Biogen develops and sells drugs for neurological and rare diseases. Its largest business is multiple sclerosis, though that franchise is shrinking. It also earns royalty/collaboration revenue from Roche's oncology and MS drugs (Rituxan, Gazyva, Ocrevus). Newer products address spinal muscular atrophy (Spinraza), Alzheimer's (Leqembi), Friedreich's ataxia (Skyclarys), postpartum depression (Zurzuvae), and ALS (Qalsody), most developed with partners who share economics.
Customers are hospitals, specialty pharmacies, and insurers covering patients with serious neurological conditions. Biogen makes money through direct drug sales and partnership/royalty agreements.
Employees7,500IPOSep 17, 1991SIC2834HQ225 Binney Street, Cambridge, MA, USA, 02142
to
Financials
Profitability
Metric
Current
Margins
Gross Margin
75.5%
Operating Margin
23.2%
EBITDA Margin
27.2%
Net Margin
13.8%
OCF Margin
28.7%
FCF Margin
24.8%
Returns on Capital
ROE
7.6%
ROA
4.8%
ROIC
8.7%
ROCE
7.5%
ROC (Greenblatt)
36.8%
3Y ROIIC
−6.6%
Consistency
Years Profitable / 10Y
10
Valuation
Metric
Current
Earnings Multiples
P/E (TTM)
41.17
Forward P/E
18.14
P/E ex-NRI
18.61
Shiller P/E (CAPE)
11.58
Cash Flow Multiples
P/FCF
14.82
P/OCF
13.27
P/Owner Earnings
23.36
FCF Yield
7.25%
Enterprise Value Multiples
EV / EBIT
28.08
EV / Forward EBIT
18.83
EV / EBITDA
17.02
EV / Forward EBITDA
13.21
EV / Revenue
3.63
EV / Forward Revenue
3.60
Asset / Sales
P/S
3.46
P/B
1.85
P/Tangible Book
11.04
Growth-Adjusted
PEG
—
Capital Returns
Metric
Current
Dividends
Dividend Yield (TTM)
0.00%
Forward Dividend Yield
0.00%
3Y Dividend Growth
0.0%
Payout Ratio
0.00
5Y Yield on Cost
0.00%
Buybacks & Dilution
3Y Buyback Ratio
−0.60%
5Y Share Change
−8.7%
Combined
Shareholder Yield
0.18%
Balance Sheet
Metric
Current
Leverage
Debt / Equity
0.35
Gross Debt / EBITDA
2.43
Cash / Debt
0.65
Equity / Assets
0.63
Coverage
Interest Coverage
8.37
Short-Term Liquidity
Current Ratio
3.06
Quick Ratio
2.41
Cash Ratio
1.43
Composite Scores
Piotroski F-Score
4
Altman Z-Score
3.47
Split History
Date
Split
2001-01-18
3:1
1999-12-21
2:1
Ex-date
Amount
Pay date
No dividend history found.
Date
Transcript
Type
2026-07-29
Q2 2026 Biogen Inc Earnings Call Transcript
Earnings Call
2026-07-14
Biogen Inc at Alzheimer's Association International Conference (AAIC) Transcript
Analyst/Investor Call
2026-06-09
Biogen Inc Annual Shareholders Meeting Transcript
Shareholders and Annual Meetings
2026-05-13
Biogen Inc at Bank of America Global Healthcare Conference Transcript
Conference Presentations
2026-04-29
Q1 2026 Biogen Inc Earnings Call Transcript
Earnings Call
2026-03-18
Biogen Inc at Stifel Virtual CNS Forum Transcript
Conference Presentations
2026-03-10
Biogen Inc at Leerink Global Healthcare Conference Transcript
Conference Presentations
2026-03-02
Biogen Inc at TD Cowen Healthcare Conference Transcript
Conference Presentations
2026-02-06
Q4 2025 Biogen Inc Earnings Call Transcript
Earnings Call
2026-01-12
Biogen Inc at JPMorgan Healthcare Conference Transcript
Conference Presentations
10 of 90
5-Step DuPont Analysis
ROE %
4.58%
×
×
Net Margin %
8.33%
×
×
Operating Margin %
19.30%
Operating Income
$1.94B
÷
Revenue
$10.03B
×
Tax Burden
0.8259
Net Income
$835M
÷
Pretax Income
$1.01B
×
Interest Burden
0.5225
Pretax Income
$1.01B
÷
Operating Income
$1.94B
×
Asset Turnover
0.33
÷
Revenue
$10.03B
÷
Average Total Assets
$30.21B
Begin Total Assets
$28.33B
End Total Assets
$32.09B
×
Equity Multiplier
1.66
÷
Avg Total Assets
$30.21B
÷
Avg Stockholders Equity
$18.24B
Begin Equity
$17.63B
End Equity
$18.85B
Top institutional holders
Q2 2026| Holder | Shares | % Owned | Chg. shares | |
|---|---|---|---|---|
| FMR LLC | 18.2M | 12.41% | +5.4M | $3.94B |
| BlackRock, Inc. | 16.0M | 10.89% | +11.1K | $3.45B |
| PRIMECAP MANAGEMENT CO/CA/ | 15.2M | 10.33% | +397.0K | $3.27B |
| VANGUARD CAPITAL MANAGEMENT LLC | 9.7M | 6.58% | +113.7K | $2.09B |
| STATE STREET CORP | 7.3M | 5.00% | +176.4K | $1.59B |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 6.6M | 4.50% | +73.2K | $1.43B |
| GEODE CAPITAL MANAGEMENT, LLC | 4.4M | 3.03% | +106.7K | $957.94M |
| WELLINGTON MANAGEMENT GROUP LLP | 3.1M | 2.12% | +155.8K | $673.56M |
| NORGES BANK | 2.6M | 1.76% | new | $557.44M |
| MORGAN STANLEY | 2.4M | 1.64% | +240.3K | $520.98M |
10 of 1,057
View allTop insider holdings
as reported| Insider | Shares held | % Owned | |
|---|---|---|---|
| ALEXANDER SUSAN HOfficer | 61.9K | 0.0422% | $14.40M |
| DORSA CAROLINEDirector | 31.0K | 0.0211% | $7.21M |
| Viehbacher ChristopherOfficer | 29.9K | 0.0204% | $6.96M |
| Rowinsky Eric KDirector | 25.8K | 0.0176% | $6.01M |
| McDonnell Michael R.Officer | 24.3K | 0.0166% | $5.66M |
| Gregory GingerOfficer | 22.4K | 0.0152% | $5.20M |
| Murphy NicoleOfficer | 19.6K | 0.0134% | $4.56M |
| SHERWIN STEPHEN ADirector | 15.2K | 0.0104% | $3.53M |
| Kramer RobinOfficer | 11.5K | 0.0078% | $2.67M |
| Mantas Jesus BDirector | 11.3K | 0.0077% | $2.62M |
10 of 21
View allRecent insider activity
through Oct 2, 2026| Insider | Action | Shares | Date | |
|---|---|---|---|---|
| Godbout SeanOfficer | Option Exercise (Rule 16b-3 Exempt) | +27 | $0 | Oct 2, 2026 |
| Godbout SeanOfficer | Tax Withholding | -8 | $1,759 | Oct 2, 2026 |
| Minor LloydDirector | Open-Market or Private Sale | -593 | $119.2K | Aug 4, 2026 |
| Minor LloydDirector | Open-Market or Private Sale | -593 | $120.6K | Aug 3, 2026 |
| HAWKINS WILLIAM ADirector | Grant/Award (Rule 16b-3(d)) | +1.5K | $0 | Jun 9, 2026 |
| SHERWIN STEPHEN ADirector | Grant/Award (Rule 16b-3(d)) | +1.5K | $0 | Jun 9, 2026 |
| Rowinsky Eric KDirector | Grant/Award (Rule 16b-3(d)) | +1.5K | $0 | Jun 9, 2026 |
| Mantas Jesus BDirector | Grant/Award (Rule 16b-3(d)) | +1.5K | $0 | Jun 9, 2026 |
| LANGER SUSANDirector | Grant/Award (Rule 16b-3(d)) | +1.5K | $0 | Jun 9, 2026 |
| Patolawala Monish DDirector | Grant/Award (Rule 16b-3(d)) | +1.5K | $0 | Jun 9, 2026 |
10 of 4,044
View all