Download PDF

1. Company Snapshot

1.a. Company Description

Biogen Inc.discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases.The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.


It also provides BENEPALI, an etanercept biosimilar referencing ENBREL; ADUHELM for the treatment of Alzheimer's disease; IMRALDI, an adalimumab biosimilar referencing HUMIRA; and FLIXABI, an infliximab biosimilar referencing REMICADE.In addition, the company offers RITUXAN for treating 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; and OCREVUS for treating relapsing MS and primary progressive MS; and other anti-CD20 therapies.Further, it develops BIIB135, BIIB061, BIIB091, and BIIB107 for MS and neuroimmunology; Aducanumab, Lecanemab, BIIB076, and BIIB080 to treat Alzheimer's disease and dementia; BIIB067, BIIB078, BIIB105, BIIB100, and BIIB110 to treat neuromuscular disorders; BIIB124, BIIB094, BIIB118, BIIB101, and BIIB122 for treating Parkinson's disease and movement disorders; BIIB125 and BIIB104 for treating neuropsychiatry; Dapirolizumab pegol and BIIB059 to treat immunology related diseases; BIIB093 and BIIB131 to treat acute neurology; BIIB074 for neuropathic pain; and BYOOVIZ, BIIB800, and SB15 biosimilars, which are under various stages of development.


The company has collaboration and license agreements with Acorda Therapeutics, Inc.; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis Co., Ltd.; Sangamo Therapeutics, Inc.; and Sage Therapeutics, Inc.Biogen Inc.was founded in 1978 and is headquartered in Cambridge, Massachusetts.

Show Full description

1.b. Last Insights on BIIB

Breaking News: Biogen Inc reported Q4 earnings of $1.99 per share beating the Zacks Consensus Estimate of $1.61 per share. Total revenue for the full year 2025 was $9.9 billion up 2% versus 2024. The company issued an encouraging 2026 adjusted EPS outlook despite revenue pressure. Non-GAAP EPS for Q4 was $1.99. Some analysts are positive on the stock. For example an analyst from a leading firm gave a buy recommendation on the stock citing the strong growth in key products.

1.c. Company Highlights

2. Biogen's Strong Q4 2025 Results and Promising Pipeline

Biogen finished 2025 strongly, with fourth-quarter non-GAAP diluted EPS of $1.99, beating estimates of $1.61. The company's growth products generated $3.3 billion in revenue for the full year 2025, up 69% versus 2024. Total revenue for the full year 2025 was $9.9 billion, up 2% versus 2024. The multiple sclerosis (MS) business generated $3 billion in revenue. For Q4 2025, growth products saw significant revenue, with VUMERITY contributing substantially to the overall growth.

Publication Date: Feb -09

📋 Highlights
  • 2025 Financial Performance:: Full-year revenue reached $9.9 billion (up 2% YoY), with growth products like VUMERITY generating $3.3 billion (+19% YoY) and non-GAAP diluted EPS at $15.28.
  • High-Growth Product Launches:: New therapies (Lekembi, Skyclaris, Xerxuve) achieved $1 billion+ revenue collectively, with Skyclaris showing 30% YoY growth and Q4 revenue of $133 million.
  • Key 2026 Regulatory Milestones:: Awaiting PDUFA date (May 24) for Lekembi’s subcutaneous Alzheimer’s approval, plus phase three data for litifolumab (lupus) and talsadimab (AMR) expected.
  • Expanded Pipeline & Financials:: Late-stage programs in immunology/neuroscience (lixilimab for lupus, BTK degrader) and $4.2 billion cash reserves, with 2026 EPS guidance of $15.25–$16.25 despite mid-single-digit revenue decline.

Revenue Breakdown and Growth Prospects

The company's recently launched products, including Lekembi, Skyclaris, Xerxuve, and Calcadi, now generate over $1 billion in revenue and have grown strongly. Akembi saw steady sequential demand growth globally, with Q4 end market sales of approximately $134 million, up 1054% versus Q3 2025 and Q4 2024. Skyclaris also saw sequential global patient demand growth with Q4 global revenue of $133 million, representing 30% growth year over year.

Pipeline Progress and Future Expectations

Biogen's pipeline has expanded significantly over the past year, with several new high-conviction programs added. The company expects key readouts in 2026, including a potential approval for the subcutaneous administration of Lekembi for Alzheimer's disease. Biogen also expects to see data from several phase three studies, including ones on litifolumab for lupus and talsadimab for AMR. The company's late-stage pipeline now consists of high scientific conviction programs with significant commercial potential.

Valuation and Outlook

Given Biogen's current valuation metrics, including a P/E Ratio of 22.82 and an EV/EBITDA of 10.79, the market seems to have priced in a certain level of growth. The company's guidance for 2026 is for non-GAAP diluted EPS of $15.25 to $16.25, reflecting growth versus 2025 results. However, total revenue is expected to decline by a mid-single-digit percentage for 2026 compared to 2025. Analysts estimate next year's revenue growth at -0.9%, indicating a challenging year ahead.

Pipeline Opportunities and Challenges

The success of Biogen's pipeline will depend on the data and side effect profile of its new treatments. For instance, BIB080, targeting Alzheimer's, is under evaluation, and its commercial opportunity will be determined based on the data. The company's focus on immunology, particularly rare immunology, with a five-year time horizon, is evident in its pipeline prioritization. Biogen aims to balance its pipeline with late-stage programs and earlier-stage investments, focusing on high-reward areas like Alzheimer's and ALS.

3. NewsRoom

Card image cap

Candriam S.C.A. Decreases Holdings in Biogen Inc. $BIIB

Feb -10

Source: defenseworld.net

Card image cap

State of Michigan Retirement System Has $6.04 Million Position in Biogen Inc. $BIIB

Feb -10

Source: defenseworld.net

Card image cap

Biogen Analysts Boost Their Forecasts After Upbeat Q4 Earnings

Feb -09

Source: benzinga.com

Card image cap

Biogen FY25 Earnings: Stable EPS, Amid Pressure From The Multiple Sclerosis Franchise

Feb -09

Source: seekingalpha.com

Card image cap

Why Biogen Stock Surged Almost 9% Higher on Friday

Feb -07

Source: fool.com

Card image cap

Biogen Inc (BIIB) Q4 2025 Earnings Call Highlights: Strong Growth in Key Products Amidst Revenue Challenges

Feb -06

Source: gurufocus.com

Card image cap

Biogen Inc. (BIIB) Q4 2025 Earnings Call Transcript

Feb -06

Source: seekingalpha.com

Card image cap

BIIB Beats on Q4 Earnings & Sales, Stock Gains on Upbeat '26 EPS View

Feb -06

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.00%)

6. Segments

Discovering, Developing and Delivering Worldwide Innovative Therapies

Expected Growth: -0.0%

Biogen Inc.'s growth is driven by innovative therapies in neuroscience and immunology. Discovering new treatments, developing existing ones, and delivering worldwide, contribute to stability (-0.0% growth). Key drivers include: increasing demand for MS and SMA treatments, robust pipeline, and strategic partnerships. Execution and market share expansion also support steady growth.

7. Detailed Products

TECFIDERA

An oral medication used to treat relapsing forms of multiple sclerosis (MS)

PLEGRIDY

A pegylated interferon beta-1a injection used to treat relapsing forms of MS

AVONEX

An interferon beta-1a injection used to treat relapsing forms of MS

RITUXAN

A monoclonal antibody used to treat rheumatoid arthritis, non-Hodgkin's lymphoma, and chronic lymphocytic leukemia

SPINRAZA

An antisense oligonucleotide injection used to treat spinal muscular atrophy (SMA) in pediatric and adult patients

FUMADERM

A dimethyl fumarate oral medication used to treat moderate to severe plaque psoriasis

8. Biogen Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Biogen Inc. faces moderate threat from substitutes due to the presence of alternative treatments and therapies for multiple sclerosis and other diseases.

Bargaining Power Of Customers

Biogen Inc. has a diverse customer base, and individual customers do not have significant bargaining power due to the company's strong brand presence and limited availability of alternative treatments.

Bargaining Power Of Suppliers

Biogen Inc. has a diversified supplier base, and no single supplier has significant bargaining power due to the company's large scale of operations and strong relationships with suppliers.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized expertise, making it difficult for new entrants to compete with Biogen Inc.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with several established players competing for market share, and Biogen Inc. faces intense rivalry from companies such as Teva Pharmaceutical Industries, Novartis, and Roche Holding.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.15%
Debt Cost 3.95%
Equity Weight 66.85%
Equity Cost 3.91%
WACC 3.92%
Leverage 49.58%

11. Quality Control: Biogen Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Gilead Sciences

A-Score: 6.8/10

Value: 3.3

Growth: 3.0

Quality: 9.3

Yield: 7.0

Momentum: 9.5

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Pfizer

A-Score: 6.4/10

Value: 5.6

Growth: 2.9

Quality: 6.9

Yield: 9.0

Momentum: 5.5

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Merck

A-Score: 6.2/10

Value: 4.6

Growth: 6.2

Quality: 8.2

Yield: 6.0

Momentum: 4.5

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Bristol-Myers Squibb

A-Score: 5.5/10

Value: 5.0

Growth: 3.9

Quality: 6.5

Yield: 8.0

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Lilly

A-Score: 5.3/10

Value: 0.0

Growth: 7.1

Quality: 7.5

Yield: 2.0

Momentum: 9.5

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Biogen

A-Score: 5.3/10

Value: 6.2

Growth: 3.0

Quality: 7.7

Yield: 0.0

Momentum: 7.5

Volatility: 7.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

188.99$

Current Price

188.99$

Potential

-0.00%

Expected Cash-Flows