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BIIB

Biogen Inc.
$233.48
+0.36% Oct 19 close
Health CareS&P 500 Compare
-5%+11%+28%+44%+61%Oct 2025Oct 2026Apr 2026
BIIBSPY
1W
+1.8%
1M
+8.3%
3M
+16.8%
6M
+27.3%
YTD
+32.7%
1Y
+63.3%

Live chart

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What they do

Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression.

Healthcare · Drug Manufacturers - General

For information only · Important disclosures

Grades vs sector

Momentum
76th percentile in sector
B+
12-1 return: +46.4%
Percentile within its GICS sector across the S&P 1500.
Growth
22nd percentile in sector
D
Revenue growth (YoY): +3.4%
Percentile within its GICS sector across the S&P 1500.
Value
70th percentile in sector
B
Forward E/P: 7.1% · EBITDA/EV: 8.1%
Percentile within its GICS sector across the S&P 1500.
Profitability
43rd percentile in sector
C
Profit margin: +8.3% · Return on equity: +4.6%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
Momentum Top 15
ranked 54 of 499 · 12-month momentum 54.7%
Momentum Blend
Not in the current book
New Highs Growth
ranked 35 of 589 · 12-month momentum 56.4%
Coteau Long Book
Not in the current book

News

More news
RBC Capital names top healthcare stocks as sector upgraded to overweight
Investing.com · Oct 20

Key stats

Market value$35.6B
P/E (last 12 months)42.8
P/E (next 12 months, estimated)14.6
52-week range$138.00 – $244.65
Revenue growth (latest quarter vs a year ago)+3.4%
Dividend yieldNo dividend
Analyst consensusBuy (32)
Average analyst price target$246.54 (+6%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans undervalued
Model read-out from the numbers below, not advice. Score +1 (DCF counts double).
•DCF (base case)below the price by 9%
▲Forward P/E vs sector14.6x vs median 17.6x
•Piotroski F-score4/9
▲Altman Z3.8 (safe)
▲Net debt / EBITDA0.6x
•Analyst target+6% (32 analysts)

Discounted cash flow

Bear
$130
-44%
growth -4% · disc. 10.2% · term. 2.0%
Base
$211
-9%
growth 1% · disc. 9.2% · term. 2.5%
Bull
$322
+38%
growth 4% · disc. 8.2% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 3% a year for 10 years.
Implied
+3%/yr
FCF, last 3 yrs
+21%/yr
FCF, last 5 yrs
-12%/yr
Revenue, last 3 yrs
-1%/yr
Revenue, last 5 yrs
-6%/yr
Same inputs as the DCF above: trailing free cash flow 2.4B, 9.2% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-03-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.09 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Health Care

P/E (trailing)
sector median 29.9× · 75th pct
42.8×
pricier
Forward P/E
sector median 17.6× · 37th pct
14.6×
cheaper
EV / EBITDA
sector median 15.8× · 28th pct
11.5×
cheaper
Price / sales
sector median 3.1× · 58th pct
3.6×
pricier
Price / book
sector median 3.5× · 30th pct
2.4×
cheaper
FCF yield
sector median 4.1% · 82nd pct
6.8%
cheaper

Forward EPS $16.46 vs trailing $5.63 (+192% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
117.1%
Operating margin
24.9%
FCF margin
24.4%
Net margin
13.8%
Return on equity
9.3%
Return on invested capital
12.5%
Net debt / EBITDA
0.6×
Current ratio
3.1×
Interest cover
9.0×
Cash conversion (OCF/NI)
1.9×
Piotroski F-score 4/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✗ Long-term debt / assets fell✓ Current ratio improved✗ No share dilution✗ Gross margin improved✗ Asset turnover improved

Altman Z-score 3.8 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$247
+6%
Analysts
32
Buy
Range
$175–$310
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$9.9B$1.3B$2.1B
2024$9.7B$1.6B$2.7B
2023$9.8B$1.2B$1.3B
2022$10.2B$3.0B$1.1B
2021$11.0B$1.6B$3.4B
2020$13.4B$4.0B$3.8B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR -0.9%.

Earnings

Next report: 2026-10-28 · before open · EPS est 1.97
24-1025-0225-0525-0725-1026-0226-0426-070.005.47
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-07-292.033.60+77.4%
2026-04-292.953.57+20.9%
2026-02-061.621.99+23.2%
2025-10-303.884.81+23.9%
2025-07-313.885.47+41.0%
2025-05-012.953.02+2.4%
2025-02-123.363.44+2.3%
2024-10-303.794.08+7.8%

Quarterly revenue

QuarterRevenueYoY
2026-06-30$2.7B+3.4%
2026-03-31$2.5B–
2025-12-31$2.3B–
2025-09-30$2.5B–
2025-06-30$2.6B–
Analyst actions
TD Cowen
2026-10-21 · main
Buy → Buy
PT $250
Wells Fargo
2026-10-20 · main
Overweight → Overweight
PT $310
JP Morgan
2026-10-12 · up
Neutral → Overweight
PT $300
UBS
2026-10-09 · main
Buy → Buy
PT $270
RBC Capital
2026-10-08 · main
Outperform → Outperform
PT $256
HSBC
2026-09-10 · main
Reduce → Reduce
PT $175
Insider trades
Minor Lloyd
Director · 2026-08-04
SELL
$119.2K
Minor Lloyd
Director · 2026-08-03
SELL
$120.6K
None
None · None
SELL
–
None
None · None
SELL
–

Stats refreshed 2026-10-21 18:28:51 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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coteau

Independent research · Not investment advice · Important disclosures · Contact desk@coteau.app

Coteau Systematic Strategies publishes stock research and model portfolios. Results are hypothetical unless marked Live. Data: Yahoo Finance (15-min delayed), SEC EDGAR and the House Clerk.

Beta 0.9 · Oct 21, 2026