Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin17.1%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-0.7%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt-378.7 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$3.6B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$3.7B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
C
Price-to-Book1.94x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$375M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings$486M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-20,600
-48,900
Reconciled Depreciation
241,100
200,200
Reconciled Cost Of Revenue
680,100
431,900
EBITDA
319,600
211,700
EBIT
78,500
11,500
Net Interest Income
-78,200
-30,300
Interest Expense
87,500
67,500
Interest Income
9,300
37,200
Normalized Income
232,060
321,256
Net Income From Continuing And Discontinued Operation
-20,600
-48,900
Total Expenses
2,325,000
1,893,900
Diluted Average Shares
147,800
146,700
Basic Average Shares
147,800
146,700
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-20,600
-48,900
Net Income Common Stockholders
-20,600
-48,900
Net Income
-20,600
-48,900
Net Income Including Noncontrolling Interests
-20,600
-48,900
Net Income Continuous Operations
-20,600
-48,900
Tax Provision
11,600
-7,100
Pretax Income
-9,000
-56,000
Other Income Expense
-409,900
-411,200
Other Non Operating Income Expenses
11,200
12,700
Special Income Charges
-381,500
-426,600
Other Special Charges
314,600
361,900
Restructuring And Mergern Acquisition
66,900
11,800
Gain On Sale Of Security
-39,600
2,700
Net Non Operating Interest Income Expense
-78,200
-30,300
Interest Expense Non Operating
87,500
67,500
Interest Income Non Operating
9,300
37,200
Operating Income
479,100
385,500
Operating Expense
1,576,600
1,398,400
Other Operating Expenses
77,800
69,900
Depreciation Amortization Depletion Income Statement
172,800
136,600
Depreciation And Amortization In Income Statement
172,800
136,600
Amortization
172,800
136,600
Amortization Of Intangibles Income Statement
172,800
136,600
Research And Development
574,000
509,400
Selling General And Administration
752,000
682,500
Gross Profit
2,055,700
1,783,900
Cost Of Revenue
748,400
495,500
Total Revenue
2,804,100
2,279,400
Operating Revenue
2,804,100
2,279,400
Balance Sheet
2026
2025
Treasury Shares Number
23,800
Preferred Shares Number
8
8
Ordinary Shares Number
147,754
146,800
Share Issued
147,754
170,600
Net Debt
6,388,100
3,278,300
Total Debt
7,801,300
6,577,200
Tangible Book Value
-1,450,400
2,587,200
Invested Capital
26,614,100
24,543,600
Working Capital
3,686,000
5,624,700
Net Tangible Assets
-1,450,400
2,587,200
Capital Lease Obligations
109,300
290,400
Common Stock Equity
18,922,100
18,256,800
Total Capitalization
26,214,100
24,543,600
Total Equity Gross Minority Interest
18,922,100
18,256,800
Stockholders Equity
18,922,100
18,256,800
Gains Losses Not Affecting Retained Earnings
-120,300
-182,000
Other Equity Adjustments
-120,300
-182,000
Treasury Stock
2,977,100
2,977,100
Retained Earnings
20,949,100
20,552,700
Additional Paid In Capital
1,070,300
863,100
Capital Stock
100
100
Common Stock
100
100
Total Liabilities Net Minority Interest
13,132,000
11,182,700
Total Non Current Liabilities Net Minority Interest
9,233,600
7,833,300
Other Non Current Liabilities
489,300
748,500
Tradeand Other Payables Non Current
179,100
Non Current Deferred Liabilities
1,163,900
507,600
Non Current Deferred Taxes Liabilities
1,163,900
507,600
Long Term Debt And Capital Lease Obligation
7,401,300
6,577,200
Long Term Capital Lease Obligation
109,300
290,400
Long Term Debt
7,292,000
6,286,800
Current Liabilities
3,898,400
3,349,400
Other Current Liabilities
Current Debt And Capital Lease Obligation
400,000
Current Debt
400,000
Other Current Borrowings
400,000
Pensionand Other Post Retirement Benefit Plans Current
451,200
375,800
Payables And Accrued Expenses
3,047,200
2,973,600
Current Accrued Expenses
2,562,400
2,426,800
Payables
484,800
546,800
Total Tax Payable
54,500
114,800
Accounts Payable
430,300
432,000
Total Assets
32,054,100
29,439,500
Total Non Current Assets
24,469,700
20,465,400
Other Non Current Assets
659,800
750,600
Non Current Deferred Assets
293,700
292,500
Non Current Deferred Taxes Assets
293,700
292,500
Investments And Advances
0
431,900
Investmentin Financial Assets
0
431,900
Available For Sale Securities
431,900
Goodwill And Other Intangible Assets
20,372,500
15,669,600
Other Intangible Assets
13,379,900
9,178,500
Goodwill
6,992,600
6,491,100
Net PPE
3,143,700
3,320,800
Accumulated Depreciation
-2,931,200
Gross PPE
3,143,700
6,252,000
Leases
143,500
Construction In Progress
163,100
Other Properties
3,143,700
265,400
Machinery Furniture Equipment
3,323,000
Buildings And Improvements
2,140,300
Land And Improvements
216,700
Current Assets
7,584,400
8,974,100
Other Current Assets
1,673,500
1,123,300
Inventory
2,224,400
2,168,100
Receivables
2,382,600
1,867,000
Accounts Receivable
2,382,600
1,867,000
Allowance For Doubtful Accounts Receivable
-3,100
-3,000
Gross Accounts Receivable
2,385,700
1,870,000
Cash Cash Equivalents And Short Term Investments
1,303,900
3,815,700
Other Short Term Investments
0
807,200
Cash And Cash Equivalents
1,303,900
3,008,500
Cash Flow
2026
2025
Free Cash Flow
375,400
401,700
Repayment Of Debt
-400,000
0
Issuance Of Debt
0
0
Capital Expenditure
-265,400
-110,200
End Cash Position
1,303,900
3,008,500
Beginning Cash Position
1,285,000
3,862,800
Effect Of Exchange Rate Changes
-6,000
2,500
Changes In Cash
24,900
-856,800
Financing Cash Flow
-393,800
-137,000
Cash Flow From Continuing Financing Activities
-393,800
-137,000
Net Other Financing Charges
3,000
-140,000
Proceeds From Stock Option Exercised
3,200
3,000
Net Issuance Payments Of Debt
-400,000
0
Net Long Term Debt Issuance
-400,000
0
Long Term Debt Payments
-400,000
0
Long Term Debt Issuance
0
0
Investing Cash Flow
-222,100
-1,231,700
Cash Flow From Continuing Investing Activities
-222,100
-1,231,700
Net Other Investing Changes
-5,700
22,700
Net Investment Purchase And Sale
55,000
-1,144,200
Sale Of Investment
55,000
23,100
Purchase Of Investment
0
-1,167,300
Net Business Purchase And Sale
-6,000
0
Purchase Of Business
-6,000
0
Net Intangibles Purchase And Sale
-225,000
-66,300
Purchase Of Intangibles
-225,000
-66,300
Net PPE Purchase And Sale
-40,400
-43,900
Purchase Of PPE
-40,400
-43,900
Operating Cash Flow
640,800
511,900
Cash Flow From Continuing Operating Activities
640,800
511,900
Change In Working Capital
-290,200
-108,700
Change In Other Working Capital
-499,000
-262,100
Change In Payables And Accrued Expense
265,900
203,800
Change In Accrued Expense
265,900
203,800
Change In Inventory
-72,200
-29,400
Change In Receivables
15,100
-21,000
Changes In Account Receivables
300
27,800
Other Non Cash Items
472,100
199,900
Stock Based Compensation
81,500
59,600
Asset Impairment Charge
0
57,300
Deferred Tax
123,500
166,900
Deferred Income Tax
123,500
166,900
Depreciation Amortization Depletion
241,100
200,200
Depreciation And Amortization
241,100
200,200
Amortization Cash Flow
132,200
Amortization Of Intangibles
132,200
Depreciation
68,000
Operating Gains Losses
33,400
-14,400
Gain Loss On Investment Securities
33,400
-14,400
Net Income From Continuing Operations
-20,600
-48,900
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $2.5B▲ $2.8B+10.6%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 73.4%▲ 73.3%-0.1pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 18.9%▼ 17.1%-1.8pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 18.4%▼ -0.7%-19.1pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$2.8B/qtr (≈$11.2B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.95x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$375M
vs Positive
Operating Cash Flow
$641M
Latest quarter · Buffett's cash reality check
ROIC
1.3%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.9x
Net Assets: $18.9B
⚠️Net margin compressed 19.1pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
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
0.19%
Low — management has little skin in the game
Return on Equity (ROE)
-0.1%
Weak — poor returns on equity
Return on Assets (ROA)
-0.1%
Poor — assets are not generating adequate returns
Debt Trend YoY
-6.6% YoY
Debt is declining — management is deleveraging
Leadership Team
Christopher Viehbacher
President, CEO & Director
Age 64
Pay: $5,277,129
Robin Kramer
Executive VP & CFO
Age 59
Pay: $1,632,803
Top Institutional Holders
Institution
% Owned
Shares
FMR, LLC
12.32%
18,217,239
Blackrock Inc.
10.81%
15,985,736
Primecap Management Company
10.25%
15,154,606
Vanguard Capital Management LLC
6.53%
9,651,117
State Street Corporation
4.97%
7,344,327
Vanguard Portfolio Management LLC
4.47%
6,604,936
Geode Capital Management, LLC
3.01%
4,449,295
Wellington Management Group, LLP
2.11%
3,117,469
Risk Analysis
Beta (Market Risk)
0.09
Low volatility — more stable than the market
Short Interest
4.2% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.41x
Conservative balance sheet — low financial risk
Current Ratio
1.95x
Adequate liquidity
52-Week Price Range
Low: $153.77Current: $248.35High: $258.78
Currently at 90% of 52-week range
Biogen Inc. (BIIB) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 73.3%. Operating margin: 17.1%. Net margin: -0.7%. Market cap: $36.7B. Sector: Healthcare. Industry: Drug Manufacturers - General. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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