| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 45 | 38.4x | 17.8x | Around median | |
Growth | 30 | 0.3% | 7.1% | Bottom tier | |
Quality | 75 | 4.3% | 4.5% | Top tier | |
Safety | 62 | 4.1x | 2.6x | Around median | |
Capital Return | 21 | — | 2.12% | Bottom tier | |
Momentum | 86 | 42.0% | 2.9% | Top tier | |
Sentiment | 63 | 28 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Biogen is a biotechnology company focused on treatments for neurological, rare, and immune diseases, generating revenue from the sale of drugs such as SPINRAZA, VUMERITY, SKYCLARYS, and ZURZUVAE, its share of LEQEMBI, and royalties and profit sharing related to anti-CD20 drugs. Its commercial portfolio expanded after completing the acquisition of Apellis on May 14, 2026, adding SYFOVRE and Empaveli to its revenue sources, while its Phase 3 programs target lupus, antibody-mediated rejection after kidney transplantation, and Dravet syndrome.
In Q2 fiscal year 2026, total revenue reached $2.7 billion, up 3% year over year, while core pharmaceutical revenue reached $1.8 billion, up 4% year over year and 12% sequentially. The growth portfolio generated more than $1 billion and grew 24% year over year, including $933 million from Biogen's standalone products and $128 million from SYFOVRE and Empaveli since the Apellis transaction closed; anti-CD20 royalty and profit-sharing revenue also reached approximately $514 million.
Non-GAAP cost of sales was 22% of revenue in Q2 fiscal year 2026 versus 21% a year earlier, implying a gross margin of approximately 78%. According to the earnings report published on July 29, 2026, adjusted earnings per share were $3.60 versus expectations of $2.94. The latest available EDGAR data show that Q1 fiscal year 2026 recorded revenue of $2.5 billion, gross profit of $1.8 billion, net income of $319.5 million, and earnings per share of $2.15.
The average analyst price target is $243.60, which is above the 52-week range high of $222.85, with a wide spread between the lowest target of $157 and the highest target of $300 and a consensus rating of “Buy.” This disparity reflects differing estimates regarding the ability of the growth products and the Apellis transaction to offset declines in legacy drugs, in addition to the risks of Phase 3 results and higher debt and expenses; a price-to-earnings ratio of 22.1 times was also reported in the July 29, 2026 earnings report, while the accompanying fundamental data do not provide a confirmed current multiple.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Total revenue increased 3% year over year to $2.7 billion, while core pharmaceutical revenue rose 4% to $1.8 billion. The growth portfolio generated more than $1 billion, up 24% year over year and 25% sequentially, and became larger than the legacy multiple sclerosis portfolio. Performance was led by SPINRAZA, with revenue of $402 million, and SKYCLARYS, with $168 million, in addition to contributions from SYFOVRE and Empaveli after the Apellis transaction was completed on May 14, 2026.
LEQEMBI generated end-market revenue of $184 million in Q2 fiscal year 2026, up 15% year over year and 9% sequentially. LEQEMBI IQLIK enables treatment to be administered at home during both the initiation and continuation phases, unlike the intravenous infusion protocol administered every two weeks. Management believes this option could expand patient eligibility for treatment and reduce discontinuation associated with traveling to infusion centers, while insurance access and updates to hospital protocols remain important factors for adoption.
The transaction added SYFOVRE and Empaveli, which together contributed approximately $128 million to Biogen's revenue from May 14 through the end of Q2 fiscal year 2026. Management expects their combined sales to grow at a mid-to-high-teens rate through the end of 2028 and to generate annual operating savings of at least $250 million by the end of 2027. In contrast, net debt reached $6.8 billion, and the company expects a $0.85 dilutive impact on adjusted earnings per share in fiscal year 2026 before the transaction becomes accretive in fiscal year 2027.
Automated analysis for informational purposes only — not investment advice.
Biogen is awaiting five Phase 3 registrational results across four therapeutic indications. The announced timelines include TOPAZ-1 and TOPAZ-2 results for litifilimab in systemic lupus during Q4 fiscal year 2026, and results in cutaneous lupus and antibody-mediated rejection in the first half of 2027. The program also includes a Dravet syndrome study in partnership with Stoke, while management estimated the addressable markets at approximately $8 billion for lupus and at least $2 billion each for antibody-mediated rejection and Dravet within the markets it presented.
Yes, although the growth portfolio became larger than the legacy multiple sclerosis portfolio in Q2 fiscal year 2026. VUMERITY revenue fell 7% year over year to $197 million, partly because of inventory factors, while TYSABRI revenue declined 1% to $451 million amid the launch of biosimilars in the United States and Europe. Biogen's ability to overcome this pressure depends on continued growth from LEQEMBI, SKYCLARYS, high-dose SPINRAZA, and the Apellis products.
Management raised revenue guidance from a mid-single-digit decline to mid-single-digit growth. It set a non-GAAP diluted earnings-per-share range of $12 to $13 for fiscal year 2026. The guidance includes an impact of approximately $3 per share from acquired research and development expenses and milestone payments, in addition to dilution of approximately $0.85 related to financing the Apellis transaction.
