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olivLaw · US equity research

Biogen Inc. BIIB

Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

249.01USD−1.82% · 1 dayClose 02 Nov 2026

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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.

Market cap
36.8 bn USD
shares as of 26 Oct 2026
P/E (TTM)
106.4
Diluted EPS TTM 2.34 · TTM to 30 Sept 2026
E/P (TTM)
0.94%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
0.50
Volatility (1y) 34%
52-week range
149.33253.84

Price history

Loading chart…

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

CompanyS&P 500vs S&P 500Vertical 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—
Max drawdown (1y)
−14.3%
06 Feb 2026 → 06 Apr 2026
Max drawdown (5y)
−64.4%
05 May 2023 → 10 Apr 2025
Compound annual growth (5y)
−2.3%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
2.8 bn USD
+10.6% YoY
Net income
-20.6 m USD
−104.4% YoY
Diluted EPS
-0.14
−104.4% YoY
net / operating
-0.7% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue2.5 bn2.4 bn2.6 bn2.5 bn2.3 bn2.5 bn2.7 bn2.8 bn
Cost of revenue583.5 m629.3 m605.0 m674.4 m495.5 m661.0 m776.9 m748.4 m
SG&A680.0 m572.5 m583.8 m594.8 m682.5 m607.3 m709.7 m752.0 m
Depreciation & amortisation184.0 m183.2 m194.3 m ≈202.2 m ≈200.2 m204.4 m236.1 m ≈241.1 m ≈
Interest expense60.0 m60.0 m72.6 m67.4 m67.5 m67.6 m82.3 m87.5 m
Pre-tax income291.5 m311.2 m744.0 m557.3 m-56.0 m377.7 m132.4 m-9.0 m
Income tax24.8 m70.7 m109.2 m90.8 m-7.1 m58.2 m34.9 m11.6 m
Net income266.7 m240.5 m634.8 m466.5 m-48.9 m319.5 m97.5 m-20.6 m
Diluted EPS1.83 ≈1.644.333.17-0.33 ≈2.150.66-0.14
Operating cash flow760.9 m259.3 m160.9 m ≈1.3 bn ≈511.9 m645.5 m448.9 m ≈640.8 m ≈
Capex39.3 m37.1 m26.6 m ≈46.2 m ≈43.9 m51.2 m40.9 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 year20182019202020212022202320242025
Revenue13.5 bn14.4 bn13.4 bn11.0 bn10.2 bn9.8 bn9.7 bn9.9 bn
Revenue YoY+9.6%+6.9%−6.5%−18.3%−7.4%−3.3%−1.6%+2.2%
Net income4.4 bn5.9 bn4.0 bn1.6 bn3.0 bn1.2 bn1.6 bn1.3 bn
Net income YoY+74.5%+32.9%−32.1%−61.1%+95.8%−61.9%+40.6%−20.8%
Diluted EPS21.5831.4224.8010.4020.877.9711.188.79
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 flow5.4 bn6.6 bn3.8 bn3.4 bn1.1 bn1.3 bn2.7 bn2.1 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

Revenue
2023
9.8 bn
2024
9.7 bn
2025
9.9 bn

SEC (XBRL)· 06 Feb 2026verified

Cost of revenue
2023
2.5 bn
2024
2.3 bn
2025
2.4 bn

SEC (XBRL)· 06 Feb 2026verified

Gross profit
2023
7.3 bn ≈
2024
7.4 bn ≈
2025
7.5 bn ≈

SEC (XBRL)· 06 Feb 2026derived

SG&A
2023
2.5 bn
2024
2.4 bn
2025
2.4 bn

SEC (XBRL)· 06 Feb 2026verified

Operating income
2023
—
2024
—
2025
—

SEC (XBRL)· 03 Feb 2022verified

Depreciation & amortisation
2023
494.8 m
2024
673.2 m
2025
779.9 m

SEC (XBRL)· 06 Feb 2026verified

EBITDA
2023
—
2024
—
2025
—

SEC (XBRL)· 03 Feb 2022derived

Interest expense
2023
246.9 m
2024
250.3 m
2025
267.5 m

SEC (XBRL)· 06 Feb 2026verified

Pre-tax income
2023
1.3 bn
2024
1.9 bn
2025
1.6 bn

SEC (XBRL)· 06 Feb 2026verified

Income tax
2023
135.3 m
2024
273.8 m
2025
263.6 m

SEC (XBRL)· 06 Feb 2026verified

Net income
2023
1.2 bn
2024
1.6 bn
2025
1.3 bn

SEC (XBRL)· 06 Feb 2026verified

Diluted EPS
2023
7.97
2024
11.18
2025
8.79

SEC (XBRL)· 06 Feb 2026verified

Weighted average diluted shares
2023
145.6 m
2024
145.9 m
2025
147.1 m

SEC (XBRL)· 06 Feb 2026verified

Balance sheet · USD

Cash
2023
1.0 bn
2024
2.4 bn
2025
3.0 bn

SEC (XBRL)· 06 Feb 2026verified

Receivables
2023
1.7 bn
2024
1.4 bn
2025
1.3 bn

SEC (XBRL)· 06 Feb 2026verified

Inventories
2023
2.5 bn
2024
2.5 bn
2025
2.2 bn

SEC (XBRL)· 06 Feb 2026verified

Current assets
2023
6.9 bn
2024
7.5 bn
2025
9.0 bn

SEC (XBRL)· 06 Feb 2026verified

Property, plant & equipment, net
2023
3.3 bn
2024
3.2 bn
2025
3.1 bn

SEC (XBRL)· 06 Feb 2026verified

Goodwill
2023
6.2 bn
2024
6.5 bn
2025
6.5 bn

SEC (XBRL)· 06 Feb 2026verified

Intangibles (excl. goodwill)
2023
8.4 bn
2024
9.7 bn
2025
9.2 bn

SEC (XBRL)· 06 Feb 2026verified

Total assets
2023
26.8 bn
2024
28.0 bn
2025
29.4 bn

SEC (XBRL)· 06 Feb 2026verified

Accounts payable
2023
403.3 m
2024
424.2 m
2025
432.0 m

SEC (XBRL)· 06 Feb 2026verified

Short-term debt
2023
150.0 m
2024
1.7 bn
2025
0

SEC (XBRL)· 06 Feb 2026verified

Long-term debt
2023
6.8 bn
2024
4.5 bn
2025
6.3 bn

SEC (XBRL)· 06 Feb 2026verified

Current liabilities
2023
3.4 bn
2024
5.5 bn
2025
3.3 bn

SEC (XBRL)· 06 Feb 2026verified

Total liabilities
2023
12.0 bn
2024
11.3 bn
2025
11.2 bn

SEC (XBRL)· 06 Feb 2026verified

Equity
2023
14.8 bn
2024
16.7 bn
2025
18.3 bn

SEC (XBRL)· 06 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
1.5 bn
2024
2.9 bn
2025
2.2 bn

SEC (XBRL)· 06 Feb 2026verified

Capex
2023
277.0 m
2024
153.7 m
2025
153.8 m

SEC (XBRL)· 06 Feb 2026verified

Free cash flow
2023
1.3 bn ≈
2024
2.7 bn ≈
2025
2.1 bn ≈

SEC (XBRL)· 06 Feb 2026derived

Investing cash flow
2023
-4.1 bn
2024
-799.2 m
2025
-1.4 bn

SEC (XBRL)· 06 Feb 2026verified

Financing cash flow
2023
149.3 m
2024
-683.5 m
2025
-301.9 m

SEC (XBRL)· 06 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
—

SEC (XBRL)· 12 Feb 2025verified

Computed indicators

Growth

Revenue growth (YoY)
2.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-0.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-6.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-20.8%
computed by olivLawFY 2025
Net income CAGR 3Y
-24.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-20.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-21.4%
computed by olivLawFY 2025
EPS CAGR 3Y
-25.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-18.7%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-24.7%
computed by olivLawFY 2025

Profitability

Gross margin
74.0%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
3.4%
computed by olivLawTTM to 30 Sept 2026
FCF margin
20.1%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
1.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
1.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
6.0 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.4x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
2.2 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
176.4 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
2.1 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
595.9%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
302 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
57 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
36.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
42.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
105.9x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
106.4x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
0.9%
computed by olivLawTTM to 30 Sept 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
3.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
4.2x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
17.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
5.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

249.01 USD

02 Nov 2026Source: olivLaw, closing series

Market cap: 36.8 bn USD

Key indicators

Market capitalisation
36.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
106.4x
computed by olivLawTTM to 30 Sept 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
1.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
3.4%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
2.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 26 Oct 2026
Source: SEC (XBRL)published 28 Oct 2026
verified 2945derived 226

Score by group

52% · Insufficient data

Estimated value range

Low
158.97
USD per share
Mid
204.24
USD per share
High
279.18
USD per share
Price: 249.01 USD
The price is within the range
Potential to the central value: -18.0% (value / price − 1)
Margin of safety: -21.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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
Multiple comparisons use the SIC vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

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%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality3.4%22 (on a fixed band)12%
FCF conversion · Quality595.9%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 sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.9x95 (on a fixed band)8%
P/E (TTM) · Valuation106.4x0 (on a fixed band)20%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation5.6%70 (on a fixed band)16%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

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

P/E
106.4x
vertical median —
EV/EBITDA
—
vertical median —
P/S
3.6x
vertical median 6.8x
below median (−47.7%)
P/B
1.9x
vertical median 15.5x
below median (−87.4%)
ROE
1.9%
vertical median -22.3%
above median
Net margin
3.4%
vertical median 5.2%
below median (−35.6%)
EBIT margin
—
vertical median 11.2%
Revenue YoY
2.2%
vertical median 4.7%
below median (−52.7%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMGNAmgen Inc.251.6 bn28.991.5%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 bn106.41.9%3.4%+2.2%+61% / −0%
EXELExelixis, Inc.17.1 bn21.044.3%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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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%
What moves the 3-year price the most
  • 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

  • Multiple sclerosis revenue continues to decline, and the company still depends on these products 13.
  • Net debt is elevated after acquisitions, limiting financial flexibility 3.
  • Transaction costs and dilution from the Apellis acquisition weigh on near-term profitability 3.

Opportunities

  • Phase 3 readouts expected in the coming period could expand the commercial portfolio 3.
  • Wider LEQEMBI adoption through subcutaneous forms and new markets could support collaboration revenue 23.
  • Synergies from the Apellis acquisition and new agreements could lower costs over the longer term 3.

Threats

  • Generic and biosimilar competition could further reduce revenue from established products 12.
  • US price negotiations and changes in reimbursement policy could compress margins 1.
  • Trade tariffs and geopolitical tensions could raise production and distribution costs 12.

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

Multiple sclerosis

Revenue from multiple sclerosis products was 963 million USD in the second quarter of 2026, down 13% from a year earlier 3. The decline is driven mainly by generic competition for TECFIDERA and biosimilar competition for TYSABRI 2.

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.

News & filings

In the press

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

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Biogen Inc. · 06 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Biogen Inc. · 29 Jul 2026
  3. [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.