NASDAQ: BIIB
Biogen
Health Care · Biological Products, (No Diagnostic Substances)
52-week range
$138.00$258.78
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$33.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $61.2B |
| FY2017, ended Dec 31, 2017 | $67.4B |
| FY2018, ended Dec 31, 2018 | $59.2B |
| FY2019, ended Dec 31, 2019 | $51.7B |
| FY2020, ended Dec 31, 2020 | $37.3B |
| FY2021, ended Dec 31, 2021 | $35.3B |
| FY2022, ended Dec 31, 2022 | $40.0B |
| FY2023, ended Dec 31, 2023 | $37.6B |
| FY2024, ended Dec 31, 2024 | $22.4B |
| FY2025, ended Dec 31, 2025 | $25.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $33.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$10.3B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.4B |
| FY2017, ended Dec 31, 2017 | $12.3B |
| FY2018, ended Dec 31, 2018 | $13.5B |
| FY2019, ended Dec 31, 2019 | $14.4B |
| FY2020, ended Dec 31, 2020 | $13.4B |
| FY2021, ended Dec 31, 2021 | $11.0B |
| FY2022, ended Dec 31, 2022 | $10.2B |
| FY2023, ended Dec 31, 2023 | $9.84B |
| FY2024, ended Dec 31, 2024 | $9.68B |
| FY2025, ended Dec 31, 2025 | $9.89B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $10.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $3.70B | $3.97B |
| FY2017, ended Dec 31, 2017 | $2.54B | $3.68B |
| FY2018, ended Dec 31, 2018 | $4.43B | $5.42B |
| FY2019, ended Dec 31, 2019 | $5.89B | $6.56B |
| FY2020, ended Dec 31, 2020 | $4.00B | $3.81B |
| FY2021, ended Dec 31, 2021 | $1.56B | $3.38B |
| FY2022, ended Dec 31, 2022 | $3.05B | $1.14B |
| FY2023, ended Dec 31, 2023 | $1.16B | $1.27B |
| FY2024, ended Dec 31, 2024 | $1.63B | $2.72B |
| FY2025, ended Dec 31, 2025 | $1.29B | $2.05B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $348M | $2.07B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.30B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.33B |
| FY2017, ended Dec 31, 2017 | $1.57B |
| FY2018, ended Dec 31, 2018 | $1.22B |
| FY2019, ended Dec 31, 2019 | $2.91B |
| FY2020, ended Dec 31, 2020 | $1.33B |
| FY2021, ended Dec 31, 2021 | $2.26B |
| FY2022, ended Dec 31, 2022 | $3.42B |
| FY2023, ended Dec 31, 2023 | $1.05B |
| FY2024, ended Dec 31, 2024 | $2.38B |
| FY2025, ended Dec 31, 2025 | $3.01B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.30B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$7.29B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.52B |
| FY2017, ended Dec 31, 2017 | $5.94B |
| FY2018, ended Dec 31, 2018 | $5.94B |
| FY2019, ended Dec 31, 2019 | $5.95B |
| FY2020, ended Dec 31, 2020 | $7.43B |
| FY2021, ended Dec 31, 2021 | $7.27B |
| FY2022, ended Dec 31, 2022 | $6.28B |
| FY2023, ended Dec 31, 2023 | $6.94B |
| FY2024, ended Dec 31, 2024 | $6.30B |
| FY2025, ended Dec 31, 2025 | $6.29B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $7.29B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 31.5% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.148M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 216M |
| FY2017, ended Dec 31, 2017 | 212M |
| FY2018, ended Dec 31, 2018 | 197M |
| FY2019, ended Dec 31, 2019 | 174M |
| FY2020, ended Dec 31, 2020 | 152M |
| FY2021, ended Dec 31, 2021 | 147M |
| FY2022, ended Dec 31, 2022 | 144M |
| FY2023, ended Dec 31, 2023 | 145M |
| FY2024, ended Dec 31, 2024 | 146M |
| FY2025, ended Dec 31, 2025 | 147M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 148M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $303M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.00B | $155M |
| FY2017, ended Dec 31, 2017 | $1.37B | $128M |
| FY2018, ended Dec 31, 2018 | $4.35B | $158M |
| FY2019, ended Dec 31, 2019 | $5.87B | $182M |
| FY2020, ended Dec 31, 2020 | $6.68B | $198M |
| FY2021, ended Dec 31, 2021 | $1.80B | $239M |
| FY2022, ended Dec 31, 2022 | $750M | $254M |
| FY2023, ended Dec 31, 2023 | $0 | $264M |
| FY2024, ended Dec 31, 2024 | $0 | $291M |
| FY2025, ended Dec 31, 2025 | — | $291M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $303M |
Revenue (TTM)
$10.3B
+2.3% YoY
Net income (TTM)
$348M
−78.4% YoY
Cash
$1.30B
−66.2% YoY
Total debt
$7.29B
+16.0% YoY
Valuation
At current price- Market Cap
- $37.5B
- P/E
- 108×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.6×
- Price / Book
- 2.0×
- EV / EBITDA
- 32.8×
Growth
Trailing 12 months- Revenue (TTM)
- $10.3B
- Revenue Growth YoY
- 2.3%
- Revenue CAGR 3Y
- −0.9%
- Revenue CAGR 5Y
- −6.0%
- EPS Growth YoY
- −78.9%
- Net Income Growth YoY
- −78.4%
Profitability
Trailing 12 months- Gross Margin
- 74.0%
- Operating Margin
- 4.3%
- Net Margin
- 3.4%
- FCF Margin
- 20.1%
- Return on Equity
- 1.9%
Earnings
Trailing 12 months- Net Income
- $348M
- EPS (diluted)
- $2.31
- EBITDA
- $1.33B
- Operating Income
- $445M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.30B
- Total Debt
- $7.29B
- Net Debt
- $5.99B
- Total Assets
- $32.1B
- Total Liabilities
- $13.1B
- Shareholders' Equity
- $18.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.25B
- Capital Expenditure
- $176M
- Free Cash Flow
- $2.07B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.09
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $10.3B.
Watch
Operating margin narrowed 14.6 pts in a year, to 4.3%.
Watch
Net debt is 4.5× EBITDA ($5.99B), a heavy load.
Strength
Turns 20.1% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K44Serious concerns
44Serious concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 6, 2026 · Read the filing on EDGAR
- Total revenue rose 2.2% to $9.89 billion, but diluted EPS fell 21.4% because of heavy deal payments, litigation charges and higher costs.
- New products are growing: SKYCLARYS sales reached $520.5 million, ZURZUVAE $195.1 million and LEQEMBI collaboration revenue $177.7 million. MS sales fell 7.1%.
- Biogen spent about $470 million on upfront and milestone payments for deals (Stoke, Alcyone, Vanqua, Dayra) and paid $300 million in HI-Bio milestones.
- Cash rose to $4.2 billion. It refinanced $1.75 billion of notes due in 2025, and total debt was flat at $6.3 billion.
Business momentum
Mixed
“TOTAL REVENUE Increased $214.7 million or 2.2% DILUTED EARNINGS PER SHARE Decreased $2.39 or 21.4%”
Outlook
Cautious
“In 2026 we expect total MS revenue will continue to decline as a result of increasing competition for many of our MS products in both the U.S. and rest of world markets.”
Financial stress
Low
“Cash, cash equivalents and marketable securities totaled approximately $4.2 billion as of December 31, 2025, compared to approximately $2.4 billion as of December 31, 2024.”
Tone against the previous report
More negative
Red flags
- Medium
Major lawsuit
“In 2025 we recorded $139.5 million related to various litigation matters, including our agreement in principle to resolve all claims relating to Biogen's acquisition of Convergence.”
- Medium
Other
“In November 2025 the Technical Boards of Appeal of the European Patent Office revoked our EP 2 653 873 patent related to TECFIDERA, after which we stopped enforcing this patent and its national counterparts.”
- Minor
Large write-down
“we recorded an impairment charge of approximately $52.9 million related to this Reata lease”
- Minor
Other
“In June 2025 we filed a request for arbitration in the International Court of Arbitration of the International Chamber of Commerce seeking adoption of a budget and commercialization plan for the European Territory”
Positives
Growth from new launches
“Global SKYCLARYS revenue increased $138.0 million, from $382.5 million in 2024 to $520.5 million in 2025, or 36.1%”
Stronger cash position and working capital
“Our working capital was $5.6 billion as of December 31, 2025, compared to $1.9 billion as of December 31, 2024.”
Cost-cutting program delivered savings
“The Fit for Growth program generated approximately $1.0 billion in gross operating expense savings by the end of 2025”
Concerns
MS franchise keeps shrinking
“Global TECFIDERA revenue decreased $287.4 million, from $967.1 million in 2024 to $679.7 million in 2025, or 29.7%”
Management warns of lower future cash flow
“the continued overall decline of our MS business and our investments in the launch of key new products and the development of our pipeline will have a significant adverse impact on our future cash flow from operations.”
Operating cash flow fell
“We generated approximately $2.2 billion of net cash flow from operations during 2025, compared to approximately $2.9 billion in 2024.”
New risks since the previous report
US 'most favored nation' drug pricing order
“in May 2025 the U.S. government issued an executive order aiming to establish an MFN drug pricing policy that would tie U.S. drug prices to the prices paid for drugs in other developed countries.”
Medicaid and ACA changes under the OBBBA law
“The OBBBA also enacts significant potential changes to Medicaid funding and rescinds or does not continue elements of the PPACA.”
Faster TECFIDERA generic competition in Europe after patent loss
“We expect TECFIDERA revenue will be adversely impacted by accelerating generic competition in certain markets in the E.U.”
Dispute with Eisai over LEQEMBI in Europe
“seeking adoption of a budget and commercialization plan for the European Territory that allocates commercialization activities to Biogen and Eisai in an equitable fashion”
Pharmaceutical tariffs and Section 232 investigation
“Key products that are currently manufactured mainly outside the U.S. are TECFIDERA, VUMERITY and LEQEMBI.”
Biggest risks named
- Generic and biosimilar competition eroding MS sales (TECFIDERA, TYSABRI)
- US drug-pricing pressure from the IRA, the MFN order and the OBBBA
- Commercial success of LEQEMBI and the dispute with Eisai
- Execution of SKYCLARYS and other launches, plus pipeline success
- Tariffs and supply-chain dependence on non-US manufacturing
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −6.6 | |
| New risks | −2 | |
| Score | 44 | |
Written by AI (Claude Opus 5.5) from the report’s text. 18 of 18 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 6, 2026 | 44 | Mixed | 2 medium2 minor | |
| 10-K | Feb 12, 2025 | 63 | Improving | 1 minor | |
| 10-K | Feb 14, 2024 | 41 | Sharp deterioration | None | |
| 10-K | Feb 15, 2023 | 50 | Mixed | 1 medium1 minor | |
| 10-K | Feb 3, 2022 | 31 | Sharp deterioration | 3 medium | |
| 10-K | Feb 3, 2021 | 42 | Weakening | 2 medium1 minor | |
| 10-K | Feb 6, 2020 | 63 | Strong improvement | 1 medium2 minor | |
| 10-K | Feb 6, 2019 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 1, 2018 | 48 | Mixed | 1 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR