Biogen is an established biopharmaceutical company focused on treatments for neurodegenerative and rare diseases. Its declining multiple sclerosis franchise is its largest revenue generator and contributed 40% of total revenue in 2025.
It is a $33.4B healthcare company. Revenue grew 0.3% over the last year, it keeps 8¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 40.0× earnings — near the highest of its own history.
- Website
- biogen.com
- Location
- Cambridge, MA
- Employees
- 7 500
- Sector
- Healthcare
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong moat; Growth and Profitability lag behind.
Valuation57
- P/E vs own history99th pct · 0/25
- FCF yield8.1% · 25/25
- P/S3.3x · 20/25
- EV/EBITDA24.1x · 12/25
Growth25
- Revenue CAGR-2.6% · 0/25
- Net income CAGR-4.5% · 0/25
- EPS CAGR ~5Y-18.7% · 0/25
- Fwd implied growth171.1% · 25/25
Profitability35
- ROIC7.4% · 5/25
- ROE4.5% · 5/25
- Net margin8.3% · 13/25
- Operating margin10.9% · 12/25
Health53
- Altman Zn/a · 0/25
- Current ratio1.87 · 18/25
- Interest coverage4.2x · 10/25
- Net cash / debtNet cash · 25/25
Quality64
- Piotroski F5/9 · 15/25
- Beneish M-2.17 · 12/25
- FCF conversion323% · 25/25
- Margin stabilityσ 12.3% · 12/25
Moat95
- ROIC >12% years8/10 yrs · 20/25
- Median gross margin83.6% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 11.8% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2025AcquisitionIt was announced the acquisition had been completed
- FY2024FinancialBecame debt-freecash now exceeds total debt
- 2024AcquisitionBiogen acquired Human Immunology Biosciences (HI-Bio) for $1.15 billion
- 2023AcquisitionBiogen acquired Reata Pharmaceuticals, headquartered in Plano, Texas, for nearly $6.5 billion
- FY2019FinancialBest year on record$5.89B net income
- 2018AcquisitionIt was acquired by Sanofi in 2018 for $11.6 billion
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $10B$11.4B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016ProductBiogen released Spinraza (nusinersin), a treatment for Spinal Muscular Atrophy
- 2015MilestoneAducanumab became the first experimental Alzheimer's treatment to show significant results in regard…
- 2013MilestoneBiogen was the first U.S.-based biotechnology company to appear on the Dow Jones Sustainability World Index
- 2007ProductThe company reached a licensing agreement with Neurimmune, a spin-off from the University of Zurich, for…
- 2003AcquisitionBiogen merged with San Diego, California-based IDEC Pharmaceuticals (formed in 1985 by University of…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (74.0%)
- Strong cash conversion — FCF is 26.9% of revenue
- Net cash position after subtracting debt from cash
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+0.3% YoY
- Profitable — makes more than it spends$835M TTM
- Profit growing — earnings are higher than last year-25.0% YoY
- Generates cash — cash left after running and investing$2.70B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$33.4B market cap
- Not printing shares — share count not ballooning — you keep your slice-8.8% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 28/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 40.0
Peer comparisonBiogen Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| BIIB this company | $33.4B | 40.0 | +0.3% | 8.3% | Strained |
| LLY Eli Lilly & Co. | $1.0T | 41.6 | +49.6% | 33.5% | Solid |
| JNJ Johnson & Johnson | $630.9B | 29.9 | +8.1% | 21.5% | Mixed |
| ABBV Abbvie Inc. | $488.5B | 77.4 | +10.4% | 9.8% | Mixed |
| MRK Merck & Co., Inc. | $361.0B | 113.2 | +4.6% | 4.8% | Mixed |
| UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) | $340.7B | 24.1 | +6.5% | 3.1% | Mixed |
| NVS Novartis AG | $273.2B | 20.3 | +9.6% | 24.7% | Solid |
Head-to-head: BIIB vs LLY · BIIB vs JNJ · BIIB vs ABBV
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/BIIB
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Deeper analysis of BIIB on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $225.71 · market cap $33.4B.