Biogen (BIIB) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Biogen

NasdaqGS•Healthcare•Drug Manufacturers - General

$249.01-4.61(-0.02%)After hours

Market Cap

$36.80B

P/E

105.9x

P/S

3.6x

P/B

1.9x

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.

How this company scores

AverageMetricSide Score: 47/100

Strongest: Cash & Earnings Quality (18/25); weakest: Profitability (6/25).

Profitability6/25

Growth10/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality18/25

Strengths

Low leverageCash-backed earningsConsistent free cash flowConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 105.9x5y range 12.0x – 105.9x

Currently above its 20-quarter median.

P/S · 3.6x5y range 1.8x – 4.1x

Currently near its 20-quarter median.

P/B · 1.9x5y range 1.0x – 3.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 84.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $36.80B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $10.30B
Q. Revenue: $2.80B
TTM EBITDA: $2.03B
TTM Op. Income: $749.60M
Q. Op. Income: $-20.20M
TTM Net Income: $347.50M
Q. Net Income: $-20.60M
EPS: $-0.14
Shares Out.: $147.80M

$10.30B in TTM revenue grew 2.3% YoY, reaching $2.80B last quarter. TTM EBITDA of $2.03B and TTM operating income of $749.60M show growth is flowing through to the bottom line. TTM net income of $347.50M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.3%
EBITDA Margin: 7.9%
Op. Margin: -0.7%
Net Margin: -0.7%

Op. margin of -0.7% is down 22.1% YoY — costs are rising relative to revenue. Net margin at -0.7% and gross margin of 73.3% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 105.9x
P/S Ratio: 3.6x
P/B Ratio: 1.9x

At 105.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.6x and P/B of 1.9x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 8 quarters, P/E has risen for 5 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $32.05B
Cash: $1.30B
Long-Term Debt: $7.29B
Book Value: $18.92B
D/E Ratio: 0.4
Debt/EBITDA: 33.0

With $32.05B in assets and $7.29B in long-term debt, D/E is 0.4and book value is $18.92B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 12% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $640.80M
TTM Free Cash Flow: $2.07B
FCF Margin: 20.1%
FCF / Net Income: 6.0

TTM FCF of $2.07B on $640.80M in operating cash flow. The FCF / Net Income ratio of 6.0x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 10% — a weakening trend.