Biogen Inc
BIIBHealthcare|Drug Manufacturers - General|USA
$172.34
-5.00 (-2.82%)
DCF (FCF)
$259.03
Tangible Book
$17.62
Graham Number
$77.87
Earnings Power
$149.79
Financials
Financial Snapshot
Market Cap
$25.29B
Enterprise Value
$-2.76B
Revenue (TTM)
$9.89B
Net Income (TTM)
$1.29B
Cash & Equivalents
$3.81B
Net Cash/Share
$-50.18
Free Cash Flow (TTM)
$1.97B
Operating CF (TTM)
$2.20B
Debt/Equity
0.36
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $4.90B | $3.69B | $3.54B | $4.48B | $2.61B | $3.80B | $4.89B | $1.05B | $2.38B | $3.82B | $3.82B | |
| Operating Cash Flow | $4.59B | $4.55B | $6.19B | $7.08B | $4.23B | $3.64B | $1.38B | $1.55B | $2.88B | $2.20B | $2.20B | |
| Free Cash Flow | $3.86B | $2.59B | $5.30B | $6.41B | $3.68B | $3.35B | $1.14B | $1.24B | $2.52B | $1.97B | $1.97B | |
| Capital Expenditure | $-727.7M | $-1.96B | $-886.1M | $-669.5M | $-551.8M | $-294.9M | $-243.2M | $-311.4M | $-359.8M | $-235.4M | $-235.4M | |
| Financing Cash Flow | $-1.05B | $-2.38B | $-4.47B | $-5.86B | $-5.27B | $-2.09B | $-1.75B | $149.3M | $-683.5M | $-301.9M | $-301.9M |
R&D Spending
R&D (TTM)
$1.78B
R&D Intensity
18.0%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.45B | $12.27B | $13.45B | $14.38B | $13.44B | $10.98B | $10.17B | $9.84B | $9.68B | $9.89B | $9.89B | |
| R&D Expense | $1.97B | $2.25B | $2.60B | $2.28B | $3.99B | $2.50B | $2.23B | $2.45B | $1.98B | $1.78B | $1.78B | |
| R&D % of Revenue | 17.2% | 18.4% | 19.3% | 15.9% | 29.7% | 22.8% | 21.9% | 24.9% | 20.5% | 18.0% | 18.0% | |
| SG&A | $1.95B | $1.93B | $2.11B | $2.37B | $2.50B | $2.67B | $2.40B | $2.55B | $2.40B | $2.43B | $2.43B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.45B | $12.27B | $13.45B | $14.38B | $13.44B | $10.98B | $10.17B | $9.84B | $9.68B | $9.89B | $9.89B | |
| Cost of Goods Sold | $1.48B | $1.63B | $1.82B | $1.96B | $1.81B | $2.11B | $2.28B | $2.53B | $2.31B | $2.40B | $2.40B | |
| Gross Profit | $9.97B | $10.64B | $11.64B | $12.42B | $11.64B | $8.87B | $7.90B | $7.30B | $7.37B | $7.49B | $7.49B | |
| R&D | $1.97B | $2.25B | $2.60B | $2.28B | $3.99B | $2.50B | $2.23B | $2.45B | $1.98B | $1.78B | $1.78B | |
| SG&A | $1.95B | $1.93B | $2.11B | $2.37B | $2.50B | $2.67B | $2.40B | $2.55B | $2.40B | $2.43B | $2.43B | |
| Operating Income | $5.65B | $5.53B | $6.00B | $7.04B | $4.45B | $2.81B | $2.90B | $1.85B | $2.28B | $2.47B | $2.47B | |
| Interest Expense | $-260.0M | $-250.8M | $-200.6M | $-187.4M | $-222.5M | $-253.6M | $-246.6M | $-246.9M | $-250.3M | $-267.5M | $-267.5M | |
| Pretax Income | $4.93B | $5.13B | $5.90B | $7.13B | $5.05B | $1.75B | $3.59B | $1.30B | $1.91B | $1.56B | $1.56B | |
| Net Income | $3.70B | $2.54B | $4.43B | $5.89B | $4.00B | $1.56B | $3.05B | $1.16B | $1.63B | $1.29B | $1.29B | |
| EPS (Diluted) | 16.93 | 11.92 | 21.58 | 31.42 | 24.80 | 10.40 | 20.87 | 7.97 | 11.18 | 8.79 | 8.81 | |
| EBITDA | $5.88B | $6.46B | $6.85B | $7.80B | $5.73B | $2.88B | $4.36B | $2.04B | $2.83B | $2.60B | $2.60B | |
| Shares Out. (M) | 218.80 | 213.00 | 205.30 | 187.40 | 161.30 | 149.60 | 146.00 | 145.60 | 145.90 | 147.10 | 148.00 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.33B | $1.57B | $1.22B | $2.91B | $1.33B | $2.26B | $3.42B | $1.05B | $2.38B | $3.01B | $3.01B | |
| Marketable Securities | $2.57B | $2.12B | $2.31B | $1.56B | $1.28B | $1.54B | $1.47B | $0.00 | $0.00 | $807.2M | $807.2M | |
| Total Current Assets | $8.73B | $7.87B | $7.64B | $8.38B | $6.89B | $7.86B | $9.79B | $6.86B | $7.46B | $8.97B | $8.97B | |
| Total Assets | $22.88B | $23.65B | $25.29B | $27.23B | $24.62B | $23.88B | $24.55B | $26.84B | $28.05B | $29.44B | $29.44B | |
| Total Current Liabilities | $3.42B | $3.37B | $3.30B | $4.86B | $3.74B | $4.30B | $3.27B | $3.43B | $5.53B | $3.35B | $3.35B | |
| Long-Term Debt | $6.51B | $5.93B | $5.94B | $4.46B | $7.43B | $6.27B | $6.28B | $6.79B | $4.55B | $6.29B | $6.29B | |
| Total Liabilities | $10.75B | $11.05B | $12.26B | $13.90B | $13.93B | $12.92B | $11.17B | $12.05B | $11.33B | $11.18B | $11.18B | |
| Stockholders' Equity | $12.14B | $12.61B | $13.04B | $13.34B | $10.70B | $10.90B | $13.40B | $14.80B | $16.72B | $18.26B | $18.26B | |
| Retained Earnings | $15.07B | $15.81B | $16.26B | $16.46B | $13.98B | $13.91B | $16.47B | $17.63B | $19.26B | $20.55B | $20.55B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.59B | $4.55B | $6.19B | $7.08B | $4.23B | $3.64B | $1.38B | $1.55B | $2.88B | $2.20B | $2.20B | |
| Capital Expenditure | $-727.7M | $-1.96B | $-886.1M | $-669.5M | $-551.8M | $-294.9M | $-243.2M | $-311.4M | $-359.8M | $-235.4M | $-235.4M | |
| Free Cash Flow | $3.86B | $2.59B | $5.30B | $6.41B | $3.68B | $3.35B | $1.14B | $1.24B | $2.52B | $1.97B | $1.97B | |
| Investing Cash Flow | $-2.48B | $-2.96B | $-2.05B | $470.5M | $-608.6M | $-563.7M | $1.58B | $-4.10B | $-799.2M | $-1.37B | $-1.37B | |
| Financing Cash Flow | $-1.05B | $-2.38B | $-4.47B | $-5.86B | $-5.27B | $-2.09B | $-1.75B | $149.3M | $-683.5M | $-301.9M | $-301.9M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-1.00B | $-1.37B | $-4.35B | $-5.87B | $-6.68B | $-1.80B | $-750.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $2.97B | $0.00 | $0.00 | $997.2M | $0.00 | $1.73B | $1.73B | |
| Payments of Debt | $-2.7M | $-560.9M | $-3.2M | $0.00 | $-1.50B | $-170.0M | $-1.00B | $-809.9M | $-650.0M | $-1.75B | $-1.75B | |
| Stock Based Comp. | $154.8M | $128.0M | $157.5M | $182.3M | $198.3M | $238.6M | $254.1M | $264.2M | $291.2M | $290.8M | $290.8M | |
| Net Change in Cash | $1.02B | $-752.7M | $-349.2M | $1.69B | $-1.58B | $930.2M | $1.16B | $-2.37B | $1.33B | $633.5M | $633.5M |
Dilution Tracker
Shares Outstanding
148M
5-Year Share Growth
-1.1%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 218.80 | 213.00 | 205.30 | 187.40 | 161.30 | 149.60 | 146.00 | 145.60 | 145.90 | 147.10 | 148.00 | |
| YoY Change % | — | -2.7% | -3.6% | -8.7% | -13.9% | -7.3% | -2.4% | -0.3% | 0.2% | 0.8% | 0.6% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-1.00B | $-1.37B | $-4.35B | $-5.87B | $-6.68B | $-1.80B | $-750.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $154.8M | $128.0M | $157.5M | $182.3M | $198.3M | $238.6M | $254.1M | $264.2M | $291.2M | $290.8M | $290.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 87.1% | 86.7% | 86.5% | 86.4% | 86.6% | 80.8% | 77.6% | 74.2% | 76.1% | 75.7% | 75.7% | |
| Operating Margin % | 49.4% | 45.0% | 44.6% | 48.9% | 33.1% | 25.6% | 28.5% | 18.8% | 23.6% | 25.0% | 25.0% | |
| Net Margin % | 32.3% | 20.7% | 32.9% | 41.0% | 29.8% | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% | 13.1% | |
| EBITDA Margin % | 51.3% | 52.6% | 50.9% | 54.3% | 42.7% | 26.2% | 42.8% | 20.7% | 29.2% | 26.3% | 26.3% | |
| FCF Margin % | 33.7% | 21.1% | 39.4% | 44.6% | 27.4% | 30.5% | 11.2% | 12.6% | 26.0% | 19.9% | 19.9% | |
| ROE % | 34.4% | 20.5% | 34.5% | 44.6% | 33.3% | 14.4% | 25.1% | 8.2% | 10.4% | 7.4% | 7.4% | |
| ROA % | 17.5% | 10.9% | 18.1% | 22.4% | 15.4% | 6.4% | 12.6% | 4.5% | 5.9% | 4.5% | 4.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)19.56
Historical7.77 / 15.48 / 32.32
Industry Med.20.96
P/S2.58
Historical1.71 / 3.70 / 6.38
Industry Med.2.30
P/B1.39
Historical0.99 / 3.49 / 6.17
Industry Med.2.03
EV/EBITDA10.77
Historical5.43 / 10.01 / 21.54
Industry Med.12.96
EV/Revenue2.84
Historical2.13 / 3.93 / 6.54
Industry Med.2.47
P/FCF12.86
Historical6.64 / 14.29 / 37.22
Industry Med.23.50
Intrinsic Value Models
DCF (FCF Based)
$259.03
Tangible Book
$17.62
Graham Number
$77.87
Median P/S Value
$252.12
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 15.43 | 26.73 | 13.94 | 9.44 | 9.87 | 23.07 | 13.27 | 32.47 | 13.68 | 20.02 | 19.56 | |
| PS Ratio | 4.99 | 5.53 | 4.59 | 3.87 | 2.94 | 3.27 | 3.97 | 3.83 | 2.31 | 2.62 | 2.58 | |
| PB Ratio | 4.65 | 5.34 | 4.55 | 3.87 | 3.49 | 3.24 | 2.98 | 2.53 | 1.33 | 1.42 | 1.39 | |
| EV/EBITDA | 9.88 | 10.77 | 9.02 | 6.87 | 7.41 | 13.59 | 9.55 | 21.48 | 9.38 | 10.98 | 10.77 | |
| EV/Revenue | 5.07 | 5.67 | 4.59 | 3.73 | 3.16 | 3.56 | 4.09 | 4.45 | 2.74 | 2.89 | 2.84 |
Analyst Estimates & Quality
Altman Z-Score
3.14
Safe
Piotroski F-Score
4
Moderate
Beneish M-Score
-2.50
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $9,487M | $9,421M | $9,506M |
| Net Income | $2,288M | $2,414M | $2,549M |
| EPS | 11.88 | 12.43 | 14.30 |
| Book Value per Share | 138.24 | 144.19 | 165.36 |
| Operating Cash Flow per Share | 22.39 | 14.90 | 19.75 |
| Operating CF | $3,314.05M | $2,204.67M | $2,922.53M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Revenue from anti-CD20 therapeutic programs | $1.86B |
| PLEGRIDY | $250.1M |
| ZURZUVAE | $195.1M |
| VUMERITY | $746.8M |
| TYSABRI | $1.67B |
| TOFIDENCE | $700.0K |
| TECFIDERA | $679.7M |
| SPINRAZA | $1.55B |
| SKYCLARYS | $520.5M |
| QALSODY | $86.9M |
| Alzheimer's collaboration revenue | $177.7M |
| Other | $2.1M |
| IMRALDI | $190.2M |
| FLIXABI | $52.6M |
| FAMPYRA | $1.4M |
| Contract manufacturing, royalty and other revenue | $732.9M |
| BYOOVIZ | $32.4M |
| BENEPALI | $453.2M |
| AVONEX | $695.5M |
By Geography
| Segment | 2025 |
|---|---|
| U.S. | $5.74B |
| Alzheimer's collaboration revenue | $177.7M |
| Asia | $726.5M |
| Europe | $1.88B |
| Germany | $853.0M |
| Other | $511.2M |