# Biogen (BIIB)

Sector: Biotechnology

| Field | Value |
|---|---|
| Price | $253.40 |
| Market cap | $37B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-12 |
| Next earnings | 2027-02-05 (estimate) |

Analysts: Bullish

Picks: Research only

Discount category: Far above intrinsic value

## In short

The market doubts that new products can replace falling multiple sclerosis sales after the large Apellis deal, and the lupus data in December 2026 and steady growth of new products can lift its value.

## Themes and gap

- Themes: High debt (leverage), Regulation and courts (regulation-legal)
- Gap type: Can close (closable)
- Why: The lupus data in December 2026 and the Q4 2026 report in February 2027 show whether new products outgrow the fall in multiple sclerosis sales.

## About

Biogen Inc. (Biogen) is a biotechnology company based in Cambridge, Massachusetts. It sells medicines for neurology, rare disease and immune disease. Its multiple sclerosis (MS) products are Tecfidera, Vumerity, Avonex, Plegridy and Tysabri. Its rare disease products are Spinraza, Skyclarys and Qalsody. It shares the revenue of Leqembi, a medicine for Alzheimer's disease, with Eisai, and it sells Zurzuvae, a medicine for postpartum depression, with Supernus. Syfovre and Empaveli, which are specialized immunology products, came with the purchase of Apellis in May 2026. Biogen also sells biosimilars and receives revenue from anti-CD20 therapeutic programs. In Q3 2026, revenue was $2,804 million, and the Growth Portfolio gave $1.26 billion of it. Christopher A. Viehbacher is President and Chief Executive Officer. The shares trade on Nasdaq in US dollars.

## Thesis

The market must decide whether the new products of Biogen can replace its falling MS business. MS product revenue fell 13% to $919 million in Q3 2026, and Vumerity sales fell because of US formulary changes. The Growth Portfolio rose 49% to $1.26 billion in the same quarter, with help from the Apellis products. Biogen paid $5.3 billion for Apellis in May 2026, so total borrowings rose to $7.7 billion. Charges for acquired research also cut reported profit: Q3 2026 had $284 million of them, and GAAP diluted EPS was a loss of $0.14. For the price to hold or rise, three things must be true. The growth products, which are Spinraza, Leqembi, Skyclarys and the Apellis products, must grow faster than the MS products fall. The Phase 3 studies of litifilimab in lupus must give positive data. Borrowings must fall as cash comes in, and new deal charges must stay small. The next tests are the TOPAZ-1 and TOPAZ-2 data in the first half of December 2026 and the Q4 2026 report in February 2027.

## Checkpoints

- Dec 2026 (estimate): TOPAZ-1 and TOPAZ-2: litifilimab in lupus. Status: Pending. Watch: Both Phase 3 studies of litifilimab in systemic lupus erythematosus meet their main goal, and this passes; a miss in either study fails.
- Feb 5, 2027 (estimate): Q4 2026 results: Growth Portfolio revenue. Status: Pending. Watch: Growth Portfolio revenue rises again from Q3 2026 and total revenue grows as guided, and this passes; a fall in total revenue fails.
- Jun 2027 (estimate): Felzartamab Phase 3 in antibody-mediated rejection. Status: Pending. Watch: The Phase 3 study of felzartamab meets its main goal in the first half of 2027, and this passes; a miss or a delay fails.

## Balance sheet

At September 30, 2026, Biogen had cash and cash equivalents of $1,303.9 million and total borrowings of $7,692.0 million, which is net debt of about $6.4 billion. At December 31, 2025, cash and marketable securities were $4,247.6 million and borrowings were $6,286.8 million. Cash fell and borrowings rose because of the Apellis purchase. Biogen paid for it with cash, marketable securities, a $2.0 billion term loan and a $400.0 million draw on its revolving credit facility. It repaid the revolver draw in June 2026, $600.0 million of the term loan, and $496.7 million of debt that it took over from Apellis. Notes payable and the term loan were $7,292.0 million, so about $400 million of borrowings fall due within 12 months. The senior notes mature from 2030 to 2055. Interest expense was $237.4 million for nine months.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/875045/000087504526000094/exhibit991-q32026pressrele.htm
- https://www.sec.gov/Archives/edgar/data/875045/000087504526000096/biib-20260930.htm

## Dividends

Biogen does not pay a dividend.

Source: company filings and market data, read on 2026-11-13.

## Recent events

- 2026-10-28: Biogen reported Q3 2026 results. Total revenue was $2,804 million, up 11%. Growth Portfolio revenue was $1.26 billion, up 49%. Non-GAAP diluted EPS was $2.62, after $284 million of acquired IPR&D, upfront and milestone expense that was mostly for the purchase of RayThera. GAAP diluted EPS was a loss of $0.14.
- 2026-10-28: Biogen raised the low end of its 2026 non-GAAP diluted EPS guidance. The reported range is now $12.20 to $13.00, from $12.00 to $13.00. Underlying EPS, which leaves out about $3.20 of acquired IPR&D charges and about $0.55 of dilution from Apellis, is $15.95 to $16.75. The company expects revenue to rise by a mid-single digit percentage in 2026.
- 2026-10-28: Biogen said it expects top-line data from the TOPAZ-1 and TOPAZ-2 Phase 3 studies of litifilimab in systemic lupus erythematosus in the first half of December 2026. Data for litifilimab in cutaneous lupus and for felzartamab in antibody-mediated rejection are expected in the first half of 2027, and data for zorevunersen in Dravet syndrome in Q3 2027.
- 2026-07-01: Biogen said that its Q2 2026 results would include about $164 million of acquired IPR&D, upfront and milestone expense, or about $0.95 per share. It also said that Q3 2026 would include $290 million to $320 million of such expense, or $1.75 to $1.95 per share, for deals that had not closed.
- 2026-05-14: Biogen completed the purchase of Apellis for $5.3 billion. It paid with cash and marketable securities, a $2.0 billion term loan and a $400.0 million draw on its revolving credit facility. It repaid the $496.7 million of debt that it took over from Apellis and, in June, the revolver draw.
- 2026-04-29: Biogen agreed to buy the rights of TJ Biopharma to felzartamab in greater China for $100.0 million upfront. Biogen now owns the worldwide rights to felzartamab.

## Latest news and filings

- Last earnings: 2026-10-28 (8-K: https://www.sec.gov/Archives/edgar/data/875045/000087504526000094/)
- Next earnings: 2027-02-05 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-10-28 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | biib-20260930 | https://www.sec.gov/Archives/edgar/data/875045/000087504526000096/biib-20260930.htm |
| 2026-10-28 | 8-K | Earnings release |  | biib-20261028 | https://www.sec.gov/Archives/edgar/data/875045/000087504526000094/ |
| 2026-07-29 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | biib-20260630 | https://www.sec.gov/Archives/edgar/data/875045/000087504526000075/biib-20260630.htm |
| 2026-07-29 | 8-K | Earnings release |  | biib-20260729 | https://www.sec.gov/Archives/edgar/data/875045/000087504526000073/ |
| 2026-07-01 | 8-K | Earnings release |  | biib-20260701 | https://www.sec.gov/Archives/edgar/data/875045/000087504526000068/ |
| 2026-06-10 | 8-K | Shareholder vote results |  |  | https://www.sec.gov/Archives/edgar/data/875045/000095015726000700/form8-k.htm |
| 2026-05-14 | 8-K | New material agreement and Acquisition or sale completed |  |  | https://www.sec.gov/Archives/edgar/data/875045/000119312526222908/d109852d8k.htm |
| 2026-04-29 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | biib-20260331 | https://www.sec.gov/Archives/edgar/data/875045/000087504526000045/biib-20260331.htm |
| 2026-04-29 | 8-K | Earnings release |  | biib-20260429 | https://www.sec.gov/Archives/edgar/data/875045/000087504526000042/ |
| 2026-03-31 | 8-K | New material agreement and Other company news |  |  | https://www.sec.gov/Archives/edgar/data/875045/000119312526134889/d14986d8k.htm |

Every filing on SEC EDGAR (CIK 875045): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000875045&type=&dateb=&owner=include&count=40

## Risks

- High: MS revenue keeps falling. MS product revenue was $919 million in Q3 2026, against $1,062 million a year earlier, and Vumerity sales fell 11% because of US formulary changes. The Growth Portfolio must grow enough to cover this loss.
- High: Late-stage studies can fail. Biogen has Phase 3 readouts for litifilimab, felzartamab and zorevunersen over the next 12 months, and it spent $574 million on R&D in Q3 2026. A failed study loses that spend and the sales it was meant to bring.
- Medium: Debt rose with the Apellis purchase. Total borrowings were $7,692.0 million at September 30, 2026, against $6,286.8 million at December 31, 2025, and interest expense was $87.5 million in Q3 2026, against $67.4 million a year earlier.
- Medium: Deal charges make profit uneven. Acquired IPR&D, upfront and milestone expense was $284 million in Q3 2026 and about $3.20 per share in the 2026 guidance. Biogen does not forecast these charges.
- Medium: US drug price rules and tariffs can cut revenue. The 10-Q names the Inflation Reduction Act, most-favored-nation pricing and new tariffs as risks.
- Medium: Biogen depends on partners for part of its sales. Eisai records Leqembi sales and Biogen takes 50% of its net revenue, and Biogen pays profit shares to Samsung Bioepis and Supernus.

## Links

- Page: https://picks.utilarium.app/company/BIIB/
- History of changes: https://picks.utilarium.app/company/BIIB/history/
- JSON with full history: https://picks.utilarium.app/data/company/BIIB.json

> Picks is a personal record of stock picks. It gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Prices, intrinsic values and ratings can be delayed or wrong; check the original source. Full disclaimer: /disclaimer/.