BIIB
BIOGEN INC.Evidence as of 2026-10-01The desk's Snapshot
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Overview · BIOGEN INC.
Biogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPAL…
Management team
- Mr. Sean Godbout · Chief Accounting Officer & Global Corporate ControllerFind on LinkedIn
- Ms. Robin C. Kramer · Executive VP & CFOFind on LinkedIn
- Mr. Rachid Izzar · Executive VP and Head of Global Product Strategy & CommercializationFind on LinkedIn
- Ms. Nicole Murphy · Executive VP and Head of Pharmaceutical Operations & TechnologyFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.8 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
Evidence balance: Cautious ( - 0.8 of a possible + 2; confidence high). Reported revenues across the reported sequence were $ 2,431,000,000 in fiscal Q1 2025 (fiscal quarter ended 2025-04-30), $ 2,645,500,000 in fiscal Q2 2025 (fiscal quarter ended 2025-07-29), $ 2,534,700,000 in fiscal Q3 2025 (fiscal quarter ended 2025-10-29) and $ 2,477,800,000 in Q1 2026 (fiscal quarter ended 2026-04-27). Net income in those same quarters was $ 240,500,000, $ 634,800,000, $ 466,500,000 and $ 319,500,000, implying quarterly net margins of about 9.9%, 24.0%, 18.4% and 12.9% respectively.
Shares outstanding and diluted share counts trend higher over the filing dates and reported quarters (entity common shares at 145,719,340 on 2024-10-29, 146,758,528 on 2025-02-04, 147,637,117 on 2026-04-27; weighted-average diluted shares rising from 146,600,000 in fiscal Q1 2025 to 148,400,000 in Q1 2026). Long-term debt was reported at $ 4,547,200,000 as of 2024-12-31, $ 4,548,700,000 as of 2025-03-31 and $ 6,288,500,000 as of 2026-03-31, indicating a material increase by the 2026 balance date. Operating cash flow reported for fiscal Q1 2026 was $ 645,500,000 versus $ 259,300,000 in fiscal Q1 2025.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Reported revenues were $2,431,000,000 in the fiscal Q1 2025 quarter (2025-01-01 to 2025-03-31, 3mo), $2,645,500,000 in fiscal Q2 2025 (2025-04-01 to 2025-06-30, 3mo), $2,534,700,000 in fiscal Q3 2025 (2025-07-01 to 2025-09-30, 3mo), and $2,477,800,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo).
XBRL companyfacts · 0000875045-26-000045Net income for the same sequence of quarters was $240,500,000 (fiscal Q1 2025), $634,800,000 (fiscal Q2 2025), $466,500,000 (fiscal Q3 2025), and $319,500,000 (fiscal Q1 2026), producing implied quarterly net margins of about 9.9% (240,500 / 2,431,000), 24.0% (634,800 / 2,645,500), 18.4% (466,500 / 2,534,700) and 12.9% (319,500 / 2,477,800) respectively.
XBRL companyfacts · 0000875045-26-000045Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
The 10-K filed 6 February 2026 adds a risk stating a significant portion of revenue is concentrated on sales of products and the company’s anti-CD20 therapeutic programs, and that negative developments in those areas "may adversely affect our revenue and results of operations or our stock price."
10-K filed 2026-02-06The 10-K filed 6 February 2026 adds new risk language describing the OBBBA (signed July 2025) and notes the law implements changes to Medicaid funding and other ACA-related elements with many provisions having effective dates in 2027 and 2028, and states the company is "unable to de" (text truncated in the filing) regarding its effects.
10-K filed 2026-02-06weakened in debateReads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
No computed signal history for this symbol yet — signals need roughly 70 trading days of price history.
Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Institutional 13F-reported holdings total "$30.86B" as of the period 2026-06-30 (13F filings carry a 45-day reporting lag).
13F holdings · 1054 filers · as of 2026-06-30Top institutional holders reported for the period 2026-06-30 include FMR LLC at "$3.94B", BlackRock, Inc. at "$3.45B", PRIMECAP MANAGEMENT CO/CA/ at "$3.27B", VANGUARD CAPITAL MANAGEMENT LLC at "$2.09B", and STATE STREET CORP at "$1.59B".
13F holdings · 1054 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Several headlines report product-related positive news: simplywall.st's headline notes Japanese approval of a LEQEMBI Pen subcutaneous at-home formulation for early Alzheimer's treatment and positive adolescent subgroup results from the Phase 3 VALIANT trial of EMPAVELI, published 29 September 2026.
News · simplywall.st · 2026-09-29Market reaction coverage notes Biogen shares reached 52-week highs amid positive company catalysts, as described in the finance.yahoo.com headline published 29 September 2026.
News · finance.yahoo.com · 2026-09-29Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No insider transactions on file in the trailing 180 days.
Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The market price used is $225.88 per share as of 2026-09-30 and the model calculates an implied free-cash-flow (FCF) growth rate of 8.48% per year under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closeTrailing twelve-month (TTM) free cash flow is $1,712,500,000, which yields FCF per share of $11.5398 and a price-to-FCF multiple of 19.57 based on the stated share count and price.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several pieces of company-reported and market evidence jointly support a favorable read. Reported quarterly revenues and net income show sustained multi-quarter revenue around $2.4–2.6B with quarterly net margins that expanded to as high as ~24% in Q2 2025 and remained positive into Q1 2026, while operating cash flow increased materially from $259.3M (Q1 2025) to $645.5M (Q1 2026). Valuation and cash-flow metrics (TTM FCF $1.71B, P/FCF ~19.6, EV/EBITDA ~10.5, P/E ~20) are consistent with market pricing for steady cash-flow growth, and third‑party coverage plus institutional holdings (1,054 institutions; major holders include FMR, BlackRock, Primecap) and recent positive product news (approval of LEQEMBI Pen subcutaneous formulation, EMPAVELI adolescent Phase 3 results, shares reaching 52‑week highs) provide supporting market validation. Taken together, the strength of operating cash generation, positive margins, reasonable multiples, institutional ownership breadth, and fresh product catalysts form the core supporting evidence for a favorable read; the increase in long-term debt and share count are observable constraints but do not negate the reported cash-flow and profitability metrics.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.35
28 surviving claims rest on 12 distinct sources; the heaviest analyst carries 21% of them, and 98% of what the desk raised survived the debate.
The surviving set rests on a moderate breadth of sources but shows some concentration in analyst input; the single heaviest analyst contributing ~21% of claims means a portion of the read relies disproportionately on a small contributor. The very high survival rate from internal debate (98%) raises the possibility of confirmation persistence — the read is internally robust but not immune to external updates or a single dominant source being wrong.
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
16 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer−0.3 to the score
5 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−1.0 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.0 to the score
6 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on BIIB Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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