BIIB
Biogen Inc.
BIIB's fundamentals are mixed, but it looks expensive: trading at 108x earnings, about seven times its usual 15x. Its downside scenario is more than ten times its upside.
BIIB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Weak |
BIIB's cash flow is currently healthy, and its revenue and profitability are stable, but its balance sheet is weak.
BIIB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $24.84 | -90% |
| Fair | 15x | $34.21 | -86% |
| Forward | 17x | $250 | — |
| Expensive | 25x | $57.60 | -77% |
| Current | 108x | $250 | — |
Historical ranges are pointers, not guarantees.
BIIB's PE is in its expensive range at 108x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its fair range.
BIIB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for BIIB, with profitability improving. However, they disagree widely on these estimates.
BIIB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.72 | +535% |
| Q3 2026 | $2.32 | -79% |
| Q2 2026 | $5.63 | -46% |
| Q1 2026 | $9.30 | -8.1% |
| Q4 2025 | $8.79 | -21% |
| Q3 2025 | $10.96 | -0.9% |
| Q2 2025 | $10.45 | +32% |
| Q1 2025 | $10.12 | +26% |
| Q4 2024 | $11.18 | +40% |
BIIB's earnings per share have fallen from their peak: $2.32 over the past year, against $34.14 in mid-2020.
BIIB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.8B | +11% |
| Q2 2026 | $2.7B | +3.4% |
| Q1 2026 | $2.5B | +1.9% |
| Q4 2025 | $2.3B | -7.1% |
| Q3 2025 | $2.5B | +2.8% |
| Q2 2025 | $2.6B | +7.3% |
| Q1 2025 | $2.4B | +6.1% |
| Q4 2024 | $2.5B | +2.9% |
BIIB's revenue is recovering but still below its 2020 peak: $2.8B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.3% | -22 points |
| Q2 2026 | 4.8% | -23 points |
| Q1 2026 | 15% | +2.4 points |
| Q4 2025 | -2.5% | -14 points |
| Q3 2025 | 22% | +3.7 points |
| Q2 2025 | 28% | -0.2 points |
| Q1 2025 | 13% | -7.5 points |
| Q4 2024 | 12% | -0.3 points |
BIIB's operating margin was −0.3% last quarter, down 22 points from the same quarter a year ago.
BIIB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $600.4M | -51% |
| Q2 2026 | $408M | +204% |
| Q1 2026 | $594.3M | +167% |
| Q4 2025 | $468M | -35% |
| Q3 2025 | $1.2B | +36% |
| Q2 2025 | $134.3M | -77% |
| Q1 2025 | $222.2M | -56% |
| Q4 2024 | $721.6M | +$774.3M |
BIIB still generates free cash flow, though less than at its 2019 peak: $2.1B over the past year.
BIIB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -900K shares |
| 1 year | +0.5% | +700K shares |
| 3 years | +2.1% | +3M shares |
| 5 years | -0.5% | -800K shares |
| Available history | -17% | -30.4M shares |
BIIB has 148M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | — |
| Q3 2022 | $250M |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | $750M |
| Q2 2021 | $450M |
BIIB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.5x | High |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 1.5x | Healthy |
BIIB's net debt is about 4.5 years of its operating earnings (EBITDA), up from less than a year a year ago.
BIIB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.0 | Overbought |
| Stochastic | 85.4 | Overbought |
BIIB's weekly RSI is 71 (overbought) and its Stochastic is 85 (overbought).
BIIB PE vs Healthcare Sector
| Metric | BIIB | Sector median | Relative |
|---|---|---|---|
| PE | 108x | 26x | 318% above |
| PE % | 100 | 29 | 71 pts above |
BIIB is trading at 108x earnings, a 318% premium to the Healthcare sector's median of 26x.
BIIB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $238.6 | 5% above |
| 20 week MA | $222.1 | 13% above |
| 50 week MA | $200.5 | 25% above |
| 100 week MA | $170.0 | 47% above |
| 200 week MA | $205.0 | 22% above |
BIIB has climbed back above all five of its weekly moving averages, and it's now 22% above its 200-week average.
BIIB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $300.1 | $248.9 | -17% |
| 2021 | $248.9 | $235.4 | -5.4% |
| 2022 | $235.4 | $279.2 | +19% |
| 2023 | $279.2 | $258.8 | -7.3% |
| 2024 | $258.8 | $151.3 | -42% |
| 2025 | $151.3 | $177.1 | +17% |
| 2026 YTD | $177.1 | $250.5 | +41% |
BIIB is up 41% so far in 2026, after finishing lower in four of the previous six years.