NASDAQ · BIIB

Biogen Inc.

Healthcare · Drug Manufacturers - General

$217.36▲ 0.10% ($0.21)at close

As of 4:00 PM ET

52-week

$135.39$225.80

Market cap

$32.12B

P/E

What the market price implies · Reverse DCF

To support a price of $217.36, this model requires Stage 1 FCFF to grow by 2.87%/yr over the next 5 years, compounded annually.

Historical FCFF grew by -8.25%/yr over the past 10 years. The required annual growth rate is 11.12 percentage points higher.

Selected forecast · Base scenario

-8.25%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

2.87%/yr · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Cash-flow DCF

Price used

$217.36

Estimated value / share

$109.82

Base scenario

This estimate is 49.48% below the price used.

USD · TTM ending 2026-03-31

FCFF uses the latest complete trailing statement window ending 2026-03-31; newer income or cash-flow periods are incomplete.

FCFF base normalized by replacing latest capex with the company's trailing median capex-to-revenue ratio.

Working capital change smoothed: single-period ΔOWC exceeded ±5% of revenue and was capped to reduce timing noise.

Historical FCFF CAGR and the default growth rates are taken from the raw historical series. The valuation base is normalized for the current-period DCF.

Market beta (0.17) is below the minimum default of 0.5 — short lookback windows can understate systematic risk. Beta floored at 0.5 for default assumptions; adjust manually if needed.

WACC weights and all equity-bridge balances use the 2026-06-30 balance sheet; the FCFF base is TTM ending 2026-03-31.

Reported total debt includes capitalised leases (~3% of the total). They are excluded from net debt and from the WACC weights because rent is already charged inside operating income. The Net Debt shown here is therefore lower than the balance-sheet figure elsewhere on this page.

Stage 1 -8.25% · Stage 2 3.5% · Discount rate 6.95%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 14, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-03-31
Data refreshed: Sep 14, 2026, 10:09 PM UTC · cache

Why this method?

FCFF is positive, but the year-to-year swings are too large for a direct CAGR. Normalize the cash-flow base first, then run DCF.

Is FCFF positive and has it been for 3+ consecutive years? 12 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 62.1%.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 51.66%Revenue (TTM): -0.49%FCF (TTM): 59.89%P/FCF: 38th pct

What changed

The stock rose 51.66% over the last year. Revenue declined 0.49% over the trailing twelve months. Operating margin moved from 24.08% to 12.79%. Free cash flow grew 59.89% over the trailing twelve months.

What the market seems to be pricing

The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 12.79%. A decisive move in revenue — currently down 0.49% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions.

CEOChristopher A. Viehbacher

SectorHealthcare

IndustryDrug Manufacturers - General

Employees7,500

IPO dateSep 17, 1991

https://www.biogen.com

Market multiples

Forward P/E—

EV/EBITDA9.60

Enterprise value$29.76B

Stock splits

Jan 18, 2001↑ Forward

Every 1 shares became 3

+200%

Dec 21, 1999↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth3.42%

Gross margin (FY2025)70.47%▼5.7ppvs FY2024

Operating margin (FY2025)19.14%▼6.6ppvs FY2024

ROE4.58%▼2.8ppvs FY2025

Analyst consensus

RatingBuy

Target price$245.88▲13.12%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 29, 2026

Q4 FY26 · EPS est $2.03 · Revenue est $2.64B

View