Biogen Inc. (BIIB) 10-K Red Flags
Risk signals extracted deterministically from Biogen Inc.’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (8)
- Gross margin compression: Gross margin contracted +10.7%pp (from 128.4% to 117.7%). This may reflect input cost inflation, pricing pressure, or product mix shift toward lower-margin segments.
- Free cash flow deteriorating: FCF declined +24.7% YoY (from $2.72B to $2.05B). With OCF at $2.20B and capex at $153.8M, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- Operating cash flow exceeds net income: OCF is 1.71x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- Gross margin compression: Gross margin contracted +10.7%pp (from 128.4% to 117.7%). This may reflect input cost inflation, pricing pressure, or product mix shift toward lower-margin segments.
- Free cash flow deteriorating: FCF declined +24.7% YoY (from $2.72B to $2.05B). With OCF at $2.20B and capex at $153.8M, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
Filings & ownership
- Latest annual report (10-K) filed Feb 6, 2026.
- Latest quarterly report (10-Q) filed Jul 29, 2026.
- 18 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 2 sell transactions — net selling $239.7K.
- ~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.
Full BIIB analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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