BIIB
Biogen Inc.
BIIB's outlook is improving despite an expensive valuation.
LLY
Eli Lilly and Company
LLY has the edge over BIIB overall, supported by stronger modeled upside and lower modeled downside.
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.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY has the edge over BIIB in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LLY, with profitability improving.
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.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over BIIB on earnings, with more consistent year-over-year improvement.
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.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over BIIB on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over BIIB on profitability, with a higher operating margin.
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.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over BIIB on cash flow, with more consistent year-over-year improvement.
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 |
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has the edge over BIIB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
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.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY has the edge over BIIB on leverage, with a lower net debt burden relative to earnings.
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).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (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.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY has the edge over BIIB on valuation relative to its sector.
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.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY is in an uptrend: it's above all five of its weekly moving averages, and 79% 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 has the edge over LLY on returns for 2026, with the stronger performance.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has finished every year since 2020 higher, and it's up 32% so far in 2026.