Biogen Inc. (BIIB) intrinsic value & 10-year financials
Biogen Inc. (BIIB) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.6% a year to $9.9B, with an average return on invested capital of 20.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $232.65
- Market cap
- $34.2B
- Revenue (FY2025)
- $9.9B
- Revenue growth (10-yr CAGR)
- -1.6%
- ROIC (10-yr avg)
- 20.4%
- Free cash flow (FY2025)
- $2.1B
BIIB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.9B | $1.3B | $8.79 | $2.1B | — | 5.8% |
| FY2024 | $9.7B | $1.6B | $11.18 | $2.7B | — | 7.6% |
| FY2023 | $9.8B | $1.2B | $7.97 | $1.3B | — | 6.0% |
| FY2022 | $10.2B | $3.0B | $20.87 | $1.1B | — | 17.9% |
| FY2021 | $11.0B | $1.6B | $10.40 | $3.4B | 25.9% | 15.8% |
| FY2020 | $13.4B | $4.0B | $24.80 | $3.8B | 33.8% | 21.0% |
| FY2019 | $14.4B | $5.9B | $31.42 | $6.6B | 49.0% | 34.1% |
| FY2018 | $13.5B | $4.4B | $21.58 | $5.4B | 43.8% | 30.9% |
| FY2017 | $12.3B | $2.5B | $11.92 | $3.7B | 43.5% | 26.0% |
| FY2016 | $11.4B | $3.7B | $16.93 | $3.9B | 45.0% | 39.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Biogen is facing top-line stagnation, with revenue contracting over the decade.
Biogen has earned high returns on invested capital, averaging 20.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Biogen shows that management has aggressively returned capital to shareholders by retiring 32.8% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Biogen is modeled at -7.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-42.01 per share.