Biogen (BIIB)
NASDAQ:BIIB
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Biogen
(NASDAQ:BIIB)
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Rating:64Neutral
Price Target:
$196.00
▲(10.52% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by solid financial stability and cash generation, tempered by persistent revenue pressure and margin variability. Earnings-call guidance reinforces the near-term growth headwind (2026 revenue decline) despite improving contributions from newer products and pipeline progress. Technicals are neutral-to-slightly-weak near term, and valuation is mid-range with no dividend support.
Positive Factors
Healthy balance sheet
Biogen's balance sheet shows moderate leverage and growing equity, reflecting improved capital structure since 2020–2021. This financial stability supports multi-year R&D and BD programs, lowers refinancing risk, and provides flexibility to fund launches and acquisitions without undue strain on operations.
Negative Factors
2026 revenue guidance shows decline
Management's mid-single-digit revenue decline guidance for 2026 signals an enduring near‑term top-line headwind. This reduces operating leverage and constrains reinvestment capacity, meaning growth-product gains must outpace legacy erosion to restore multi-year revenue growth — a structural challenge for the business.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthy balance sheet
Biogen's balance sheet shows moderate leverage and growing equity, reflecting improved capital structure since 2020–2021. This financial stability supports multi-year R&D and BD programs, lowers refinancing risk, and provides flexibility to fund launches and acquisitions without undue strain on operations.
Read all positive factors
Biogen (BIIB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$26.50B
Dividend YieldN/A
Average Volume (3M)1.13M
Price to Earnings (P/E)20.0
Beta (1Y)0.56
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. Volume1,280,788
30 Day Avg. Volume1,127,332
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 Cap1.13
Enterprise Value/Revenue3.05
Enterprise Value/Gross Profit4.33
Enterprise Value/Ebitda9.66
Forecast
1Y Price Target
$206.61Price Target Upside16.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering26
EPS Forecast (FY)15.24
Revenue Forecast (FY)$9.63B
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 Key Performance Indicators (KPIs)
Any
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.
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.
Data provided by:
The Fly
The FlyBiogen Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 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
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.
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
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
68
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
Negative
177.35
Price Trends
186.07
Negative
181.45
Negative
161.73
Positive
Market Momentum
-2.31
Positive
45.75
Neutral
68.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BIIB, the sentiment is Negative. The current price of 177.35 is below the 20-day moving average (MA) of 180.61, below the 50-day MA of 186.07, and above the 200-day MA of 161.73, indicating a neutral trend. The MACD of -2.31 indicates Positive momentum. The RSI at 45.75 is Neutral, neither overbought nor oversold. The STOCH value of 68.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $173.49B | 17.94 | 41.01% | 2.52% | 2.51% | 1682.88% | |
71 Outperform | $187.71B | 22.84 | 96.65% | 3.00% | 10.56% | 88.13% | |
71 Outperform | $118.20B | 15.61 | 39.27% | 4.11% | -0.22% | ― | |
67 Neutral | $115.51B | 13.19 | 37.19% | 3.41% | 7.51% | 132.14% | |
64 Neutral | $26.50B | 19.96 | 7.28% | ― | 5.00% | -1.03% | |
63 Neutral | $368.65B | 56.00 | -361.58% | 2.87% | 7.40% | -53.78% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BIIB
Biogen
177.35
60.86
52.24%
AMGN
Amgen
355.30
89.95
33.90%
BMY
Bristol-Myers Squibb
60.17
13.56
29.09%
GILD
Gilead Sciences
137.64
36.01
35.44%
GSK
GlaxoSmithKline
58.35
23.30
66.46%
ABBV
AbbVie
208.38
43.59
26.45%
Biogen Corporate Events
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...
Executive/Board Changes
Biogen Announces Board Chair Caroline Dorsa to Step Down
Neutral
Feb 11, 2026
On February 11, 2026, Biogen announced that Caroline Dorsa, Chair of the company’s Board of Directors, will not stand for re-election at the 2026 Annual Meeting of Stockholders. The company stated that Dorsa’s decision is not related t...
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.