BIIB Chart
About

Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.

Fundamentals
Scroll to Statements
Sector Healthcare Industry Drug Manufacturers - Gen Market Cap 27.13B
Enterprise Value 29.97B Income 1.29B Sales 9.89B
Book/sh 124.36 Cash/sh 26.00 Dividend Yield —
Payout 0.00% Employees 7500 IPO —
P/E 21.06 Forward P/E 11.38 PEG —
P/S 2.74 P/B 1.49 P/C —
EV/EBITDA 8.32 EV/Sales 3.03 Quick Ratio 1.70
Current Ratio 2.68 Debt/Eq 36.47 LT Debt/Eq —
EPS (ttm) 8.78 EPS next Y 16.24 EPS Growth —
Revenue Growth -7.10% Earnings 2026-04-30 ROA 6.14%
ROE 7.39% ROIC — Gross Margin 78.95%
Oper. Margin 19.64% Profit Margin 13.07% Shs Outstand 146.76M
Shs Float 146.28M Short Float 4.00% Short Ratio 2.70
Short Interest — 52W High 202.41 52W Low 110.04
Beta 0.14 Avg Volume 1.72M Volume 772.83K
Target Price $205.67 Recom Buy Prev Close $188.08
Price $184.87 Change -1.71%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$205.67
Mean price target
2. Current target
$184.87
Latest analyst target
3. DCF / Fair value
$243.08
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$184.87
Low
$143.00
High
$260.00
Mean
$205.67

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-20 init Barclays — → Equal-Weight $185
2026-02-10 main Wedbush Neutral → Neutral $187
2026-02-09 main JP Morgan Neutral → Neutral $230
2026-02-09 main Canaccord Genuity Buy → Buy $230
2026-02-09 main BMO Capital Market Perform → Market Perform $196
2026-02-09 main TD Cowen Buy → Buy $215
2026-02-09 main Citigroup Neutral → Neutral $215
2026-02-09 main RBC Capital Outperform → Outperform $233
2026-02-09 main Guggenheim Buy → Buy $246
2026-02-09 main Wells Fargo Equal-Weight → Equal-Weight $200
2026-02-09 main Truist Securities Hold → Hold $193
2026-02-09 main Wedbush Neutral → Neutral $187
2026-02-09 main HC Wainwright & Co. Buy → Buy $228
2026-02-09 main Piper Sandler Neutral → Neutral $177
2026-01-30 main Oppenheimer Outperform → Outperform $225
2026-01-27 main Citigroup Neutral → Neutral $185
2026-01-08 main Truist Securities Hold → Hold $190
2026-01-07 main Citigroup Neutral → Neutral $180
2025-12-12 main Morgan Stanley Equal-Weight → Equal-Weight $156
2025-12-10 main Wells Fargo Equal-Weight → Equal-Weight $190
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 3 585.0 — Purchase at price 195.04 per share. MURPHY NICOLE Officer — 2026-02-12 00:00:00 D
1 2660 531548.0 — Sale at price 199.83 per share. SINGHAL PRIYA Officer — 2026-02-09 00:00:00 D
2 7183 nan — — GREGORY GINGER Officer — 2026-02-06 00:00:00 D
3 9046 nan — — ALEXANDER SUSAN H Officer — 2026-02-06 00:00:00 D
4 6889 nan — — IZZAR RACHID Officer — 2026-02-06 00:00:00 D
5 8725 nan — — MURPHY NICOLE Officer — 2026-02-06 00:00:00 D
6 5080 nan — — KEENEY ADAM JAMES Officer — 2026-02-06 00:00:00 D
7 3258 nan — — GROGAN JANE Officer — 2026-02-06 00:00:00 D
8 1079 nan — — GODBOUT SEAN Officer — 2026-02-06 00:00:00 D
9 6900 nan — — SINGHAL PRIYA Officer — 2026-02-06 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems-134.59M-39.79M-60.41M150.88M
TaxRateForCalcs0.170.140.100.18
NormalizedEBITDA3.40B3.11B2.62B3.50B
TotalUnusualItems-794.70M-277.00M-580.90M857.30M
TotalUnusualItemsExcludingGoodwill-794.70M-277.00M-580.90M857.30M
NetIncomeFromContinuingOperationNetMinorityInterest1.29B1.63B1.16B3.05B
ReconciledDepreciation779.90M673.20M494.80M518.40M
ReconciledCostOfRevenue2.14B2.08B2.28B2.13B
EBITDA2.60B2.83B2.04B4.36B
EBIT1.82B2.16B1.54B3.84B
NetInterestIncome-142.50M-182.70M29.60M-157.30M
InterestExpense267.50M250.30M246.90M246.60M
InterestIncome125.00M67.60M276.50M89.30M
NormalizedIncome1.95B1.87B1.68B2.34B
NetIncomeFromContinuingAndDiscontinuedOperation1.29B1.63B1.16B3.05B
TotalExpenses7.42B7.40B7.99B7.27B
TotalOperatingIncomeAsReported2.84B
DilutedAverageShares147.10M145.90M145.60M146.00M
BasicAverageShares146.50M145.60M144.70M145.30M
DilutedEPS8.7911.187.9720.87
BasicEPS8.8311.218.0220.96
DilutedNIAvailtoComStockholders1.29B1.63B1.16B3.05B
NetIncomeCommonStockholders1.29B1.63B1.16B3.05B
NetIncome1.29B1.63B1.16B3.05B
MinorityInterests0.000.00-400.00K85.30M
NetIncomeIncludingNoncontrollingInterests1.29B1.63B1.16B2.96B
NetIncomeContinuousOperations1.29B1.63B1.16B2.96B
EarningsFromEquityInterestNetOfTax0.000.002.60M34.90M
TaxProvision263.60M273.80M135.30M632.80M
PretaxIncome1.56B1.91B1.30B3.59B
OtherIncomeExpense-770.00M-191.70M-580.50M847.20M
OtherNonOperatingIncomeExpenses24.70M85.30M400.00K-10.10M
SpecialIncomeCharges-746.40M-145.70M-239.30M1.17B
GainOnSaleOfPPE0.000.00503.70M0.00
GainOnSaleOfBusiness0.000.001.51B0.00
OtherSpecialCharges611.30M87.80M20.50M917.00M
ImpairmentOfCapitalAssets52.90M0.000.00
RestructuringAndMergernAcquisition82.20M57.90M218.80M-78.00M
GainOnSaleOfSecurity-48.30M-131.30M-341.60M-312.80M
NetNonOperatingInterestIncomeExpense-142.50M-182.70M29.60M-157.30M
InterestExpenseNonOperating267.50M250.30M246.90M246.60M
InterestIncomeNonOperating125.00M67.60M276.50M89.30M
OperatingIncome2.47B2.28B1.85B2.90B
OperatingExpense5.02B5.09B5.45B4.99B
OtherOperatingExpenses290.20M254.40M218.80M-7.40M
DepreciationAmortizationDepletionIncomeStatement515.00M446.70M240.60M365.90M
DepreciationAndAmortizationInIncomeStatement515.00M446.70M240.60M365.90M
Amortization515.00M446.70M240.60M365.90M
AmortizationOfIntangiblesIncomeStatement515.00M446.70M240.60M365.90M
ResearchAndDevelopment1.78B1.98B2.45B2.23B
SellingGeneralAndAdministration2.43B2.40B2.55B2.40B
GrossProfit7.49B7.37B7.30B7.90B
CostOfRevenue2.40B2.31B2.53B2.28B
TotalRevenue9.89B9.68B9.84B10.17B
OperatingRevenue9.89B9.68B9.84B9.69B
Line Item2025-12-312024-12-312023-12-312022-12-31
TreasurySharesNumber23.80M23.80M23.80M23.80M
PreferredSharesNumber8.00K8.00K8.00K8.00K
OrdinarySharesNumber146.80M145.72M144.90M144.00M
ShareIssued170.60M169.52M168.70M167.80M
NetDebt3.28B3.92B5.89B2.86B
TotalDebt6.58B6.63B7.34B6.61B
TangibleBookValue2.59B545.90M217.20M5.80B
InvestedCapital24.54B23.01B21.74B19.68B
WorkingCapital5.62B1.93B3.42B6.52B
NetTangibleAssets2.59B545.90M217.20M5.80B
CapitalLeaseObligations290.40M334.50M400.00M333.00M
CommonStockEquity18.26B16.72B14.80B13.40B
TotalCapitalization24.54B21.26B21.59B19.68B
TotalEquityGrossMinorityInterest18.26B16.72B14.80B13.39B
MinorityInterest0.00-9.50M63.50M
StockholdersEquity18.26B16.72B14.80B13.40B
GainsLossesNotAffectingRetainedEarnings-182.00M-136.20M-153.70M-164.90M
OtherEquityAdjustments-182.00M-136.20M-153.70M-164.90M
TreasuryStock2.98B2.98B2.98B2.98B
RetainedEarnings20.55B19.26B17.63B16.47B
AdditionalPaidInCapital863.10M569.40M302.50M73.30M
CapitalStock100.00K100.00K100.00K100.00K
CommonStock100.00K100.00K100.00K100.00K
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest11.18B11.33B12.05B11.17B
TotalNonCurrentLiabilitiesNetMinorityInterest7.83B5.80B8.61B7.89B
OtherNonCurrentLiabilities748.50M732.30M781.10M944.20M
NonCurrentDeferredLiabilities507.60M190.50M641.80M334.70M
NonCurrentDeferredTaxesLiabilities507.60M190.50M641.80M334.70M
LongTermDebtAndCapitalLeaseObligation6.58B4.88B7.19B6.61B
LongTermCapitalLeaseObligation290.40M334.50M400.00M333.00M
LongTermDebt6.29B4.55B6.79B6.28B
CurrentLiabilities3.35B5.53B3.43B3.27B
OtherCurrentLiabilities838.40M746.90M10.80M
CurrentDebtAndCapitalLeaseObligation1.75B150.00M999.10M
CurrentDebt1.75B150.00M999.10M
OtherCurrentBorrowings1.75B150.00M999.10M
PensionandOtherPostRetirementBenefitPlansCurrent375.80M375.80M335.10M395.60M
PayablesAndAccruedExpenses2.97B3.40B2.95B2.13B
CurrentAccruedExpenses2.43B2.43B2.29B1.38B
Payables546.80M972.50M660.70M751.40M
TotalTaxPayable114.80M548.30M257.40M259.90M
AccountsPayable432.00M424.20M403.30M491.50M
TotalAssets29.44B28.05B26.84B24.55B
TotalNonCurrentAssets20.47B20.59B19.99B14.76B
OtherNonCurrentAssets750.60M560.50M745.00M1.53B
NonCurrentDeferredAssets292.50M324.20M928.60M1.23B
NonCurrentDeferredTaxesAssets292.50M324.20M928.60M1.23B
InvestmentsAndAdvances431.90M0.000.00705.70M
OtherInvestments1.53B1.94B
InvestmentinFinancialAssets431.90M0.000.00705.70M
AvailableForSaleSecurities431.90M705.70M892.00M
GoodwillAndOtherIntangibleAssets15.67B16.17B14.58B7.60B
OtherIntangibleAssets9.18B9.69B8.36B1.85B
Goodwill6.49B6.48B6.22B5.75B
NetPPE3.32B3.54B3.73B3.70B
AccumulatedDepreciation-2.93B-2.67B-2.40B-2.17B
GrossPPE6.25B6.21B6.13B5.87B
Leases143.50M137.80M135.70M107.70M
ConstructionInProgress163.10M308.40M975.40M888.80M
OtherProperties265.40M356.40M420.00M403.90M
MachineryFurnitureEquipment3.32B3.24B2.80B2.67B
BuildingsAndImprovements2.14B1.96B1.60B1.59B
LandAndImprovements216.70M202.40M202.40M202.40M
Properties0.000.000.000.00
CurrentAssets8.97B7.46B6.86B9.79B
OtherCurrentAssets1.12B752.50M1.18B1.42B
Inventory2.17B2.46B2.53B1.34B
InventoriesAdjustmentsAllowances-21.10M0.00
OtherInventories-21.10M
FinishedGoods200.40M187.90M
WorkInProcess751.90M814.00M
RawMaterials413.20M349.60M
Receivables1.87B1.87B2.10B2.14B
AccountsReceivable1.87B1.87B2.10B2.14B
AllowanceForDoubtfulAccountsReceivable-3.00M-2.20M-2.40M-2.30M
GrossAccountsReceivable1.87B1.87B2.10B2.14B
CashCashEquivalentsAndShortTermInvestments3.82B2.38B1.05B4.89B
OtherShortTermInvestments807.20M0.000.001.47B
CashAndCashEquivalents3.01B2.38B1.05B3.42B
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow1.97B2.52B1.24B1.14B
RepurchaseOfCapitalStock0.000.00-750.00M-1.80B
RepaymentOfDebt-1.75B-650.00M-809.90M-1.00B
IssuanceOfDebt1.73B0.00997.20M0.00
CapitalExpenditure-235.40M-359.80M-311.40M-243.20M
InterestPaidSupplementalData264.10M245.40M252.20M262.50M
IncomeTaxPaidSupplementalData864.00M355.10M740.70M262.50M
EndCashPosition3.01B2.38B1.05B3.42B
BeginningCashPosition2.38B1.05B3.42B2.26B
EffectOfExchangeRateChanges101.90M-67.70M35.10M-55.70M
ChangesInCash531.60M1.39B-2.40B1.21B
FinancingCashFlow-301.90M-683.50M149.30M-1.75B
CashFlowFromContinuingFinancingActivities-301.90M-683.50M149.30M-1.75B
NetOtherFinancingCharges-275.00M-2.20M6.30M6.80M
ProceedsFromStockOptionExercised-10.00M-31.30M-44.30M-1.90M
NetCommonStockIssuance0.000.00-750.00M-1.80B
CommonStockPayments0.000.00-750.00M-1.80B
NetIssuancePaymentsOfDebt-16.90M-650.00M187.30M-1.00B
NetLongTermDebtIssuance-16.90M-650.00M187.30M-1.00B
LongTermDebtPayments-1.75B-650.00M-809.90M-1.00B
LongTermDebtIssuance1.73B0.00997.20M0.00
InvestingCashFlow-1.37B-799.20M-4.10B1.58B
CashFlowFromContinuingInvestingActivities-1.37B-799.20M-4.10B1.58B
NetOtherInvestingChanges42.90M-4.70M-11.30M24.40M
NetInvestmentPurchaseAndSale-1.18B144.70M2.36B222.50M
SaleOfInvestment79.70M144.70M7.50B3.67B
PurchaseOfInvestment-1.26B0.00-5.14B-3.45B
NetBusinessPurchaseAndSale0.00-668.00M-6.14B990.30M
SaleOfBusiness0.00406.80M788.10M990.30M
PurchaseOfBusiness0.00-1.07B-6.93B0.00
NetIntangiblesPurchaseAndSale-81.60M-117.50M-34.40M-2.90M
SaleOfIntangibles0.0088.60M0.000.00
PurchaseOfIntangibles-81.60M-206.10M-34.40M-2.90M
NetPPEPurchaseAndSale-153.80M-153.70M-277.00M342.30M
SaleOfPPE0.000.00582.60M0.00
PurchaseOfPPE-153.80M-153.70M-277.00M-240.30M
OperatingCashFlow2.20B2.88B1.55B1.38B
CashFlowFromContinuingOperatingActivities2.20B2.88B1.55B1.38B
ChangeInWorkingCapital-1.06B-155.20M-648.70M-890.30M
ChangeInOtherWorkingCapital-1.21B-100.20M-372.90M-234.30M
ChangeInPayablesAndAccruedExpense171.10M24.60M-201.60M-113.40M
ChangeInAccruedExpense171.10M24.60M-201.60M-113.40M
ChangeInInventory-64.70M-273.80M-130.90M-320.20M
ChangeInReceivables42.10M194.20M56.70M-222.40M
ChangesInAccountReceivables102.70M222.30M61.30M-203.40M
OtherNonCashItems456.90M519.20M304.10M335.30M
StockBasedCompensation290.80M291.20M264.20M254.10M
ProvisionandWriteOffofAssets167.60M
AssetImpairmentCharge60.80M60.20M0.00119.60M
DeferredTax361.60M-158.10M-305.80M-168.60M
DeferredIncomeTax361.60M-158.10M-305.80M-168.60M
DepreciationAmortizationDepletion779.90M673.20M494.80M518.40M
DepreciationAndAmortization779.90M673.20M494.80M518.40M
AmortizationCashFlow507.10M386.50M240.60M246.30M
AmortizationOfIntangibles507.10M386.50M240.60M246.30M
Depreciation272.80M286.70M254.20M272.40M
OperatingGainsLosses19.30M12.80M277.10M-1.75B
EarningsLossesFromEquityInvestments0.000.00-2.60M-34.90M
GainLossOnInvestmentSecurities19.30M101.40M277.10M265.90M
GainLossOnSaleOfPPE0.00-88.60M0.00-503.70M
GainLossOnSaleOfBusiness0.000.00-1.51B0.00
NetIncomeFromContinuingOperations1.29B1.63B1.16B2.96B
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for BIIB
Date User Asset Broker Type Position Size Entry Price Patterns