Biogen - Public Comps and Valuation Multiples

Biogen Overview

About Biogen

Biogen is an established biopharmaceutical company focused on treatments for neurological diseases and rare diseases. Its declining multiple sclerosis franchise is its largest revenue generator and contributed 45% of total revenue in 2024. Biogen also generates significant revenue from its CD20 collaboration agreements with Roche (18% of total in 2024), which includes oncology drugs Rituxan and Gazyva and multiple sclerosis drug Ocrevus. Biogen's newer franchises include Spinraza (spinal muscular atrophy, with partner Ionis), Leqembi (Alzheimer's disease, collabroation revenue from its partner Eisai), Skyclarys (Friedreich's ataxia, Reata), Zurzuvae (postpartum depression, Sage), and Qalsody (amyotrophic lateral sclerosis, Ionis).

Founded

1997

HQ

Employees

7.6K+

Website

biogen.com

Sectors

Biopharmaceuticals
Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $9.8B

LTM EBITDA $3.1B

EV

$28.7B

Valuation Multiples

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Biogen Financials

As of November 2025, Biogen reported last 12-month revenue of $9.8B and EBITDA of $3.1B.

In the same period, Biogen generated $7.6B in LTM gross profit and $2.2B in net income.

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Biogen P&L

In the most recent fiscal year, Biogen reported revenue of $9.7B and EBITDA of $2.8B.

Biogen expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$9.8B	XXX	$9.7B	XXX	XXX	XXX
Gross Profit	$7.6B	XXX	$7.4B	XXX	XXX	XXX
Gross Margin	78%	XXX	76%	XXX	XXX	XXX
EBITDA	$3.1B	XXX	$2.8B	XXX	XXX	XXX
EBITDA Margin	31%	XXX	29%	XXX	XXX	XXX
EBIT	$2.8B	XXX	$2.2B	XXX	XXX	XXX
EBIT Margin	29%	XXX	23%	XXX	XXX	XXX
Net Profit	$2.2B	XXX	$1.6B	XXX	XXX	XXX
Net Margin	23%	XXX	17%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.9B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Biogen including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $9.8B. EBITDA for the last twelve months was $3.1B. In the most recent fiscal year, Biogen achieved $9.7B in revenue and $2.8B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$9.8B	Analyst estimates available to subscribers	$9.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$7.6B	Analyst estimates available to subscribers	$7.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	77.5% gross margin	Analyst estimates available to subscribers	76.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$3.1B	Analyst estimates available to subscribers	$2.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	31.1% EBITDA margin	Analyst estimates available to subscribers	29.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.8B	Analyst estimates available to subscribers	$2.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	28.8% EBIT margin	Analyst estimates available to subscribers	22.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$2.2B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	22.6% net profit margin	Analyst estimates available to subscribers	16.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.9B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Biogen

This financial data table provides comprehensive performance metrics for Biogen, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Biogen generated $9.8B in revenue over the last twelve months.
The company achieved $3.1B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $7.6B.
Net income over the last twelve months reached $2.2B.

Fiscal Year Performance

In the most recent fiscal year, Biogen reported $9.7B in total revenue.
Fiscal year EBITDA was $2.8B.
The company maintained a gross profit margin of 76.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 29.2%.
Net profit margin reached 16.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Biogen. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Biogen Stock Performance

Biogen has current market cap of $26.1B, and EV of $28.7B.

Market Cap Evolution

Biogen Stock Data

As of December 3, 2025, Biogen's stock price is $178.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$28.7B	$26.1B	XXX	XXX	XXX	XXX	$15.10

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Biogen Valuation Multiples

Biogen's trades at 3.0x EV/Revenue multiple, and 10.1x EV/EBITDA.

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Biogen Financial Valuation Multiples

As of December 3, 2025, Biogen has market cap of $26.1B and EV of $28.7B.

Equity research analysts estimate Biogen's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Biogen has a P/E ratio of 11.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$26.1B	XXX	$26.1B	XXX	XXX	XXX
EV (current)	$28.7B	XXX	$28.7B	XXX	XXX	XXX
EV/Revenue	2.9x	XXX	3.0x	XXX	XXX	XXX
EV/EBITDA	9.4x	XXX	10.1x	XXX	XXX	XXX
EV/EBIT	10.2x	XXX	12.9x	XXX	XXX	XXX
EV/Gross Profit	3.8x	XXX	n/a	XXX	XXX	XXX
P/E	11.8x	XXX	16.0x	XXX	XXX	XXX
EV/FCF	15.4x	XXX	11.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Biogen Margins & Growth Rates

Biogen's last 12 month revenue growth is -5%

Biogen's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.7M for the same period.

Biogen's rule of 40 is 16% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Biogen's rule of X is 19% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Biogen Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-5%	XXX	-2%	XXX	XXX	XXX
EBITDA Margin	31%	XXX	29%	XXX	XXX	XXX
EBITDA Growth	5%	XXX	22%	XXX	XXX	XXX
Rule of 40	16%	XXX	25%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	19%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	21%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	53%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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