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

$219.05+3.04(0.01%)After hours

Market Cap

$31.83B

P/E

38.1x

P/S

3.2x

P/B

1.7x

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: 58/100

Strongest: Cash & Earnings Quality (25/25); weakest: Profitability (8/25).

Profitability8/25

Growth10/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowLow leverageCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

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

P/E · 38.1x5y range 11.0x – 38.1x

Currently above its 20-quarter median.

P/S · 3.2x5y range 1.8x – 4.4x

Currently near its 20-quarter median.

P/B · 1.7x5y range 1.0x – 4.8x

Watch items

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

High Risk

Margin Pressure

Red Flag

Operating margins dropped 51.0% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Price & Volume

Market Cap $31.83B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $10.03B
Q. Revenue: $2.74B
TTM EBITDA: $2.55B
TTM Op. Income: $1.31B
Q. Op. Income: $129.40M
TTM Net Income: $834.60M
Q. Net Income: $97.50M
EPS: $0.66
Shares Out.: $147.70M

$10.03B in TTM revenue grew 0.3% YoY, reaching $2.74B last quarter. TTM EBITDA of $2.55B and TTM operating income of $1.31B show growth is flowing through to the bottom line. TTM net income of $834.60M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 71.6%
EBITDA Margin: 13.4%
Op. Margin: 4.7%
Net Margin: 3.6%

Op. margin of 4.7% is down 23.5% YoY — costs are rising relative to revenue. Net margin at 3.6% and gross margin of 71.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 83% — a weakening trend.

Price Ratios

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

P/E Ratio: 38.1x
P/S Ratio: 3.2x
P/B Ratio: 1.7x

At 38.1x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.2x and P/B of 1.7x 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 4 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets: $32.09B
Cash: $1.28B
Long-Term Debt: $7.29B
Book Value: $18.85B
D/E Ratio: 0.4
Debt/EBITDA: 19.9

With $32.09B in assets and $7.29B in long-term debt, D/E is 0.4and book value is $18.85B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 9% — a weakening trend.

Cash Flow

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

Op. Cash Flow: $448.90M
TTM Free Cash Flow: $2.70B
FCF Margin: 26.9%
FCF / Net Income: 3.2

TTM FCF of $2.70B on $448.90M in operating cash flow. The FCF / Net Income ratio of 3.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.