Biogen BIIB
Nasdaq · Biological Products, (No Diagnostic Substances) · $37.6B$243.93−4.14%Nov 5 close · Databento
BIIB Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $243.931D −4.14%3M +17.77%SMA20 $242.78SMA50 $229.47RSI(14) 53.6
243.93
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 53.6
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$37.6B
EV / True FCF23.2x
Revenue$9.9B +2.2%
True FCF (ex-SBC)$1.8B −24.7%
Rule of 4022.9%
ROIC11.0%
True FCF Yield4.7%
EPS, diluted$8.79 −21.4%
Modern Valuation (EOD)
Market Cap$37.6B
Enterprise Value$40.9B
EV / True FCF23.22
EV / FCF19.93
EV / Gross Profit—
EV / EBIT14.39
EV / Sales4.13
P / E (GAAP)29.08
P / FCF18.33
P / Oper. CF17.05
P / Book2.06
Owner & Cash Yields
True FCF Yield4.7%
FCF Yield5.5%
Owner Earn. Yield4.3%
Earnings Yield3.4%
Shareholder Yield−0.8%
Buyback Yield0.0%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$13.87
EPS (diluted)$8.79
Compounder & Returns
Rule of 4022.9%
ROIC11.0%
Cash ROIC (CROIC)9.5%
GP / Assets—
ROE7.1%
ROA4.4%
Gross Margin—
Oper. Margin28.7%
Net Margin13.1%
FCF Margin20.7%
True FCF Margin17.8%
Quality & Dilution
Cash Conversion159%
Accrual Ratio−3.1%
SBC % of FCF14.2%
SBC % of Rev2.9%
Reinvest. Rate68%
Sales Growth Y/Y+2.2%
Sales 3Y CAGR−0.9%
EPS Growth Y/Y−21.4%
FCF Growth Y/Y−24.7%
FCF 3Y CAGR+21.5%
Share Change Y/Y+0.8%
Balance Sheet & Scale
Revenue (FY)$9.9B
Gross Profit (FY)—
Oper. Income (FY)$2.8B
GAAP Net Income$1.3B
True FCF (ex-SBC)$1.8B
Cash & Equiv$3.0B
Total Debt$6.3B
Net Cash (Debt)$-3.3B
Net Cash % MCap−8.7%
Debt / FCF (yrs)3.1y
Current Ratio2.68147.82M sh
Price & Technicals (EOD)
Perf Week−2.29%
Perf Month+9.80%
Perf Quarter+17.31%
Perf Half Y+27.46%
Perf YTD+33.05%
SMA 20 Dist+0.47%$242.78
SMA 50 Dist+6.30%$229.47
SMA 100 Dist+11.90%$217.98
Window High−4.14%$254.46
Window Low+35.01%$180.67
RSI (14) · Vol53.637%v
Income Distribution & Cash Flow ConversionHow every dollar of BIIB revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$2.4B ($24.3 / $100)
R&D Reinvestment$1.3B ($13.5 / $100)
SG&A & Other OpEx$3.3B ($33.5 / $100)
Tax & Non-Operating$1.5B ($15.6 / $100)
Net Profit Kept$1.3B ($13.1 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$1.3B (13.1% margin)
Operating Cash Flow (OCF)$2.2B(22.3% of rev)
Less: Capital Expenditures−$153.8M(1.6% of rev)
Standard Free Cash Flow (FCF)$2.1B(20.7% margin)
Less: Stock-Based Comp (SBC)−$290.8M(14.2% of FCF)
True FCF (Owner Cash ex-SBC)$1.8B(17.8% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $11.0B | $10.2B | $9.8B | $9.7B | $9.9B | +2.2% | −2.6% | |
| Cost of Revenue (COGS) | $2.1B | $2.3B | $2.5B | $2.3B | $2.4B | +4.1% | +3.3% | |
| Research & Development (R&D) | — | — | — | — | $1.3B | — | — | |
| Selling, General & Admin (SG&A) | $2.7B | $2.4B | $2.5B | $2.4B | $2.4B | +1.2% | −2.3% | |
| Operating Income (EBIT) | $2.8B | — | — | — | $2.8B | — | +0.0% | |
| Interest Expense | $253.6M | $246.6M | $246.9M | $250.3M | $267.5M | +6.9% | +1.3% | |
| Income Tax Expense | $52.5M | $632.8M | $135.3M | $273.8M | $263.6M | −3.7% | +49.7% | |
| GAAP Net Income | $1.6B | $3.0B | $1.2B | $1.6B | $1.3B | −20.8% | −4.5% | |
| Diluted EPS | $10.40 | $20.87 | $7.97 | $11.18 | $8.79 | −21.4% | −4.1% | |
| Diluted Shares | 149.6M | 146.0M | 145.6M | 145.9M | 147.1M | +0.8% | −0.4% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $2.3B | $3.4B | $1.0B | $2.4B | $3.0B | +26.7% | +7.4% | |
| Inventory | $1.4B | $1.3B | $2.5B | $2.5B | $2.2B | −11.9% | +12.5% | |
| Total Current Assets | $7.9B | $9.8B | $6.9B | $7.5B | $9.0B | +20.3% | +3.4% | |
| Total Assets | $23.9B | $24.6B | $26.8B | $28.0B | $29.4B | +5.0% | +5.4% | |
| Total Current Liabilities | $4.3B | $3.3B | $3.4B | $5.5B | $3.3B | −39.4% | −6.0% | |
| Total Debt (Short + Long Term) | $7.3B | $6.3B | $6.9B | $6.3B | $6.3B | −0.1% | −3.6% | |
| Total Liabilities | $12.9B | $11.2B | $12.0B | $11.3B | $11.2B | −1.3% | −3.5% | |
| Stockholders' Equity | $11.0B | $13.4B | $14.8B | $16.7B | $18.3B | +9.2% | +13.6% | |
| Net Cash / (Net Debt) | $-5.0B | $-2.9B | $-5.9B | $-3.9B | $-3.3B | +16.4% | — | |
| Invested Capital | $16.0B | $16.3B | $20.7B | $20.6B | $21.5B | +4.4% | +7.8% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $3.6B | $1.4B | $1.5B | $2.9B | $2.2B | −23.3% | −11.8% | |
| Depreciation & Amortization (D&A) | $487.7M | $518.4M | $494.8M | $673.2M | $779.9M | +15.8% | +12.5% | |
| Stock-Based Compensation (SBC) | $238.6M | $254.1M | $264.2M | $291.2M | $290.8M | −0.1% | +5.1% | |
| Capital Expenditures (CapEx) | $258.1M | $240.3M | $277.0M | $153.7M | $153.8M | +0.1% | −12.1% | |
| Free Cash Flow (FCF) | $3.4B | $1.1B | $1.3B | $2.7B | $2.1B | −24.7% | −11.8% | |
| True FCF (ex-SBC Owner Cash) | $3.1B | $889.9M | $1.0B | $2.4B | $1.8B | −27.6% | −13.5% | |
| Share Repurchases (Buybacks) | $1.8B | $750.0M | $0 | $0 | $0 | — | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
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