BIOGEN INC.
BIIB · Biological Products, (No Diagnostic Substances) · 147.6M shares · -6%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $486M (gross $750M, SBC $264M)
Reference price $195.03 · est. market cap ~$28.8B — last insider purchase, 2026-02-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B77Profitable large-cap biopharma with top-decile cash generation but a maturing, biosimilar-eroded base and uneven pipeline.
Strengths
- Top-decile cash generation: FCF $2.05B (98th pct), FCF margin 20.7% (88.5th), OCF margin 22.3% (90.5th)
- Strong profitability — net margin 13.1% (87.7th), ROA 4.4% (88th) — plus LEQEMBI growth and active business development
Risks
- Core moat eroding: TECFIDERA generics (EU patent revoked), RITUXAN/TYSABRI biosimilars, SPINRAZA competition
- Mixed pipeline (BIIB122 Parkinson's terminated, tofersen ALS missed primary, RA combo negative); ROA/ROE only mid-tier in absolute terms
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Buying back stockNet buyback — share count -6%/yr over 4y
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$665,664, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
75.7%
Net margin
13.1%
Return on assets
4.4%
Revenue growth (QoQ)
8.7%
Net-income growth
-20.8%
Current ratio
2.7×
Free cash flow
$2.1B
Stock comp / revenue
2.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-09 | Minor Lloyd | Grant | 1.5K | — |
| 2026-06-09 | Rowinsky Eric K | Grant | 1.5K | — |
| 2026-06-09 | Mantas Jesus B | Grant | 1.5K | — |
| 2026-06-09 | LANGER SUSAN | Grant | 1.5K | — |
| 2026-06-09 | Patolawala Monish D | Grant | 1.5K | — |
| 2026-06-09 | Pangalos Menelas N | Option exercise | 2.4K | — |
| 2026-06-09 | Pangalos Menelas N | Grant | 1.5K | — |
| 2026-06-09 | HAWKINS WILLIAM A | Grant | 1.5K | — |
| 2026-06-09 | Freire Maria C | Grant | 2.0K | — |
| 2026-06-09 | SHERWIN STEPHEN A | Grant | 1.5K | — |
| 2026-05-01 | Keeney Adam | Option exercise | 939 | — |
| 2026-05-01 | Keeney Adam | Tax withheld | 455 | $187.06 |
| 2026-04-01 | Godbout Sean | Tax withheld | 54 | $183.78 |
| 2026-04-01 | Godbout Sean | Option exercise | 181 | — |
| 2026-02-12 | Murphy Nicole | Buy | 3 | $195.03 |
| 2026-02-09 | Singhal Priya | Sell | 2.7K | $199.83 |
| 2026-02-06 | Kramer Robin | Tax withheld | 273 | $201.18 |
| 2026-02-06 | Kramer Robin | Option exercise | 703 | — |
| 2026-02-06 | Kramer Robin | Tax withheld | 207 | $201.18 |
| 2026-02-06 | Kramer Robin | Option exercise | 3.5K | — |
| 2026-02-06 | Kramer Robin | Tax withheld | 1.1K | $201.18 |
| 2026-02-06 | Keeney Adam | Option exercise | 1.8K | — |
| 2026-02-06 | Keeney Adam | Tax withheld | 589 | $201.18 |
| 2026-02-06 | Keeney Adam | Option exercise | 3.3K | — |
| 2026-02-06 | Keeney Adam | Tax withheld | 994 | $201.18 |
| 2026-02-06 | Izzar Rachid | Option exercise | 2.0K | — |
| 2026-02-06 | Izzar Rachid | Tax withheld | 805 | $201.18 |
| 2026-02-06 | Izzar Rachid | Option exercise | 1.8K | — |
| 2026-02-06 | Izzar Rachid | Tax withheld | 458 | $201.18 |
| 2026-02-06 | Izzar Rachid | Option exercise | 3.0K | — |
| 2026-02-06 | Izzar Rachid | Tax withheld | 775 | $201.18 |
| 2026-02-06 | Grogan Jane | Option exercise | 1.4K | — |
| 2026-02-06 | Grogan Jane | Tax withheld | 407 | $201.18 |
| 2026-02-06 | Grogan Jane | Option exercise | 1.9K | — |
| 2026-02-06 | Grogan Jane | Tax withheld | 584 | $201.18 |
| 2026-02-06 | Gregory Ginger | Option exercise | 1.6K | — |
| 2026-02-06 | Gregory Ginger | Tax withheld | 791 | $201.18 |
| 2026-02-06 | Gregory Ginger | Option exercise | 1.8K | — |
| 2026-02-06 | Gregory Ginger | Tax withheld | 666 | $201.18 |
| 2026-02-06 | Gregory Ginger | Tax withheld | 1.1K | $201.18 |
| 2026-02-06 | Godbout Sean | Option exercise | 257 | — |
| 2026-02-06 | Godbout Sean | Tax withheld | 76 | $201.18 |
| 2026-02-06 | Godbout Sean | Option exercise | 305 | — |
| 2026-02-06 | Godbout Sean | Tax withheld | 103 | $201.18 |
| 2026-02-06 | Godbout Sean | Option exercise | 517 | — |
| 2026-02-06 | Godbout Sean | Tax withheld | 180 | $201.18 |
| 2026-02-06 | ALEXANDER SUSAN H | Option exercise | 2.2K | — |
| 2026-02-06 | ALEXANDER SUSAN H | Tax withheld | 1.1K | $201.18 |
| 2026-02-06 | ALEXANDER SUSAN H | Option exercise | 1.9K | — |
| 2026-02-06 | ALEXANDER SUSAN H | Tax withheld | 931 | $201.18 |
| 2026-02-06 | ALEXANDER SUSAN H | Option exercise | 4.9K | — |
| 2026-02-06 | ALEXANDER SUSAN H | Tax withheld | 1.5K | $201.18 |
| 2026-02-06 | Gregory Ginger | Option exercise | 3.7K | — |
| 2026-02-06 | Viehbacher Christopher | Option exercise | 9.0K | — |
| 2026-02-06 | Viehbacher Christopher | Tax withheld | 4.4K | $201.18 |
| 2026-02-06 | Viehbacher Christopher | Option exercise | 15K | — |
| 2026-02-06 | Viehbacher Christopher | Tax withheld | 6.6K | $201.18 |
| 2026-02-06 | Singhal Priya | Option exercise | 2.2K | — |
| 2026-02-06 | Singhal Priya | Tax withheld | 1.1K | $201.18 |
| 2026-02-06 | Singhal Priya | Option exercise | 4.7K | — |
| 2026-02-06 | Singhal Priya | Tax withheld | 1.4K | $201.18 |
| 2026-02-06 | Murphy Nicole | Option exercise | 2.1K | — |
| 2026-02-06 | Murphy Nicole | Tax withheld | 1.0K | $201.18 |
| 2026-02-06 | Murphy Nicole | Option exercise | 1.9K | — |
| 2026-02-06 | Murphy Nicole | Tax withheld | 914 | $201.18 |
| 2026-02-06 | Murphy Nicole | Option exercise | 4.7K | — |
| 2026-02-06 | Murphy Nicole | Tax withheld | 1.4K | $201.18 |
| 2026-02-06 | Kramer Robin | Option exercise | 789 | — |
| 2026-02-02 | Singhal Priya | Sell | 748 | $179.30 |
| 2026-01-30 | Singhal Priya | Option exercise | 1.8K | — |
| 2026-01-30 | Singhal Priya | Tax withheld | 582 | $179.89 |
| 2025-12-01 | Viehbacher Christopher | Option exercise | 7.0K | — |
| 2025-12-01 | Viehbacher Christopher | Tax withheld | 3.4K | $177.78 |
| 2025-10-31 | Grogan Jane | Tax withheld | 337 | $154.27 |
| 2025-10-31 | Grogan Jane | Option exercise | 695 | — |
| 2025-10-02 | Godbout Sean | Option exercise | 26 | — |
| 2025-10-02 | Godbout Sean | Tax withheld | 8 | $155.25 |
| 2025-09-02 | Singhal Priya | Sell | 517 | $133.55 |
| 2025-08-29 | Singhal Priya | Option exercise | 1.7K | — |
| 2025-08-29 | Singhal Priya | Tax withheld | 807 | $132.22 |
| 2025-07-08 | Izzar Rachid | Sell | 2.2K | $135.00 |
| 2025-06-17 | DORSA CAROLINE | Grant | 3.2K | — |
| 2025-06-17 | HAWKINS WILLIAM A | Grant | 2.4K | — |
| 2025-06-17 | Minor Lloyd | Grant | 2.4K | — |
| 2025-06-17 | Patolawala Monish D | Grant | 2.4K | — |
| 2025-06-17 | Mantas Jesus B | Grant | 2.4K | — |
| 2025-06-17 | Freire Maria C | Grant | 2.4K | — |
| 2025-06-17 | Rowinsky Eric K | Grant | 2.4K | — |
| 2025-06-17 | SHERWIN STEPHEN A | Grant | 2.4K | — |
| 2025-06-17 | LANGER SUSAN | Grant | 2.4K | — |
| 2025-05-19 | Singhal Priya | Sell | 3.8K | $126.25 |
| 2025-05-02 | DORSA CAROLINE | Buy | 1.2K | $122.72 |
| 2025-05-01 | Keeney Adam | Option exercise | 938 | — |
| 2025-05-01 | Keeney Adam | Tax withheld | 454 | $120.93 |
| 2025-03-07 | SHERWIN STEPHEN A | Sell | 8.8K | $150.02 |
| 2025-02-10 | MCDONNELL MICHAEL R | Tax withheld | 1.4K | $142.54 |
| 2025-02-10 | Singhal Priya | Option exercise | 1.2K | — |
| 2025-02-10 | Singhal Priya | Tax withheld | 357 | $142.54 |
| 2025-02-10 | Murphy Nicole | Option exercise | 2.3K | — |
| 2025-02-10 | Murphy Nicole | Tax withheld | 670 | $142.54 |
| 2025-02-10 | MCDONNELL MICHAEL R | Option exercise | 3.3K | — |
| 2025-02-10 | Kramer Robin | Option exercise | 834 | — |
| 2025-02-10 | Kramer Robin | Tax withheld | 245 | $142.54 |
| 2025-02-10 | Gregory Ginger | Option exercise | 2.2K | — |
| 2025-02-10 | Gregory Ginger | Tax withheld | 634 | $142.54 |
| 2025-02-10 | ALEXANDER SUSAN H | Option exercise | 2.6K | — |
| 2025-02-10 | ALEXANDER SUSAN H | Tax withheld | 807 | $142.54 |
| 2025-02-10 | Izzar Rachid | Option exercise | 1.5K | — |
| 2025-02-10 | Izzar Rachid | Tax withheld | 445 | $142.54 |
| 2025-02-07 | Izzar Rachid | Option exercise | 2.0K | — |
| 2025-02-07 | Izzar Rachid | Tax withheld | 600 | $141.35 |
| 2025-02-07 | Izzar Rachid | Tax withheld | 565 | $141.35 |
| 2025-02-07 | Izzar Rachid | Option exercise | 1.8K | — |
| 2025-02-07 | MCDONNELL MICHAEL R | Option exercise | 2.3K | — |
| 2025-02-07 | MCDONNELL MICHAEL R | Tax withheld | 786 | $141.35 |
| 2025-02-07 | MCDONNELL MICHAEL R | Option exercise | 2.2K | — |
| 2025-02-07 | MCDONNELL MICHAEL R | Tax withheld | 716 | $141.35 |
| 2025-02-07 | Viehbacher Christopher | Option exercise | 9.0K | — |
| 2025-02-07 | Viehbacher Christopher | Tax withheld | 3.2K | $141.35 |
| 2025-02-07 | Grogan Jane | Option exercise | 1.4K | — |
| 2025-02-07 | Grogan Jane | Tax withheld | 443 | $141.35 |
| 2025-02-07 | Keeney Adam | Option exercise | 1.8K | — |
| 2025-02-07 | Keeney Adam | Tax withheld | 563 | $141.35 |
| 2025-02-07 | Kramer Robin | Option exercise | 788 | — |
| 2025-02-07 | Kramer Robin | Tax withheld | 232 | $141.35 |
| 2025-02-07 | Kramer Robin | Option exercise | 703 | — |
| 2025-02-07 | Kramer Robin | Tax withheld | 244 | $141.35 |
| 2025-02-07 | Murphy Nicole | Option exercise | 2.1K | — |
| 2025-02-07 | Murphy Nicole | Tax withheld | 620 | $141.35 |
| 2025-02-07 | Murphy Nicole | Option exercise | 1.9K | — |
| 2025-02-07 | Murphy Nicole | Tax withheld | 603 | $141.35 |
| 2025-02-07 | Singhal Priya | Option exercise | 2.2K | — |
| 2025-02-07 | Singhal Priya | Tax withheld | 681 | $141.35 |
| 2025-02-07 | Gregory Ginger | Option exercise | 1.6K | — |
| 2025-02-07 | Gregory Ginger | Tax withheld | 480 | $141.35 |
| 2025-02-07 | Gregory Ginger | Option exercise | 1.8K | — |
| 2025-02-07 | Gregory Ginger | Tax withheld | 560 | $141.35 |
| 2025-02-07 | ALEXANDER SUSAN H | Option exercise | 2.2K | — |
| 2025-02-07 | ALEXANDER SUSAN H | Tax withheld | 643 | $141.35 |
| 2025-02-07 | ALEXANDER SUSAN H | Option exercise | 1.9K | — |
| 2025-02-07 | ALEXANDER SUSAN H | Tax withheld | 591 | $141.35 |
| 2025-01-31 | Singhal Priya | Option exercise | 1.8K | — |
| 2025-01-31 | Singhal Priya | Tax withheld | 578 | $143.93 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06555419 ↗ | A Study to Find Out How Nusinersen is Processed in the Body When Given Through the ThecaFlex DRx™ System in Adult and Pediatric Participants With Spinal Muscular Atrophy (PIERRE-PK) Muscular Atrophy, Spinal | PHASE1 | Recruiting | 2027-06-25 |
| NCT05348785 ↗ | A Study to Learn About the Safety of BIIB122 Tablets and Whether They Can Slow the Worsening of Early-Stage Parkinson's Disease in Adults Between the Ages of 30 and 80 Parkinson Disease | PHASE2 | Completed | 2026-03-09 |
| NCT03070119 ↗ | Long-Term Evaluation of BIIB067 (Tofersen) ALS Caused by Superoxide Dismutase 1 (SOD1) Mutation | PHASE3 | Completed | 2024-08-12 |
| NCT05058950 ↗ | An Observational Study Using Multimodal Sensors to Measure Cognitive Health in Adults and Distinguish Mild Cognitive Impairment From Normal Aging Mild Cognitive Impairment, Normal Aging | — | Terminated | 2023-09-19 |
| NCT05909644 ↗ | An Open-label DDI Study of Omaveloxolone in Healthy Subjects Healthy Adult Subjects | PHASE1 | Completed | 2023-08-30 |
| NCT05418673 ↗ | A Study to Assess if BIIB122 Tablets Are Safe and Can Slow Worsening of Early-Stage Parkinson's Disease in Participants With Specific LRRK2 Genetic Variants Between the Ages of 30 and 80 Using the Movement Disorder Society-Unified Parkinson's Disease Rating Scale Parkinson Disease | PHASE3 | Terminated | 2023-07-27 |
| NCT05119790 ↗ | A Study of Mass Balance, Pharmacokinetics, Metabolite Profile, and Metabolite Identification of BIIB122/DNL151 in Healthy Male Subjects Healthy Volunteers | PHASE1 | Completed | 2021-11-05 |
| NCT05005338 ↗ | A Study to Determine the Absolute Bioavailability of BIIB122/DNL151 in Healthy Subjects Healthy Volunteers | PHASE1 | Completed | 2021-09-23 |
| NCT02623699 ↗ | An Efficacy, Safety, Tolerability, Pharmacokinetics and Pharmacodynamics Study of BIIB067 (Tofersen) in Adults With Inherited Amyotrophic Lateral Sclerosis (ALS) Amyotrophic Lateral Sclerosis | PHASE3 | Completed | 2021-07-16 |
| NCT02634307 ↗ | A Study of ALKS 8700 in Adults With Relapsing Remitting Multiple Sclerosis (MS) EVOLVE-MS-1 Multiple Sclerosis | PHASE3 | Completed | 2021-06-01 |
| NCT03093324 ↗ | A Tolerability Study of ALKS 8700 in Subjects With Relapsing Remitting Multiple Sclerosis (RRMS) EVOLVE-MS-2 Relapsing Remitting Multiple Sclerosis | PHASE3 | Completed | 2019-06-27 |
| NCT00298272 ↗ | Safety and Tolerability of Rituxan With Methotrexate and Etanercept or Methotrexate and Adalimumab in Patients With Active Rheumatoid Arthritis Rheumatoid Arthritis | PHASE2 | Terminated | 2009-04-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (4)
- City Therapeutics, Inc.
- Dayra Therapeutics, Inc.
- Vanqua Bio, Inc.
- IONIS PHARMACEUTICALS INC
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Exhibits | filing ↗ |
| 2026-06-10 | Shareholder vote | filing ↗ |
| 2026-05-14 | Material agreementAcquisition/dispositionDebt obligationReg FDExhibits | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-04-06 | Results | filing ↗ |
| 2026-03-31 | Material agreementOtherExhibits | filing ↗ |
| 2026-03-11 | Exec/director change | filing ↗ |
| 2026-02-11 | Exec/director changeOther | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-06-10 | 2026-05-14 | 0000950157-26-000699 ↗ |
| 8-K | 2026-06-10 | 2026-06-09 | 0000950157-26-000700 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001193125-26-222908 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0000875045-26-000045 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0000875045-26-000042 ↗ |
| 8-K | 2026-04-06 | 2026-04-06 | 0000875045-26-000039 ↗ |
| 8-K | 2026-03-31 | 2026-03-31 | 0001193125-26-134889 ↗ |
| 8-K | 2026-03-11 | 2026-03-11 | 0000950157-26-000280 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001193125-26-046803 ↗ |
| 10-K | 2026-02-06 | 2025-12-31 | 0000875045-26-000013 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0000875045-26-000011 ↗ |
| 8-K | 2026-01-14 | 2026-01-13 | 0000875045-26-000003 ↗ |