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Neuroscience-focused biopharma selling multiple-sclerosis drugs and an Alzheimer's treatment (Leqembi, with Eisai).
Neuroscience-focused biopharma selling multiple-sclerosis drugs and an Alzheimer's treatment (Leqembi, with Eisai).
Earns from its own multiple-sclerosis drugs and from royalties on Ocrevus, a rival MS drug sold by Roche. Eisai books Leqembi sales and Biogen takes a share of the profit, so that drug adds income without showing up as Biogen product sales. Older MS medicines face generic competition.
Moat: narrow (IP / patents, installed base). Long-standing MS-specialist relationships and an early lead in disease-modifying Alzheimer's therapy.
Headquarters: Cambridge, Massachusetts, United States · Founded: 1978 · Employees: 7,500
Size Biogen (BIIB) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $36.7B, the 313th largest of 3,117 United States companies the cockpit tracks. Shares closed at $248.35 on 6 Nov 2026.
Performance Over six months the shares gained 28.4%, against +8.8% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 2.1% over the last twelve months (peer median +14.0%); the operating margin is 17.3% (peer median 18.1%).
Valuation It trades at 16.8× forward earnings against a peer median of 20.4× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points below its cost of capital (6.2% WACC).
Credit Biogen has 7 bonds outstanding ($5.45B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 86 bp.
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.90B | $9.53B | $9.27B | $9.42B | $9.43B |
| Revenue growth | — | +3% | -2% | 0% | — |
| Gross profit | $6.33B | $6.45B | $6.28B | $6.39B | $6.64B |
| EBITDA | $2.60B | $3.32B | $2.80B | $2.13B | $2.79B |
| Net income | $348M | $1.29B | $1.63B | $1.16B | $3.05B |
| Free cash flow | $2.07B | $2.05B | $2.72B | $1.27B | $1.14B |
| Capital expenditure | $603M | $235M | $360M | $311M | $243M |
| Total debt | $7.80B | $6.66B | $6.72B | $7.43B | $6.71B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Biogen BIIB | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 9.7× | -12.9% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
| Teva Pharmaceutical Industries Limited Sponsored ADR TEVA | $49.7B | +19% | -4% | 19% | 15.1× | 10.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BIIB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.7% | +8.1% | 7th highest of 21 |
| 6-month return | +28.4% | +8.8% | 5th highest of 21 |
| Distance from 52-week high | -4.0% | -10.0% | 7th highest of 21 |
| Revenue growth (TTM) | +2.1% | +14.0% | 6th lowest of 21 |
| Operating margin | 17.3% | 18.1% | 10th lowest of 21 |
| Forward P/E | 16.8× | 20.4× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 9.4% | 9.4% | 10th least demanding of 19 |
| Growth delivered (Del g) | -5.1% | +9.9% | lowest of 19 |
| Hurdle (Req g minus delivered) | +14.4 pp | +1.2 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | -0.9 pp | +4.6 pp | 4th lowest of 21 |
| EV / EBITDA | 16.6× | 21.5× | 8th cheapest of 18 |
| Net debt / EBITDA | 2.5× | 0.2× | 5th most indebted of 18 |
| Bond spread | 86 bp | 101 bp | 3rd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | Hong Kong | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% | +2.0% |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
Biogen has 7 bonds outstanding with $5.45B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.83%, a spread of 86 bp over government bonds.