# Biogen Inc. (BIIB)

> Source: Nexqual · https://nexqual.com/BIIB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Biogen Inc. (BIIB), nexqual.com/BIIB" · informational, not investment advice.

**Price:** USD 253.84 (+5.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 240.98 · day 240.05–254.41 · 52w 138–254.41 · market cap $37.5B · NMS

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Drug Manufacturers - General)
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%

## More
Full page: https://nexqual.com/BIIB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BIIB's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm):

| 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 p…" |
| 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." |

Other companies that name BIIB in their own reports (relationship from BIIB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | SUPERNUS PHARMACEUTICALS, INC. (SUPN) | 10-K 2026-03-02 | "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 (Bi…" |
| related | Zymeworks Inc. (ZYME) | 10-K 2026-03-02 | "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 throu…" |
| partner | Denali Therapeutics Inc. (DNLI) | 10-K 2026-02-26 | "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 commerc…" |
| partner | Organon & Co. (OGN) | 10-K 2026-02-24 | "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 mi…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 283.9% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.97 | $2.48 | -20.6% | $2.63B | 27 |
| Next quarter (ends 2026-12-31) | $3.28 | $3.55 | -7.8% | $2.60B | 24 |
| Current fiscal year (ends 2026-12-31) | $12.48 | $11.98 | +4.2% | $10.45B | 34 |
| Next fiscal year (ends 2027-12-31) | $16.44 | $16.42 | +0.1% | $10.66B | 32 |