Biogen Inc.BIIB
NasdaqGS•Healthcare•Drug Manufacturers - General
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
Biogen Inc. (BIIB) reported trailing twelve months revenue of $9.94B as of March 2026, a 1.2% increase year-over-year. Quarterly revenue reached $2.48B, reflecting continued top-line momentum.
Biogen Inc. generated $1.37B in TTM net income, with quarterly EBITDA of $583.20M. The operating margin expanded from 12.8% to 15.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.3%) and net margin (12.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 9.9% a year ago, signaling stronger bottom-line efficiency.
BIIB trades at a P/E of 21.0x (in line with broad market averages) and a P/S of 2.9x. The price-to-book ratio of 1.5x reflects a moderate premium to book value.
The company generated $594.30M in free cash flow over the trailing twelve months, a 167.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $29.48B in total assets with $6.29B in long-term debt against $18.65B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~23.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.4% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 29.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 0.3x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 25.8% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.