CluenexBiogen BIIB
Biogen scores average on business quality (5.1 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Biogen does
Biogen develops and commercializes therapies for neurological and rare diseases, generating $10.0 billion in revenue from hospitals, clinics, and distributors who purchase specialized treatments for multiple sclerosis and Alzheimer's. The company is advancing its pipeline through clinical trials, including recent 52-week Phase 2 data for Litifilimab in autoimmune conditions.
- What it does best
Biogen extracts elite cash flow from complex biology, posting an 81st-percentile free cash flow margin of 25.4% on $2.5B of FCF. This efficiency stems from deep neurology expertise and proprietary drug delivery systems that competitors cannot easily replicate.
- The main risk
Revenue contraction across legacy multiple sclerosis lines threatens the core cash engine. If older drug sales erode faster than new neurology launches scale, top-line growth will stall below its current 2.2% rate.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins stand at 22.2% with a gross margin of 74.0%, placing profitability in the top decile of its sector. Margins remain resilient even as revenue stays flat, showing tight cost control across the drug portfolio.
Biogen commands a top-quartile gross margin of 74.0%, protecting its rare disease and neurology portfolio with complex manufacturing and regulatory barriers. Rivals face multi-year hurdles to replicate this clinical infrastructure.
Revenue is growing at just 2.2%, ranking in the 18th percentile of its sector and reflecting flat multi-year sales history. Growth relies entirely on newer product adoption to offset declines in older franchises.
Total debt sits at $6.3B against $3.8B in cash, with interest coverage at 7.8x making debt service manageable. Free cash flow reached $2.5B, supported by $2.9B in operating cash flow. The balance sheet is getting softer as net debt rises to $2.5B.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on BIIB
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Biogen scores average on the Cluenex quality check (5.1 of 10), measured against its own industry. Profitability is fair, moat fair, growth slow and financial health fair.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Oct 28, 2026.
See BIIB today
- Today's verdict on BIIB, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Biogen (BIIB)”, https://cluenex.com/stocks/biib/, data as of Oct 10, 2026.