | 24 | 45 | 48 |
| Profitability | 39 | 55 | 51 |
| Financial health | 55 | 38 | 48 |
| Dividends | – | 51 | 51 |
Sector leaders: highest X-Ray Score in Health Care
BIIB ranks #41 of 60 in Health Care and #5 of 8 in Biotechnology by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BIIB
Each factor is rated by where BIIB stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 6 Average · 7 Bad of 22
Growth: 0 · 0 · 3
Profitability: 1 · 2 · 2
Financial strength: 2 · 1 · 1
Valuation: 3 · 2 · 0
Cash flow: 3 · 1 · 0
Efficiency: 0 · 0 · 1
| Factor | BIIB | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −0.9% | Bad beats 11% | +5.5% | – | – |
| Revenue growth, last year | +2.2% | Bad beats 19% | +7.1% | −3.3% | ▲ Better |
| EPS growth, 3 years a year | −25.0% | Bad beats 5% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 75.5% | Good beats 85% | 65.0% | 76.1% | ≈ In line |
| Operating margin | 19.1% | Average beats 59% | 16.4% | 22.3% | ▼ Worse |
| Net margin | 13.8% | Average beats 56% | 11.1% | 14.2% | ≈ In line |
| Return on invested capital | 7.8% | Bad beats 28% | 12.2% | – | – |
| Return on equity | 7.4% | Bad beats 25% | 13.7% | 9.8% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 0.7x | Good beats 77% | 2.0x | 1.3x | ▲ Better |
| Interest cover | 6.9x | Average beats 38% | 9.4x | 8.6x | ▼ Worse |
| Current ratio | 3.06 | Good beats 84% | 1.52 | 2.00 | ▲ Better |
| Piotroski F-score | 5 / 9 | Bad beats 25% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 27.5x | Average beats 54% | 28.2x | 20.0x | ▼ Worse |
| Price / book | 2.0x | Good beats 86% | 3.7x | 2.5x | ▲ Better |
| Price / sales | 3.8x | Average beats 48% | 3.7x | 3.3x | ▼ Worse |
| EV / EBITDA | 14.7x | Good beats 69% | 17.6x | 10.9x | ▼ Worse |
| Free cash flow yield | 6.4% | Good beats 76% | 4.4% | 7.9% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 24.4% | Good beats 80% | 16.3% | 20.7% | ▲ Better |
| Cash from operations / net income | 1.89 | Good beats 77% | 1.61 | 1.71 | ▲ Better |
| Free cash flow growth, 3 years a year | +21.5% | Good beats 77% | +4.3% | – | – |
| Accruals (lower is better) | −4.1% | Average beats 58% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 1.2x | Bad beats 10% | 2.9x | 1.1x | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 6 Average · ● 5 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 48/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $11.0B | $10.2B | $9.8B | $9.7B | $9.9B |
| Operating income | $2.8B | $3.8B | $1.5B | $2.2B | $1.8B |
| Net income | $1.6B | $3.0B | $1.2B | $1.6B | $1.3B |
| Operating cash flow | $3.6B | $1.4B | $1.5B | $2.9B | $2.2B |
| Operating margin | 25.9% | 37.7% | 15.7% | 22.3% | 18.4% |
| Free cash flow | $3.4B | $1.1B | $1.3B | $2.7B | $2.1B |
| Diluted EPS | $10.40 | $20.87 | $7.97 | $11.18 | $8.79 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 0 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 235.6 | Bullish |
| EMA 10 | 237.4 | Bullish |
| SMA 20 | 229.8 | Bullish |
| EMA 20 | 231.8 | Bullish |
| SMA 50 | 222.6 | Bullish |
| EMA 50 | 223.3 | Bullish |
| SMA 100 | 212.6 | Bullish |
| EMA 100 | 214.2 | Bullish |
| SMA 200 | 199.1 | Bullish |
| EMA 200 | 200.7 | Bullish |
Oscillators (daily)
| RSI (14) | 75.14 | Bearish |
| MACD (12, 26) | 6.32 | Bullish |
| Momentum (12) | 13.89 | Bullish |
| Stochastic %K (14) | 98.53 | Bearish |
| Williams %R (14) | -1.47 | Bearish |
| CCI (20) | 209.6 | Bearish |
Pivot points (classic, last session)
S3 230.1 | S2 235.1 | S1 244.5 | Pivot 249.4 | R1 258.8 | R2 263.8 | R3 273.2 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold BIIB
| ETF | Share of the fund |
|---|---|
| FBT First Trust NYSE Arca Biotechnology In... | 3.37% |
| IBB iShares Biotechnology | 2.47% |
| CALF Pacer US Small Cap Cash Cows 100 | 1.91% |
| XBI SPDR S&P Biotech | 1.03% |
| COWG Pacer US Large Cap Cash Cows Growth Le... | 0.87% |
| COWZ Pacer US Cash Cows 100 | 0.72% |
| LABU Direxion Daily S&P Biotech Bull 3X | 0.71% |
| XLV Health Care Select Sector SPDR | 0.56% |
The eight funds with the largest weight in BIIB among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BIIB stock splits
BIIB has split its stock 2 times since 1999. The latest was a 3-for-1 split on 18 Jan 2001.
Full BIIB stock split history →BIIB SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Entered a material agreement; Completed an acquisition or disposal
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.