Biogen (BIIB) stock
Health Care · Biotechnology
Biogen (BIIB) is a Biotechnology company in the Health Care sector, headquartered in Cambridge, Massachusetts. As of October 23, 2026, BIIB closed at $250.69, a market capitalization of $37.04 billion, the 287th largest company in the S&P 500. Over the last twelve months it generated $10.03 billion in revenue (+3% year over year) and $2.49 billion in free cash flow. The stock trades at 44.5x trailing earnings and 15.2x forward earnings.
- 1-year total return: +67.0% (dividends reinvested)
- 5-year return: -1.1% a year
- 52-week range: $138.00 – $254.41
- Gross margin 78.3%, operating margin 25.1%
- FI Handbook report card: C across 10 metrics
- 36th largest of 60 Health Care stocks in the S&P 500
BIIB price chart
1Y price change: +67.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| BIIB | +10.2% | +42.4% | +67.0% | -0.4% | -1.1% | -1.5% | +13.3% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1991.
BIIB key statistics
- Market cap
- $37.0B
- #287 in S&P 500
- P/E (TTM)
- 44.5x
- Forward P/E
- 15.2x
- EPS (TTM)
- $5.63
- Revenue (TTM)
- $10.0B
- +3%
- Free cash flow
- $2.5B
- Gross margin
- 78.3%
- Operating margin
- 25.1%
- Return on equity
- 4.6%
- Dividend yield
- None
- 52-week range
- $138.00 – $254.41
- Beta
- 0.09
- Price / sales
- 3.7x
- EV / EBITDA
- 13.1x
- Debt / equity
- 0.44x
- Employees
- 7,500
BIIB report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth3.4%D
- Gross margin78.3%A
- Operating margin25.1%B
- FCF margin24.8%B
- Return on equity4.6%F
- Net debt / EBITDA2.1xD
- Forward P/E15.2xB
- PEG ratio2.2xD
- Shareholder yield0.0%F
- Share count change / yr-1.8%B
Biogen financials
Revenue went from $11.4B in fiscal 2016 to $9.9B in fiscal 2025, shrinking 1.6% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.4B | $12.3B | $13.5B | $14.4B | $13.4B | $11.0B | $10.2B | $9.8B | $9.7B | $9.9B |
| Gross profit | $10.0B | $10.6B | $11.6B | $12.4B | $11.6B | $8.9B | $7.9B | $7.3B | $7.4B | $7.5B |
| Operating income | $5.2B | $5.3B | $5.9B | $7.0B | $4.6B | $2.8B | — | — | — | — |
| Net income | $3.7B | $2.5B | $4.4B | $5.9B | $4.0B | $1.6B | $3.0B | $1.2B | $1.6B | $1.3B |
| EPS (diluted) | $16.93 | $11.92 | $21.58 | $31.42 | $24.80 | $10.40 | $20.87 | $7.97 | $11.18 | $8.79 |
| Free cash flow | $4.0B | $3.7B | $5.4B | $6.6B | $3.8B | $3.4B | $1.1B | $1.3B | $2.7B | $2.1B |
| Buybacks | $1.0B | $1.4B | $4.4B | $5.9B | $6.7B | $1.8B | $750.0M | $0 | $0 | — |
| Diluted shares | 218.8M | 213.0M | 205.3M | 187.4M | 161.3M | 149.6M | 146.0M | 145.6M | 145.9M | 147.1M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into BIIB?
A reverse DCF asks what growth the current price requires. With an enterprise value of $44.1B and $2.5B of trailing free cash flow, Biogen needs to grow free cash flow about 7.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -11.6% a year over the last five years.
P/E ratio history
Current 28.5x vs. median 20.3x (10th–90th percentile 10.8x–36.1x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
BIIB analyst price targets
32 analysts' average 12-month target is $247.32 (-1% vs. $250.69). Targets range from $175.00 to $310.00.
BIIB earnings
Next report: October 28, 2026. Biogen has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $2.7B (+3% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $2.03 | $3.60 | +77.4% |
| Apr 29, 2026 | $2.95 | $3.57 | +20.9% |
| Feb 6, 2026 | $1.62 | $1.99 | +23.2% |
| Oct 30, 2025 | $3.88 | $4.81 | +23.9% |
| Jul 31, 2025 | $3.88 | $5.47 | +41.0% |
| May 1, 2025 | $2.95 | $3.02 | +2.4% |
| Feb 12, 2025 | $3.36 | $3.44 | +2.3% |
| Oct 30, 2024 | $3.79 | $4.08 | +7.8% |
Stocks like BIIB
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 ABBV AbbVie | +0.16% | +29% | $504.8B | 80.7x | Compare |
 AMGN Amgen | -1.79% | +54% | $237.5B | 27.3x | Compare |
 GILD Gilead Sciences | -0.73% | +32% | $193.5B | — | Compare |
 VRTX Vertex Pharmaceuticals Incorpor | -2.10% | +24% | $132.8B | 29.9x | Compare |
 REGN Regeneron Pharmaceuticals | -1.72% | +41% | $82.9B | 19.9x | Compare |
 MRNA Moderna | -1.25% | +662% | $79.9B | — | Compare |
 INCY Incyte | -1.04% | +30% | $23.5B | 14.7x | Compare |
 LLY Eli Lilly and | -2.54% | +56% | $1.1T | 42.7x | Compare |
BIIB news
- Biogen (BIIB) Surges 5.3%: Is This an Indication of Further Gains? · Oct 23, 2026
- Biogen +5% on BofA Price Target Hike Ahead of “Relatively Quiet” Q3 · Oct 22, 2026
- Biogen Inc. (BIIB) Expected to Beat Earnings Estimates: What to Know Ahead of Q3 Release · Oct 21, 2026
- The Zacks Analyst Blog Highlights BridgeBio Pharma, Intellia Therapeutics, Biogen and Viking Therapeutics · Oct 21, 2026
- Biogen to Present New Data Across Nephrology Portfolio, Including Long-term EMPAVELI® (pegcetacoplan) Phase 3 Results, at American Society of Nephrology (ASN) Kidney Week · Oct 19, 2026
BIIB stock FAQ
What is BIIB's market cap?
Biogen's market capitalization is $37.04 billion as of October 23, 2026, ranking 287th in the S&P 500.
What is BIIB's P/E ratio?
BIIB trades at a trailing price-to-earnings ratio of 44.5x and a forward P/E of 15.2x. Its median P/E over the period we track is 20.3x.
Does BIIB pay a dividend?
No. Biogen does not currently pay a regular cash dividend.
How much has BIIB stock returned?
Including reinvested dividends, BIIB returned +67.0% over one year, -1.1% a year over five years, -1.5% a year over ten years through October 23, 2026.
Is BIIB stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Biogen must grow free cash flow about 8% a year for the next decade. Its free cash flow fell 12% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the BIIB price target?
32 analysts cover BIIB with an average 12-month price target of $247.32, -1% from the current price.
When does BIIB report earnings?
Biogen is expected to report earnings on October 28, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Biogen have?
Biogen has about 7,500 full-time employees, or $1.3 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology