Biogen (BIIB)

NASDAQ:BIIB

BIIB

Biogen

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Biogen (BIIB) AI Stock Analysis

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Biogen

(NASDAQ:BIIB)

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Neutral 64 (OpenAI - 5.2)

Rating:64Neutral

Price Target:

$215.00

▲(12.53% Upside)

Action:DowngradedDate:02/07/26

BIIB scores as a mid-range opportunity driven primarily by stable financials (profitability, free cash flow, and manageable leverage). The earnings outlook is mixed: growth products and pipeline progress are positives, but 2026 revenue is guided down with ongoing legacy MS erosion and timing/reimbursement risks. Technically the trend is strong but appears overbought, while valuation is not especially cheap at ~22.8x earnings and lacks a dividend yield input.

Positive Factors

Pipeline Advancements

Biogen's initiation of multiple Phase III studies indicates a robust pipeline, which is crucial for long-term growth and maintaining competitive advantage in the biotech industry.

Negative Factors

Declining Profitability Margins

Declining profitability margins suggest challenges in cost management and operational efficiency, which could impact Biogen's long-term financial health and competitiveness.

Read all positive and negative factors

Positive Factors

Negative Factors

Pipeline Advancements

Biogen's initiation of multiple Phase III studies indicates a robust pipeline, which is crucial for long-term growth and maintaining competitive advantage in the biotech industry.

Read all positive factors

Biogen (BIIB) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$28.04B

Dividend YieldN/A

Average Volume (3M)943.43K

Price to Earnings (P/E)―

Beta (1Y)0.66

Revenue Growth5.00%

EPS Growth-1.03%

CountryUS

Employees7,605

SectorHealthcare

Sector Strength45

IndustryDrug Manufacturers - General

Share Statistics

EPS (TTM)1.99

Shares Outstanding146,758,530

10 Day Avg. Volume997,228

30 Day Avg. Volume943,433

Financial Highlights & Ratios

PEG Ratio-0.95

Price to Book (P/B)1.41

Price to Sales (P/S)2.63

P/FCF Ratio12.59

Enterprise Value/Market Cap1.10

Enterprise Value/Revenue3.15

Enterprise Value/Gross Profit4.47

Enterprise Value/Ebitda9.97

Forecast

1Y Price Target

$206.70

Price Target Upside8.19% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering27

EPS Forecast (FY)15.76

Revenue Forecast (FY)$9.43B

Biogen Business Overview & Revenue Model

Company Description

Biogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA fo...

How the Company Makes Money

Biogen generates revenue primarily through the sale of its pharmaceutical products, particularly those targeting neurological disorders. The company's key revenue streams include sales from its multiple sclerosis therapies, which account for a sig...

Biogen Key Performance Indicators (KPIs)

Any

Revenue by Geography

Revenue by Geography
Breaks down revenue across different regions, revealing where Biogen is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.

Chart InsightsBiogen's U.S. revenue shows a gradual recovery since 2023, while international revenue faces challenges, likely due to competitive pressures and inventory issues. The earnings call highlights strong growth from new product launches, particularly LEQEMBI, which offsets declines in other areas. Despite international hurdles, Biogen's raised EPS guidance and promising pipeline developments suggest a positive long-term outlook. Investors should watch for the impact of competitive pressures in the ex-US market, especially for TECFIDERA, and potential financial implications from the arbitration with Eisai.

Data provided by:

The Fly

Biogen Earnings Call Summary

Earnings Call Date:Feb 06, 2026

(Q4-2025)

% Change Since: |

Next Earnings Date:May 06, 2026

Earnings Call Sentiment Neutral

The call conveyed balanced optimism: Biogen reported strong operating cash flow, solid EPS, a growing cohort of recently launched 'growth' products and meaningful pipeline and regulatory progress (priority review, breakthrough designation, new INDs and acquisition activity). These positives are tempered by near‑term revenue guidance calling for a mid‑single‑digit decline in 2026, ongoing competitive pressures on legacy MS products (generics and biosimilars), one‑time charges that weighed on GAAP results and reimbursement/inventory timing uncertainties that could dampen near‑term revenue trajectories. The company is investing for launches and pipeline progression while managing legacy declines.

Positive Updates

Strong EPS, cash generation and balance sheet

Q4 non-GAAP diluted EPS $1.99; FY2025 non-GAAP diluted EPS $15.28 (came in above expectations). Free cash flow $2.1B for the year; cash and marketable securities $4.2B; net debt $2.0B; FY2025 total revenue $9.9B, up ~2% versus 2024.

Negative Updates

2026 revenue guidance shows near‑term decline

Company expects full‑year 2026 total revenue to decline by a mid single‑digit percentage versus 2025; full‑year non‑GAAP diluted EPS guidance $15.25–$16.25 (flat to modestly higher vs FY2025). Management expects MS revenue excluding VUMERITY to decline by a mid‑teen percentage in 2026.

Read all updates

Q4-2025 Updates

Positive

Negative

Strong EPS, cash generation and balance sheet

Read all positive updates

Company Guidance

Biogen guided full‑year 2026 non‑GAAP diluted EPS of $15.25–$16.25 (versus $15.28 in FY2025 and Q4 2025 non‑GAAP EPS of $1.99) and expects total revenue to decline a mid‑single‑digit percentage versus FY2025 revenue of $9.9B (FY25 +2% vs 2024); the company said MS revenue excluding VUMERITY should decline by a mid‑teens percentage, contract manufacturing revenue is expected to be roughly $300M per half (~$600M/year), gross margin roughly consistent with 2025, and core OpEx roughly flat (with Q1 2026 expense ~10% higher YoY). For context, growth products generated $3.3B in FY2025 (and >$800M in Q4), SPINRAZA Q4 global revenue was $356M (full year down 2% YoY), VUMERITY FY25 revenue was $747M (Q4 $181M), Skyclaris Q4 global revenue was $133M (+30% YoY) and Akembi end‑market Q4 sales were about $134M; FY2025 free cash flow was $2.1B, cash & marketable securities $4.2B with $2.0B net debt, and Q4 results included ~$222M of IPR&D charges, ~ $180M of one‑time GAAP charges and a $1.26 per‑share EPS impact from Q4 business‑development transactions.

Biogen Financial Statement Overview

Summary

Solid profitability, consistent positive free cash flow, and a healthier leverage profile support financial stability. However, multi-year revenue contraction and a step-down in margins/cash flow momentum temper the financial outlook.

Income Statement

Positive

Balance Sheet

Positive

Cash Flow

Positive

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.81B	9.68B	9.84B	10.17B	10.98B
Gross Profit	6.91B	7.37B	7.30B	7.90B	8.87B
EBITDA	3.10B	3.00B	2.38B	3.54B	3.92B
Net Income	1.29B	1.63B	1.16B	3.05B	1.56B
Balance Sheet
Total Assets	29.44B	28.05B	26.84B	24.55B	23.88B
Cash, Cash Equivalents and Short-Term Investments	3.82B	2.38B	1.05B	4.89B	3.80B
Total Debt	6.95B	6.63B	7.34B	6.61B	7.60B
Total Liabilities	11.18B	11.33B	12.05B	11.17B	12.92B
Stockholders Equity	18.26B	16.72B	14.80B	13.40B	10.90B
Cash Flow
Free Cash Flow	2.05B	2.52B	1.24B	1.14B	3.38B
Operating Cash Flow	2.20B	2.88B	1.55B	1.38B	3.64B
Investing Cash Flow	-1.37B	-799.20M	-4.09B	1.59B	-563.70M
Financing Cash Flow	-301.90M	-683.50M	137.00M	-1.76B	-2.09B

Biogen Technical Analysis

Technical Analysis Sentiment

Positive

Last Price191.06

Price Trends

50DMA

184.51

Positive

100DMA

178.62

Positive

200DMA

157.96

Positive

Market Momentum

MACD

-0.11

Negative

RSI

56.85

Neutral

STOCH

76.56

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BIIB, the sentiment is Positive. The current price of 191.06 is above the 20-day moving average (MA) of 186.20, above the 50-day MA of 184.51, and above the 200-day MA of 157.96, indicating a bullish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 56.85 is Neutral, neither overbought nor oversold. The STOCH value of 76.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BIIB.

Biogen Risk Analysis

Biogen disclosed 30 risk factors in its most recent earnings report. Biogen reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

Biogen Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GILD	74 Outperform	$169.93B	17.94	41.01%	2.52%	2.76%	6407.19%
AMGN	71 Outperform	$190.38B	22.84	96.65%	3.00%	11.03%	65.22%
BMY	71 Outperform	$121.03B	15.61	39.27%	4.84%	1.26%	―
GSK	67 Neutral	$109.22B	13.19	37.19%	3.41%	5.97%	128.66%
BIIB	64 Neutral	$28.04B	-133.33	7.28%	―	5.00%	-1.03%
ABBV	63 Neutral	$373.30B	96.82	-361.58%	2.87%	7.40%	-53.78%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

* Healthcare Sector Average

Performance Comparison

BIIB

Biogen

183.84

45.47

32.86%

AMGN

Amgen

348.77

51.16

17.19%

BMY

Bristol-Myers Squibb

58.54

1.41

2.46%

GILD

Gilead Sciences

134.25

25.36

23.29%

GSK

GlaxoSmithKline

53.84

16.58

44.51%

ABBV

AbbVie

209.40

10.77

5.42%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 07, 2026