TORVANTA
Health Care · S&P 500 · data as of 2026-10-05

BIIB stock analysis: Biogen

Biogen (BIIB) is an S&P 500 company in Biotechnology. It grades weakest on growth.

The model's view of BIIB · subscribers

Where BIIB ranks among the 1,500 U.S. stocks the model scores each trading day, its expected return, the evidence for and against it, and whether the model portfolio holds it. The grades below describe the company's data; they are not the model's view.

See plans
What's happening with BIIB · updated 2026-10-05 · from prices and SEC filings

BIIB price performance

BIIB against the S&P 500, one year
+0%+25%+50%BIIB +61%S&P 500 +18%2025-09-292026-10-05
Year to date+27.1%S&P 500 +14.5% · ahead by 12.5 pts
1 year+39.9%S&P 500 +17.0% · ahead by 22.8 pts
3 years-13.9%S&P 500 +89.3% · behind by 103.2 pts
5 years-20.3%S&P 500 +91.3% · behind by 111.6 pts

Total returns with dividends reinvested.

BIIB factor grades

Each grade compares BIIB with the rest of its sector (A+ best, F worst); the numbers behind it are shown with the typical figure for its peers.

BValueP/E 24.0x (industry 24.5x)FCF yield 7.3% (industry 4.8%)
DGrowthRevenue growth +1% (industry +9%)EPS growth -8% (industry +22%)
BProfitability
B+Momentum12-month change +40%From 52-wk high -2%

BIIB in plain numbers

BIIB key statistics

SectorHealth Care
IndustryBiotechnology
IndexS&P 500
Market value$33.0B
Revenue growth (y/y)+1%
Free-cash-flow yield7.3%
Dividend yieldn/a
Next earnings (expected)2026-10-29
Valuation measures
Market value$33.0B
Enterprise value$35.9B
P/E (trailing)24.0x
Forward P/E (Torvanta estimate)24.7x
Price / sales3.3x
Price / book1.8x
EV / revenue3.6x
Financial highlights
Revenue, last 12 months$9.9B
Net income, last 12 months$1.4B
EPS, last 12 months (GAAP)$9.30
Gross margin75.5%
Net margin13.8%
Return on equity7.7%
Cash$3.4B
Total debt$6.3B
Debt / equity0.34x
Free cash flow, last 12 months$2.4B
Current ratio3.06x

Company figures from its latest SEC filings; market value and returns from end-of-day prices.

BIIB earnings trends

Revenue vs earnings
-$48.9M$624.7M$1.3B$2.0B$2.6BJun 2024 Revenue: $2.5BSep 2024 Revenue: $2.5BDec 2024 Revenue: $2.5BMar 2025 Revenue: $2.4BJun 2025 Revenue: $2.6BSep 2025 Revenue: $2.5BDec 2025 Revenue: $2.3BMar 2026 Revenue: $2.5BJun 2024 Net income: $583.6MSep 2024 Net income: $388.5MDec 2024 Net income: $266.7MMar 2025 Net income: $240.5MJun 2025 Net income: $634.8MSep 2025 Net income: $466.5MDec 2025 Net income: -$48.9MMar 2026 Net income: $319.5MJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Net margin: 23.7%Net margin: 15.8%Net margin: 10.9%Net margin: 9.9%Net margin: 24.0%Net margin: 18.4%Net margin: -2.1%Net margin: 12.9%-2%11%24%■ Revenue ■ Net income ━ Net margin
Earnings per share$-0.4$0.8$2.0$3.2$4.3Jun 2024 EPS (GAAP, diluted): $4.0Sep 2024 EPS (GAAP, diluted): $2.7Dec 2024 EPS (GAAP, diluted): $1.8Mar 2025 EPS (GAAP, diluted): $1.6Jun 2025 EPS (GAAP, diluted): $4.3Sep 2025 EPS (GAAP, diluted): $3.2Dec 2025 EPS (GAAP, diluted): $-0.4Mar 2026 EPS (GAAP, diluted): $2.2Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026■ EPS (GAAP, diluted) Change from a year earlier: Jun 2025 +8% · Sep 2025 +19% · Dec 2025 -119% · Mar 2026 +31%

From the company's 10-Q and 10-K filings with the SEC.

Biogen financials (from SEC filings)

Fiscal yearFY2021FY2022FY2023FY2024FY2025
Revenue$11.0B$10.2B$9.8B$9.7B$9.9B
Net income$1.6B$3.0B$1.2B$1.6B$1.3B
EPS (GAAP)$10.40$20.94$7.98$11.19$8.79
Free cash flow$3.4B$1.1B$1.3B$2.7B$2.1B

BIIB earnings history

ReportedEPS (GAAP)EPS y/yRevenue y/yStock vs S&P 500, 2 days
2026-07-01$2.15+31%+2%+0.3%
2026-04-29$2.15+31%+2%+2.2%
2026-04-06$2.15+31%+2%-1.5%
2026-02-06$-0.35-119%-7%+2.1%
2026-01-14$-0.35-119%-7%-5.2%
2025-10-30$3.17+19%+3%+5.1%

About Biogen

HeadquartersCambridge, MA
Industry (SEC code)Biological Products, (No Diagnostic Substances)
Fiscal year endsDecember 31
Incorporated inDE
Listed onNasdaq
FormerlyBIOGEN IDEC INC., BIOGEN IDEC INC, IDEC PHARMACEUTICALS CORP / DE, IDEC PHARMACEUTICALS CORP / CA

From the company's SEC registration record.

Companies similar to BIIB

CompanyMarket valueP/ERevenue growthOperating margin12-month change
BIIB Biogen$33.0B24.0x+1%n/a+40%
INCY Incyte$22.8B16.1x+21%30.0%+31%compare
REGN Regeneron$77.0B18.0x+9%24.7%+22%compare
MRNA Moderna$81.1Bn/a-28%-149.0%+613%compare
VRTX Vertex$127.6B29.3x+10%38.0%+25%
GILD Gilead$179.3Bn/a+6%-8.2%+32%
AMGN Amgen$217.9B25.0x+9%30.0%+39%

All Health Care stock ratings

Frequently asked questions

Is BIIB stock a buy?

Torvanta does not tell individuals what to buy. Its grades for BIIB are shown above. Subscribers see the model's rank, expected return and whether the model portfolio holds it. This is research, not a recommendation.

What is BIIB's P/E ratio?

BIIB trades at about 24.0 times its last 12 months of GAAP earnings reported to the SEC, and about 24.7 times Torvanta's own estimate of the next 12 months.

When does BIIB report earnings next?

Based on its filing history, Torvanta expects Biogen to report around 2026-10-29.

How has BIIB performed against the S&P 500?

Over the past year BIIB returned +39.9%, against +17.0% for the S&P 500, dividends reinvested.

See the model's view

Subscribers get the model's rank and expected return for every covered company, the reasoning behind each, and the Torvanta model portfolio's trades each trading day, sized and explained, at three risk levels.

See plans Or get the free weekly newsletter

Torvanta is research only - not investment advice and not a recommendation to buy or sell any security. Grades describe a company's reported data against its sector; they are not the model's view, change as data changes and can be wrong. Financial figures come from the company's SEC filings; returns include reinvested dividends. Past performance does not predict future results.

All stock ratings · Stock lists · AI stock research · Model portfolio · Research · Disclaimer