Biogen Inc.
- Open
- 216.47
- Day high
- 218.76
- Day low
- 213.58
- Prev close
- 218.50
- Volume
- 808K
- Mkt cap
- $32.0B
- P/E (TTM)
- 38.1
- EPS (TTM)
- $5.68
- P/B
- 1.7
- P/S
- 3.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$121K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Biogen Inc. (BIIB) is a Healthcare company listed on NASDAQ. The stock is up 56% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering BIIB.
Biogen Inc. (BIIB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 15 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BIIB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $2.99 | $3.60 | +20.4% | $2.7B | +10.7% |
| Apr 29, 2026 | $2.95 | $3.57 | +21.0% | $2.5B | +8.4% |
| Feb 6, 2026 | $1.61 | $1.99 | +23.6% | $2.3B | +1.0% |
| Oct 30, 2025 | $3.88 | $4.81 | +24.0% | $2.5B | +4.9% |
| Jul 31, 2025 | $3.90 | $5.47 | +40.3% | $2.6B | +13.6% |
| May 1, 2025 | $2.90 | $3.02 | +4.1% | $2.4B | +8.8% |
| Feb 12, 2025 | $3.43 | $3.44 | +0.3% | $2.5B | +1.9% |
| Oct 30, 2024 | $3.77 | $4.08 | +8.2% | $2.5B | +1.3% |
| Aug 1, 2024 | $4.07 | $5.28 | +29.7% | $2.4B | -1.6% |
| Feb 13, 2024 | $3.16 | $2.95 | -6.6% | $2.4B | -3.2% |
| Nov 8, 2023 | $3.99 | $4.36 | +9.3% | $2.5B | +5.9% |
| Jul 25, 2023 | $3.77 | $4.02 | +6.6% | $2.5B | +3.7% |
BIIB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | Minor Lloyddirector | Sell | 593 | $203.34 |
| Jun 11, 2026 | HAWKINS WILLIAM Adirector | Grant | 1,505 | — |
| Jun 11, 2026 | Mantas Jesus Bdirector | Grant | 1,505 | — |
| Jun 11, 2026 | Freire Maria Cdirector | Grant | 2,005 | — |
| Jun 11, 2026 | Patolawala Monish Ddirector | Grant | 1,505 | — |
| Jun 11, 2026 | Pangalos Menelas Ndirector | Option | 2,370 | — |
| Jun 11, 2026 | SHERWIN STEPHEN Adirector | Grant | 1,505 | — |
| Jun 11, 2026 | Rowinsky Eric Kdirector | Grant | 1,505 | — |
| Jun 11, 2026 | Pangalos Menelas Ndirector | Grant | 1,505 | — |
| Jun 11, 2026 | Minor Lloyddirector | Grant | 1,505 | — |
| Jun 11, 2026 | LANGER SUSANdirector | Grant | 1,505 | — |
| May 5, 2026 | Keeney Adamofficer: Head of Corporate Development | Option | 939 | — |
| May 5, 2026 | Keeney Adamofficer: Head of Corporate Development | Tax | 455 | $187.06 |
| Apr 3, 2026 | Godbout Seanofficer: Chief Accounting Officer | Tax | 54 | $183.78 |
| Apr 3, 2026 | Godbout Seanofficer: Chief Accounting Officer | Option | 181 | — |
Source: BIIB SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full BIIB insider & 13F page →Biogen Inc. company profile
Overview
Biogen Inc. (NASDAQ:BIIB) is a pioneering biotechnology company founded in 1978 and headquartered in Cambridge, Massachusetts. Originally established as one of the first biotechnology companies focused on developing treatments for neurological diseases, Biogen has evolved from a multiple sclerosis specialist into a diversified biopharmaceutical company. The company went public in 1991 and has since become a leading developer of therapies for neurological, neurodegenerative, and rare diseases. Over the past few years, Biogen has undergone a strategic transformation, transitioning from its traditional focus on multiple sclerosis treatments to a broader portfolio that includes breakthrough therapies for Alzheimer's disease, rare neurological conditions, and immunological disorders.
Business
Biogen operates in the biopharmaceutical industry, specifically focusing on discovering, developing, manufacturing, and commercializing therapies for complex neurological and neurodegenerative diseases. The pharmaceutical industry is characterized by high research and development costs, lengthy regulatory approval processes, and significant patent protection periods that allow companies to recoup their investments. The company's business is organized around several key therapeutic areas: **Multiple Sclerosis Franchise** (historically the largest segment, though declining): This includes established treatments such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. Multiple sclerosis is an autoimmune disease where the immune system attacks the protective covering of nerve fibers, causing communication problems between the brain and body. These medications work through various mechanisms to reduce inflammation, slow disease progression, and manage symptoms. **Rare Disease Portfolio** (approximately 20-25% of revenue): Anchored by SPINRAZA for spinal muscular atrophy, a genetic disorder that affects motor neurons, and SKYCLARYS for Friedreich's ataxia, a rare inherited disease that causes progressive damage to the nervous system. This segment has shown consistent growth and represents a key growth driver. **Alzheimer's Disease Treatments**: LEQEMBI (developed with partner Eisai) is an anti-amyloid therapy designed to remove amyloid plaques from the brain, which are believed to contribute to Alzheimer's disease progression. This represents the first approved treatment that addresses the underlying pathology of Alzheimer's rather than just managing symptoms. **Neuropsychiatry**: ZURZUVAE treats postpartum depression and represents the first oral medication specifically approved for this condition, offering an alternative to traditional antidepressants. **Biosimilars and Anti-CD20 Therapies**: Including BENEPALI, RITUXAN, and OCREVUS, these are either biosimilar versions of existing biologics or treatments for various cancers and autoimmune conditions.
Revenue model
Biogen generates revenue primarily through direct product sales to healthcare providers, hospitals, and specialty pharmacies. The company operates under a traditional pharmaceutical business model where it invests heavily in research and development to create proprietary treatments, then monetizes these through patent-protected sales periods typically lasting 10-20 years. The company's revenue streams include: **Product Sales** (the primary model) where Biogen sells its proprietary medications at premium prices justified by their clinical efficacy and patent protection. **Licensing and Collaboration Revenue** from partnerships with other pharmaceutical companies, such as the Eisai collaboration for LEQEMBI. **Royalty Income** from biosimilar products and other licensing arrangements. Customers are primarily healthcare institutions, specialty pharmacies, and distributors rather than individual patients. Insurance companies and government healthcare programs ultimately reimburse most treatment costs, making payer relationships and reimbursement approval critical to commercial success. Several factors significantly impact Biogen's margins and profitability. **Positive margin drivers** include: patent protection allowing premium pricing, especially for first-in-class treatments like LEQEMBI and ZURZUVAE; successful new product launches in rare diseases where limited competition exists; operational efficiency improvements through the company's "Fit for Growth" cost reduction program targeting $800 million in net savings; and international expansion opportunities, particularly in Europe and Asia for newer products. **Negative margin pressures** include: increasing competition in the multiple sclerosis market from generic and biosimilar alternatives; regulatory challenges and reimbursement hurdles, particularly for high-cost treatments like LEQEMBI; substantial R&D investments required to maintain pipeline development, typically representing 15-20% of revenue; and healthcare cost containment pressures from payers seeking to limit spending on expensive specialty medications. The company also faces manufacturing and supply chain complexities inherent in producing sophisticated biological therapies.
Competitive moat
Biogen's competitive moat is moderate and primarily built on scientific expertise, patent protection, and regulatory barriers rather than network effects or switching costs. The company's strongest moat elements include its deep neurological disease expertise accumulated over four decades, which creates significant barriers for new entrants lacking this specialized knowledge base. Patent protection provides temporary but strong competitive advantages, particularly for newer products like LEQEMBI, SKYCLARYS, and ZURZUVAE, though this protection is time-limited and subject to generic competition upon expiration. The company benefits from high regulatory barriers in pharmaceutical development, where bringing competing products to market requires extensive clinical trials costing hundreds of millions of dollars and taking 10-15 years. Biogen's established relationships with key opinion leaders, specialty treatment centers, and payers create some switching costs, particularly in rare disease markets where physician expertise and patient monitoring are critical. However, Biogen's moat faces significant challenges. The multiple sclerosis franchise, historically the company's core strength, is experiencing substantial competitive pressure from newer treatments and biosimilars, leading to consistent revenue declines. Unlike platform businesses or companies with strong network effects, pharmaceutical companies face inevitable patent cliffs where revenue can decline dramatically once exclusivity expires. Competition comes from multiple directions: large pharmaceutical companies like Roche, Novartis, and Bristol Myers Squibb developing competing neurological treatments; biotech companies focusing on similar therapeutic areas; and biosimilar manufacturers creating lower-cost alternatives to established products. The Alzheimer's market, while representing significant opportunity, also attracts intense competition from companies like Eli Lilly with competing anti-amyloid therapies. The sustainability of Biogen's moat depends heavily on continued R&D success and the ability to launch new products before existing ones face generic competition. The company's transformation strategy aims to diversify beyond multiple sclerosis into areas with potentially stronger competitive positions, but execution risk remains high in this capital-intensive, regulation-heavy industry.
Risks & safety
Biogen maintains a reasonable margin of safety with solid financial fundamentals, though the company faces some transitional challenges as it shifts from mature to growth products. **Cash and Liquidity Position:** - Cash and short-term investments of $2.4 billion provides substantial liquidity buffer - Strong free cash flow generation of $2.5 billion in 2024 demonstrates underlying business health - Current ratio of 1.35 indicates adequate short-term liquidity coverage - No immediate solvency concerns given strong cash generation capabilities **Debt and Leverage Metrics:** - Debt-to-equity ratio of 0.40 represents moderate leverage levels - Total liabilities of $11.3 billion against $28.0 billion in total assets - Interest coverage appears adequate given strong EBITDA of $2.8 billion annually - Management has indicated $8-10 billion capacity for potential acquisitions, suggesting conservative debt management **Valuation Considerations:** - Trading at P/E ratio of 13.7x based on 2024 earnings, reasonable for pharmaceutical sector - EV/EBITDA of 9.4x appears attractive relative to growth prospects - Price-to-book ratio of 1.33x suggests limited premium to tangible assets - Graham number analysis indicates potential undervaluation relative to earnings and book value **Other Risk Factors:** - Revenue transition risk as MS franchise declines while new products ramp - Regulatory and reimbursement uncertainties, particularly for LEQEMBI in key markets - R&D execution risk for pipeline programs requiring continued investment - Patent cliff exposure for existing products over medium term
Recent development
Over the past several years, Biogen has executed a comprehensive strategic transformation from a multiple sclerosis-focused company to a diversified neurological and rare disease specialist. This pivot has been driven by declining MS franchise revenues and the need to establish new growth drivers. The most significant development has been the successful launch of four first-in-class therapies: LEQEMBI for Alzheimer's disease (in partnership with Eisai), SKYCLARYS for Friedreich's ataxia, ZURZUVAE for postpartum depression, and QALSODY for ALS. These products represent the company's transition into new therapeutic areas and collectively generated approximately $200 million in quarterly revenue by Q1 2025. LEQEMBI has become a cornerstone of the transformation strategy, representing the first approved treatment targeting the underlying amyloid pathology of Alzheimer's disease. The company has significantly expanded its commercial infrastructure, increasing the field force by 30% and working to overcome implementation challenges in healthcare systems. Biogen is developing subcutaneous formulations to improve patient convenience and reduce healthcare system burden, with regulatory decisions expected in 2025-2026. The rare disease portfolio has emerged as a key growth engine, with SKYCLARYS showing particularly strong momentum. The treatment has expanded from initial US approval to 26 international markets, with patient numbers doubling year-over-year. This success has validated Biogen's strategy of focusing on rare diseases where significant unmet medical needs exist and competition is limited. Biogen has also substantially restructured its operations through the "Fit for Growth" initiative, targeting $1 billion in gross cost savings and $800 million in net savings. This has enabled increased investment in growth areas while maintaining profitability during the revenue transition period. The company has simultaneously reprioritized its R&D pipeline, focusing resources on programs with the highest potential impact and commercial viability. Strategic partnerships and acquisitions have supplemented organic growth, including the acquisition of HI-Bio to strengthen immunology capabilities and licensing agreements for programs like zorevunersen for Dravet syndrome. The company has indicated willingness to deploy $8-10 billion for strategic acquisitions that could accelerate growth in immunology and rare diseases.
BIIB company profile · for informational purposes only — not investment advice.
Track BIIB with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free