Biogen Inc. (BIIB) stock analysis

P/E above its 5-year median

Biogen's P/E of 107.0 is above its own 5-year median of 19.1.

P/E above the industry

Biogen's P/E of 107.0 is above the Drugs median of 25.0.

EV/EBITDA above its 5-year median

Biogen's EV/EBITDA of 21.9 is above its 5-year median of 9.4.

P/S below the industry

Biogen's price-to-sales of 3.60 is below the Drugs median of 4.80 (book value is negative, so we use sales).

Trading above fair value

The share price of $250.48 is above our fair value estimate of $113.28.

Margin of safety under 20%

The price is 121% above fair value, so there is no margin of safety.

Revenue growing under 10% a year

Revenue grew -0.9% a year over the last three fiscal years, short of the 10% we look for.

EPS growing under 10% a year

Diluted EPS grew -25.0% a year over the last three fiscal years.

Earnings growth not accelerating

Net income grew -78.4% over the last twelve months, against a 5-year average of -20.2% a year.

Growing slower than the industry

Revenue grew 2.3% over the last twelve months; the Drugs median is 7.6%.

Guidance issued

The latest outlook (full year 2026 combined Non-GAAP R&D expense and Non-GAAP SG&A expense, Oct 28, 2026) was issued for the first time, so it neither adds nor takes away points.

Gross margin slipping

Gross margin was 74.0% over the last twelve months, against 75.2% a year earlier.

Return on equity

Needs positive equity and five years of results.

Return on invested capital

Needs operating income and invested capital.

Return on equity against the industry

Needs positive equity.

Earnings shrank over 5 years

Net income shrank 20.2% a year on average over the last five fiscal years.

Net margin below its 5-year average

Net margin was 3.4% over the last twelve months, against a 5-year average of 17.2%.

Net margin above the industry

Biogen's net margin of 3.4% is above the Drugs median of -53.5%.

Debt level

Needs debt and equity figures.

Debt trend

Needs a balance sheet from five years ago with positive equity.

Debt coverage

Needs operating cash flow.

Interest coverage

Interest expense is not reported separately.

Short-term assets cover short-term debts

Current assets are 1.95 times current liabilities.

Low bankruptcy risk

The Altman Z-score is 3.07; above 3 is the safe zone and below 1.8 the distress zone.

No dividend

Biogen has not paid a dividend in the last twelve months.

Yield against Treasuries

No dividend.

Yield against the market

No dividend.

Dividend stability

No dividend.

Earnings cover

No dividend.

Cash-flow cover

No dividend.