BIOGEN INC. (BIIB)

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AI: Fair-priced

Price checkAt $209.83, Biogen looks reasonably priced, but the acquisition leaves little room for setbacks.

The August 14 regular-session close was $209.83. Using about 149 million diluted shares gives a market value near $31.3 billion; adding $6.8 billion of net debt gives roughly $38.1 billion for the operating business. The price is 16.8 times the midpoint of management’s $12–$13 adjusted 2026 earnings guidance, where adjusted earnings exclude specified charges. It is 12.8 times the $15.85–$16.85 underlying range before deal costs. The 2025 free-cash-flow yield was about 6.5%. Together, these signals support Fair-priced.

Big pictureNewer medicines are restoring growth, but older products and uneven profits still limit confidence.

Revenue fell 26% from $13.44 billion in 2020 to $9.89 billion in 2025, while net income dropped from $4.00 billion to $1.29 billion. The direction improved in the second quarter of 2026: revenue rose 3%, and the newer-product portfolio grew 24% to $1.06 billion. However, multiple-sclerosis product revenue fell 13% to $963 million. Biogen is not strongly tied to economic cycles; its bigger cycle comes from patent losses, competition, and replacing aging medicines with successful launches.

Business strengthCash generation remains useful, although higher debt and stopped buybacks reduce financial flexibility.

During 2025, operating cash flow was $2.20 billion and capital spending was $154 million, leaving about $2.05 billion of free cash flow, meaning cash left after running and investing in the business. The second quarter of 2026 added $408 million. However, the Apellis purchase lifted June debt to $8.1 billion while cash fell to $1.3 billion. Stock compensation was $291 million in 2025, shares rose from 144.9 million in 2023 to 146.8 million, and buybacks remained paused. Capital is now concentrated on acquisitions and drug development.

What could change the storySuccessful launches and late-stage trials could justify more value, while weak execution would expose the debt.

The strongest bull case is that Leqembi’s at-home option, Apellis products, and upcoming late-stage trial results replace shrinking multiple-sclerosis sales. Evidence would include continued growth near 20% from newer medicines, slowing legacy declines, at least $250 million of planned annual Apellis savings, and improved earnings from the acquisition in 2027. The bear case is that launches disappoint or pivotal trials fail while $6.8 billion of net debt remains. At $209.83, the market appears to require moderate replacement growth and successful debt reduction, but not flawless pipeline outcomes.

$209.83 price considered

AI: News

Quarterly growth improvesNewer medicines lifted quarterly revenue, although acquisition costs reduced the reported profit outlook.

On July 29, Biogen reported second-quarter revenue of $2.74 billion, up 3%, while its newer-product portfolio grew 24%. Adjusted earnings were $3.60 per share, down from $5.47. Management lowered reported adjusted 2026 guidance to $12–$13 per share from $14.25–$15.25 because of acquisition dilution and milestone charges, while raising its underlying range by $0.60. Shares closed 1.76% higher that day; the results coincided with the move but do not prove its cause.

At-home Leqembi approvedA new at-home Alzheimer’s treatment option could widen access and support future collaboration revenue.

On July 13, the United States regulator approved once-weekly Leqembi injections for starting treatment, with launch planned for late August. The autoinjector can replace clinic infusions, potentially reducing treatment burden and increasing eligible use. Biogen shares rose 4.96% that session; the timing makes the approval a plausible contributor, not proven causation. Important brain-swelling and bleeding warnings remain, so easier dosing does not remove the medicine’s safety and monitoring constraints.

Alzheimer trial sends mixed signalMid-stage Alzheimer’s results showed possible benefit but failed the study’s main statistical goal.

On July 14, Biogen reported that the selected diranersen dose slowed decline by 26% on a combined cognition and daily-function measure after 18 months. However, the study missed its primary goal because higher doses did not produce greater benefit, and one daily-function measure showed no separation from placebo. Shares fell 8.17% that day. The timing suggests investors may have weighed the mixed evidence, but does not establish causation. A larger final-stage trial is still required.

Apellis acquisition completedThe large cash-funded purchase adds growing medicines but materially increases Biogen’s financial obligations.

Biogen completed the Apellis acquisition on May 14 for approximately $5.3 billion, funded with existing resources, a $2.0 billion term loan, and a $400 million credit-facility draw. Apellis contributed two products that generated $689 million during 2025; Biogen recognized $127 million from them after the closing date in the second quarter. Management expects the deal to improve adjusted earnings in 2027, but June net debt of $6.8 billion makes sales growth, planned cost savings, and repayment progress important valuation tests.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$9.89B	$9.68B	$9.84B	$10.17B	$10.98B	$13.44B	$14.38B	$13.45B	$12.27B	$11.45B	$10.76B	$9.70B	$6.93B	$5.52B	$5.05B	$4.72B	$4.38B	$4.10B	$3.17B
Gross profit	—	—	—	—	—	$11.64B	$12.42B	$11.64B	$10.64B	$9.97B	$9.52B	$8.53B	$6.07B	$4.97B	$4.58B	$4.32B	$4.00B	—	—
Research & development	$1.78B	$1.98B	$2.45B	$2.23B	$2.50B	$3.99B	$2.28B	$2.60B	$2.25B	$1.97B	$2.01B	$1.89B	$1.44B	$1.33B	$1.22B	$1.25B	$1.28B	$1.07B	$925.2M
Operating income	—	—	—	—	$2.84B	$4.55B	$7.04B	$5.89B	$5.35B	$5.15B	$4.89B	$3.97B	$2.52B	$1.86B	$1.72B	$1.25B	$1.30B	$1.21B	$779.8M
EBITDAderived	—	—	—	—	$3.33B	$5.01B	$7.51B	$6.54B	$6.43B	$5.83B	$5.49B	$4.66B	$3.05B	$2.22B	$2.08B	$1.60B	$1.72B	$1.68B	$1.16B
Net income	$1.29B	$1.63B	$1.16B	$3.05B	$1.56B	$4.00B	$5.89B	$4.43B	$2.54B	$3.70B	$3.55B	$2.93B	$1.86B	$1.38B	$1.23B	$1.01B	$970.1M	$783.2M	$638.2M
Basic EPSper diluted share	$8.83	$11.21	$8.02	$20.96	$10.44	$24.86	$31.47	$21.63	$11.94	$16.96	$15.38	$12.42	$7.86	$5.80	$5.09	$3.98	$3.37	$2.67	$2.02
Diluted EPSper diluted share	$8.79	$11.18	$7.97	$20.87	$10.40	$24.80	$31.42	$21.58	$11.92	$16.93	$15.34	$12.37	$7.81	$5.76	$5.04	$3.94	$3.35	$2.65	$1.99

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$152.1K disclosed value

Sells (SEC code S)8$2.93M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 12, 2026Form 4	Murphy NicoleHead of Pharm Ops and Tech	BuyCommon Stock	3	$195.04	$585.12	19.6K
Feb 9, 2026Form 4 · 10b5-1	Singhal PriyaHead of Development	SellCommon Stock	2.7K	$199.83	$531.5K	8.0K
Feb 2, 2026Form 4 · 10b5-1	Singhal PriyaHead of Development	SellCommon Stock	748	$179.30	$134.1K	6.3K
Sep 2, 2025Form 4 · 10b5-1	Singhal PriyaHead of Development	SellCommon Stock	517	$133.55	$69.0K	5.8K
Jul 8, 2025Form 4 · 10b5-1	Izzar RachidHead of Global Product Strat.	SellCommon Stock	2.2K	$135.00	$300.1K	6.3K

Review ownership filings at SEC.gov ↗

BIOGEN INC. (BIIB)

Financial charts

Financial statements

Insider buys & sells