BIIB
Biogen Inc.
BIIB's outlook is improving despite an expensive valuation.
NVO
Novo Nordisk A/S
NVO 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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO 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 |
BIIB has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. 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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over BIIB on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO 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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO 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 |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over BIIB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO 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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO 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 the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.