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Biogen
(NASDAQ:BIIB)
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Rating:68Neutral
Price Target:
$224.00
▲(10.79% Upside)
Action:Downgraded
Date:07/29/26
BIIB scores in the upper-middle range primarily due to strong cash generation and an improving leverage profile, supported by a constructive earnings update with raised 2026 guidance and growth-portfolio momentum. The score is held back by compressed/volatile profitability versus prior highs, a valuation that is not clearly discounted at ~22x earnings with no dividend yield provided, and only moderate confidence in momentum signals beyond the moving-average uptrend.
Positive Factors
Free cash flow strength
Biogen's consistently positive free cash flow and TTM FCF roughly equaling net income show durable cash conversion. This funds R&D, bolt-on M&A, and debt reduction without reliance on equity, supporting strategic flexibility and investment capacity over the next 2–6 months.
Negative Factors
Compressed profitability
A meaningful decline in operating and net margins versus prior highs reduces return on invested capital and the firm's buffer against setbacks. Sustained lower profitability constrains reinvestment capacity and heightens sensitivity to pricing, access pressures, and competitive threats over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow strength
Biogen's consistently positive free cash flow and TTM FCF roughly equaling net income show durable cash conversion. This funds R&D, bolt-on M&A, and debt reduction without reliance on equity, supporting strategic flexibility and investment capacity over the next 2–6 months.
Read all positive factors
Biogen Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down Biogen’s sales across regions, showing where its drugs earn the most revenue and where growth or regulatory risk is concentrated. Useful for spotting heavy reliance on the U.S. market, exposure to differing reimbursement rules, and which regions offer room to expand with new approvals or label changes.
Breaks down Biogen’s sales across regions, showing where its drugs earn the most revenue and where growth or regulatory risk is concentrated. Useful for spotting heavy reliance on the U.S. market, exposure to differing reimbursement rules, and which regions offer room to expand with new approvals or label changes.
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The Fly
The FlyBiogen (BIIB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.86B
Dividend YieldN/A
Average Volume (3M)1.35M
Price to Earnings (P/E)37.1
Beta (1Y)0.43
Revenue Growth0.53%
EPS Growth-45.79%
CountryUS
Employees7,500
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)5.68
Shares Outstanding147,754,000
10 Day Avg. Volume1,533,731
30 Day Avg. Volume1,346,955
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$235.96Price Target Upside16.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering29
EPS Forecast (FY)12.48
Revenue Forecast (FY)$10.42B
Biogen Business Overview & Revenue Model
Company Description
Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications ad...
How the Company Makes Money
Biogen makes money primarily by selling prescription medicines and earning related revenue from commercialization rights. Its core revenue stream is net product revenue from branded therapies sold to wholesalers, specialty pharmacies, hospitals, a...
Biogen Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented a broadly constructive commercial and pipeline narrative: top-line momentum (Q2 revenue up 3% and strong growth-portfolio performance), immediate contributions from the Apellis acquisition (SYFOVRE and Empaveli) and an active late-stage registrational cadence provide tangible near‑ and mid‑term growth catalysts. Offsetting these positives are notable near-term costs, one-time IPR&D/milestone charges, financing-related EPS dilution in 2026, and elevated leverage following the acquisition. Management emphasized strong execution, multiple upcoming data readouts, and guidance improvement, while acknowledging access, competitive and scientific risks.Positive Updates
Total Revenue and Core Pharmaceuticals Growth
Total revenue for Q2 2026 was $2.7 billion, up 3% year-over-year. Core pharmaceutical revenue was $1.8 billion, up 4% year-over-year and 12% quarter-over-quarter, driven by the growth product portfolio.
Negative Updates
Increased Operating Expenses and One-Time Charges
Non-GAAP core operating expenses (combined R&D and SG&A) increased 20% year-over-year in Q2 2026, reflecting approximately $95 million of Apellis operating expenses plus investments in late‑stage programs. The quarter included $164 million of acquired IPR&D and milestone charges (e.g., $100M to TJ Bio, $45M Ionis milestone, $15M Ionis upfront).
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenue and Core Pharmaceuticals Growth
Total revenue for Q2 2026 was $2.7 billion, up 3% year-over-year. Core pharmaceutical revenue was $1.8 billion, up 4% year-over-year and 12% quarter-over-quarter, driven by the growth product portfolio.
Read all positive updates
Company Guidance
Biogen raised its 2026 outlook, noting a 60‑point increase in underlying-business guidance and moving total revenue guidance from a mid‑single‑digit decline to a mid‑single‑digit increase; updated full‑year non‑GAAP diluted EPS guidance is $12.00–$13.00. Management expects H2 2026 core operating expenses of $2.65–$2.70 billion, noted Q2 core OpEx rose 20% YoY (including roughly $95 million of Apellis OpEx), and recorded $164 million of acquired IPR&D/milestone charges in Q2 (including $100M to TJ Bio, $45M milestone to Ionis, $15M Ionis upfront). The Apellis deal generated ~$128 million of SYFOVRE/Empaveli revenue post‑close, is expected to cause ~$120–$130 million of other income/expense impact in both 2026 and 2027 (interest/foregone interest), about a $0.85 non‑GAAP EPS dilution in 2026 from financing (with the transaction accretive in 2027), and the company targets at least $250 million of run‑rate synergies by end‑2027; the guidance also incorporates approximately a $3.00 non‑GAAP EPS impact from IPR&D/milestone charges and updated tax and operating assumptions.Biogen Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.95B | 9.81B | 9.68B | 9.84B | 10.17B | 10.98B |
| Gross Profit | 6.74B | 6.91B | 7.37B | 7.30B | 7.90B | 8.87B |
| EBITDA | 1.67B | 3.10B | 3.00B | 2.38B | 3.54B | 3.92B |
| Net Income | 835.09M | 1.29B | 1.63B | 1.16B | 3.05B | 1.56B |
Balance Sheet | ||||||
| Total Assets | 32.09B | 29.44B | 28.05B | 26.84B | 24.55B | 23.88B |
| Cash, Cash Equivalents and Short-Term Investments | 1.28B | 3.82B | 2.38B | 1.05B | 4.89B | 3.80B |
| Total Debt | 8.36B | 6.95B | 6.63B | 7.34B | 6.61B | 7.60B |
| Total Liabilities | 13.24B | 11.18B | 11.33B | 12.05B | 11.17B | 12.92B |
| Stockholders Equity | 18.85B | 18.26B | 16.72B | 14.80B | 13.40B | 10.90B |
Cash Flow | ||||||
| Free Cash Flow | 2.97B | 2.05B | 2.52B | 1.24B | 1.14B | 3.38B |
| Operating Cash Flow | 2.88B | 2.20B | 2.88B | 1.55B | 1.38B | 3.64B |
| Investing Cash Flow | -5.32B | -1.37B | -799.20M | -4.09B | 1.59B | -563.70M |
| Financing Cash Flow | 1.04B | -301.90M | -683.50M | 137.00M | -1.76B | -2.09B |
Biogen Technical Analysis
Positive
202.19
Price Trends
203.06
Positive
195.05
Positive
186.08
Positive
Market Momentum
1.63
Negative
56.35
Neutral
59.01
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 202.19 is below the 20-day moving average (MA) of 204.86, below the 50-day MA of 203.06, and above the 200-day MA of 186.08, indicating a bullish trend. The MACD of 1.63 indicates Negative momentum. The RSI at 56.35 is Neutral, neither overbought nor oversold. The STOCH value of 59.01 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $225.00B | 25.76 | 89.32% | 2.61% | 9.89% | 31.69% | |
74 Outperform | $130.12B | 14.24 | 46.75% | 3.84% | 3.13% | 83.17% | |
72 Outperform | $101.04B | 15.47 | 28.35% | 3.50% | 8.82% | 48.32% | |
70 Outperform | $168.47B | -53.13 | -16.28% | 2.49% | 6.05% | -151.43% | |
68 Neutral | $30.86B | 37.09 | 4.52% | ― | 0.53% | -45.79% | |
64 Neutral | $439.59B | 70.68 | -136.63% | 2.63% | 10.39% | 68.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BIIB
Biogen
210.65
75.71
56.11%
AMGN
Amgen
417.84
136.02
48.27%
BMY
Bristol-Myers Squibb
64.65
19.03
41.71%
GILD
Gilead Sciences
138.14
22.14
19.09%
GSK
GlaxoSmithKline
50.45
12.62
33.37%
ABBV
AbbVie
250.82
52.30
26.34%
Biogen Corporate Events
Executive/Board ChangesShareholder Meetings
Biogen Shareholders Back Board, Auditor and Pay Policies
Positive
Jun 10, 2026
On June 9, 2026, Biogen Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected ten directors, including CEO Christopher A. Viehbacher, to one-year terms ending at the 2027 annual meeting. The voting results showed broad supp...
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsPrivate Placements and Financing
Biogen Completes Apellis Acquisition to Strengthen Growth
Positive
May 14, 2026
On May 14, 2026, Biogen completed its approximately $5.3 billion acquisition of Apellis Pharmaceuticals after a tender offer that expired one minute after 11:59 p.m. Eastern Time on May 13, 2026, with about 82.4% of Apellis shares validly tendered...
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.