Biogen BIIB

Drug Manufacturers - General, Healthcare

$250.69

−1.24%

Market cap: $37B
PE: 44.4×; 10y median 16.1×
Forward PE: 19.1×; 10y median 14.1×
Price to sales: 3.7×
EV/EBIT: 26.3×
Revenue, 12 months: $10B; +0% on a year ago
Net margin: 8.3%
Free cash flow yield: 7.3%

Biogen trades at 44.4× trailing earnings, pricier than 100% of the last ten years. Revenue was $10B over the last twelve months, up 0% on a year earlier with a 8% net margin.

Charts

Financials

Income statement for BIIB, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$2.5B+1%	$2.4B−6%	$2.3B−7%	$2.5B+0%	$2.5B−3%	$2.5B+3%	$2.4B+6%	$2.6B+7%	$2.5B+3%	$2.3B−7%	$2.5B+2%	$2.7B+3%
Cost of revenue	$659.6M+41%	$618.3M+8%	$542.2M−18%	$546M−8%	$638.7M−3%	$583.5M−6%	$629.3M+16%	$605M+11%	$674.4M+6%	$495.5M−15%	$661M+5%	$776.9M+28%
Gross profit	$1.9B−8%	$1.8B−10%	$1.7B−3%	$1.9B+3%	$1.8B−2%	$1.9B+6%	$1.8B+3%	$2B+6%	$1.9B+2%	$1.8B−5%	$1.8B+1%	$2B−4%
R&D	$736.3M+34%	$570.9M−5%	$445.4M−22%	$505.4M−14%	$516.2M−30%	$513.3M−10%	$434.1M−3%	$399M−21%	$436.1M−16%	$509.4M−1%	$539M+24%	$529.6M+33%
SG&A	$788.2M+40%	$608.5M−4%	$581.5M−4%	$553.8M+1%	$588.4M−25%	$680M+12%	$572.5M−2%	$583.8M+5%	$594.8M+1%	$682.5M+0%	$607.3M+6%	$709.7M+22%
	$158.8M−80%	$358.9M−50%	$558.5M+10%	$783.9M+34%	$465.8M+193%	$441.4M+23%	$379.6M−32%	$792.7M+1%	$591.4M+27%	$98.4M−78%	$397.4M+5%	$150.9M−81%
Interest expense	$63.8M+7%	$71.5M+31%	$69.2M+11%	$61.3M+25%	$59.8M−6%	$60M−16%	$60M−13%	$72.6M+18%	$67.4M+13%	$67.5M+13%	$67.6M+13%	$82.3M+13%
Pre-tax income	−$141.2M	$291.6M−52%	$464.8M+6%	$698.7M−1%	$451M	$291.5M+0%	$311.2M−33%	$744M+7%	$557.3M+24%	−$56M	$377.7M+21%	$132.4M−82%
	−$72.9M	$42.7M−21%	$71.4M+41%	$115.1M+0%	$62.5M	$24.8M−42%	$70.7M−1%	$109.2M−5%	$90.8M+45%	−$7.1M	$58.2M−18%	$34.9M−68%
Net income	−$68.1M	$249.7M−55%	$393.4M+1%	$583.6M−1%	$388.5M	$266.7M+7%	$240.5M−39%	$634.8M+9%	$466.5M+20%	−$48.9M	$319.5M+33%	$97.5M−85%
	−$0.47	$1.71−55%	$2.70+1%	$4.00−2%	$2.66	$1.83+7%	$1.64−39%	$4.33+8%	$3.17+19%	−$0.33	$2.15+31%	$0.66−85%
	144.8M+0%	145.9M+0%	145.9M+1%	145.9M+0%	146.1M+1%	145.6M−0%	146.6M+1%	146.7M+1%	147.1M+1%	146.8M+1%	148.4M+1%	148.7M+1%

Gross profit: 73 periods, Q2 FY08 to Q2 FY26: not printed by the filing, worked out from its own lines.

Operating income: 17 periods, Q2 FY22 to Q2 FY26: not printed by the filing, worked out from its own lines.

EPS, diluted: 6 periods, Q4 FY08 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: 10 periods, Q4 FY08 to Q4 FY24: share-days: the 12-month average less the 9-month, weighted by days. Q4 FY25: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Estimates

Next earnings report: Oct 28, 2026.

Quarter	Revenue	Range	EPS	Range	Analysts
Q3 FY26	$2.6B	$2.4B to $2.7B	$1.97	$1.77 to $2.29	18
Q4 FY26	$2.6B	$2.4B to $2.7B	$3.26	$2.94 to $3.59	16
Q1 FY27	$2.6B	$2.4B to $2.7B	$3.59	$3.27 to $3.76	8
Q2 FY27	$2.7B	$2.5B to $2.8B	$4.21	$3.83 to $4.41	7
Q3 FY27	$2.7B	$2.5B to $2.8B	$4.17	$3.80 to $4.37	7
Q4 FY27	$2.7B	$2.5B to $2.8B	$4.31	$3.92 to $4.52	12
Q1 FY28	$2.7B	$2.6B to $2.8B	$4.76	$4.33 to $4.99	9
Q2 FY28	$2.8B	$2.6B to $2.9B	$5.23	$4.76 to $5.48	8

Peers

Companies in Drug Manufacturers - General nearest Biogen's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
BIIBBiogen	$37B	44.4×	16.1×	19.1×	3.7×	+0%	8.3%
JAZZJazz Pharmaceuticals	$13.9B	14.6×	20.2×	n/m	3.0×	+13%	20.4%
BMYBristol-Myers Squibb	$125.6B	13.5×	19.9×	10.4×	2.6×	+3%	18.9%
BMRNBiomarin Pharmaceutical	$10.8B	151×	70.6×	n/m	3.2×	+11%	2.1%
CORTCorcept Therapeutics	$9.3B	204×	28.3×	n/m	11.2×	+16%	6.6%
PTGXProtagonist Therapeutics	$9B	134×	58.3×	n/m	31.8×	+35%	29.4%
TGTXTG Therapeutics	$8.3B	19.8×	19.4×	n/m	10.4×	+76%	55.2%
PFEPfizer	$171.2B	39.5×	15.8×	10.9×	2.7×	−0%	6.8%
ALKSAlkermes plc.	$7.3B	115×	16.0×	n/m	4.4×	+11%	4.0%
GILDGilead Sciences	$193.5B	n/m	18.8×	17.2×	6.4×	+6%	−10.6%
AMRXAmneal Pharmaceuticals	$6.5B	41.6×	51.5×	n/m	2.1×	+9%	5.0%
Peer median	$10.1B	41.6×	20.0×	10.9×	3.8×	+11%	6.7%