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Biogen
(NASDAQ:BIIB)
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Rating:67Neutral
Price Target:
$274.00
▲(23.94% Upside)
Action:Reiterated
Date:10/28/26
BIIB’s score is driven primarily by steady but pressured financial performance (solid cash flow and manageable leverage, offset by a clear TTM margin/FCF downshift). Technicals add support with strong trend strength above major moving averages, though momentum looks extended. The most significant drag is valuation (high P/E), while the earnings call meaningfully improves the outlook via raised EPS guidance, strong growth-portfolio momentum, and synergy/deleveraging progress.
Positive Factors
Growth Portfolio Momentum
Rapid growth in the newer portfolio is reducing reliance on Biogen’s legacy MS franchise and broadening its revenue base. The portfolio’s increasing contribution supports a more durable return to growth, provided adoption remains strong across its neurological and specialty products.
Negative Factors
Profitability Compression
The sharp decline in operating and net margins weakens earnings durability even though revenue is growing modestly. Lower profitability reduces the cash available per dollar of sales and can constrain investment capacity if higher launch and development spending persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Growth Portfolio Momentum
Rapid growth in the newer portfolio is reducing reliance on Biogen’s legacy MS franchise and broadening its revenue base. The portfolio’s increasing contribution supports a more durable return to growth, provided adoption remains strong across its neurological and specialty products.
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
$37.34B
Dividend YieldN/A
Average Volume (3M)1.24M
Price to Earnings (P/E)44.5
Beta (1Y)0.45
Revenue Growth0.53%
EPS Growth-45.79%
CountryUS
Employees7,500
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)150.30
Shares Outstanding147,754,000
10 Day Avg. Volume1,414,348
30 Day Avg. Volume1,237,706
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 Cap1.05
Enterprise Value/Revenue3.81
Enterprise Value/Gross Profit5.43
Enterprise Value/Ebitda32.46
Forecast
1Y Price Target
$248.77Price Target Upside12.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering23
EPS Forecast (FY)12.34
Revenue Forecast (FY)$10.46B
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 recognizing revenue from collaboration-related arrangements.
1) Product sales (core revenue stream)
- Biogen’s largest revenue driver is net sales of its marketed therapies. This ...
Biogen Earnings Call Summary
Earnings Call Date:Oct 28, 2026
(Q3-2026)
| Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Biogen reported double-digit revenue growth, accelerating growth-portfolio performance, rapid Appellis synergy capture, strong adoption of key products, record early-stage pipeline productivity, solid free cash flow, debt repayment, and higher 2026 EPS guidance. The main challenges were VUMERITY's formulary-driven decline, acquisition-related charges and higher operating expenses, expected Q4 inventory and revenue normalization, SYFOVRE discontinuation levels, and uncertainty around upcoming clinical readouts.Positive Updates
Total Revenue Growth
Third-quarter total revenue was $2.8 billion, up 11% year over year, marking an acceleration in the top-line growth trajectory and benefiting from the Appellis acquisition.
Negative Updates
VUMERITY Revenue Decline
VUMERITY revenue was $192 million, down 11% year over year and 2% quarter over quarter. Revenue was affected by tighter Part D formulary management, and management expects this dynamic to continue affecting Part D drugs this year.
Read all updates
Q3-2026 Updates
Positive
Negative
Total Revenue Growth
Third-quarter total revenue was $2.8 billion, up 11% year over year, marking an acceleration in the top-line growth trajectory and benefiting from the Appellis acquisition.
Read all positive updates
Company Guidance
Biogen expects to return to top line growth in 2026; full year 2026 non-GAAP diluted EPS guidance is between $12.20 and $13.00, with approximately $50 million of acquired IPR&D in the fourth quarter. Q4 global SPINRAZA revenue is expected to be up approximately a mid single digit percentage versus the fourth quarter of 25, Q4 VUMERITY revenue is expected to be roughly flat sequentially or up approximately a mid single digit percentage versus the fourth quarter of 25, and Q4 SYFOVRE revenue is expected to be up approximately a mid single digit percentage versus the $155 million reported by Appellis in the fourth quarter of 25; SKYCLARYS inventory of approximately $12 million and SYFOVRE inventory of approximately $11 million are expected to be drawn down in Q4. The Appellis transaction is expected to be less dilutive in 2026 and accretive to non GAAP diluted EPS in 2027, generating at least $250 million of run rate synergies by the end of 2027, while Biogen expects to repay the remaining $1.4 billion of term loans by the end of 27; at least 50% of covered lives are expected to have coverage for LEQEMBI iClick in both the initiation and maintenance administrations starting in 2027.Biogen Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.30B | 9.81B | 9.68B | 9.84B | 10.17B | 10.98B |
| Gross Profit | 7.21B | 6.91B | 7.37B | 7.30B | 7.90B | 8.87B |
| EBITDA | 1.21B | 2.95B | 3.00B | 2.38B | 3.54B | 3.92B |
| Net Income | 347.99M | 1.29B | 1.63B | 1.16B | 3.05B | 1.56B |
Balance Sheet | ||||||
| Total Assets | 32.05B | 29.44B | 28.05B | 26.84B | 24.55B | 23.88B |
| Cash, Cash Equivalents and Short-Term Investments | 1.30B | 3.82B | 2.38B | 1.05B | 4.89B | 3.80B |
| Total Debt | 7.80B | 6.95B | 6.63B | 7.34B | 6.61B | 7.60B |
| Total Liabilities | 13.13B | 11.18B | 11.33B | 12.05B | 11.17B | 12.92B |
| Stockholders Equity | 18.92B | 18.26B | 16.72B | 14.80B | 13.40B | 10.90B |
Cash Flow | ||||||
| Free Cash Flow | 2.42B | 2.05B | 2.52B | 1.24B | 1.14B | 3.38B |
| Operating Cash Flow | 2.25B | 2.20B | 2.88B | 1.55B | 1.38B | 3.64B |
| Investing Cash Flow | -5.50B | -1.37B | -799.20M | -4.09B | 1.59B | -563.70M |
| Financing Cash Flow | 776.60M | -301.90M | -683.50M | 137.00M | -1.76B | -2.09B |
Biogen Technical Analysis
Positive
221.07
Price Trends
225.10
Positive
214.35
Positive
200.11
Positive
Market Momentum
8.06
Negative
71.80
Negative
90.41
Negative
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 221.07 is below the 20-day moving average (MA) of 233.38, below the 50-day MA of 225.10, and above the 200-day MA of 200.11, indicating a bullish trend. The MACD of 8.06 indicates Negative momentum. The RSI at 71.80 is Negative, neither overbought nor oversold. The STOCH value of 90.41 is Negative, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.21T | 42.89 | 92.58% | 0.52% | 49.58% | 95.08% | |
71 Outperform | $100.28B | 22.98 | 5.52% | 5.77% | 23.68% | -30.90% | |
70 Outperform | $284.14B | 23.58 | 29.64% | 3.02% | 2.33% | -4.08% | |
68 Neutral | $646.92B | 40.74 | 19.55% | 1.97% | 7.81% | -35.95% | |
67 Neutral | $37.34B | 44.49 | 4.52% | ― | 0.53% | -45.79% | |
65 Neutral | $506.08B | 80.70 | -136.50% | 2.42% | 10.39% | 68.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BIIB
Biogen
252.73
103.60
69.47%
LLY
Eli Lilly & Co
1,281.91
466.95
57.30%
JNJ
Johnson & Johnson
268.73
85.92
47.00%
NVS
Novartis
156.86
35.80
29.57%
SNY
Sanofi
41.89
-7.21
-14.69%
ABBV
AbbVie
286.39
65.46
29.63%
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.