White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally.
Show more
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat 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; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
Biogen Inc (BIIB34) currently trades at R$188.28, while our model-based Fair Value estimate is R$117.57, 37.6% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of R$145.32 per share, and 0 of the 22 models we run sit above the R$188.28 price.
Bear case: the Earnings-Based group reads lowest at R$51.85, and 22 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: R$85.11 (bear) to R$167.78 (bull), the price of R$188.28 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Biogen Inc reported revenue of $9.9B in FY2025 versus $11.0B in FY2021, a compound −2.6%/yr. Reported net income was $1.3B in FY2025, compounding −4.5%/yr from FY2021.
Key figures
Market cap R$151B (≈ $29.0B) · P/E ratio 23.5 · P/S ratio 3.07 · EPS (TTM) R$8.01 · Net margin 13.1% · Return on equity 7.7% · Return on assets (EBIT) 9.6% · Operating margin 22.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 46% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −1% fair-value upside, at −38%, BIIB34 screens richer than that median.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$6.06 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
R$103.59
R$151.82
R$241.15
79
Growth DCF
R$109.31
R$156.12
R$236.20
78
Owner Earnings
R$98.92
R$145.32
R$231.26
75
All 22 models by family
DCF Models
FCF DCF
R$103.59
R$151.82
R$241.15
79
Owner Earnings
R$98.92
R$145.32
R$231.26
75
5Y Revenue Exit
R$79.94
R$121.15
R$180.94
72
5Y EBITDA Exit
R$109.23
R$171.85
R$254.82
74
5Y P/E Exit
R$93.96
R$145.41
R$207.01
70
10Y Revenue Exit
R$85.85
R$117.42
R$150.84
68
10Y EBITDA Exit
R$106.05
R$148.77
R$194.21
69
10Y P/E Exit
R$96.78
R$132.43
R$166.14
65
Earnings-Based
Graham-Dodd
R$51.62
R$63.10
R$70.98
67
EPV
R$41.69
R$51.85
R$60.74
74
Multiples
P/E Multiple
R$125.26
R$167.02
R$208.77
63
P/S Multiple
R$96.79
R$129.06
R$161.32
58
P/B Multiple
R$96.79
R$129.06
R$161.32
55
EV/EBIT
R$109.71
R$152.70
R$195.69
66
EV/EBITDA
R$135.04
R$186.47
R$237.90
67
EV/Revenue
R$72.80
R$112.24
R$151.69
53
Asset-Based
NCAV (Graham)
R$53.60
R$71.82
R$107.20
54
Growth DCF
Growth DCF
R$109.31
R$156.12
R$236.20
78
Rev-Margin DCF
R$79.94
R$124.03
R$178.55
72
Economic Profit
Residual Income
R$88.38
R$93.87
R$102.47
71
ROIC Compounder
R$41.69
R$51.85
R$60.74
72
Growth Earnings
Growth-Adj P/E
R$88.30
R$126.14
R$163.99
67
Open the full fair value analysis →
Overall quality
65/100
Of which business quality 64
· Market factors (momentum, volatility) 80
Profitability
39
Margins and returns on capital today
Quality Growth
45
Are margins and returns improving?
Cashflow
84
Earnings quality: real cash, not paper profit
Fin. Strength
70
Balance sheet, leverage, solvency risk
Investment
72
Disciplined investing over empire-building
Low Volatility
82
Calm price path (market factor)
Momentum
71
Price trend over the last 3–12 months (market factor)
52W Momentum
92
Distance to the 52-week high (market factor)
Net Issuance
75
Share count: buybacks or dilution?
Open the full quality analysis →
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate.
Pick a strategy and jump into the live analysis with that exact screen applied.
Is Biogen Inc (BIIB34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$117.57 versus a price of R$188.28, about −38% upside (overvalued).
What is the fair value of BIIB34?
Our model-based fair value for Biogen Inc is R$117.57 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$188.28.
What is the quality score of BIIB34?
Biogen Inc has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Biogen Inc (BIIB34)?
Our model-based price target is the fair value of R$117.57 (as of Sep 29, 2026) from 22 valuation models. Cautious scenario R$85.11, optimistic scenario R$167.78. It is a calculation from audited fundamentals, not an analyst target.
What is the Biogen Inc stock forecast for 2026?
Our models put fair value at R$117.57, about −38% upside versus a price of R$188.28 (overvalued). Cautious scenario R$85.11, optimistic scenario R$167.78. The calculation is refreshed regularly with new filings.
What is the revenue of Biogen Inc (BIIB34)?
Biogen Inc reported trailing-twelve-month revenue of about $9.9B (latest available figure, as of Sep 29, 2026).
What growth is priced into Biogen Inc (BIIB34)?
For today's price to be fair in a discounted-cash-flow model, Biogen Inc would have to grow free cash flow by -14.4 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.0 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of BIIB34 use?
Our models discount Biogen Inc at 10.7 %: a base by market capitalisation (large), damped by beta 0.16, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Biogen Inc that is -14.4 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Biogen Inc (BIIB34) delivered so far?
Over the past 5 years revenue at Biogen Inc grew -6.0 % a year. The price currently implies -14.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Biogen Inc (BIIB34) growing?
The median revenue growth in the sector is +5.2 % a year. That is the yardstick for the growth priced into Biogen Inc (-14.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Biogen Inc (BIIB34)?
The free-cash-flow yield on the price is 37.21 %: that much free cash flow Biogen Inc produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Biogen Inc (BIIB34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Biogen Inc it is R$117.57 per share (as of Sep 29, 2026), against a price of R$188.28. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Biogen Inc stock overvalued or undervalued in 2026?
As of Sep 29, 2026, BIIB34 trades above its calculated fair value: price R$188.28, fair value R$117.57, a gap of about −38% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BIIB34?
No. The price is what the market pays today (R$188.28); the fair value is what the company's own numbers justify (R$117.57). For Biogen Inc the two are R$70.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Biogen Inc worth?
The market values Biogen Inc at about R$151B (market capitalisation, as of Sep 29, 2026). Per share that is R$188.28; our models calculate a fair value of R$117.57 per share.
What do the bullish and bearish scenarios say about BIIB34?
Our models span a range for Biogen Inc: cautious scenario R$85.11, base R$117.57, optimistic R$167.78 per share (as of Sep 29, 2026, price R$188.28). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is BIIB34 from its 52-week high?
Biogen Inc trades at R$188.28, at its 52-week high of R$188.82 and 46% above the low of R$128.69 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of R$117.57 is for.
Which stocks are comparable to Biogen Inc?
From the same area (Healthcare) we also value Eli Lilly and Company, Johnson & Johnson,, AbbVie Inc, Roche Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Biogen Inc stock attractive at the current price?
The data as of Sep 29, 2026: price R$188.28, calculated fair value R$117.57 (−38%), Quality Score 65/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BIIB34 calculated?
We run Biogen Inc through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$117.57, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Biogen Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on
is it worth investing now.
What is the share price of Biogen Inc (BIIB34)?
The closing price on Oct 1, 2026 was R$188.28. Our model-based fair value is R$117.57, about −38% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Biogen Inc right now?
The price sits above even our optimistic bull case (R$167.78). The favourable scenario is already priced in. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R$85.11 to R$167.78) leaves room in how you read the outcome.
Key figures of Biogen Inc
How large is the market capitalisation of Biogen Inc (BIIB34)?
The market capitalisation of Biogen Inc is R$151B (≈ $29.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Biogen Inc (BIIB34)?
The price-to-earnings ratio of Biogen Inc is 23.5. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Biogen Inc (BIIB34)?
The price-to-sales ratio of Biogen Inc is 3.07 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Biogen Inc (BIIB34)?
Earnings per share at Biogen Inc are R$8.01 (price ÷ EPS = P/E 23.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Biogen Inc (BIIB34)?
The net margin of Biogen Inc is 13.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Biogen Inc (BIIB34)?
The return on equity (ROE) of Biogen Inc is 7.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Biogen Inc (BIIB34)?
On an EBIT basis the return on assets of Biogen Inc is 9.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Biogen Inc (BIIB34)?
The operating margin of Biogen Inc is 22.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Biogen Inc (BIIB34)?
Revenue at Biogen Inc is growing +1.9% versus a year earlier (3y avg −0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Biogen Inc (BIIB34)?
Earnings per share at Biogen Inc are growing +31.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Biogen Inc (BIIB34) carry?
The net debt of Biogen Inc is $3.3B (fiscal year 2025, ≈ 1.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
