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Biogen Inc. — Intrinsic Value & Fair Price

BIIB
NASDAQHealthcareDrug Manufacturers - GeneralCIK 0000875045biogen.comAbout BIIB
Last close · Oct 16, 2026232.65−2.70 (−1.15%)
Market cap$34.4B
Model value · DCF · Perpetuity growth · 5y
354.67
Biogen closed at $232.65 — undervalued by 34% vs model.
191.95the model's range846.20

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
207.93 – 473.23
Wall St. target
249.50 7% below
Below model, 1y
20 of 20 days

Price and model value

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How it is valued

Valued asMature & stable
Low/slowing growth (~0% recent)Moderate margins (13% net margin)Highly cyclical earningsStrong FCF yield (6.0%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
26.5×
EV / EBITDA
12.0×
FCF yield
6.0%
Dividend yield, TTM
0.00%
Beta
0.17
Cost of capital (WACC)
6.51%
Full financials

Analyst actions

third-party, quoted
10-12JP Morgan · “Overweight” from “Neutral”upgrade
10-12BMO Capital · target220.00
10-09UBS · target270.00
10-08RBC Capital · target256.00
Ratings, targets and estimates

Comparable companies

by business, not by industry label
2 more companies list BIIB as a comparable

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About Biogen

Biogen Inc. is a leading biotechnology firm dedicated to the discovery, development, production, and distribution of treatments for complex neurological and neurodegenerative conditions. Its established portfolio includes a range of medications addressing multiple sclerosis (MS), such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. For spinal muscular atrophy (SMA), Biogen provides SPINRAZA, while FUMADERM is available for the treatment of plaque psoriasis. Among its other key offerings is ADUHELM, specifically developed for Alzheimer's disease. The company also markets a selection of biosimilar drugs, including BENEPALI (an etanercept biosimilar akin to ENBREL), IMRALDI (an adalimumab biosimilar comparable to HUMIRA), and FLIXABI (an infliximab biosimilar referencing REMICADE). Further extending its therapeutic reach, Biogen supplies RITUXAN, prescribed for conditions like non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, certain types of ANCA-associated vasculitis, and pemphigus vulgaris. RITUXAN HYCELA targets non-Hodgkin's lymphoma and CLL, and GAZYVA is utilized for CLL and follicular lymphoma. OCREVUS addresses both relapsing and primary progressive forms of MS, complementing the company's broader efforts in anti-CD20 therapies. The company maintains a robust research and development pipeline, featuring numerous investigational therapies. These candidates are designed to tackle a wide spectrum of conditions, including multiple sclerosis and neuroimmunological disorders (e.g., BIIB135, BIIB061, BIIB091, BIIB107), Alzheimer's disease and other forms of dementia (e.g., Aducanumab, Lecanemab, BIIB076, BIIB080), neuromuscular disorders (e.g., BIIB067, BIIB078, BIIB105, BIIB100, BIIB110), Parkinson's disease and related movement disorders (e.g., BIIB124, BIIB094, BIIB118, BIIB101, BIIB122), neuropsychiatric conditions (e.g., BIIB125, BIIB104), immunology-related illnesses (e.g., Dapirolizumab pegol, BIIB059), acute neurological events (e.g., BIIB093, BIIB131), and neuropathic pain (e.g., BIIB074). Additionally, several biosimilar candidates, such as BYOOVIZ, BIIB800, and SB15, are progressing through various developmental stages. Biogen actively engages in strategic collaborations and licensing arrangements with various partners, including Acorda Therapeutics, Inc., Alkermes Pharma Ireland Limited, Denali Therapeutics Inc., Eisai Co., Ltd., Genentech, Inc., Neurimmune SubOne AG, Ionis Pharmaceuticals, Inc., Samsung Bioepis Co., Ltd., Sangamo Therapeutics, Inc., and Sage Therapeutics, Inc. Established in 1978, Biogen Inc. maintains its corporate headquarters in Cambridge, Massachusetts.

CEO
Christopher A. Viehbacher
Headquarters
Cambridge, MA
Employees
7,500
IPO
1991-09-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.