Biogen Inc. (BIIB) Stock Price & Analysis
Biogen Inc. (BIIB) closed at USD 253.84 on Thursday, October 22, 2026, up 5.34% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 240.98; the Oct 22, 2026 session ranged USD 240.05–254.41 on volume of 2,237,875 shares. Market capitalization is $37.51B, with a 52-week range of USD 138–254.41 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:49 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BIIB.md
Key facts (BIIB)
- Last four reported quarters (through Jun 30, 2026): revenue $10.0B, net income $835M (8.3% margin), free cash flow $2.70B (SEC filings).
- Valuation: P/E 44.9x (avg 22.0x at the last 3 fiscal year-ends), net debt $6.01B.
- Earnings quality: non-operating income -$300M (gains on equity investments -$75.7M) vs operating income null over the last four quarters; P/E excluding non-operating income ≈34.7x (estimate: non-operating income taxed at the company's 17.5% effective rate).
- 3 of 80 tracked superinvestors hold BIIB (13F, Q2 2026): 0 new, 0 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $240K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (36 analysts), mean target USD 247.32 (range 175–310).
- Total return with dividends: 1Y +69.1% vs S&P 500 +14.9%; 5Y -4.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.97, revenue estimate $2.63B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (BIIB)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.0B | $10.2B | $9.84B | $9.68B | $9.89B | $10.0B |
| Gross profit | $8.87B | $7.90B | $7.30B | $7.37B | $7.49B | — |
| Operating income | $2.84B | — | — | — | — | — |
| Net income | $1.56B | $3.05B | $1.16B | $1.63B | $1.29B | $835M |
| EPS (diluted) | $10.40 | $20.87 | $7.97 | $11.18 | $8.79 | — |
| Free cash flow | $3.38B | $1.14B | $1.27B | $2.72B | $2.05B | $2.70B |
| Gross margin | 80.8% | 77.6% | 74.2% | 76.1% | 75.7% | — |
| Operating margin | 25.9% | — | — | — | — | — |
| Net margin | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% | 8.3% |
| Revenue growth | -18.3% | -7.4% | -3.3% | -1.6% | +2.2% | — |
| Cash + short-term investments | $3.80B | $4.89B | $1.05B | $2.38B | $3.82B | — |
| Total debt | $7.27B | $6.28B | $6.94B | $6.30B | $6.29B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (BIIB)
P/E 44.9x · P/E ex non-operating (est.) ≈34.7x · P/S 3.7x · EV/Sales 4.3x · P/FCF 13.9x · P/B 2.0x · FCF yield 7.19% · Earnings yield 2.23% · Net debt $6.01B · EV $43.5B
P/E at fiscal year-ends: Dec 2025 20.0x, Dec 2024 13.7x, Dec 2023 32.4x.
Superinvestors (SEC 13F-HR, Q2 2026) (BIIB)
3 of 80 tracked investors hold BIIB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 3.75% | $5.2M | Reduced -18.8% |
| Samantha McLemore | Patient Capital Management | 2.04% | $61.3M | Reduced -25.3% |
| Sarah Ketterer | Causeway Capital Management | 0.65% | $60.1M | Reduced -0.9% |
Insider sales (SEC Form 4, open-market, last ~7 months) (BIIB)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-03…2026-08-04 | Minor Lloyd | Director | 1,186 | $240K | 30.6% | Yes | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (BIIB)
Consensus Buy (mean 2.25 on a 1–5 scale), 36 analysts; mean target USD 247.32 (low 175, high 310).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | B of A Securities | Target raised | Neutral | $219 → $244 |
| 2026-10-21 | TD Cowen | Target raised | Buy | $225 → $250 |
| 2026-10-20 | Wells Fargo | Target raised | Overweight | $250 → $310 |
| 2026-10-12 | JP Morgan | Upgrade | Neutral → Overweight | $210 → $300 |
| 2026-10-09 | UBS | Target raised | Buy | $240 → $270 |
| 2026-10-08 | RBC Capital | Target lowered | Outperform | $260 → $256 |
| 2026-09-10 | HSBC | Target raised | Reduce | $165 → $175 |
| 2026-09-03 | Piper Sandler | Target raised | Overweight | $225 → $245 |
| 2026-08-25 | RBC Capital | Target raised | Outperform | $240 → $260 |
| 2026-08-13 | Wolfe Research | Upgrade | Peer Perform → Outperform | $300 |
| 2026-08-04 | Mizuho | Target raised | Outperform | $221 → $241 |
| 2026-08-03 | Citigroup | Target raised | Neutral | $200 → $215 |
Total return (dividends reinvested) (BIIB)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +69.1% | -4.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +69.4% | -0.8% |
| Volatility (annualized) | 34.0% | 30.9% |
| Max drawdown | -14.3% (Feb 2026→Apr 2026) | -63.8% (May 2023→Apr 2025) |
BIIB revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product revenue, net | $1.92B | 70.0% | +2.0% |
| MS Product Revenues | $963.3M | 35.2% | -13.0% |
| Rare Disease Product Revenue | $601.7M | 22.0% | +10.8% |
| Revenue from anti-CD20 therapeutic programs | $513.5M | 18.8% | +9.9% |
| TYSABRI | $450.8M | 16.5% | -0.8% |
| SPINRAZA | $401.9M | 14.7% | +2.3% |
| Royalty Attributed To OCREVUS | $381.4M | 13.9% | +7.8% |
| Fumarate | $287.4M | 10.5% | -29.2% |
| Contract manufacturing, royalty and other revenue | $242.4M | 8.9% | -0.9% |
| Contract manufacturing revenue | $232.4M | 8.5% | +3.3% |
| Interferon | $225.1M | 8.2% | -8.8% |
| VUMERITY | $196.5M | 7.2% | -7.4% |
| AVONEX | $170.0M | 6.2% | -4.3% |
| SKYCLARYS | $167.9M | 6.1% | +28.9% |
| Biosimilars | $152.8M | 5.6% | -15.9% |
| Specialized Immunology | $127.8M | 4.7% | — |
| BENEPALI | $106.8M | 3.9% | -4.7% |
| SYFOVRE | $97.4M | 3.6% | — |
| TECFIDERA | $90.9M | 3.3% | -53.0% |
| ZURZUVAE | $70.8M | 2.6% | +52.6% |
| Other | $70.8M | 2.6% | +51.3% |
| Alzheimer's collaboration revenue | $63.7M | 2.3% | +16.0% |
| Alzheimer's Collaboration | $63.7M | 2.3% | +16.0% |
| PLEGRIDY | $55.1M | 2.0% | -20.1% |
| IMRALDI | $37.8M | 1.4% | -19.1% |
| QALSODY | $31.9M | 1.2% | +59.5% |
| EMPAVELI | $30.4M | 1.1% | — |
| Royalty and other revenue | $10.0M | 0.4% | -49.0% |
| FLIXABI | $8.1M | 0.3% | -43.4% |
| BYOOVIZ | $100,000 | 0.0% | -98.8% |
| Total revenue | $2.74B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
BIIB suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Genentech | “Our collaboration with Genentech is within the scope of ASC 808, Collaborative Agreements, which provides guidance on the presentation and disclosure of collaborative arrangements.” |
| Partner | Eisai | “•the expectations, development plans and anticipated timelines, including costs and timing of potential clinical trials, regulatory filing approvals and/or discontinuation, of our products, drug candidates and pipeline programs, including collaborations with third parties including but not limited to Eisai and Supernus, as well as the potential therapeutic scope of the development and commercialization of our and …” |
| Partner | Samsung Bioepis | “We commercialize BENEPALI, IMRALDI and FLIXABI pursuant to our agreement with Samsung Bioepis in certain international markets.” |
| Partner | CITY THERAPEUTICS, INC. (CTY) | “For additional information on our strategic research arrangement with City Therapeutics, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in this report.” |
| Partner | Samsung Electronics | “In February 2012 we entered into a joint venture agreement with Samsung BioLogics establishing an entity, Samsung Bioepis, to develop, manufacture and market biosimilar products.” |
| Competitor | Eli Lilly (LLY) | “A competing product, KISUNLA, a treatment for early symptomatic Alzheimer's disease that was developed by Eli Lilly and Company, was approved in the U.S. in 2024 and in the E.U. in 2025.” |
Quoted from the company's 10-K filed Feb 6, 2026.
Companies that name BIIB in their SEC reports
| Relationship to BIIB | Company | Filing | Sentence |
|---|---|---|---|
| partner | SUPERNUS PHARMACEUTICALS, INC. (SUPN) | 10-K Mar 2, 2026 | “We and our collaboration partner, Biogen MA Inc. (BIMA) and Biogen International GmbH (together with BIMA, Biogen), are jointly commercializing ZURZUVAE in the U.S. under a collaboration agreement (Biogen Collaboration Agreement).” |
| related | Zymeworks Inc. (ZYME) | 10-K Mar 2, 2026 | “Dr. Cesano has also held various management positions at Amgen Inc., Biogen Inc. (formerly Biogen Idec) and SmithKline Beecham Pharmaceuticals, where she helped to advance various oncology drugs through late-stage development and FDA approvals.” |
| partner | Denali Therapeutics Inc. (DNLI) | 10-K Feb 26, 2026 | “Denali has an active collaboration with Biogen Inc.'s subsidiaries, Biogen MA Inc. ("BIMA") and Biogen International GmbH ("BIG") (BIMA and BIG, collectively, "Biogen") for the development and commercialization of BIIB122/DNL151.” |
| partner | Organon & Co. (OGN) | 10-K Feb 24, 2026 | “Under the terms of the agreement with Biogen, we paid an upfront payment of $51 million in July 2025, and are obligated to pay tiered royalty payments based on net sales and tiered annual net sales milestone payments of up to $45 million from a previous in-license arrangement with Bio-Thera Solutions Ltd., the product developer for Tofidence.” |
BIIB company outlook (results filed Jul 29, 2026)
- “Biogen is updating its full year 2026 financial guidance to reflect a strengthening in underlying business performance outlook with reported guidance adjusted for the impact from completed and expected transactions and milestones.”
- “Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be between $2.65 billion and $2.70 billion for the second half of 2026.”
- “This guidance also assumes that foreign exchange rates as of July 24, 2026, will remain in effect for the remainder of the year, net of hedging activities.”
- “Other than the acquired IPR&D and milestone impact expressly stated above, this financial guidance does not include any other potential future acquired IPR&D and milestone charges, impact from potential acquisitions or business development transactions or pending and future litigation or any impact of potential healthcare reform, as all are difficult to predict.”
Quoted word-for-word from the SEC 8-K results press release.
BIIB analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.97 | $2.48 | -20.6% | $2.63B | 27 |
| Next quarter (ends Dec 2026) | $3.28 | $3.55 | -7.8% | $2.60B | 24 |
| Current fiscal year (ends Dec 2026) | $12.48 | $11.98 | +4.2% | $10.45B | 34 |
| Next fiscal year (ends Dec 2027) | $16.44 | $16.42 | +0.1% | $10.66B | 32 |
BIIB options: expected move
Options price a move of about ±6.5% (±$16.60) by Oct 30, 2026, which includes earnings on Oct 28, 2026. Over the last 8 reports the stock moved ±2.6% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 55.4% | ±6.5% |
| Nov 6, 2026 | 14 | 47.9% | ±7.7% |
| Nov 13, 2026 | 21 | 43.1% | ±8.5% |
| Nov 20, 2026 | 28 | 43.8% | ±9.8% |
| Nov 27, 2026 | 35 | 41.9% | ±10.5% |
| Dec 4, 2026 | 42 | 43.2% | ±11.9% |
| Dec 18, 2026 | 56 | 43.1% | ±13.6% |
| Jan 15, 2027 | 84 | 41.9% | ±16.1% |
30-day implied volatility 43.6% vs 26.7% realized over the last 30 trading days. Put/call ratio (volume) 1.26. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:49 UTC)
| Price | USD 253.84 |
|---|---|
| Change | ▲ 5.34% (up) |
| Previous Close | USD 240.98 |
| Open | USD 242.16 |
| Day Range | USD 240.05 – 254.41 |
| 52-Week Range | USD 138 – 254.41 |
| Volume | 2,237,875 shares |
| Market Cap | $37.51B |
| Exchange | NMS |
Technical Analysis (BIIB)
Nexqual's technical model rates BIIB "BUY" based on 5 bullish and 3 bearish signals across 127 daily candles, as of October 23, 2026 at 09:49 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 74.38 (overbought) |
| vs SMA50 | Above (USD 222.58) |
| MACD | 6.32 (positive) |
Analyst Ratings (BIIB)
Wall Street analysts rate BIIB "Buy" based on 36 analysts, with a mean price target of USD 247.32 (range USD 175–310), per Nexqual as of October 23, 2026 at 09:49 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 36 |
| Mean Target | USD 247.32 |
| High Target | USD 310 |
| Low Target | USD 175 |
| Buy / Hold / Sell | 24 / 11 / 1 |
Earnings (BIIB)
| Next Earnings Date | 2026-10-28 |
|---|---|
| EPS Estimate | USD 1.97 |
| Revenue Estimate | $2.63B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 3.6 vs est 2.03 ▲ beat |
| 2026-03-31 | USD 3.57 vs est 2.95 ▲ beat |
| 2025-12-31 | USD 1.99 vs est 1.62 ▲ beat |
| 2025-09-30 | USD 4.81 vs est 3.88 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financials & Fundamentals (BIIB)
| Total Revenue | $10.03B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +3.40% |
| Gross Margin | +78.32% |
| Operating Margin | +25.06% |
| Profit Margin | +8.32% |
| ROE | +4.58% |
| Debt / Equity | 0.44 |
| Current Ratio | 1.87 |
| Total Cash | $1.28B |
| Total Debt | $8.36B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $2.70B (26.9% of revenue) |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financial Health Score (BIIB)
Nexqual rates Biogen Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:49 UTC.
| Growth | Mixed — Revenue +2.2% YoY (annual), slow |
|---|---|
| Profitability | Strong — Gross margin 78%, operating 25% (last 12 months) |
| Balance Sheet | Solid — $1.28B cash and investments vs $7.29B debt (Jun 2026, SEC) |
| Cash Flow | Strong — FCF $2.70B (last 4 quarters to Jun 2026, SEC), 27% margin |
| Efficiency | Weak — ROE 5%, ROA 5.2% |
Ownership (BIIB)
| Insider Ownership | +0.19% |
|---|---|
| Institutional Ownership | +99.57% |
| Shares Outstanding | 147.75M |
| Float | 147.22M |
| Short % of Float | +4.50% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Leadership (BIIB)
Biogen Inc. is led by Christopher A. Viehbacher, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:49 UTC.
| President, CEO & Director | Christopher A. Viehbacher |
|---|---|
| Executive VP & CFO | Robin C. Kramer |
Major Backers & Investors (BIIB)
Notable institutional backers of Biogen Inc. include FMR, LLC, Primecap Management Company, Fidelity, according to Nexqual as of October 23, 2026 at 09:49 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 12.33% |
| Primecap Management Company | 10.26% |
| Fidelity | 4.56% |
| Wellington Management | 2.11% |
| NORGES BANK | 1.75% |
| Morgan Stanley | 1.63% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 11% |
| BlackRock | 10.82% |
| State Street | 4.97% |
| Geode Capital | 3.01% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
From Biogen Inc.'s Latest SEC 10-K Filing (filed 2026-02-06)
Key Strengths & Strategy (as disclosed to the SEC)
- Total consideration for this transaction, which was recorded in acquired in-process research and development, upfront and milestone expense in our consolidated statements of income for the year ended December 31, 2025, was approximately $85.0 million, comprising a $50.0 million payment made upon closing and a $35.0 million payment that was considered probable as of December 31, 2025, and made upon FDA approval of a supplemental application in January 2026.
- In connection with the closing of this transaction we made an upfront payment of $16.0 million to City Therapeutics, which was recognized in acquired in-process research and development, upfront and milestone expense within our consolidated statements of income for the year ended December 31, 2025, and invested $30.0 million in exchange for a City Therapeutics convertible note, representing a minority equity interest in City Therapeutics, if converted.
- Through this arrangement, City Therapeutics will leverage its next-generation RNAi engineering technologies to develop an RNAi trigger molecule (or molecules) combined with our proprietary drug delivery technology.
Partnerships
- We commercialize BENEPALI, IMRALDI and FLIXABI pursuant to our agreement with Samsung Bioepis in certain international markets.
- In February 2025 we entered into a funding agreement with Royalty Pharma under which we received $200.0 million in 2025 and will receive up to $50.0 million in 2026 to co-fund our development costs for the litifilimab program.
Legal & Regulatory Risks (Item 1A, quoted)
- We have made, and may continue to make, significant operating and capital expenditures for potential new products prior to regulatory approval with no assurance that such investment will be recouped, which may adversely affect our financial condition, business and operations.
- We depend on relationships with collaborators and other third parties for revenue, and for the development, regulatory approval, commercialization and marketing of certain of our products and product candidates, which are outside of our full control, and if these relationships fail, our business may be adversely affected.
- Regulations continue to change as regulators worldwide consider new rules. For example, the SEC has adopted additional disclosure rules regarding cyber security risk management, strategy, governance and incident reporting by public companies. These regulations or other regulations being considered in Europe and around the world may impact the manner in which we operate.
- Our inability to secure or sustain acceptable arrangements with tax authorities and future changes in the tax laws, among other things, may result in tax obligations in excess of amounts accrued in our financial statements.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| SNY | Sanofi | USD 41.96 | ▲ 2.42% |
| GSK | GSK plc | USD 51.21 | ▲ 2.38% |
| BMY | Bristol-Myers Squibb Company | USD 63 | ▲ 3.08% |
| PFE | Pfizer, Inc. | USD 30.42 | ▲ 1.91% |
| NVO | Novo Nordisk A/S | USD 39.43 | ▲ 0.95% |
| GILD | Gilead Sciences, Inc. | USD 157.19 | ▲ 2.36% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:49 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt