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Biogen Inc. (BIIB)
:BIIB
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Biogen (BIIB) AI Stock Analysis

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BIIB

Biogen

(NASDAQ:BIIB)

Rating:74Outperform
Price Target:
$146.00
▲(9.87% Upside)
Biogen's overall stock score is driven by its solid financial foundation and positive earnings call sentiment. The company's strong new product performance offsets some of the risks associated with declining revenues. Technical indicators provide mixed signals, but the attractive valuation supports a favorable outlook.
Positive Factors
Financial Guidance
For FY2025, non-GAAP financial guidance was increased to the range of $15.50 to $16.00 from $14.50-$15.50 based on stronger business outlooks.
Product Approvals
Eisai/BIIB's Leqembi is gaining more momentum, with potential approvals that could help the product achieve its true potential.
Sales Performance
Leqembi in-market sales were genuinely encouraging, reflecting 30% growth sequentially and beating estimates by 24%.
Negative Factors
Growth Outlook
Growth outlook over the next few years remains modest, with revenues and EPS about flat.
Product Diversification
With approximately 90% of Biogen's product revenue still deriving from legacy products, it's essential for greater revenue diversification.
Technology Advances
BIIB seems, once again, to be missing out on a growing technology advance and doesn't have a meaningful horse in the BBB-shuttle stampede.

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

Biogen Business Overview & Revenue Model

Company DescriptionBiogen 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 for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis. It also provides BENEPALI, an etanercept biosimilar referencing ENBREL; ADUHELM for the treatment of Alzheimer's disease; IMRALDI, an adalimumab biosimilar referencing HUMIRA; and FLIXABI, an infliximab biosimilar referencing REMICADE. In addition, the company offers RITUXAN for treating non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; and OCREVUS for treating relapsing MS and primary progressive MS; and other anti-CD20 therapies. Further, it develops BIIB135, BIIB061, BIIB091, and BIIB107 for MS and neuroimmunology; Aducanumab, Lecanemab, BIIB076, and BIIB080 to treat Alzheimer's disease and dementia; BIIB067, BIIB078, BIIB105, BIIB100, and BIIB110 to treat neuromuscular disorders; BIIB124, BIIB094, BIIB118, BIIB101, and BIIB122 for treating Parkinson's disease and movement disorders; BIIB125 and BIIB104 for treating neuropsychiatry; Dapirolizumab pegol and BIIB059 to treat immunology related diseases; BIIB093 and BIIB131 to treat acute neurology; BIIB074 for neuropathic pain; and BYOOVIZ, BIIB800, and SB15 biosimilars, which are under various stages of development. The company has collaboration and license agreements with Acorda Therapeutics, Inc.; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis Co., Ltd.; Sangamo Therapeutics, Inc.; and Sage Therapeutics, Inc. Biogen Inc. was founded in 1978 and is headquartered in Cambridge, Massachusetts.
How the Company Makes MoneyBiogen generates revenue primarily through the sale of its pharmaceutical products, particularly in the neurology sector. Key revenue streams include its leading multiple sclerosis therapies, such as Tecfidera, Avonex, and Tysabri, as well as Spinraza for treating spinal muscular atrophy. Biogen also earns income from its biosimilars portfolio, which includes treatments for conditions like immune disorders and certain cancers. Additionally, the company engages in strategic collaborations and partnerships with other biotech and pharmaceutical firms to enhance its pipeline and expand its market reach, further contributing to its financial performance.

Biogen Key Performance Indicators (KPIs)

Any
Any
Revenue by Segment
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas are driving growth and which may need strategic adjustments to enhance Biogen's overall performance.
Chart InsightsBiogen's revenue from its Multiple Sclerosis segment continues to decline, reflecting increased competition from biosimilars and generics. However, the Rare Disease segment shows promising growth, particularly in recent quarters, aligning with Biogen's strategic focus on new product launches. The earnings call highlights strong performance in new products like LEQEMBI and SKYCLARYS, which are offsetting some of the declines in traditional segments. Despite anticipated revenue declines in 2025, Biogen's robust pipeline and strategic investments suggest potential for long-term growth.
Data provided by:Main Street Data

Biogen Earnings Call Summary

Earnings Call Date:Jul 31, 2025
(Q2-2025)
|
% Change Since: 4.94%|
Next Earnings Date:Oct 22, 2025
Earnings Call Sentiment Positive
The earnings call reflected a strong quarter with significant growth from new product launches and positive developments in the pipeline, offset by challenges in international markets and partnership disagreements. The company's financial outlook has improved, leading to raised guidance. Overall, the highlights outweigh the lowlights, indicating a positive sentiment.
Q2-2025 Updates
Positive Updates
Strong Growth from New Product Launches
New product launches generated $252 million in revenue, marking a 26% increase quarter-over-quarter and 91% year-over-year. The growth from these launches offset the decline in the MS portfolio.
LEQEMBI Revenue Growth
LEQEMBI saw a 20% quarter-over-quarter revenue increase in the U.S., with an increase in new prescribers by 34% year-to-date. Global sales, excluding China shipment timing impact, grew 29% sequentially and 211% year-over-year.
Positive Developments in Pipeline
Initiated 3 Phase III studies and obtained a positive CHMP opinion for zuranolone in Europe. Announced exciting interim Phase Ib data for salanersen in SMA, demonstrating proof of concept.
Raised Full Year 2025 Financial Guidance
Full year 2025 non-GAAP diluted earnings per share guidance raised to $15.50-$16 from $14.50-$15.50, reflecting a stronger expected business outlook.
Expansion of Blood-Based Biomarker Testing
Blood-based biomarker testing has grown by 50% in the past 6 months and nearly tripled in the past year, indicating high awareness and willingness to adopt these tests.
Negative Updates
Ex-US MS Business Facing Competitive Pressures
The ex-US MS business is expected to face accelerating competitive pressures in the second half of 2025, particularly for TECFIDERA in Europe.
Arbitration with Eisai on European Commercialization
Biogen initiated arbitration against Eisai regarding commercialization allocations in Europe, indicating potential disagreements in their partnership.
SPINRAZA Inventory Drawdown Impact
Ex-US SPINRAZA negatively impacted by the drawdown of inventory build from the first quarter, expected to continue into Q3.
Potential Incremental Interest Expense
Biogen expects roughly $15 million to $20 million of incremental interest expense in the second half of 2025 due to recent financial transactions.
Company Guidance
On the Biogen Second Quarter 2025 Earnings Call, the company provided several updates on its financial and operational performance. Revenue for the quarter grew by 7%, driven largely by the strong execution of four newly launched products, which generated $252 million. VUMERITY and LEQEMBI showed significant growth, with LEQEMBI's global sales increasing 29% sequentially, excluding a $35 million timing impact from China shipments. SKYCLARYS expanded to 29 markets, and ZURZUVAE revenue increased by 68% quarter-over-quarter. The company raised its full-year 2025 guidance for non-GAAP diluted EPS to $15.50-$16, reflecting a stronger business outlook. Biogen also highlighted progress in its pipeline, with multiple Phase III studies initiated, including those for felzartamab, and promising interim data for salanersen in SMA. Additionally, Biogen continues to explore business development opportunities while maintaining a disciplined approach to drive shareholder value.

Biogen Financial Statement Overview

Summary
Biogen demonstrates financial stability with a strong equity base and efficient cost management. High profit margins are evident, but the declining revenue trend poses a risk to future profitability and cash flow growth.
Income Statement
70
Positive
Biogen's income statement reflects a stable financial position with a strong gross profit margin of 86.2% for TTM, indicating efficient cost management. However, revenue has been declining over the years, with a slight decrease of 1.7% in the latest TTM compared to the previous year. The net profit margin stands at 15.2% for TTM, showcasing decent profitability despite the revenue decline. EBIT and EBITDA margins are relatively healthy, but the overall revenue trend poses a risk.
Balance Sheet
75
Positive
The balance sheet of Biogen reveals a solid equity base with a debt-to-equity ratio of 0.27, indicating low leverage and financial stability. The equity ratio is 63.2%, highlighting a strong financial structure with more reliance on equity than debt. However, the overall asset base has been relatively stable with minimal growth, which could limit future expansion.
Cash Flow
65
Positive
Biogen's cash flow performance shows a robust operating cash flow to net income ratio of 1.75 for TTM, indicating strong cash generation relative to profitability. However, the free cash flow growth rate has been negative due to declining revenue, with a slight decrease in free cash flow compared to previous periods. This highlights potential challenges in sustaining cash flow growth if revenue decline continues.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue10.00B9.68B9.84B10.17B10.98B13.44B
Gross Profit7.54B7.37B7.30B7.90B8.87B11.64B
EBITDA2.79B2.83B2.38B4.36B3.92B5.73B
Net Income1.53B1.63B1.16B3.05B1.56B4.00B
Balance Sheet
Total Assets28.33B28.05B26.84B24.55B23.88B24.62B
Cash, Cash Equivalents and Short-Term Investments2.76B2.38B1.05B4.89B3.80B2.61B
Total Debt6.59B6.63B7.34B6.61B7.60B7.83B
Total Liabilities10.70B11.33B12.05B11.17B12.92B13.93B
Stockholders Equity17.63B16.72B14.80B13.40B10.90B10.70B
Cash Flow
Free Cash Flow1.86B2.52B1.24B1.14B3.38B3.81B
Operating Cash Flow2.12B2.88B1.55B1.38B3.64B4.23B
Investing Cash Flow-1.30B-799.20M-4.10B1.58B-563.70M-608.60M
Financing Cash Flow-33.40M-683.50M149.30M-1.75B-2.09B-5.27B

Biogen Technical Analysis

Technical Analysis Sentiment
Positive
Last Price132.89
Price Trends
50DMA
129.94
Positive
100DMA
128.14
Positive
200DMA
141.48
Negative
Market Momentum
MACD
0.43
Negative
RSI
56.21
Neutral
STOCH
72.69
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 132.89 is above the 20-day moving average (MA) of 129.99, above the 50-day MA of 129.94, and below the 200-day MA of 141.48, indicating a neutral trend. The MACD of 0.43 indicates Negative momentum. The RSI at 56.21 is Neutral, neither overbought nor oversold. The STOCH value of 72.69 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 1 New Risks
1.
The increasing use of AI-based software presents new risks and challenges and could adversely affect our business and reputation. Q4, 2024

Biogen Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
$75.28B17.1823.04%4.27%3.46%-13.29%
74
Outperform
$19.48B12.379.13%3.48%31.44%
73
Outperform
$0.0011.958.39%4.62%-9.32%120.62%
71
Outperform
$139.89B24.0832.51%2.77%4.63%1144.01%
67
Neutral
$0.0018.3229.31%5.37%2.57%
66
Neutral
$161.35B24.7099.14%3.09%13.10%110.67%
63
Neutral
€5.97B18.62-1.87%2.13%0.91%-39.98%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
BIIB
Biogen
132.20
-71.87
-35.22%
AMGN
Amgen
300.08
-14.46
-4.60%
BMY
Bristol-Myers Squibb
45.85
1.11
2.48%
GILD
Gilead Sciences
112.46
39.23
53.57%
GSK
GlaxoSmithKline
37.32
-1.05
-2.74%
SNY
Sanofi
47.84
-2.66
-5.27%

Biogen Corporate Events

Executive/Board ChangesShareholder Meetings
Biogen Elects Board and Ratifies Auditor at Meeting
Neutral
Jun 23, 2025

On June 17, 2025, Biogen Inc. held its 2025 Annual Meeting of Stockholders, where eleven nominees were elected to the Board of Directors for a one-year term. Additionally, stockholders ratified the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and approved the advisory vote on executive compensation. These decisions reflect the company’s ongoing governance and financial oversight strategies.

The most recent analyst rating on (BIIB) stock is a Buy with a $294.00 price target. To see the full list of analyst forecasts on Biogen stock, see the BIIB Stock Forecast page.

Private Placements and Financing
Biogen Completes $1.75 Billion Notes Issuance
Neutral
May 12, 2025

On May 12, 2025, Biogen Inc. completed the issuance and sale of $1.75 billion in senior unsecured notes, with varying maturities and interest rates, to retire its outstanding 4.050% Senior Notes due 2025. The company plans to use the proceeds, along with cash on hand, to manage its debt obligations and for general corporate purposes, potentially impacting its financial flexibility and market positioning.

The most recent analyst rating on (BIIB) stock is a Buy with a $316.00 price target. To see the full list of analyst forecasts on Biogen stock, see the BIIB Stock Forecast page.

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: Aug 02, 2025