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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:75Outperform
Price Target:
$152.00
▲(11.18% Upside)
Biogen's overall stock score of 75 reflects strong financial stability and positive technical indicators. The company's valuation is attractive, and recent earnings call highlights suggest a positive outlook driven by new product launches and pipeline advancements. However, cash flow challenges and international market pressures are risks to monitor.
Positive Factors
Earnings
Leqembi sales for 2Q beats consensus with an impressive performance across regions.
Market Expansion
Indicators show demand expansion in the US, with a significant growth in prescribers and a strong share of the early Alzheimer’s market.
Negative Factors
Revenue 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 those used in treating neurological disorders. Key revenue streams include sales from its leading therapies such as Tecfidera, which is a top-selling oral treatment for multiple sclerosis, and Spinraza, a treatment for spinal muscular atrophy. The company also earns revenue from partnerships and collaborations with other pharmaceutical firms, as well as licensing agreements for its products. Additionally, Biogen invests heavily in research and development to bring new drugs to market, which can create future revenue opportunities. The company's strategic collaborations, particularly in the field of Alzheimer's disease, are significant factors contributing to its earnings potential.

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 the Multiple Sclerosis segment continues to decline, exacerbated by competitive pressures, particularly in Europe. However, the company's strategic focus on new product launches is paying off, with significant growth from products like LEQEMBI and VUMERITY. This shift is crucial as it offsets the MS portfolio's decline and supports Biogen's raised financial guidance for 2025. The positive sentiment from the earnings call highlights the potential for sustained growth driven by new launches and pipeline advancements, despite challenges in international markets and partnership issues.
Data provided by:Main Street Data

Biogen Earnings Call Summary

Earnings Call Date:Jul 31, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Oct 22, 2025
Earnings Call Sentiment Positive
Biogen's earnings call reflected strong product growth and a positive outlook, particularly with new product launches and pipeline advancements. Despite some challenges in the MS market and a partnership arbitration, the overall performance and strategic direction suggest a positive sentiment.
Q2-2025 Updates
Positive Updates
Strong Product Growth
Biogen reported a 26% quarter-over-quarter and 91% year-over-year increase in revenue from its four launch products, generating $252 million in the quarter. Notably, LEQEMBI's global end market sales grew 29% sequentially and 211% year-over-year.
Pipeline Advancements
Biogen initiated three Phase III studies and expressed excitement about their pipeline, including salanersen for SMA and dapirolizumab for lupus, highlighting their strategic focus on transforming their pipeline.
Improved Financial Guidance
Biogen raised its full-year 2025 non-GAAP diluted EPS guidance to between $15.50 and $16, reflecting a stronger business outlook, including resilient U.S. MS business performance and launch products.
Blood-Based Biomarker Adoption
Rapid growth in blood-based biomarker testing for Alzheimer's diagnosis, with claims data showing adoption by both neurologists and PCPs, indicating potential for accelerating diagnosis.
Negative Updates
MS Revenue Challenges
Outside the U.S., Biogen's MS sales face competitive pressures, particularly from expected generic pressures for TECFIDERA and a TYSABRI biosimilar in Europe.
Arbitration with Eisai
Biogen has initiated arbitration with Eisai regarding commercialization allocations in Europe, indicating potential partnership challenges.
Company Guidance
During Biogen's second quarter 2025 earnings call, the company highlighted several key metrics and updates reflecting its growth strategy and pipeline progress. Revenue for the quarter increased by 7%, driven by strong commercial execution, particularly from four new product launches, which generated $252 million in revenue, marking a 26% quarter-over-quarter and 91% year-over-year growth. The MS business in the U.S. also showed resilience, contributing $657 million in revenue, with VUMERITY experiencing a notable $32 million increase in demand. SPINRAZA maintained consistency in global demand, and the company anticipates its full-year revenue to remain similar to 2024 levels. Biogen raised its full-year 2025 non-GAAP diluted EPS guidance to a range of $15.50 to $16, up from $14.50 to $15.50, reflecting strong first-half performance. The company also discussed advancements in its pipeline, including three Phase III study initiations and progress in developing LEQEMBI's subcutaneous formulation, with a PDUFA date at the end of August. The company underscored its commitment to Alzheimer's research, citing continued collaboration with Eisai and strategic investments in pipeline expansion, aiming for long-term growth.

Biogen Financial Statement Overview

Summary
Biogen's financial performance is solid with a strong gross profit margin of 75.41% and a stable balance sheet with low leverage. However, challenges in cash flow generation, particularly a negative free cash flow growth rate of -19.12%, and declining net profit margins are concerns.
Income Statement
72
Positive
Biogen's income statement shows a mixed performance. The TTM gross profit margin is robust at 75.41%, indicating strong profitability from core operations. However, the net profit margin has decreased to 15.31% from 16.87% in the previous year, reflecting a decline in net income relative to revenue. Revenue growth is modest at 1.84% TTM, showing a slight recovery from previous declines. EBIT and EBITDA margins have also decreased, suggesting increased operational costs or reduced efficiency.
Balance Sheet
78
Positive
The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.37, indicating a conservative leverage approach. Return on equity is at 9.04% TTM, showing a decline from previous years but still demonstrating effective use of equity. The equity ratio stands at 62.25%, highlighting a strong equity base relative to total assets, which enhances financial stability.
Cash Flow
65
Positive
Cash flow analysis reveals some concerns with a negative free cash flow growth rate of -19.12% TTM, indicating reduced cash generation from operations. The operating cash flow to net income ratio is 0.66, suggesting that operating cash flows are not fully covering net income. However, the free cash flow to net income ratio remains healthy at 0.88, showing that a significant portion of net income is converted into free cash flow.
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 Price136.72
Price Trends
50DMA
130.95
Positive
100DMA
127.41
Positive
200DMA
137.90
Negative
Market Momentum
MACD
2.25
Negative
RSI
56.17
Neutral
STOCH
59.12
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 136.72 is above the 20-day moving average (MA) of 133.52, above the 50-day MA of 130.95, and below the 200-day MA of 137.90, indicating a neutral trend. The MACD of 2.25 indicates Negative momentum. The RSI at 56.17 is Neutral, neither overbought nor oversold. The STOCH value of 59.12 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
78
Outperform
$79.75B18.2523.04%4.13%3.46%-13.29%
75
Outperform
$20.05B13.089.13%3.48%31.44%
75
Outperform
$368.08B98.77112.90%3.11%6.05%-29.75%
68
Neutral
$95.95B19.3429.31%5.21%2.57%
68
Neutral
$141.64B22.8333.26%2.72%3.69%501.26%
67
Neutral
$155.30B24.0399.14%3.24%13.10%110.67%
51
Neutral
$7.83B-0.15-40.10%2.29%21.46%-2.01%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
BIIB
Biogen
136.72
-67.48
-33.05%
AMGN
Amgen
289.58
-29.25
-9.17%
BMY
Bristol-Myers Squibb
47.21
0.36
0.77%
GILD
Gilead Sciences
114.75
38.65
50.79%
GSK
GlaxoSmithKline
39.83
-2.18
-5.19%
ABBV
AbbVie
208.36
19.71
10.45%

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.

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 14, 2025