NASDAQ · Healthcare

Biogen Inc.

BIIB · Drug Manufacturers - General

$187.14

▲ 0.08 (0.04%)

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Mr. Market is currently offering Biogen Inc. at $187.14.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 75.7%

Operating Margin 25.0%

Net Income Margin 13.1%

Fin. Health C

Years to Pay Off Debt 5.1 yrs

Working Capital vs Long-Term Debt -$662M

Working Capital $5.6B

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.51x

Cash Flow A

Free Cash Flow $2.0B

CapEx % of Net Income 18.2%

Owner Earnings $2.3B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $27.6B

Enterprise Value $29.9B

P/E (TTM) 20.12

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 75.7%

Operating Margin 25.0%

Net Margin 13.1%

Company Info

Sector Healthcare

Industry Drug Manufacturers - General

Employees 7500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Biogen Inc. at $187.14.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $187.14, the stock trades at a 20% premium to its Graham Number of $156.39. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Biogen Inc.

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; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	75.7% ▼	76.1%	74.2%	77.6%	N/A
Operating Margin %	25.0% ▲	23.6%	18.8%	28.5%	N/A
Net Income %	13.1% ▼	16.9%	11.8%	29.9%	N/A
Diluted EPS	8.79 ▼	11.18	7.97	20.87	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$29.4B	$28.0B	$26.8B	$24.6B	N/A
Total Debt	$6.6B ↓	$6.6B	$7.3B	$6.6B	N/A
Working Capital	$5.6B ▲	$1.9B	$3.4B	$6.5B	N/A
Years to Pay Debt	5.09	4.06	6.32	2.17	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.0B ▼	$2.5B	$1.2B	$1.1B	N/A
Owner Earnings	$2.3B	$2.7B	$2.0B	$3.8B	N/A
CapEx % of Net Income	18.2%	22.0%	26.8%	8.0%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-134,586	-39,792	-60,414	150,885
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	3,398,600	3,106,500	2,619,400	3,499,500
Total Unusual Items	-794,700	-277,000	-580,900	857,300
Total Unusual Items Excluding Goodwill	-794,700	-277,000	-580,900	857,300
Net Income From Continuing Operation Net Minority Interest	1,292,900	1,632,200	1,161,100	3,046,900
Reconciled Depreciation	779,900	673,200	494,800	518,400
Reconciled Cost Of Revenue	2,139,300	2,083,900	2,279,200	2,125,800
EBITDA	2,603,900	2,829,500	2,038,500	4,356,800
EBIT	1,824,000	2,156,300	1,543,700	3,838,400
Net Interest Income	-142,500	-182,700	29,600	-157,300
Interest Expense	267,500	250,300	246,900	246,600
Interest Income	125,000	67,600	276,500	89,300
Normalized Income	1,953,014	1,869,408	1,681,586	2,340,485
Net Income From Continuing And Discontinued Operation	1,292,900	1,632,200	1,161,100	3,046,900
Total Expenses	7,421,600	7,395,500	7,987,900	7,271,500
Total Operating Income As Reported					2,840,700
Diluted Average Shares	147,100	145,900	145,600	146,000
Basic Average Shares	146,500	145,600	144,700	145,300
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,292,900	1,632,200	1,161,100	3,046,900
Net Income Common Stockholders	1,292,900	1,632,200	1,161,100	3,046,900
Net Income	1,292,900	1,632,200	1,161,100	3,046,900
Minority Interests	0	0	-400	85,300
Net Income Including Noncontrolling Interests	1,292,900	1,632,200	1,161,500	2,961,600
Net Income Continuous Operations	1,292,900	1,632,200	1,161,500	2,961,600
Earnings From Equity Interest Net Of Tax		0	0	2,600	34,900
Tax Provision	263,600	273,800	135,300	632,800
Pretax Income	1,556,500	1,906,000	1,296,800	3,591,800
Other Income Expense	-770,000	-191,700	-580,500	847,200
Other Non Operating Income Expenses	24,700	85,300	400	-10,100
Special Income Charges	-746,400	-145,700	-239,300	1,170,100
Gain On Sale Of Ppe		0	0	503,700	0
Gain On Sale Of Business		0	0	1,505,400	0
Other Special Charges	611,300	87,800	20,500	917,000
Impairment Of Capital Assets	52,900	0	0
Restructuring And Mergern Acquisition	82,200	57,900	218,800	-78,000
Gain On Sale Of Security	-48,300	-131,300	-341,600	-312,800
Net Non Operating Interest Income Expense	-142,500	-182,700	29,600	-157,300
Interest Expense Non Operating	267,500	250,300	246,900	246,600
Interest Income Non Operating	125,000	67,600	276,500	89,300
Operating Income	2,469,000	2,280,400	1,847,700	2,901,900
Operating Expense	5,017,400	5,085,100	5,454,500	4,993,200
Other Operating Expenses	290,200	254,400	218,800	-7,400
Depreciation Amortization Depletion Income Statement	515,000	446,700	240,600	365,900
Depreciation And Amortization In Income Statement	515,000	446,700	240,600	365,900
Amortization	515,000	446,700	240,600	365,900
Amortization Of Intangibles Income Statement	515,000	446,700	240,600	365,900
Research And Development	1,778,600	1,980,300	2,445,400	2,231,100
Selling General And Administration	2,433,600	2,403,700	2,549,700	2,403,600
Gross Profit	7,486,400	7,365,500	7,302,200	7,895,100
Cost Of Revenue	2,404,200	2,310,400	2,533,400	2,278,300
Total Revenue	9,890,600	9,675,900	9,835,600	10,173,400
Operating Revenue	9,890,600	9,675,900	9,835,600	9,688,300

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	23,800	23,800	23,800	23,800
Preferred Shares Number	8	8	8	8
Ordinary Shares Number	146,800	145,719	144,900	144,000
Share Issued	170,600	169,519	168,700	167,800
Net Debt	3,278,300	3,920,800	5,888,300	2,861,700
Total Debt	6,577,200	6,630,300	7,338,200	6,614,000
Tangible Book Value	2,587,200	545,900	217,200	5,798,800
Invested Capital	24,543,600	23,011,800	21,737,600	19,678,900
Working Capital	5,624,700	1,928,000	3,425,000	6,518,400
Net Tangible Assets	2,587,200	545,900	217,200	5,798,800
Capital Lease Obligations	290,400	334,500	400,000	333,000
Common Stock Equity	18,256,800	16,716,000	14,799,400	13,397,900
Total Capitalization	24,543,600	21,263,200	21,587,600	19,678,900
Total Equity Gross Minority Interest	18,256,800	16,716,000	14,799,400	13,388,400
Minority Interest			0	-9,500	63,500
Stockholders Equity	18,256,800	16,716,000	14,799,400	13,397,900
Gains Losses Not Affecting Retained Earnings	-182,000	-136,200	-153,700	-164,900
Other Equity Adjustments	-182,000	-136,200	-153,700	-164,900
Treasury Stock	2,977,100	2,977,100	2,977,100	2,977,100
Retained Earnings	20,552,700	19,259,800	17,627,600	16,466,500
Additional Paid In Capital	863,100	569,400	302,500	73,300
Capital Stock	100	100	100	100
Common Stock	100	100	100	100
Total Liabilities Net Minority Interest	11,182,700	11,333,300	12,045,400	11,165,700
Total Non Current Liabilities Net Minority Interest	7,833,300	5,804,500	8,611,100	7,892,900
Other Non Current Liabilities	748,500	732,300	781,100	944,200
Non Current Deferred Liabilities	507,600	190,500	641,800	334,700
Non Current Deferred Taxes Liabilities	507,600	190,500	641,800	334,700
Long Term Debt And Capital Lease Obligation	6,577,200	4,881,700	7,188,200	6,614,000
Long Term Capital Lease Obligation	290,400	334,500	400,000	333,000
Long Term Debt	6,286,800	4,547,200	6,788,200	6,281,000
Current Liabilities	3,349,400	5,528,800	3,434,300	3,272,800
Other Current Liabilities			838,400	746,900	10,800
Current Debt And Capital Lease Obligation		1,748,600	150,000		999,100
Current Debt		1,748,600	150,000		999,100
Other Current Borrowings		1,748,600	150,000		999,100
Pensionand Other Post Retirement Benefit Plans Current	375,800	375,800	335,100	395,600
Payables And Accrued Expenses	2,973,600	3,404,400	2,949,200	2,130,300
Current Accrued Expenses	2,426,800	2,431,900	2,288,500	1,378,900
Payables	546,800	972,500	660,700	751,400
Total Tax Payable	114,800	548,300	257,400	259,900
Accounts Payable	432,000	424,200	403,300	491,500
Total Assets	29,439,500	28,049,300	26,844,800	24,554,100
Total Non Current Assets	20,465,400	20,592,500	19,985,500	14,762,900
Other Non Current Assets	750,600	560,500	745,000	1,529,200
Non Current Deferred Assets	292,500	324,200	928,600	1,226,400
Non Current Deferred Taxes Assets	292,500	324,200	928,600	1,226,400
Investments And Advances	431,900	0	0	705,700
Other Investments				1,529,200	1,939,500
Investmentin Financial Assets	431,900	0	0	705,700
Available For Sale Securities	431,900			705,700	892,000
Goodwill And Other Intangible Assets	15,669,600	16,170,100	14,582,200	7,599,100
Other Intangible Assets	9,178,500	9,691,200	8,363,000	1,850,100
Goodwill	6,491,100	6,478,900	6,219,200	5,749,000
Net PPE	3,320,800	3,537,700	3,729,700	3,702,500
Accumulated Depreciation	-2,931,200	-2,670,800	-2,402,500	-2,165,700
Gross PPE	6,252,000	6,208,500	6,132,200	5,868,200
Leases	143,500	137,800	135,700	107,700
Construction In Progress	163,100	308,400	975,400	888,800
Other Properties	265,400	356,400	420,000	403,900
Machinery Furniture Equipment	3,323,000	3,239,800	2,797,400	2,672,500
Buildings And Improvements	2,140,300	1,963,700	1,601,300	1,592,900
Land And Improvements	216,700	202,400	202,400	202,400
Current Assets	8,974,100	7,456,800	6,859,300	9,791,200
Other Current Assets	1,123,300	752,500	1,182,000	1,417,600
Inventory	2,168,100	2,460,500	2,527,400	1,344,400
Inventories Adjustments Allowances				-21,100	0
Other Inventories				-21,100
Finished Goods				200,400	187,900
Work In Process				751,900	814,000
Raw Materials				413,200	349,600
Receivables	1,867,000	1,868,800	2,100,000	2,136,400
Accounts Receivable	1,867,000	1,868,800	2,100,000	2,136,400
Allowance For Doubtful Accounts Receivable	-3,000	-2,200	-2,400	-2,300
Gross Accounts Receivable	1,870,000	1,871,000	2,102,400	2,138,700
Cash Cash Equivalents And Short Term Investments	3,815,700	2,375,000	1,049,900	4,892,800
Other Short Term Investments	807,200	0	0	1,473,500
Cash And Cash Equivalents	3,008,500	2,375,000	1,049,900	3,419,300

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,969,200	2,515,700	1,235,800	1,141,100
Repurchase Of Capital Stock		0	0	-750,000	-1,800,000
Repayment Of Debt	-1,750,000	-650,000	-809,900	-1,002,200
Issuance Of Debt	1,733,100	0	997,200	0
Capital Expenditure	-235,400	-359,800	-311,400	-243,200
Interest Paid Supplemental Data	264,100	245,400	252,200	262,500
Income Tax Paid Supplemental Data	864,000	355,100	740,700	262,500
End Cash Position	3,008,500	2,375,000	1,049,900	3,419,300
Beginning Cash Position	2,375,000	1,049,900	3,419,300	2,261,400
Effect Of Exchange Rate Changes	101,900	-67,700	35,100	-55,700
Changes In Cash	531,600	1,392,800	-2,404,500	1,213,600
Financing Cash Flow	-301,900	-683,500	149,300	-1,747,300
Cash Flow From Continuing Financing Activities	-301,900	-683,500	149,300	-1,747,300
Net Other Financing Charges	-275,000	-2,200	6,300	6,800
Proceeds From Stock Option Exercised	-10,000	-31,300	-44,300	-1,900
Net Common Stock Issuance		0	0	-750,000	-1,800,000
Common Stock Payments		0	0	-750,000	-1,800,000
Net Issuance Payments Of Debt	-16,900	-650,000	187,300	-1,002,200
Net Long Term Debt Issuance	-16,900	-650,000	187,300	-1,002,200
Long Term Debt Payments	-1,750,000	-650,000	-809,900	-1,002,200
Long Term Debt Issuance	1,733,100	0	997,200	0
Investing Cash Flow	-1,371,100	-799,200	-4,101,000	1,576,600
Cash Flow From Continuing Investing Activities	-1,371,100	-799,200	-4,101,000	1,576,600
Net Other Investing Changes	42,900	-4,700	-11,300	24,400
Net Investment Purchase And Sale	-1,178,600	144,700	2,359,700	222,500
Sale Of Investment	79,700	144,700	7,500,400	3,671,000
Purchase Of Investment	-1,258,300	0	-5,140,700	-3,448,500
Net Business Purchase And Sale	0	-668,000	-6,138,000	990,300
Sale Of Business	0	406,800	788,100	990,300
Purchase Of Business	0	-1,074,800	-6,926,100	0
Net Intangibles Purchase And Sale	-81,600	-117,500	-34,400	-2,900
Sale Of Intangibles	0	88,600	0	0
Purchase Of Intangibles	-81,600	-206,100	-34,400	-2,900
Net PPE Purchase And Sale	-153,800	-153,700	-277,000	342,300
Sale Of PPE		0	0	582,600	0
Purchase Of PPE	-153,800	-153,700	-277,000	-240,300
Operating Cash Flow	2,204,600	2,875,500	1,547,200	1,384,300
Cash Flow From Continuing Operating Activities	2,204,600	2,875,500	1,547,200	1,384,300
Change In Working Capital	-1,057,600	-155,200	-648,700	-890,300
Change In Other Working Capital	-1,206,100	-100,200	-372,900	-234,300
Change In Payables And Accrued Expense	171,100	24,600	-201,600	-113,400
Change In Accrued Expense	171,100	24,600	-201,600	-113,400
Change In Inventory	-64,700	-273,800	-130,900	-320,200
Change In Receivables	42,100	194,200	56,700	-222,400
Changes In Account Receivables	102,700	222,300	61,300	-203,400
Other Non Cash Items	456,900	519,200	304,100	335,300
Stock Based Compensation	290,800	291,200	264,200	254,100
Provisionand Write Offof Assets					167,600
Asset Impairment Charge	60,800	60,200	0	119,600
Deferred Tax	361,600	-158,100	-305,800	-168,600
Deferred Income Tax	361,600	-158,100	-305,800	-168,600
Depreciation Amortization Depletion	779,900	673,200	494,800	518,400
Depreciation And Amortization	779,900	673,200	494,800	518,400
Amortization Cash Flow	507,100	386,500	240,600	246,300
Amortization Of Intangibles	507,100	386,500	240,600	246,300
Depreciation	272,800	286,700	254,200	272,400
Operating Gains Losses	19,300	12,800	277,100	-1,745,800
Earnings Losses From Equity Investments		0	0	-2,600	-34,900
Gain Loss On Investment Securities	19,300	101,400	277,100	265,900
Gain Loss On Sale Of PPE	0	-88,600	0	-503,700
Gain Loss On Sale Of Business		0	0	-1,505,400	0
Net Income From Continuing Operations	1,292,900	1,632,200	1,161,500	2,961,600

These metrics estimate what Biogen Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$156.39

Margin of Safety

Market Cap ÷ Company Value

1.34

P/B Ratio

1.51

Warren's Owner Earnings

$2.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$9.9B

vs > $1.5B revenue

✅ Strong Financial Condition

2.68x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Earnings Growth

-57.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

20.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.51x P/B (P/E×P/B: 30.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-14.96

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$185.82

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	18.2%	22.0%	26.8%	8.0%	N/A
Repurchase of Capital Stock	N/A	$0M	$0M	-$750M	-$1.8B
Free Cash Flow	$2.0B ▼	$2.5B ▲	$1.2B ▲	$1.1B •	N/A •
Warren's Owner Earnings	$2.3B	$2.7B	$2.0B	$3.8B	N/A

Peers & Industry

No auto-detected peers for Drug Manufacturers - General. You can manually compare BIIB against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.18%

Low — management has little skin in the game

Return on Equity (ROE)

7.1%

Weak — poor returns on equity

Return on Assets (ROA)

4.4%

Fair — average asset utilization

Debt Trend YoY

-0.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Christopher Viehbacher

President, CEO & Director

Age 64

Pay: $5,277,129

0.408% of net income

Alisha Alaimo

President & Head of North America

Fraser Hall

President & Head of Intercontinental Region

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.82%	17,447,092
Blackrock Inc.	10.03%	14,811,370
Primecap Management Company	10.00%	14,757,997
FMR, LLC	6.38%	9,425,863
State Street Corporation	4.85%	7,159,020
Geode Capital Management, LLC	2.84%	4,199,399
Wellington Management Group, LLP	2.41%	3,551,269
Point72 Asset Management, L.P.	1.91%	2,813,192

Risk Analysis

Beta (Market Risk)

0.20

Low volatility — more stable than the market

Short Interest

3.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.35x

Conservative balance sheet — low financial risk

Current Ratio

3.06x

Strong liquidity — Graham approved

52-Week Price Range

Low: $115.25 Current: $187.14 High: $202.41

Currently at 82% of 52-week range

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