Biogen Inc. (BIIB)
UnterbewertetFundamental
64
Kurs
$227.00
Marktkapitalisierung
$33.45B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Biogen develops and sells prescription medicines for neurological diseases: multiple sclerosis, spinal muscular atrophy, rare neuromuscular disorders and, through a partnership with Japan's Eisai, Alzheimer's disease. It discovers or licenses a drug candidate, runs the clinical trials required for approval, then manufactures and markets the medicine once regulators clear it. Its founding franchise of multiple sclerosis drugs, once the core of the business, is now shrinking as patents expire and cheaper alternatives reach the market, while newer rare-disease and Alzheimer's treatments are still building toward a comparable scale.
Wie das Geld verdient wird
Revenue comes almost entirely from selling drugs once a patient starts a treatment course, plus royalties and profit-sharing from partnered products such as the Alzheimer's drug Leqembi, sold jointly with Eisai. Contract manufacturing for other companies adds a smaller, steadier stream. Because each drug needs years of costly trials before it can be sold, profitability depends on a handful of approved products carrying the cost of the whole research pipeline; when an older drug loses patent protection, its price and volume can fall quickly as cheaper copies enter the market.
Wettbewerbsvorteil
Patente und Lizenzen · SchmalBiogen's business rests on patents and regulatory exclusivity for its drugs, which briefly block generic competition. That protection is temporary and running out fast: its largest multiple sclerosis products are already being undercut by biosimilars and generics. Newer drugs for rare diseases and Alzheimer's offer some renewed protection, but none yet replaces the scale of the franchise it is losing.
Was die Nachfrage antreibt
DefensivDemand for treatments of chronic, often life-threatening neurological conditions does not disappear in a recession: patients keep taking medicines they need. What moves faster is which drug they take and at what price, as insurers, government payers and biosimilar makers push down what Biogen can charge for its older products once exclusivity ends.
Wichtigste Risiken
- Loss of exclusivity on core MS drugs — Tysabri and Spinraza, still among Biogen's largest products, are past or nearing the end of their patent protection, and biosimilar or generic competition has already eroded sales of older multiple sclerosis drugs such as Tecfidera and Avonex.
- Dependence on the Eisai partnership for Leqembi — Leqembi, Biogen's Alzheimer's drug, is developed, marketed and largely controlled jointly with Eisai; its commercial success depends on decisions, execution and reimbursement work that Biogen does not fully control.
- Clinical and regulatory risk — Turning a drug candidate into approved revenue requires clinical trials that can fail at any stage, and a positive trial result is still no guarantee that regulators will approve the drug or that payers will reimburse it.
- Pricing pressure from governments and payers — Government drug-pricing programs, and the negotiating power of insurers and pharmacy benefit managers, can reduce what Biogen is paid for a drug well after it reaches the market, without warning.
- Dependence on a narrow group of growth products — Recent growth depends on a small set of newer drugs — Leqembi, Skyclarys, Zurzuvae and Qalsody — that must keep growing fast enough to offset the decline of the older franchise, a transition still underway and not yet complete.
Die Argumente dafür
Buyers argue that Biogen's newer rare-disease drugs and its Alzheimer's franchise with Eisai are growing fast enough to replace the declining multiple sclerosis business, and that a specialized neurology pipeline still holds unproven optionality.
Die Argumente dagegen
Sellers fear that legacy multiple sclerosis revenue is eroding faster than new products can replace it, that Leqembi's commercial ramp depends on factors outside Biogen's control, and that the next wave of pipeline drugs may fail in trials before they ever reach the market.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
Lilly's Kisunla is the direct rival of Leqembi, the anti-amyloid antibody Biogen co-commercializes with Eisai for early Alzheimer's disease.
Bristol Myers Squibb's oral multiple sclerosis drug Zeposia competes for the same relapsing-remitting patients as Biogen's Tecfidera and Vumerity.
Roche competes head-on with Biogen in its two core franchises, with Ocrevus taking multiple sclerosis patients from Tysabri and the interferons and Evrysdi outselling Spinraza in spinal muscular atrophy.
Novartis sells Kesimpta and Gilenya to the same multiple sclerosis neurologists Biogen serves, and Zolgensma competes for the same spinal muscular atrophy patients as Spinraza.
Sanofi fields Aubagio and Lemtrada in multiple sclerosis and is pushing the BTK inhibitor tolebrutinib into the progressive forms of the disease Biogen also targets.
Bilanz & Liquidität
Umsatz
$9.94B
Letzte 12 Monate (bis 31.3.2026)
Nettogewinn
$1.37B
Letzte 12 Monate (bis 31.3.2026)
Freier Cashflow
$2.05B
Gesamtes Eigenkapital
$18.26B
Gesamtverbindlichkeiten
$11.18B
Current Ratio
3.06
Zinsdeckungsgrad
-
Schulden/EBITDA
3.83
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$310.85
Aktueller Kurs
$227.00
Sicherheitsmarge
+27.0%
Innerer-Wert-Spanne
$202.05 - $419.65
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
24.29
ROE
7.1%
P/B-Verhältnis
1.79
P/FCF
13.76
Bruttomarge
75.5%
ROIC
-
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
-
WACC
6.2%
ROIC − WACC
-
Fundamentalanalyse-Kriterien
Bestanden (16)
- EPS shows upward trend
- EPS CAGR 8.60%
- Gross Margin 75.5%
- P/FCF 13.76
- P/B Ratio 1.79
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Analyst Consensus 70% Buy
- Earnings Surprise avg 22.1%
- Earnings Quality (OCF/NI) 1.89
- Share Dilution 0.7%
- Piotroski F-Score 6/9
Nicht bestanden (7)
- Price CAGR -2.18%
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Fairly valued)
- ROE 4.5%
- Revenue Growth 5Y -6.0%
- Net Margin Trend 13.8% vs 15.1%
Nicht verfügbar (5)
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienanzahl ist stabil
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Christopher A. Viehbacher | President, CEO & Director | 64 |
| Ms. Robin C. Kramer | Executive VP & CFO | 59 |
| Ms. Nicole Murphy | Executive VP and Head of Pharmaceutical Operations & Technology | 52 |
| Dr. Priya Singhal M.D., M.P.H. | Executive VP & Head of Development | 57 |
| Mr. Sean Godbout | VP, Chief Accounting Officer & Global Corporate Controller | 51 |
| Mr. Guy Hadari | Chief Information Officer | - |
| Mr. Tim Power M.B.A., Ph.D. | Head of Investor Relations | - |
| Mr. Michael John Parini J.D. | Chief Legal Officer | 51 |
| Ms. Natacha Gassenbach | Chief Communication Officer & Head of Corporate Affairs | - |
| Mr. Adam Keeney Ph.D. | Executive VP & Head of Corporate Development | 48 |
Prüfungsrisiko
8
Vorstandsrisiko
2
Vergütungsrisiko
9
Aktionärsrechterisiko
2
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-06
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-07-29
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-07-29
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for BIIB, sourced from Markets Gazette.
- 6/18/2026POSITIVEBiogen To Acquire RayThera For Up To $1 Billion, Expanding Immunology Pipeline
Biogen Inc. has announced its intention to acquire RayThera for a sum potentially reaching $1 billion. This strategic move aims to bolster Biogen's immunology pipeline, signaling a diversification strategy beyond its established focus on Alzheimer's disease. The acquisition of RayThera's early-stage assets is expected to enhance Biogen's long-term growth prospects and competitive positioning in the biopharmaceutical sector. Investors will be closely watching the integration process and the development of the newly acquired pipeline candidates.
- 5/14/2026NEGATIVEWhy Is Biogen Stock Falling Thursday?
Biogen Inc. (BIIB) shares experienced a decline on Thursday following the release of mixed Phase 2 clinical trial data for its Alzheimer's drug, diranersen. While the drug showed some cognitive benefits, the overall results were not as strong as anticipated, leading to investor caution. Despite the setback, several analysts have maintained an optimistic outlook, highlighting the potential of diranersen's cognitive benefits and suggesting that the drug could still represent a significant advancement in Alzheimer's treatment. This mixed sentiment creates uncertainty for investors regarding the drug's future development and market potential.
- 5/6/2026NEUTRALBiote Q1 2026 Earnings Call: Complete Transcript
Biogen Inc. held its Q1 2026 earnings call on May 6, 2026. The call provided a comprehensive overview of the company's financial performance and strategic outlook for the upcoming periods. While the transcript is available, specific financial figures, performance metrics, or forward-looking statements that would indicate a clear positive or negative market impact were not detailed in the provided summary. Investors should refer to the full transcript for in-depth analysis of the company's results and future guidance.
- 4/7/2026POSITIVEBiogen Taps Alloy Platform To Push Antisense Drug Pipeline Forward
Biogen has entered into a strategic partnership with Alloy Therapeutics, leveraging Alloy's proprietary platform to accelerate the development of its antisense drug pipeline. This collaboration focuses on advancing RNA-targeting therapies, a key area of innovation for Biogen. The agreement is expected to enhance Biogen's drug discovery and development capabilities, potentially leading to novel treatments for neurological diseases. For investors, this move signifies a commitment to expanding the company's therapeutic offerings and strengthening its position in the biotechnology sector, potentially unlocking future revenue streams.
- 4/1/2026POSITIVEBiogen Buys Apellis for $5.6B to Expand Kidney Drugs
Biogen Inc. has announced a definitive agreement to acquire Apellis Pharmaceuticals for $5.6 billion in cash and stock. This strategic move significantly bolsters Biogen's presence in the immunology sector, with a particular focus on expanding its portfolio of treatments for rare kidney diseases. The acquisition, one of Biogen's largest to date, is expected to leverage Apellis's established drug pipeline and commercial infrastructure. Investors may view this as a positive step towards diversification and long-term growth for Biogen, potentially enhancing its market position in specialized therapeutic areas.
via Markets Gazette