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Biogen Inc.
BIIBHealthcareGenerated Jul 5, 2026, 08:14 PM UTC
BIIB (Biogen Inc.) analytical snapshot. Revenue declined +3.3% YoY to $9.84B. 5-year revenue CAGR -7.3%; 10y CAGR +0.2%. Net margin at 11.81% (contracting ▼). Market cap $31.91B at $216.12 per share. Trailing P/E 27.12, P/S 3.24, P/B 2.16. EV/Operating income ≈ 5.01 (EV $35.28B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score -11 (data confidence 84%). Descriptive analytics from public filings — not investment advice.
Market cap
$31.91B
147.64M shares
Price
$216.12
NMS
P/E (ttm)
27.12
Revenue (FY)
$9.84B
YoY -3.3%
Net margin
11.81%
▼ 17.95pp
Free cash flow
$1.27B
12.91% margin
Risk level
Moderate
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score -35Deteriorating
80% conf
Revenue declined +3.3% YoY to $9.84B. 5-year revenue CAGR -7.3%; 10y CAGR +0.2%. Net margin at 11.81% (contracting ▼).
- Revenue declined +3.3% YoY to $9.84B.
- 5-year revenue CAGR -7.3%; 10y CAGR +0.2%.
- Net margin at 11.81% (contracting ▼).
- Gross margin 0.00%, operating margin 0.00%.
- Free cash flow margin 12.91% ($1.27B).
- Net income down ▼ +61.9% YoY.
- Debt/equity 0.42, current ratio 3.06, net debt $3.37B.
- Asset turnover 0.33 — capital efficiency.
Revenue (FY)
$9.84B
YoY -3.3%
Net margin
11.81%
▼ 17.95pp
ROE
—
ROA 4.14%
ROIC
0.00%
EPS (diluted)
$7.97
FY2025
Free cash flow
$1.27B
12.91% margin
Debt / equity
0.42
Cash $2.91B
Current ratio
3.06
Equity $14.80B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | $9.70B | — | 23.11 | 40.94 | 30.25 | $2.65B | 34.05 |
| 2017 | $10.76B | +10.9% | 22.43 | 45.44 | 32.95 | $3.28B | 32.82 |
| 2018 | $11.45B | +6.4% | 21.19 | 45.00 | 32.34 | $3.97B | 39.51 |
| 2019 | $12.27B | +7.2% | 21.88 | 43.55 | 20.69 | $3.68B | 20.91 |
| 2020 | $13.45B | +9.6% | 21.47 | 43.77 | 32.93 | $5.42B | 33.21 |
| 2021 | $14.38B | +6.9% | 0.00 | 48.98 | 40.96 | $6.56B | 55.03 |
| 2022 | $13.44B | -6.5% | 0.00 | 0.00 | 29.76 | $3.81B | 36.72 |
| 2023 | $10.98B | -18.3% | 0.00 | 0.00 | 14.17 | $3.38B | 11.61 |
| 2024 | $10.17B | -7.4% | 0.00 | 0.00 | 29.95 | $1.14B | — |
| 2025 | $9.84B | -3.3% | 0.00 | 0.00 | 11.81 | $1.27B | — |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2025 | $2.43B | +6.1% | — | 9.89% |
| Jun 30, 2025 | $5.08B | +6.8% | +108.8% | 17.24% |
| Jun 30, 2025 | $2.65B | -44.4% | -47.9% | 33.09% |
| Sep 30, 2025 | $7.61B | +5.4% | +187.7% | 17.63% |
| Sep 30, 2025 | $2.53B | -64.9% | -66.7% | 52.94% |
| Mar 31, 2026 | $2.48B | +1.9% | -2.2% | 12.89% |
Revenue (annual, SEC 10-K)
2016: 9,703
2017: 10,764
2018: 11,449
2019: 12,274
2020: 13,453
2021: 14,378
2022: 13,445
2023: 10,982
2024: 10,173
2025: 9,836
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2016: 2,654
2017: 3,276
2018: 3,971
2019: 3,684
2020: 5,417
2021: 6,564
2022: 3,805
2023: 3,382
2024: 1,144
2025: 1,270
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 30Improving
80% conf
Latest annual report (10-K) filed Feb 6, 2026. Latest quarterly report (10-Q) filed Apr 29, 2026. 17 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 6, 2026.
- Latest quarterly report (10-Q) filed Apr 29, 2026.
- 17 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Biogen Inc.; broad institutional reporting.
- Recent filers include Woodford Investment Management Ltd, Woodford Investment Management Ltd, Woodford Investment Management Ltd.
- 3 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 17 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 6, 2026
Annual report
Latest 10-Q
Apr 29, 2026
8-K (recent)
17
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
3
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| Woodford Investment Management Ltd | 13F-HR | Jun 6, 2018 |
| Woodford Investment Management Ltd | 13F-HR | Nov 14, 2018 |
| Woodford Investment Management Ltd | 13F-HR | Aug 22, 2019 |
| Woodford Investment Management Ltd | 13F-HR | Aug 9, 2018 |
| Woodford Investment Management Ltd | 13F-HR | Aug 9, 2018 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jul 1, 2026 | 8-K | 8-K |
| Jun 10, 2026 | 8-K | CURRENT REPORT |
| May 14, 2026 | 8-K | 8-K |
| Apr 29, 2026 | 8-K | 8-K |
| Apr 6, 2026 | 8-K | 8-K |
| Mar 31, 2026 | 8-K | 8-K |
| Mar 11, 2026 | 8-K | CURRENT REPORT |
| Feb 11, 2026 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -24Deteriorating
72% conf
2 risk signal(s), 2 positive signal(s) detected from XBRL filing diff analysis. 2 positive signal(s) versus 2 risk signal(s). The filing exhibits more constructive indicators than concerns, though individual risk factors should still be monitored.
- Going concern doubt: The term "going concern" appears in 4 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
- Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 1.33x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Gross margin expansion: Gross margin expanded +3.0%pp (from 26.4% to 29.4%), indicating improved pricing power, cost efficiency, or favorable product mix.
- Endogenous analysis: 2 positive signal(s) versus 2 risk signal(s). The filing exhibits more constructive indicators than concerns, though individual risk factors should still be monitored.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- Ongoing high-severity risk language: Going concern doubt, Material weakness in internal controls.
Revenue
$9.84B
-3.3% YoY
Gross profit
$2.89B
+7.5% YoY
Operating income
$7.04B
+19.6% YoY
Net income
$1.16B
-61.9% YoY
Operating cash flow
$1.55B
+11.8% YoY
Capex
$277.0M
+15.3% YoY
Total assets
$28.05B
+4.5% YoY
Total liabilities
$11.33B
-5.9% YoY
Filing quality score
71/100
3 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $10.17B | $9.84B | $-337.8M | -3.3% |
| Gross profit | $2.69B | $2.89B | $202.7M | +7.5% |
| Operating income | $5.89B | $7.04B | $1.15B | +19.6% |
| Net income | $3.05B | $1.16B | $-1.89B | -61.9% |
| Operating cash flow | $1.38B | $1.55B | $162.9M | +11.8% |
| Capex | $240.3M | $277.0M | $36.7M | +15.3% |
| Total assets | $26.84B | $28.05B | $1.20B | +4.5% |
| Total liabilities | $12.05B | $11.33B | $-712.1M | -5.9% |
| Long-term debt | $6.30B | $6.29B | $-9.0M | -0.1% |
| Cash & equivalents | $1.31B | $2.33B | $1.02B | +77.9% |
| Stockholders equity | $10.90B | $13.40B | $2.50B | +23.0% |
| Inventory | $2.53B | $2.46B | $-66.9M | -2.6% |
| Accounts receivable | $1.66B | $1.40B | $-259.3M | -15.6% |
| R&D expense | $1.28B | $1.25B | $-34.5M | -2.7% |
| SG&A expense | $2.40B | $2.55B | $146.1M | +6.1% |
| Interest expense | $246.6M | $246.9M | $300000 | +0.1% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | IncomeTaxExaminationEstimateOfPossibleLoss, ProceedsFromSaleAndMaturityOfMarketableSecurities, RestructuringAndRelatedCostExpectedCostRemaining1 |
| Removed | AccountsReceivableNetCurrent, AccruedRoyaltiesCurrent, AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition, AdvertisingExpense, AmortizationOfIntangibleAssets, BuildingsAndImprovementsGross, BusinessCombinationContingentConsiderationLiabilityCurrent, CommonStockSharesAuthorized, CommonStockSharesIssued, CommonStockSharesOutstanding |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 4 | 1 | Ongoing |
| Material weakness in internal controls | high | 19 | 2 | Ongoing |
| Impairment charge | medium | 52 | 3 | Ongoing |
| Restructuring | medium | 87 | 9 | Ongoing |
| Off-balance sheet arrangements | medium | 95 | 8 | Ongoing |
| Related party transactions | low | 21 | 1 | Ongoing |
Filing signal breakdown
Red flags: 2
Positive: 2
Watch: 0
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $31.91B at $216.12 per share.
- ProPrice & TechnicalsPrice $216.12 — uptrend (above 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Moderate.
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3 sections free · 4 Pro sections locked · composite -11
Macro exposure
Defensive · Low sensitivityMacro regime: Risk-on · Supportive. Biogen Inc. is a defensive name (low macro sensitivity) — a supportive backdrop, though defensives lag risk-on tapes.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewPrice $216.12 — uptrend (above 200-DMA); 1-month momentum positive..
Risk
Moderate
Macro regime
Risk-on · Supportive
Macro exposure
Neutral
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Defensive groupHow BIIB stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Bristol-Myers Squibb BMY | 12 | Neutral |
| Cigna Group CI | 9 | Neutral |
| Procter & Gamble PG | 9 | Neutral |
| UnitedHealth Group UNH | 6 | Neutral |
| CVS Health Corp. CVS | 6 | Neutral |
| Zoetis Inc. ZTS | 3 | Neutral |
| Eli Lilly & Co. LLY | 3 | Neutral |
| Colgate-Palmolive CL | 1 | Neutral |
| Coca-Cola Co. KO | 1 | Neutral |
| Gilead Sciences GILD | 1 | Neutral |
| Intuitive Surgical Inc. ISRG | -1 | Neutral |
| Moderna Inc. MRNA | -4 | Neutral |
| Regeneron Pharmaceuticals REGN | -4 | Neutral |
| DexCom Inc. DXCM | -7 | Neutral |
| AbbVie Inc. ABBV | -7 | Neutral |
| Johnson & Johnson JNJ | -7 | Neutral |
| Vertex Pharmaceuticals VRTX | -8 | Neutral |
| Kimberly-Clark Corp. KMB | -10 | Neutral |
| Sysco Corp. SYY | -10 | Neutral |
| Mondelez International MDLZ | -10 | Neutral |
| Danaher Corp. DHR | -11 | Neutral |
| Merck & Co. MRK | -11 | Neutral |
| Biogen Inc. BIIB● you | -11 | Neutral |
| Amgen Inc. AMGN | -14 | Neutral |
| HCA Healthcare HCA | -14 | Neutral |
| Illumina Inc. ILMN | -16 | Neutral |
| Kroger Co. KR | -16 | Neutral |
| Thermo Fisher Scientific TMO | -18 | Neutral |
| Costco Wholesale COST | -18 | Neutral |
| PepsiCo Inc. PEP | -21 | Neutral |
| Walmart Inc. WMT | -25 | Neutral |
| Hershey Co. HSY | -26 | Neutral |
| Abbott Laboratories ABT | -30 | Neutral |
| Pfizer Inc. PFE | -49 | Neutral |