Biogen Inc. (BIIB) Stock

Biogen Inc. (BIIB) is a Healthcare stock trading at $214.68 (as of 2026-08-20), with a market capitalization of $31.69B and a trailing P/E of 23.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Biogen Inc. develops, manufactures, and commercializes therapies for neurological and other diseases, including treatments for multiple sclerosis, spinal muscular atrophy, and Alzheimer’s disease, along with medicines for conditions such as plaque psoriasis and certain cancers and autoimmune disorders. Its portfolio includes products and biosimilar medicines, with sales primarily in the U.S. and international markets.

Understand Biogen Inc.: how it makes money

Biogen develops and sells therapies for neurological and neurodegenerative diseases, earning revenue from product sales across its multiple sclerosis and rare disease franchises, including related royalties.

Biogen’s profit model is driven primarily by its multiple sclerosis franchise (MS product revenue plus related royalties), with a smaller second stream from its rare disease portfolio.

Revenue by segment (latest quarter)
MS$1.8B
Rare$0.5B

Business quality (Mixed): Limited segment detail is provided, so MS and Rare are the cleanest high-level revenue groupings available from the supplied facts.

Valuation: At 22× earnings, BIIB trades 28% above the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

  • Large MS franchise tied to multiple branded therapies: Biogen’s MS offering spans multiple sclerosis treatments such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI, and MS franchise revenue is a major contributor.
  • Rare disease portfolio adds diversification within neurology: Biogen also has a rare disease franchise, including SPINRAZA revenue, supporting an additional revenue stream beyond MS.
  • Royalty-related MS economics are part of the disclosed MS revenue view: The MS revenue candidates provided explicitly include Ocrevus and Okravis royalty components, indicating royalty streams can contribute to MS franchise results.

Bear case

  • Concentration risk in a small number of disease franchises: The supplied revenue breakdown shows MS as the dominant portion of revenue, so performance changes in the MS franchise can have an outsized impact.
  • Exposure to individual product trajectories: Within MS and rare disease, several named therapies are central to Biogen’s portfolio, so shifts in any major product’s performance can affect franchise results.
Valuation — source: SEC EDGAR (first-party)
Price$214.68
Market Cap$31.69B
P/E Ratio23.1
EV / EBITDA14.3
Price / Book1.70
Price / Sales3.19
FCF Yield7.6%
DCF Value (model)$71.33
DCF Upside vs Price-66.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$9.89B
Net Margin13.1%
Revenue Growth (YoY)1.9%
EPS Growth (YoY)31.5%
FCF Growth (YoY)167.5%
Financial Health — source: SEC EDGAR
Altman Z-Score3.41 (safe)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Stock P/E23.1
Sector P/E (Healthcare)21.6
Industry P/E (Pharmaceutical Products)17.2
vs Sector7.0%
vs Industry34.5%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($3.07B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOChristopher A. Viehbacher
Employees7,605
CountryUS
IPO Date1991-09-17

Related Companies (Business model: Big Pharma / Branded Drugs; 8 closest by market cap; US-domiciled)

  • Amgen Inc. (AMGN)
  • Gilead Sciences, Inc. (GILD)
  • Vertex Pharmaceuticals Incorporated (VRTX)
  • Bristol-Myers Squibb Company (BMY)
  • Regeneron Pharmaceuticals, Inc. (REGN)
  • Moderna, Inc. (MRNA)
  • Zoetis Inc. (ZTS)
  • Neurocrine Biosciences, Inc. (NBIX)
BIIB earnings history · BIIB institutional & insider holders · BIIB KPIs & operating metrics · BIIB financials · BIIB investor presentations & press releases · BIIB SEC filings · BIIB peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.