olivLaw · US equity research
Biogen Inc. BIIB
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Biogen (BIIB) reported second quarter 2026 total revenue of 2.7 billion USD, up 3% year-over-year, and its Growth Portfolio generated 1.06 billion USD, 24% higher than a year earlier. The company closed the Apellis acquisition on May 14, 2026 and updated 2026 guidance, with reported Non-GAAP EPS guidance lowered to 12 to 13 USD due to transaction charges. Multiple sclerosis revenue continues to decline while SPINRAZA, SKYCLARYS and other newer products grow.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Biogen Inc. (BIIB) stock was 249.01 USD (−1.82% on the day), with market capitalisation 36.8 bn USD, P/E 106.4 on diluted EPS of 2.34 USD over the last 12 months, beta 0.50, 52-week range 149.33–253.84 USD. Latest reported quarter (Q3 2026): revenue of 2.8 bn USD (+10.6% YoY), net income of -20.6 m USD (−104.4% YoY), diluted EPS -0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.0
- strong (55–70)
- Bollinger (20, 2)
- 215.56 – 261.61
- in the upper half of the band · %B 0.73 · band width 19.3%
- SMA 50 / 200
- 227.72 / 201.58
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.57 / 6.92
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.2% | −2.3% | +15.6 pp | — |
| 3 months | +23.4% | −0.8% | +24.2 pp | — |
| 6 months | +33.0% | +4.7% | +28.3 pp | — |
| Year to date | +41.5% | +10.2% | +31.3 pp | — |
| 1 year | +61.4% | +10.3% | +51.2 pp | +58.8% |
| 3 years | −0.2% | +73.0% | −73.2 pp | +184.2% |
| 5 years | −10.9% | +61.8% | −72.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.4 bn | 2.6 bn | 2.5 bn | 2.3 bn | 2.5 bn | 2.7 bn | 2.8 bn |
| Cost of revenue | 583.5 m | 629.3 m | 605.0 m | 674.4 m | 495.5 m | 661.0 m | 776.9 m | 748.4 m |
| SG&A | 680.0 m | 572.5 m | 583.8 m | 594.8 m | 682.5 m | 607.3 m | 709.7 m | 752.0 m |
| Depreciation & amortisation | 184.0 m | 183.2 m | 194.3 m ≈ | 202.2 m ≈ | 200.2 m | 204.4 m | 236.1 m ≈ | 241.1 m ≈ |
| Interest expense | 60.0 m | 60.0 m | 72.6 m | 67.4 m | 67.5 m | 67.6 m | 82.3 m | 87.5 m |
| Pre-tax income | 291.5 m | 311.2 m | 744.0 m | 557.3 m | -56.0 m | 377.7 m | 132.4 m | -9.0 m |
| Income tax | 24.8 m | 70.7 m | 109.2 m | 90.8 m | -7.1 m | 58.2 m | 34.9 m | 11.6 m |
| Net income | 266.7 m | 240.5 m | 634.8 m | 466.5 m | -48.9 m | 319.5 m | 97.5 m | -20.6 m |
| Diluted EPS | 1.83 ≈ | 1.64 | 4.33 | 3.17 | -0.33 ≈ | 2.15 | 0.66 | -0.14 |
| Operating cash flow | 760.9 m | 259.3 m | 160.9 m ≈ | 1.3 bn ≈ | 511.9 m | 645.5 m | 448.9 m ≈ | 640.8 m ≈ |
| Capex | 39.3 m | 37.1 m | 26.6 m ≈ | 46.2 m ≈ | 43.9 m | 51.2 m | 40.9 m ≈ | 40.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 44-quarter history (min 7.8, median 17.0, max 96.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.5 bn | 14.4 bn | 13.4 bn | 11.0 bn | 10.2 bn | 9.8 bn | 9.7 bn | 9.9 bn |
| Revenue YoY | +9.6% | +6.9% | −6.5% | −18.3% | −7.4% | −3.3% | −1.6% | +2.2% |
| Net income | 4.4 bn | 5.9 bn | 4.0 bn | 1.6 bn | 3.0 bn | 1.2 bn | 1.6 bn | 1.3 bn |
| Net income YoY | +74.5% | +32.9% | −32.1% | −61.1% | +95.8% | −61.9% | +40.6% | −20.8% |
| Diluted EPS | 21.58 | 31.42 | 24.80 | 10.40 | 20.87 | 7.97 | 11.18 | 8.79 |
| Diluted EPS YoY | +81.0% | +45.6% | −21.1% | −58.1% | +100.7% | −61.8% | +40.3% | −21.4% |
| net % | 32.9% | 41.0% | 29.8% | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% |
| Free cash flow | 5.4 bn | 6.6 bn | 3.8 bn | 3.4 bn | 1.1 bn | 1.3 bn | 2.7 bn | 2.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.0 bn USD
- Financial debt
- 6.3 bn USD
- Net debt
- 3.3 bn USD
- Equity
- 18.3 bn USD
- Total assets
- 29.4 bn USD
- Debt / equity
- 0.34x
- Current ratio
- 2.68x
- ROE
- 7.4%
- ROA
- 4.5%
- FCF margin
- 20.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 13.4 bn | 11.0 bn | 10.2 bn | 9.8 bn | 9.7 bn | 9.9 bn | SEC (XBRL)· 06 Feb 2026verified |
| Cost of revenue | 1.8 bn | 2.1 bn | 2.3 bn | 2.5 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Gross profit | 11.6 bn | 8.9 bn ≈ | 7.9 bn ≈ | 7.3 bn ≈ | 7.4 bn ≈ | 7.5 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| SG&A | 2.5 bn | 2.7 bn | 2.4 bn | 2.5 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Operating income | 4.6 bn | 2.8 bn | — | — | — | — | SEC (XBRL)· 03 Feb 2022verified |
| Depreciation & amortisation | 457.2 m | 487.7 m | 518.4 m | 494.8 m | 673.2 m | 779.9 m | SEC (XBRL)· 06 Feb 2026verified |
| EBITDA | 5.0 bn ≈ | 3.3 bn ≈ | — | — | — | — | SEC (XBRL)· 03 Feb 2022derived |
| Interest expense | 222.5 m | 253.6 m | 246.6 m | 246.9 m | 250.3 m | 267.5 m | SEC (XBRL)· 06 Feb 2026verified |
| Pre-tax income | 5.0 bn | 1.7 bn | 3.6 bn | 1.3 bn | 1.9 bn | 1.6 bn | SEC (XBRL)· 06 Feb 2026verified |
| Income tax | 992.3 m | 52.5 m | 632.8 m | 135.3 m | 273.8 m | 263.6 m | SEC (XBRL)· 06 Feb 2026verified |
| Net income | 4.0 bn | 1.6 bn | 3.0 bn | 1.2 bn | 1.6 bn | 1.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Diluted EPS | 24.80 | 10.40 | 20.87 | 7.97 | 11.18 | 8.79 | SEC (XBRL)· 06 Feb 2026verified |
| Weighted average diluted shares | 161.3 m | 149.6 m | 146.0 m | 145.6 m | 145.9 m | 147.1 m | SEC (XBRL)· 06 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.3 bn | 2.3 bn | 3.4 bn | 1.0 bn | 2.4 bn | 3.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Receivables | 1.9 bn | 1.5 bn | 1.7 bn | 1.7 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Inventories | 1.1 bn | 1.4 bn | 1.3 bn | 2.5 bn | 2.5 bn | 2.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Current assets | 6.9 bn | 7.9 bn | 9.8 bn | 6.9 bn | 7.5 bn | 9.0 bn | SEC (XBRL)· 06 Feb 2026verified |
| Property, plant & equipment, net | 3.4 bn | 3.4 bn | 3.3 bn | 3.3 bn | 3.2 bn | 3.1 bn | SEC (XBRL)· 06 Feb 2026verified |
| Goodwill | 5.8 bn | 5.8 bn | 5.7 bn | 6.2 bn | 6.5 bn | 6.5 bn | SEC (XBRL)· 06 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.1 bn | 2.2 bn | 1.9 bn | 8.4 bn | 9.7 bn | 9.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total assets | 24.6 bn | 23.9 bn | 24.6 bn | 26.8 bn | 28.0 bn | 29.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Accounts payable | 454.9 m | 589.2 m | 491.5 m | 403.3 m | 424.2 m | 432.0 m | SEC (XBRL)· 06 Feb 2026verified |
| Short-term debt | 0 | 999.1 m | 0 | 150.0 m | 1.7 bn | 0 | SEC (XBRL)· 06 Feb 2026verified |
| Long-term debt | 7.4 bn | 6.3 bn | 6.3 bn | 6.8 bn | 4.5 bn | 6.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Current liabilities | 3.7 bn | 4.3 bn | 3.3 bn | 3.4 bn | 5.5 bn | 3.3 bn | SEC (XBRL)· 06 Feb 2026verified |
| Total liabilities | 13.9 bn | 12.9 bn | 11.2 bn | 12.0 bn | 11.3 bn | 11.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Equity | 10.7 bn | 11.0 bn | 13.4 bn | 14.8 bn | 16.7 bn | 18.3 bn | SEC (XBRL)· 06 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.2 bn | 3.6 bn | 1.4 bn | 1.5 bn | 2.9 bn | 2.2 bn | SEC (XBRL)· 06 Feb 2026verified |
| Capex | 424.8 m | 258.1 m | 240.3 m | 277.0 m | 153.7 m | 153.8 m | SEC (XBRL)· 06 Feb 2026verified |
| Free cash flow | 3.8 bn ≈ | 3.4 bn ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 2.7 bn ≈ | 2.1 bn ≈ | SEC (XBRL)· 06 Feb 2026derived |
| Investing cash flow | -608.6 m | -563.7 m | 1.6 bn | -4.1 bn | -799.2 m | -1.4 bn | SEC (XBRL)· 06 Feb 2026verified |
| Financing cash flow | -5.3 bn | -2.1 bn | -1.7 bn | 149.3 m | -683.5 m | -301.9 m | SEC (XBRL)· 06 Feb 2026verified |
| Share repurchases | 6.7 bn | 1.8 bn | 750.0 m | 0 | 0 | — | SEC (XBRL)· 12 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 36.8 bn USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 158.97 – 279.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)158.97 – 279.18 (Mid 204.24)WACC 8.5% · starting FCFF 2.3 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 6.4%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.4% | 22 (on a fixed band) | 12% |
| FCF conversion · Quality | 595.9% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -0.9% | 0 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | -25.0% | 0 (on a fixed band) | 16% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.9x | 95 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 106.4x | 0 (on a fixed band) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 70 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial95/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation31/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIOGEN INC. (BIIB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 9.9 bn USD in 2025; YoY growth 2.2%; net margin 3.4%; ROE 1.9%.
The estimated value range is 158.97–279.18 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 204.24 USD, the price of 249.01 USD leaves a potential of -18.0% (value / price − 1) and a margin of safety of -21.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 595.9%
- Current ratio: 1.9x
- FCF yield: 5.6%
What contradicts it
- Net margin: 3.4%
- Revenue CAGR 3Y: -0.9%
- EPS CAGR 3Y: -25.0%
- P/E (TTM): 106.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 4.7 bn and 299.8 bn (within 8× of the company's); 114 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 251.6 bn | 28.9 | 91.5% | 23.0% | +10.0% | +35% / +73% |
| GILDGilead Sciences, Inc. | 211.3 bn | — | -22.3% | -12.5% | +2.4% | +35% / +122% |
| MRNAModerna, Inc. | 88.2 bn | — | -39.0% | -141.4% | −39.9% | +750% / +184% |
| RVMDRevolution Medicines, Inc. | 40.3 bn | — | -79.1% | — | unavailable | +142% / +707% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +61% / −0% |
| EXELExelixis, Inc. | 17.1 bn | 21.0 | 44.3% | 35.5% | +7.0% | +59% / +222% |
1- and 3-year price returns: for BIIB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 139.82 Total return -44% · Per year -44% | 247.87 Total return -0% · Per year -0% | 374.29 Total return 50% · Per year 50% |
| 3 years | 121.27 Total return -51% · Per year -21% | 243.25 Total return -2% · Per year -1% | 405.34 Total return 63% · Per year 18% |
| 5 years | 105.19 Total return -58% · Per year -16% | 238.72 Total return -4% · Per year -1% | 438.96 Total return 76% · Per year 12% |
- Exit P/E± 60.81
- Net margin± 42.57
- Annual revenue growth± 36.86
- Annual dilution± 3.58
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Biogen (BIIB) reported second quarter 2026 total revenue of 2.7 billion USD, up 3% year-over-year, and its Growth Portfolio generated 1.06 billion USD, 24% higher than a year earlier 3. The company closed the Apellis acquisition on May 14, 2026 and updated 2026 guidance, with reported Non-GAAP EPS guidance lowered to 12 to 13 USD due to transaction charges 3. Multiple sclerosis revenue continues to decline while SPINRAZA, SKYCLARYS and other newer products grow.
SWOT
Strengths
- The company has a diversified portfolio across neurology and rare disease, with fast-growing products such as SKYCLARYS and ZURZUVAE 3.
- Biogen has extensive biologics manufacturing capacity in Switzerland and a substantial industrial presence in the US 1.
- The Apellis acquisition and recent partnerships added new products, and the company reported solid operating cash flow 23.
Weaknesses
Opportunities
Risks
- Dependence on existing productshigh
A significant part of revenue depends on products facing intense competition, and declines in these could affect results 1.
- Clinical development riskhigh
Clinical trials may produce unfavorable results or delays, and regulatory approvals are not assured in every jurisdiction 1.
- Pricing pressuremedium
Pricing and reimbursement policies in the US and Europe could reduce revenue and profitability 1.
- Acquisition integrationmedium
Integrating Apellis and other transactions could prove difficult or fail to deliver all expected benefits 13.
- International tradelow
Tariffs and trade restrictions could raise supply costs, although the company stated that the near-term impact should not be material 12.
Investment thesis
What would need to be true (bull case)
- If the Growth Portfolio keeps developing, the company could gradually reduce its dependence on multiple sclerosis and sustain revenue growth 3.
- Recent launches, such as high-dose SPINRAZA and LEQEMBI IQLIK, could add revenue if adoption continues 23.
- More registrational readouts from the pipeline could open new growth sources in immunology and rare disease 3.
What would break the thesis
- Continued decline of TECFIDERA and TYSABRI could reduce revenue faster than the company expects 12.
- High debt and transaction costs could limit financial flexibility and near-term profitability 3.
- If new products do not reach expected adoption, large investments in research and marketing may not be recovered 1.
What to watch
- Quarterly results and updated Non-GAAP EPS guidanceQ3 2026
- Registrational data for litifilimab in SLEend of 2026
- Realization of synergies from the Apellis acquisition2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases, with a broad portfolio in neurology, specialized immunology and rare diseases 1. Key marketed products include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY for MS, SPINRAZA for SMA, SKYCLARYS for Friedreich's ataxia and QALSODY for ALS 1. After the Apellis acquisition, the company added SYFOVRE for geographic atrophy and EMPAVELI for PNH, C3G and primary IC-MPGN 2.
Biogen co-commercializes LEQEMBI for Alzheimer's disease with Eisai and ZURZUVAE for postpartum depression with Supernus 1. It holds certain business and financial rights to anti-CD20 therapies such as RITUXAN, GAZYVA and OCREVUS under arrangements with Genentech, a member of the Roche Group 1. Its biosimilar portfolio includes BENEPALI, IMRALDI and FLIXABI 1.
Between 2025 and 2026 Biogen's strategy centered on acquisitions and partnerships, including Alcyone, Dayra, Vanqua, City Therapeutics and Stoke, each involving upfront payments to partners, as well as the Royalty Pharma funding for litifilimab 1. These moves aim to broaden the pipeline beyond multiple sclerosis 12.
Segments
Market context
The market for neurology and rare disease biopharmaceuticals is intensely competitive, with new originator drugs, generics and biosimilars that can reduce prices and volumes 12. Pricing and reimbursement policies, including the US Inflation Reduction Act, exert ongoing pressure on revenue 1.
International trade is also a factor: US tariffs can affect costs, and roughly three quarters of 2025 US product revenue came from products largely manufactured in the US 12. Geopolitical tensions have a limited direct effect, with revenue from Russia and Ukraine below 2% of the total 1.
Trends
- Growth Portfolio expansiontailwind
The Growth Portfolio, including SPINRAZA, SKYCLARYS, ZURZUVAE and the Apellis products, generated 1.06 billion USD in the second quarter of 2026 3. If this momentum holds, it could reduce reliance on multiple sclerosis.
- Decline of TECFIDERA and TYSABRIheadwind
Generic and biosimilar competition continues to reduce multiple sclerosis revenue, and the company expects TECFIDERA revenue to keep declining 2. This could weigh on near-term revenue.
- Pricing pressure and the IRAheadwind
Medicare price negotiation and the Part D redesign have had an adverse effect on sales, especially for products reliant on Medicare 1. The final impact depends on implementation actions that remain uncertain 1.
- LEQEMBI launch and new formulationsmixed
Global LEQEMBI sales have grown, and the subcutaneous IQLIK form has received approvals in the US and other countries 23. Success here could support collaboration revenue, but it remains dependent on reimbursement 1.
Competitive position
Biogen faces competition from companies with larger portfolios and greater financial resources, as well as from generic and biosimilar makers 1. Competition in multiple sclerosis is especially intense, and companies in rare disease and immunology compete for the same patients and reimbursement 1.
The company adapts its strategy through acquisitions and partnerships, but may not be able to turn every transaction into real benefits 1. Other biotech players are active in the same therapeutic areas, and success depends on clinical data quality and commercial execution 1.
- Eisai
Partner in the LEQEMBI collaboration and an indirect competitor through its own Alzheimer's programs 12.
- Biosimilar manufacturers
Companies launching biosimilars for products such as TYSABRI, ENBREL and HUMIRA, reducing market prices 1.
- Generic manufacturers
Companies that entered the market with generics for TECFIDERA at substantially lower prices 2.
- Neurology companies with new therapies
Companies developing original products, including more effective or convenient alternatives for patients 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Stocks making the biggest moves premarket: Salesforce, First Solar, Biogen & moreCNBC — Top News · 12 Oct 2026 · EN
- Biogen is set for big gains on slate of trial data releases, JPMorgan saysCNBC — Top News · 12 Oct 2026 · EN
- Is Biogen Stock Outperforming the S&P 500?Yahoo Finance — News · 16 Sept 2026 · EN
- Biogen Sees Pivotal Pipeline Moment as It Expands Beyond NeurologyYahoo Finance — News · 12 Sept 2026 · EN
- Biogen’s (BIIB) Immunology Bet Meets A Pricier Balance SheetYahoo Finance — News · 02 Sept 2026 · EN
The latest news item in our archive is from 12 Oct 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Results of operations
- Current report10 Jun 2026Shareholder vote
- Current report (amendment)10 Jun 2026Financial statements and exhibits
- Current report14 May 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Biogen Inc. · 06 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Biogen Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Biogen Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.