---
title: Biogen (BIIB) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/biib
ticker: BIIB
as_of: 2026-10-17
sector: Healthcare
industry: Drug Manufacturers - General
---
# Biogen (BIIB)

Biogen (BIIB) closed at $232.65 on Oct 16, 2026, undervalued by 34% vs its model value of $354.67 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $232.65 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $354.67 |
| Price vs model | undervalued by 34% vs model |
| Range of that model | $191.95 – $846.20 |
| Market value | $34.4B |
| P/E (fiscal 2025) | 26.5 |
| Net margin (fiscal 2025) | 13.2% |
| Free cash flow (fiscal 2025) | $2.1B |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 0.17 |
| Cost of capital (WACC) | 6.51% |
| Business classification | Mature & Stable (Low/slowing growth (~0% recent), Moderate margins (13% net margin), Highly cyclical earnings, Strong FCF yield (6.0%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week highs | #37 | −1.1% | https://sweetvaluelab.com/lists/near-52-week-highs |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $354.67 | $191.95 | $846.20 |
| DCF · Perpetuity growth · 10y | cross check | $349.30 | $197.11 | $827.74 |
| DCF · EBITDA exit · 5y | cross check | $329.22 | $247.16 | $425.65 |
| DCF · EBITDA exit · 10y | cross check | $328.06 | $238.33 | $446.74 |
| P/E · peers | cross check | $300.88 | $233.40 | $461.90 |
| P/E · own history | cross check | $207.93 | $135.64 | $251.56 |
| PEG | sanity check | $228.48 | $228.48 | $228.48 |
| EV/EBITDA · peers | cross check | $377.50 | $283.03 | $688.54 |
| EV/Revenue · peers | cross check | $473.23 | $333.95 | $893.26 |
| Earnings power value | cross check | $266.35 | $212.32 | $352.73 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 2 open-market sales ($239,749.9); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 2, 2026 | Godbout Sean | Chief Accounting Officer | Option/RSU exercise | 27 | $0 |
| Oct 1, 2026 | Godbout Sean | Chief Accounting Officer | Grant / award | 985 | $0 |
| Oct 2, 2026 | Godbout Sean | Chief Accounting Officer | Tax withholding | 8 | $1,759 |
| Oct 2, 2026 | Godbout Sean | Chief Accounting Officer | Option/RSU exercise | 27 | $0 |
| Sep 1, 2026 | Parini Michael | Chief Legal Officer | Grant / award | 7,405 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/875045/000087504526000075/biib-20260630.htm |
| Jul 29, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/875045/000087504526000073/biib-20260729.htm |
| Jul 1, 2026 | 8-K | 2.02 Results of Operations (Earnings) | https://www.sec.gov/Archives/edgar/data/875045/000087504526000068/biib-20260701.htm |
| Jun 10, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/875045/000095015726000700/form8-k.htm |
| Jun 10, 2026 | 8-K | 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/875045/000095015726000699/form8-ka.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Samantha McLemore | 2026-06-30 | 283,697 | $61.3M |
| Sarah Ketterer | 2026-06-30 | 278,283 | $60.1M |
| Hillman Capital | 2026-06-30 | 23,993 | $5.2M |

3 tracked managers in all.

## About

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 li…

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Source: https://sweetvaluelab.com/stocks/biib (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.