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BIIB · NASDAQ · Drug Manufacturers - General

Biogen

Develops neurological medicines spanning MS, rare disease, Alzheimer’s, and complement-mediated conditions.

$218.19

After-hours close−0.30 (−0.14%)

At close$218.49(−1.36%)

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Profile

Biogen Inc.BIIBHealth Care

Develops and commercializes neurological and rare-disease medicines, anchored by multiple-sclerosis therapies and SPINRAZA. Collaboration-led Alzheimer’s products and the Apellis acquisition broaden the single-segment business into complement-mediated disease.

Develops and commercializes medicines for neurological and rare diseases worldwide. Its portfolio includes the MS therapies VUMERITY, TYSABRI, TECFIDERA, AVONEX, and PLEGRIDY, plus SPINRAZA, SKYCLARYS, and QALSODY across rare neurological conditions. This combines established MS therapies with newer rare-disease medicines and collaboration-led products.

Commercializes LEQEMBI with Eisai and ZURZUVAE with Supernus, and added EMPAVELI and SYFOVRE through the Apellis acquisition, extending the business into nephrology and complement-mediated disease.

The single-segment business depends on product approvals and labels, reimbursement, manufacturing and third-party execution, and collaboration economics, including milestone payments and royalties.

Company facts

CEOChristopher A. Viehbacher

ListedNov 13, 2003

ExchangeNASDAQ

HeadquartersCambridge, MA

CountryUnited States

Employees7,500

CIK0000875045

ISINUS09062X1037

Key statistics

Market cap$32.28B

EPS (ttm)$5.65

P/E (ttm)38.67

ROE4.5%

P/B1.71

P/S3.25

Dividend yield—

Beta0.32vs XLV 1.23

Year to date +22.9% · Average volume (30d) 868.0K

Analysts

Price target, next 12 months$248.00+13.5%Median of 49 analysts · vs the Aug 28 close

ConsensusBuy31 of 49 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $218.50

High$300.00+37.3%

Median$248.00+13.5%

Low$157.00−28.1%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 25, 2026	RBC Capital	Reiterate		Outperform	$240	$260
Aug 18, 2026	Wolfe Research	Initiate		Outperform
Aug 13, 2026	Wolfe Research	Upgrade	Peer Perform	Outperform	$231	$300
Jul 30, 2026	Morgan Stanley	Reiterate		Equal Weight	$222	$231
Jul 30, 2026	H.C. Wainwright	Reiterate		Buy	$228	$251

Earnings

EPS

Estimate$2.04

ReportedDue Oct 29, 2026

Revenue

Estimate$2.64B

ReportedDue Oct 29, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jul 29, 2026Q2 FY26	$2.94	$3.60	+22.4%	$2.46B	$2.74B	+11.2%	−0.62%
Apr 29, 2026Q1 FY26	$3.05	$3.57	+17.0%	$2.29B	$2.48B	+8.4%	−2.62%
Feb 6, 2026Q4 FY25	$1.63	$1.99	+22.1%	$2.20B	$2.28B	+3.5%	−3.66%
Oct 30, 2025Q3 FY25	$3.88	$4.81	+24.0%	$2.34B	$2.45B	+4.9%	+3.11%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$2.43B	$2.65B	$2.45B	$2.28B	$2.48B	$2.74B
Gross profit	$1.85B	$1.70B	$1.58B	$1.78B	$1.82B	$1.56B
Operating income	$732.6M	$588.1M	$613.8M	−$57.0M	$397.4M	$318.1M
Net income	$240.5M	$634.8M	$466.5M	−$48.4M	$319.5M	$97.5M
Diluted EPS	$1.64	$4.35	$3.17	−$0.33	$2.15	$0.66
Gross margin	76.2%	64.2%	64.3%	78.2%	73.3%	56.9%
Operating margin	30.1%	22.2%	25.0%	-2.5%	16.0%	11.6%

Fiscal years (4-quarter sums)FY21 $10.98B · FY22 $10.17B · FY23 $9.84B · FY24 $9.68B · FY25 $9.81B

Revenue by product · Q2 FY26

MS Product Revenues$963.3M · 41%

TYSABRI Product$450.8M · 19%

Spinraza$401.9M · 17%

Fumarate$287.4M · 12%

Interferon$225.1M · 10%

Revenue by geography · Q2 FY26

United States$1.11B · 58%

Non-US$801.9M · 42%

Balance sheet, Jun 30, 2026Cash & short-term investments $1.29B · Total debt $8.36B · Total assets $32.09B · Shareholders' equity $18.85B

Dividends

No dividends on record.

Ownership

Institutions 129.06%Insiders 0.18%

A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.

Shares outstanding 147.75M · Float 146.43M · 99.1% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
FMR LLC	18.22M	12.33%	13F	Aug 13, 2026
BlackRock, Inc.	15.99M	10.82%	13F	Aug 7, 2026
Primecap Management Co/CA/	15.15M	10.26%	13F	Aug 14, 2026
Vanguard Capital Management LLC	9.65M	6.53%	13F	Aug 13, 2026
State Street Corp	7.34M	4.97%	13F	Aug 7, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 4, 2026	Lloyd Minor	director	−593	$200.96
Aug 3, 2026	Lloyd Minor	director	−593	$203.34
Feb 12, 2026	Nicole Murphy	officer: Head of Pharm Ops and Tech	+3	$195.04
Feb 9, 2026	Priya Singhal	officer: Head of Development	−2,660	$199.83
Feb 2, 2026	Priya Singhal	officer: Head of Development	−748	$179.30