BIIB
HealthcareBiogen
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XBRL · SEC EDGAR2007–2025(19yr)| Metric | FY 2007 | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $4.1B | $4.4B | $4.7B | $5.0B | $5.5B | $6.9B | $9.7B | $10.8B | $11.4B | $12.3B | $13.5B | $14.4B | $13.4B | $11.0B | $10.2B | $9.8B | $9.7B | $9.9B | +2.2% |
| Gross Profit | $2.8B | $3.7B | $4.0B | $4.3B | $4.6B | $5.0B | $6.1B | $8.5B | $9.5B | $10.0B | $10.6B | $11.6B | $12.4B | $11.6B | $8.9B | $7.9B | $7.3B | $7.4B | $7.5B | +1.6% |
| Gross Margin | 89.4% | 90.2% | 91.3% | 91.5% | 90.8% | 90.1% | 87.6% | 87.9% | 88.5% | 87.1% | 86.7% | 86.5% | 86.4% | 86.6% | 80.8% | 77.6% | 74.2% | 76.1% | 75.7% | -0.4pp |
| Operating Income | $779.8M | $1.2B | $1.3B | $1.2B | $1.7B | $1.9B | $2.5B | $4.0B | $4.9B | $5.2B | $5.3B | $5.9B | $7.0B | $4.6B | $2.8B | — | — | — | — | — |
| Operating Margin | 24.6% | 29.6% | 29.6% | 26.5% | 34.2% | 33.6% | 36.3% | 40.9% | 45.4% | 45.0% | 43.5% | 43.8% | 49.0% | 33.8% | 25.9% | — | — | — | — | — |
| Net Income | $638.2M | $783.2M | $970.1M | $1.0B | $1.2B | $1.4B | $1.9B | $2.9B | $3.5B | $3.7B | $2.5B | $4.4B | $5.9B | $4.0B | $1.6B | $3.0B | $1.2B | $1.6B | $1.3B | -20.8% |
| Net Margin | 20.1% | 19.1% | 22.2% | 21.3% | 24.5% | 25.0% | 26.9% | 30.2% | 33.0% | 32.3% | 20.7% | 32.9% | 41.0% | 29.8% | 14.2% | 29.9% | 11.8% | 16.9% | 13.1% | -3.8pp |
| Free Cash Flow | $734.6M | $1.3B | $909.3M | $1.5B | $1.5B | $1.6B | $2.1B | $2.7B | $3.1B | $3.9B | $3.7B | $5.4B | $6.6B | $3.8B | $3.4B | $1.1B | $1.3B | $2.7B | $2.1B | -24.7% |
| FCF Margin | 23.2% | 31.4% | 20.8% | 30.8% | 30.1% | 29.5% | 30.3% | 27.4% | 28.6% | 34.1% | 30.0% | 40.3% | 45.7% | 28.3% | 30.8% | 11.2% | 12.9% | 28.1% | 20.7% | -7.4pp |
| EPS (Diluted) | $1.99 | $2.65 | $3.35 | $3.94 | $5.04 | $5.76 | $7.81 | $12.37 | $15.34 | $16.93 | $11.92 | $21.58 | $31.42 | $24.80 | $10.40 | $20.87 | $7.97 | $11.18 | $8.79 | -21.4% |
1. THE BIG PICTURE
Biogen is a company in a forced evolution, struggling to replace a multi-billion-dollar revenue base with unproven new therapies. While it maintains a dominant scientific niche in neurology, the 7% total revenue decline in the most recent quarter signals that the "old" Biogen is fading faster than the "new" Biogen can scale (8-K). Everything now depends on whether specialized launches like LEQEMBI can reach mass-market scale before generic competition hollows out the remaining MS franchise.
2. WHERE THE RISKS HIT HARDEST
The "broad portfolio" cited as a competitive strength is increasingly vulnerable to product concentration risk because the Multiple Sclerosis (MS) segment—historically Biogen's engine—saw revenue fall 14% year-over-year (8-K). This reliance on a few aging assets is further threatened by "pipeline prioritization," where Biogen recently scrapped programs like felzartamab for lupus nephritis (Competitive Position). This highlights a structural weakness: Biogen's long-term growth relies on an expensive R&DR&DResearch & Development — spending on creating new products or technologies process where programs frequently fail to recoup capital expenditures (Risks).
3. WHAT THE NUMBERS SAY TOGETHER
Biogen is currently the least efficient cash generator among its peers, with a 24.6% FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders margin that ranks 6th of 6 (XBRL). While management highlights "strong execution," the 16% drop in biosimilar revenue and 66% crash in contract manufacturing and royalty revenue suggest that secondary business lines are failing to provide a buffer against the MS decline (8-K). Short interest at 4.0% of the float indicates a segment of the market remains wary of the turnaround's timing (Supplemental Signals). The 2026 revenue guidance—predicting a mid-single-digit decline—confirms that Biogen has yet to find its floor (8-K).
4. IS IT WORTH IT AT THIS PRICE?
At 11.6x Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, Biogen trades at a modest discount to the peer median of 15.4x (Peer Benchmarking). This discount is justified by Biogen’s weak growth profile; while peers like Amgen are growing at 10%, Biogen’s TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter revenue growth is just 2.2% and is expected to turn negative in 2026 (Peer Benchmarking). The market-implied growth rate is a meager 0.5% (CAPM analysis). This low valuation is only "fair" if the Alzheimer’s collaboration can stabilize the top line, yet that segment currently contributes only $47 million to a $2.28 billion quarterly revenue base (8-K).
5. WHAT WOULD CHANGE THIS VIEW?
- Constructive if Alzheimer's collaboration revenue scales from its current $47 million to represent a double-digit percentage of total quarterly revenue, proving the commercial viability of the Eisai partnership (8-K).
- Cautious if MS revenue declines accelerate beyond the current 14% rate due to faster-than-expected generic entry for TECFIDERA in North America or Europe (Risks).
6. BOTTOM LINE
Structural Advantage: Specialized R&DR&DResearch & Development — spending on creating new products or technologies focus on complex CNS diseases and first-mover status in treatments for SMA and genetic ALS. Bottom Line: Biogen is a high-risk value play where the low valuation reflects a race against time to replace dying legacy franchises with high-stakes neurology launches.
1. Top 5 Material Risks
- Product Revenue Concentration: Biogen is substantially dependent on revenue from a limited number of products, making Biogen vulnerable to negative developments such as safety issues, efficacy concerns, or the introduction of competing generics and biosimilars.
- New Product Launch Uncertainty: The commercial success of LEQEMBI and SKYCLARYS is not guaranteed and depends on factors outside of Biogen’s full control, including Eisai’s commercial strategy for LEQEMBI and the ability to secure adequate reimbursement in international markets.
- R&D Failure and Cost: Long-term success requires successful development of new products and indications, a process that is highly expensive, uncertain, and frequently results in terminated programs that fail to recoup significant capital expenditures.
- Intense Industry Competition: Biogen operates in an intensely competitive biopharmaceutical market where rivals with greater financial and research resources can introduce safer, more efficacious, or less expensive alternatives, leading to price erosion and reduced sales volume.
- Reimbursement and Pricing Pressure: Sales are heavily reliant on coverage and reimbursement from government and private payors, which are increasingly exerting pressure to reduce costs through price discounts, rebates, and restrictive formulary placement.
2. Company-Specific Risks
- Fit for Growth Program: Biogen faces risks that its cost-optimization program may fail to achieve anticipated savings due to delays, loss of workforce capabilities, or inaccurate assumptions, potentially harming Biogen's financial results.
- Manufacturing Facility Utilization: Biogen has made significant investments in large-scale biologics manufacturing in Solothurn, Switzerland, and facilities in RTP, with no assurance that these investments will be fully utilized or recouped.
- Collaborator Dependency: Biogen relies on third-party collaborators for revenue and development; if these partners fail to perform, face financial instability, or have misaligned interests, Biogen’s revenue and development timelines may be adversely affected.
- Counterfeit and Stolen Products: The illegal distribution of counterfeit or unfit versions of Biogen’s products, or the sale of stolen inventory, poses a direct threat to Biogen’s reputation and patient safety.
3. Regulatory/Legal Risks
- Healthcare Reform Legislation: Provisions in the PPACA, the IRA, and the OBBBA (signed into law in July 2025) create significant uncertainty regarding future Medicaid funding, drug pricing controls, and Medicare Part D redesign, which may adversely impact sales for products reliant on Medicare reimbursement.
- International Pricing Controls: Many international markets regulate pharmaceutical prices and patient access to control government expenditures, utilizing measures such as mandatory rebates, price cuts, and reference pricing that limit Biogen’s revenue.
- Data Privacy and Cybersecurity: Biogen is subject to stringent global data privacy laws, such as the E.U.’s GDPR and the U.S. CCPA; failure to comply or a breach of information systems could result in large penalties, litigation, and reputational damage.
- FCPA and Anti-Corruption: As a global company, Biogen faces risks under the U.S. Foreign Corrupt Practices Act (FCPA) and similar international laws; violations by employees or third-party agents could lead to severe civil or criminal sanctions and the suspension of export or import privileges.
4. Financial Impact Map
Product Revenue Concentration → Revenue → A significant portion of revenue is concentrated on sales of products in increasingly competitive markets. New Product Launch Uncertainty → Revenue → Early-stage launches of LEQEMBI and SKYCLARYS are subject to reimbursement and commercial strategy risks. R&D Failure and Cost → Research and Development Expense → Significant capital expenditures are made for new products prior to regulatory approval with no assurance of recoupment. Intense Industry Competition → Revenue → Introduction of generics and biosimilars has historically reduced both the price and volume of products sold. Reimbursement and Pricing Pressure → Revenue → Inability to obtain adequate coverage or pricing from government and private payors directly impacts the amount of revenue recognized.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 8-K | Feb 2026 | — |
| 10-K | Feb 2026 | Dec 2025 |
| 10-Q | Oct 2025 | Sep 2025 |
| 14A | Apr 2025 | — |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
Biogen to acquire Apellis Pharmaceuticals for $5.6 billion in cash
- ▸Biogen to acquire Apellis Pharmaceuticals for $5.6 billion cash
- ▸Acquisition adds commercial assets Syfovre and Empaveli to portfolio
- ▸Deal provides nephrology expertise to support felzartamab launch in 2027
- ▸Biogen ended last year with $4.2 billion in cash and cash equivalents
- ▸Biogen total debt reported at approximately $6.3 billion
Biogen to Acquire Apellis for $5.6B, Paying $41 Per Share in Cash
- ▸Acquisition price $41 per share, 140% premium to prior closing price
- ▸Total transaction value approximately $5.6 billion in cash
- ▸Adds commercialized immunology drugs Empaveli and Syfovre to portfolio
- ▸Targeted products generated $689 million in 2025 net sales
- ▸Deal expected to be accretive to adjusted EPS starting in 2027
Biogen to acquire Apellis Pharmaceuticals for $5.6 billion in cash
- ▸Biogen to acquire Apellis for $41 per share in cash
- ▸Deal represents 140% premium over Apellis March 30 closing price
- ▸Acquired portfolio includes Syfovre and Empaveli, generating $689M revenue in 2025
- ▸Transaction expected to close in Q2 2026
- ▸Analysts project deal could add $1.54B to Biogen top line by 2030
Biogen to acquire Apellis Pharmaceuticals for $5.6 billion in cash
- ▸Acquiring Apellis Pharmaceuticals for $41 per share in cash
- ▸Total deal value approximately $5.6 billion
- ▸Includes contingent value rights of $2 per share based on Syfovre sales benchmarks
- ▸Adds FDA-approved treatments Syfovre and Empaveli to immunology portfolio
- ▸Strategic pivot from multiple sclerosis to rare disease and immunology
Biogen FDA approves SPINRAZA high-dose regimen; reports positive Phase 2 litifilimab lupus data
- ▸FDA approved new high-dose regimen for SPINRAZA in spinal muscular atrophy
- ▸Phase 2 data for litifilimab in cutaneous lupus erythematosus reported positive
- ▸Annual revenue $9.89B with net income of $1.29B
- ▸1-year total shareholder return of 38.85%
- ▸Estimated fair value of $205.67 vs last close of $183.33
Biogen to Acquire Apellis Pharmaceuticals for $5.6B in Cash Deal
- ▸Acquisition price $41 per share, total value $5.6B
- ▸Adds Syfovre, which generated $587M in revenue last year
- ▸Adds Empaveli, which generated over $100M in sales
- ▸Transaction expected to close in Q2
- ▸Apellis shares rose 136% on announcement; Biogen shares fell 8.6%
Biogen FDA Approval for Higher Dose Spinraza Regimen to Improve SMA Treatment
- ▸FDA approved higher 50mg dose regimen for Spinraza to treat SMA
- ▸New regimen reduces dosing frequency compared to existing 12mg version
- ▸Approval supported by phase II/III DEVOTE study showing improved motor function
- ▸Spinraza 2025 global sales totaled $1.55 billion, down 2% YoY
- ▸High-dose regimen launch expected in coming weeks
Biogen to acquire Apellis Pharmaceuticals for $5.6B in cash and CVRs
- ▸Acquisition price $41 per share in cash, total value $5.6 billion
- ▸Apellis shareholders receive CVR worth up to $4 per share based on sales
- ▸Adds complement C3 therapies EMPAVELI and SYFOVRE to Biogen portfolio
- ▸Combined 2025 sales of acquired products totaled $689 million
- ▸Transaction expected to be non-GAAP EPS accretive starting in 2027
Biogen to Acquire Apellis for $5.6B, Targeting Mid-to-High-Teens Growth by 2027
- ▸Acquisition price $5.6B for Apellis assets
- ▸Adds Syfovre for geographic atrophy and Empaveli for rare kidney diseases
- ▸Projected EPS accretion by 2027
- ▸Strategic expansion into immunology, rare disease, and nephrology
- ▸Syfovre targets underpenetrated U.S. market of 1.5 million diagnosed patients
Biogen to Acquire Apellis Pharmaceuticals for $5.6 Billion in Cash
- ▸Acquisition price set at $5.6 billion
- ▸Deal adds two FDA-approved drugs to Biogen pipeline
- ▸Biogen shares decline following acquisition announcement
- ▸Apellis Pharmaceuticals shares surge on buyout news