Biogen Inc Stock Research

Market Summary

USD270.03+4.86

Market Closed

1.83%

BIIB Alerts

Big jump in Earnings (Y/Y)

BIIB Stock Price

BIIB RSI Chart

BIIB Valuation

Market Cap

39.0B

Price/Earnings (Trailing)

12.8

Price/Sales (Trailing)

3.83

EV/EBITDA

9.61

Price/Free Cashflow

34.08

BIIB Price/Sales (Trailing)

BIIB Profitability

EBT Margin

35.31%

Return on Equity

22.74%

Return on Assets

12.41%

Free Cashflow Yield

2.93%

BIIB Fundamentals

BIIB Revenue

Revenue (TTM)

10.2B

Revenue Y/Y

-6.94%

Revenue Q/Q

1.42%

BIIB Earnings

Earnings (TTM)

3.0B

Earnings Y/Y

49.48%

Earnings Q/Q

-51.49%

Price Action

52 Week Range

187.16311.88

(Low)(High)

Last 7 days

1.8%

Last 30 days

-0.9%

Last 90 days

-3.3%

Trailing 12 Months

26.8%

BIIB Financial Health

Current Ratio

2.99

Debt/Equity

0.47

Debt/Cashflow

0.22

BIIB Investor Care

Buy Backs (1Y)

2.43%

Diluted EPS (TTM)

20.87

Peers (Alternatives to Biogen)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AMGN	127.1B	26.3B	0.79%	2.78%	19.4	4.83	1.32%	11.18%
GILD	99.8B	27.3B	-4.19%	39.66%	21.72	3.66	-0.09%	-26.23%
MRNA	58.1B	19.3B	-4.61%	-16.03%	6.95	3.02	4.29%	-31.47%
BIIB	39.0B	10.2B	-0.92%	26.77%	12.8	3.83	-7.36%	95.80%
MID-CAP
NBIX	9.4B	1.5B	-5.59%	3.19%	60.62	6.29	31.34%	72.43%
DNLI	3.1B	108.5M	-21.66%	-32.82%	-9.55	28.71	122.90%	-12.19%
BBIO	2.2B	107.9M	21.83%	38.60%	-4.63	20.79	54.84%	17.36%
BEAM	2.2B	60.9M	-25.55%	-48.21%	-7.49	35.56	17.51%	22.00%
SMALL-CAP
RCUS	1.3B	112.0M	-7.70%	-49.25%	-4.81	11.47	-70.76%	-603.77%
REPL	1.1B	7.0M	-17.00%	22.02%	-7.14	159.78	131.81%	-45.39%
FATE	524.4M	96.3M	-14.58%	-86.07%	-1.86	5.45	72.44%	-32.79%
NVAX	519.7M	2.0B	-33.63%	-92.58%	-0.79	0.26	72.89%	62.27%
SGMO	276.9M	111.3M	-42.96%	-71.96%	-1.44	2.49	0.54%	-7.86%
VXRT	101.6M	107.0K	-17.23%	-85.52%	-0.94	949.93	-88.00%	-52.91%
IBIO	26.0M	-	40.00%	-84.44%	-0.32	3.21	0.51%	-185.61%

Financials for Biogen

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-1.8%	10,173	10,363	10,634	10,820	10,982
S&GA Expenses	-6.1%	2,404	2,559	2,650	2,714	2,674
Costs and Expenses	-1.9%	6,582	6,707	8,057	8,931	9,237
EBITDA	4.1%	4,357	4,184	3,123	2,407	-
EBITDA Margin	6.1%	0.43*	0.40*	0.29*	0.22*	-
Earnings Before Taxes	5.9%	3,592	3,393	2,313	1,626	1,745
EBT Margin	7.8%	0.35*	0.33*	0.22*	0.15*	-
Interest Expenses	-4.5%	247	258	265	255	254
Net Income	6.4%	3,047	2,865	2,059	1,450	1,556
Net Income Margin	8.3%	0.30*	0.28*	0.19*	0.13*	-
Free Cahsflow	-47.8%	1,144	2,192	2,354	2,809	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-1.2%	24,554	24,854	25,081	23,614	23,877
Current Assets	0.3%	9,791	9,766	9,741	7,916	7,857
Cash Equivalents	-7.0%	3,419	3,676	2,647	1,749	2,261
Inventory	-2.2%	1,344	1,375	1,294	1,215	1,352
Net PPE	1.0%	3,299	3,266	3,355	3,373	3,416
Goodwill	0.1%	5,749	5,741	5,750	5,758	5,761
Liabilities	-7.6%	11,166	12,087	13,218	12,394	12,918
Current Liabilities	-16.6%	3,273	3,926	5,018	3,947	4,298
Long Term Debt	0.0%	6,281	6,279	6,277	6,276	6,274
Shareholder's Equity	4.9%	13,398	12,776	11,863	11,221	10,896
Retained Earnings	3.5%	16,467	15,916	14,960	14,216	13,912
Additional Paid-In Capital	Infinity%	73.00	-	-	119	68.00
Accumulated Depreciation	-	2,007	-	-	-	-
Shares Outstanding	-1.0%	144	146	147	-	-
Minority Interest	-9.2%	-9.50	-8.70	-9.10	-21.60	64.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-42.3%	1,384	2,398	2,542	3,033	3,640
Share Based Compensation	9311.1%	254	3.00	11.00	13.00	239
Cashflow From Investing	-1.8%	1,577	1,605	-300	-1,147	-563
Cashflow From Financing	-1.0%	-1,747	-1,730	-1,224	-1,317	-2,086
Buy Backs	0%	750	750	1,250	1,200	1,800

Risks for BIIB

What is the probability of a big loss on BIIB?

87.3%

Probability that Biogen stock will be more than 20% underwater in next one year

55.8%

Probability that Biogen stock will be more than 30% underwater in next one year.

15%

Probability that Biogen stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does BIIB drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Biogen was unfortunately bought at previous high price.

Drawdowns

Returns for BIIB

Cumulative Returns on BIIB

5.2%

10-Year Cumulative Returns

2.0%

7-Year Cumulative Returns

0.8%

5-Year Cumulative Returns

-0.7%

3-Year Cumulative Returns

What are the long-term rolling returns for BIIB?

FIve years rolling returns for Biogen.

Annualized Returns

Which funds bought or sold BIIB recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	added	14.22	208,339	1,343,340	0.04%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-4.7	-505,418	43,161,600	0.05%
2023-03-06	Rockefeller Capital Management L.P.	added	4.87	144,000	1,789,000	0.01%
2023-03-06	NORTH STAR ASSET MANAGEMENT INC	reduced	-2.03	4,967	279,967	0.02%
2023-03-03	TIAA, FSB	reduced	-14.89	-148,012	1,115,990	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	new	-	7,200	7,200	-%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	1,961,700	1,961,700	0.02%
2023-03-01	Regal Investment Advisors LLC	reduced	-2.18	6,318	435,318	0.04%
2023-02-28	Voya Investment Management LLC	added	2.58	1,972,790	32,853,800	0.05%
2023-02-24	SRS Capital Advisors, Inc.	unchanged	-	385	1,385	-%

Latest Funds Activity

Are funds buying BIIB calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own BIIB

No. of Funds

BIIB Alerts

Big jump in Earnings (Y/Y)

Biogen News

Schedule 13G FIlings of Biogen

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	8.32%	11,976,623	SC 13G/A
Feb 09, 2023	primecap management co/ca/	10.9%	15,700,576	SC 13G/A
Jan 24, 2023	blackrock inc.	9.9%	14,260,137	SC 13G/A
Mar 07, 2022	blackrock inc.	9.4%	13,736,954	SC 13G/A
Feb 10, 2022	primecap management co/ca/	10.73%	15,757,405	SC 13G/A
Feb 09, 2022	vanguard group inc	7.85%	11,537,299	SC 13G/A
Feb 08, 2022	blackrock inc.	9.4%	13,736,954	SC 13G
Feb 12, 2021	primecap management co/ca/	10.28%	15,822,066	SC 13G/A
Feb 10, 2021	vanguard group inc	7.73%	11,896,510	SC 13G/A
Jan 29, 2021	blackrock inc.	8.7%	13,419,601	SC 13G/A

BIIB Fair Value

Biogen fair value in different scenarios

The table shows the Fair Value estimates for Biogen for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	152.60 -43.49%	191.69 -29.01%	289.90 7.36%	365.74 35.44%	420.23 55.62%
Very High Inflation	- -	- -	- -	- -	- -

Historical Biogen Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Biogen

View All Filings

Date Filed	Form Type	Document
Mar 09, 2023	8-K	Current Report
Mar 06, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 15, 2023	10-K	Annual Report

Latest Insider Trading transactions for BIIB

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-02	Singhal Priya	sold (taxes)	-184,631	268	-687	head of development
2023-03-02	Singhal Priya	acquired	-	-	297	head of development
2023-02-17	Singhal Priya	sold (taxes)	-42,035	278	-151	head of development
2023-02-17	Kramer Robin	acquired	-	-	512	chief accounting officer
2023-02-17	ALEXANDER SUSAN H	sold (taxes)	-258,615	278	-929	evp chief legal off & corp sec
2023-02-17	Singhal Priya	acquired	-	-	460	head of development
2023-02-17	Gregory Ginger	sold (taxes)	-241,355	278	-867	evp, human resources
2023-02-17	Izzar Rachid	acquired	-	-	767	head of global product strat.
2023-02-17	MCDONNELL MICHAEL R	acquired	-	-	2,561	evp, chief financial officer
2023-02-17	MCDONNELL MICHAEL R	sold (taxes)	-364,678	278	-1,310	evp, chief financial officer

About Biogen

Michel Vounatsos

www.biogen.com

9610

Biogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis. It also provides BENEPALI, an etanercept biosimilar referencing ENBREL; ADUHELM for the treatment of Alzheimer's disease; IMRALDI, an adalimumab biosimilar referencing HUMIRA; and FLIXABI, an infliximab biosimilar referencing REMICADE. In addition, the company offers RITUXAN for treating 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; and OCREVUS for treating relapsing MS and primary progressive MS; and other anti-CD20 therapies. Further, it develops BIIB135, BIIB061, BIIB091, and BIIB107 for MS and neuroimmunology; Aducanumab, Lecanemab, BIIB076, and BIIB080 to treat Alzheimer's disease and dementia; BIIB067, BIIB078, BIIB105, BIIB100, and BIIB110 to treat neuromuscular disorders; BIIB124, BIIB094, BIIB118, BIIB101, and BIIB122 for treating Parkinson's disease and movement disorders; BIIB125 and BIIB104 for treating neuropsychiatry; Dapirolizumab pegol and BIIB059 to treat immunology related diseases; BIIB093 and BIIB131 to treat acute neurology; BIIB074 for neuropathic pain; and BYOOVIZ, BIIB800, and SB15 biosimilars, which are under various stages of development. The company has collaboration and license agreements with 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. Biogen Inc. was founded in 1978 and is headquartered in Cambridge, Massachusetts.

BIIB Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues	$ 10,173.4	$ 10,981.7	$ 13,444.6
Cost and expense:
Cost of sales, excluding amortization and impairment of acquired intangible assets	2,278.3	2,109.7	1,805.2
Research and development	2,231.1	2,501.2	3,990.9
Selling, general and administrative	2,403.6	2,674.3	2,504.5
Amortization and impairment of acquired intangible assets	365.9	881.3	464.8
Collaboration profit (loss) sharing	(7.4)	7.2	232.9
(Gain) loss on divestiture of Hillerød, Denmark manufacturing operations	0.0	0.0	(92.5)
(Gain) loss on fair value remeasurement of contingent consideration	(209.1)	(50.7)	(86.3)
Acquired in-process research and development	0.0	18.0	75.0
Restructuring charges	131.1	0.0	0.0
Gain on sale of building	(503.7)	0.0	0.0
Other (income) expense, net	(108.2)	1,095.5	(497.4)
Total cost and expense	6,581.6	9,236.5	8,397.1
Income before income tax expense and equity in loss of investee, net of tax	3,591.8	1,745.2	5,047.5
Income tax (benefit) expense	632.8	52.5	992.3
Equity in (income) loss of investee, net of tax	(2.6)	(34.9)	(5.3)
Net income	2,961.6	1,727.6	4,060.5
Net income (loss) attributable to noncontrolling interests, net of tax	(85.3)	171.5	59.9
Net income attributable to Biogen Inc.	$ 3,046.9	$ 1,556.1	$ 4,000.6
Net income per share:
Basic earnings per share attributable to Biogen Inc. (in dollars per share)	$ 20.96	$ 10.44	$ 24.86
Diluted earnings per share attributable to Biogen Inc. (in dollars per share)	$ 20.87	$ 10.40	$ 24.80
Weighted-average shares used in calculating:
Weighted average number of common shares outstanding (in shares)	145,300	149,100	160,900
Diluted earnings per share attributable to Biogen Inc. (in shares)	146,000	149,600	161,300
Product, net
Revenues	$ 7,987.8	$ 8,846.9	$ 10,692.2
Revenue from anti-CD20 therapeutic programs
Revenues	1,700.5	1,658.5	1,977.8
Other
Revenues	$ 485.1	$ 476.3	$ 774.6

BIIB Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,419.3	$ 2,261.4
Marketable securities	1,473.5	1,541.1
Accounts receivable, net	1,705.0	1,549.4
Due from anti-CD20 therapeutic programs	431.4	412.3
Inventory	1,344.4	1,351.5
Other current assets	1,417.6	740.8
Total current assets	9,791.2	7,856.5
Marketable securities	705.7	892.0
Property, plant and equipment, net	3,298.6	3,416.4
Operating lease assets	403.9	375.4
Intangible assets, net	1,850.1	2,221.3
Goodwill	5,749.0	5,761.1
Deferred tax asset	1,226.4	1,415.1
Investments and other assets	1,529.2	1,939.5
Total assets	24,554.1	23,877.3
Current liabilities:
Current portion of notes payable	0.0	999.1
Taxes payable	259.9	174.7
Accounts payable	491.5	589.2
Accrued expense and other	2,521.4	2,535.2
Total current liabilities	3,272.8	4,298.2
Notes payable	6,281.0	6,274.0
Deferred tax liability	334.7	694.5
Long-term operating lease liabilities	333.0	330.4
Other long-term liabilities	944.2	1,320.5
Total liabilities	11,165.7	12,917.6
Commitments, contingencies and guarantees (Notes 22 and 23)
Biogen Inc. shareholders’ equity
Preferred stock, par value $0.001 per share	0.0	0.0
Common stock, par value $0.0005 per share	0.1	0.1
Additional paid-in capital	73.3	68.2
Accumulated other comprehensive loss	(164.9)	(106.7)
Retained earnings	16,466.5	13,911.7
Treasury stock, at cost; 23.8 million and 23.8 million shares, respectively	(2,977.1)	(2,977.1)
Total Biogen Inc. shareholders’ equity	13,397.9	10,896.2
Noncontrolling interests	(9.5)	63.5
Total equity	13,388.4	10,959.7
Total liabilities and equity	$ 24,554.1	$ 23,877.3