Biogen Inc. (BIIB)
NASDAQ:BIIB
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Biogen
(NASDAQ:BIIB)
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Rating:74Outperform
Price Target:
$229.00
▲(29.12% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by solid financial performance (strong cash flow and manageable leverage) and constructive technical trend (price above key moving averages with positive MACD). Earnings-call commentary supports medium-term growth optionality but includes notable near-term EPS headwinds (IPR&D charges, higher spend) and binary regulatory/clinical risks, while valuation appears only average at ~21x earnings.
Positive Factors
Cash generation & balance sheet
Biogen’s strong free cash flow and sizable liquidity provide durable financial flexibility. Robust FCF and a modest net-debt position support sustained R&D funding, commercial launches, opportunistic M&A and planned deleveraging, reducing financing risk over the next several quarters.
Negative Factors
Regulatory & clinical binary risk
Key regulatory review extensions and high-stakes readouts underscore binary outcomes for pivotal assets. Protracted or adverse regulatory decisions on lecanemab or other novel modalities can materially alter uptake timelines and revenue trajectories, keeping program risk elevated over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & balance sheet
Biogen’s strong free cash flow and sizable liquidity provide durable financial flexibility. Robust FCF and a modest net-debt position support sustained R&D funding, commercial launches, opportunistic M&A and planned deleveraging, reducing financing risk over the next several quarters.
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
$28.93B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)21.1
Beta (1Y)0.53
Revenue Growth2.11%
EPS Growth-7.88%
CountryUS
Employees7,605
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)9.37
Shares Outstanding147,637,120
10 Day Avg. Volume1,040,463
30 Day Avg. Volume1,143,078
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 Cap1.11
Enterprise Value/Revenue3.26
Enterprise Value/Gross Profit4.67
Enterprise Value/Ebitda11.51
Forecast
1Y Price Target
$219.00Price Target Upside23.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering26
EPS Forecast (FY)14.62
Revenue Forecast (FY)$9.90B
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 makes money primarily by selling prescription medicines and, secondarily, through collaboration-related income. (1) Product revenue (core): The largest revenue stream is net product sales of its marketed therapies. Revenue is recognized fro...
Biogen Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Positive
The call highlighted multiple clear commercial and pipeline strengths — notably strong EPS growth, $851M in growth‑product revenue (up 12%), LEQEMBI growth (up 74% YoY) and a robust development cadence with key readouts and program milestones — alongside planned investments and a strategic acquisition (Apellis) expected to be accretive in 2027. Near‑term headwinds include timing/inventory lumpiness, material acquired IPR&D charges impacting near‑term EPS, increased R&D/SG&A investments and regulatory/clinical binary risks on pioneering programs. On balance, management portrayed confidence in execution, cash flow and future growth optionality.Positive Updates
Strong Q1 Financial Performance
Total revenue of $2.5 billion, up 2% year-over-year; GAAP diluted EPS $2.15, up 31% YoY; non-GAAP diluted EPS $3.57, up 18% YoY; generated $594 million of free cash flow; exited quarter with $4.7 billion cash and marketable securities and $1.5 billion net debt.
Negative Updates
Modest Overall Top-Line Growth
Total revenue grew only 2% year-over-year, indicating modest overall growth despite strength in select products and the company’s broader effort to stabilize after prior years of decline.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Financial Performance
Total revenue of $2.5 billion, up 2% year-over-year; GAAP diluted EPS $2.15, up 31% YoY; non-GAAP diluted EPS $3.57, up 18% YoY; generated $594 million of free cash flow; exited quarter with $4.7 billion cash and marketable securities and $1.5 billion net debt.
Read all positive updates
Company Guidance
Biogen reaffirmed its underlying 2026 outlook while providing metric-level detail: Q1 revenue was $2.5B (+2% YoY) with GAAP diluted EPS $2.15 (+31% YoY) and non‑GAAP diluted EPS $3.57 (+18% YoY); growth products generated $851M (+12% YoY), including LEQEMBI $168M (+74% YoY) and SKYCLARYS $151M (+22% YoY). Q1 non‑GAAP core operating expenses were ~ $1.1B (R&D $480M; SG&A $600M), free cash flow was $594M, cash & marketable securities $4.7B, net debt $1.5B, and Q1 effective tax rates were 15.4% (GAAP) / 15.3% (non‑GAAP). For 2026 they expect roughly $600M of contract manufacturing revenue (≈2/3 in H1), Q2 core operating expenses roughly consistent with Q1, ~$145M of acquired IPR&D charges in Q2 (~$0.80 EPS impact: $0.55 for TJ Bio China felzartamab rights + $0.25 STELLA‑1 milestone), Q1 IPR&D recorded ~$34M (~$0.20/share), and the pending Apellis transaction (expected to close in Q2) will be funded with $3.6B cash + $2B bank borrowings (to be repaid by end‑2027), carry a ~$120–130M 2026 non‑GAAP other income/expense impact, and is expected to be accretive to non‑GAAP EPS in 2027.Biogen Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
76
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.86B | 9.81B | 9.68B | 9.84B | 10.17B | 10.98B |
| Gross Profit | 6.88B | 6.91B | 7.37B | 7.30B | 7.90B | 8.87B |
| EBITDA | 2.79B | 3.10B | 3.00B | 2.38B | 3.54B | 3.92B |
| Net Income | 1.37B | 1.29B | 1.63B | 1.16B | 3.05B | 1.56B |
Balance Sheet | ||||||
| Total Assets | 29.48B | 29.44B | 28.05B | 26.84B | 24.55B | 23.88B |
| Cash, Cash Equivalents and Short-Term Investments | 4.28B | 3.82B | 2.38B | 1.05B | 4.89B | 3.80B |
| Total Debt | 6.56B | 6.95B | 6.63B | 7.34B | 6.61B | 7.60B |
| Total Liabilities | 10.83B | 11.18B | 11.33B | 12.05B | 11.17B | 12.92B |
| Stockholders Equity | 18.65B | 18.26B | 16.72B | 14.80B | 13.40B | 10.90B |
Cash Flow | ||||||
| Free Cash Flow | 2.62B | 2.05B | 2.52B | 1.24B | 1.14B | 3.38B |
| Operating Cash Flow | 2.59B | 2.20B | 2.88B | 1.55B | 1.38B | 3.64B |
| Investing Cash Flow | -1.53B | -1.37B | -799.20M | -4.09B | 1.59B | -563.70M |
| Financing Cash Flow | -322.60M | -301.90M | -683.50M | 137.00M | -1.76B | -2.09B |
Biogen Technical Analysis
Positive
177.35
Price Trends
187.54
Positive
185.86
Positive
171.70
Positive
Market Momentum
1.74
Positive
55.81
Neutral
59.20
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 177.35 is below the 20-day moving average (MA) of 194.02, below the 50-day MA of 187.54, and above the 200-day MA of 171.70, indicating a bullish trend. The MACD of 1.74 indicates Positive momentum. The RSI at 55.81 is Neutral, neither overbought nor oversold. The STOCH value of 59.20 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $28.93B | 21.07 | 7.55% | ― | 2.11% | -7.88% | |
74 Outperform | $160.15B | 17.41 | 42.20% | 2.52% | 3.83% | 55.01% | |
71 Outperform | $111.74B | 15.90 | 39.05% | 4.11% | 1.78% | 33.76% | |
66 Neutral | $182.54B | 23.93 | 89.41% | 3.00% | 9.94% | 31.14% | |
66 Neutral | $101.78B | 13.38 | 35.78% | 3.41% | 9.19% | 98.98% | |
60 Neutral | $383.62B | 109.64 | 68.01% | 2.87% | 9.50% | -13.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BIIB
Biogen
195.34
62.21
46.73%
AMGN
Amgen
349.58
67.72
24.03%
BMY
Bristol-Myers Squibb
57.27
11.16
24.21%
GILD
Gilead Sciences
129.16
19.61
17.90%
GSK
GlaxoSmithKline
51.52
11.79
29.69%
ABBV
AbbVie
227.23
43.39
23.60%
Biogen Corporate Events
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...
Business Operations and StrategyM&A Transactions
Biogen to Acquire Apellis, Expanding Ophthalmology Portfolio
Positive
Apr 1, 2026
On March 31, 2026, Biogen signed a merger agreement to acquire Apellis Pharmaceuticals via a tender offer at $41.00 per share in cash plus a contingent value right of up to $4.00 per share, followed by a merger that will make Apellis a wholly owne...
Executive/Board Changes
Biogen Announces Upcoming Departure of Chief Legal Officer
Neutral
Mar 12, 2026
On March 11, 2026, Biogen Inc. announced that its Chief Legal Officer, Susan H. Alexander, will leave the company at the end of May 2026, marking a significant change in its senior executive ranks. Biogen has begun a formal search for her successo...
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.