Biogen Inc
BIIB - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$37.49B
Close$
Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong Q3 performance + growth transition already working
- Total revenue +11% YoY (not purely organic) and ~accelerating top-line momentum.
- Core pharma revenue: $2.0B (+18% YoY, +9% QoQ); growth portfolio ~$1.3B (+49% YoY, +19% QoQ).
- Growth portfolio is now ~63% of core pharma revenue (vs legacy MS dominance previously), signaling the transition is progressing faster than investors may have expected.
Appellis acquisition integration: faster cost synergy capture; dilution less than expected
- Appellis helped drive results; CEO highlighted integration “gone even better than expected” with earlier elimination of synergies.
- Combined SYFOVRE + Empaveli contributed $243M in Q3; both products delivered strong growth (e.g., SYFOVRE +27% YoY).
- Management expects transaction ~neutral operating basis and less dilutive in 2026, with run-rate synergies of at least $250M by end of 2027.
- Guidance also reflects improved expectations on dilution: CEO/management noted most dilution comes from financing, while operating-level dilution is “pretty much negligible.”
Key product read-through: multiple “tailwinds” offset mix/headwinds
- SPINRAZA (salinersen in SMA context):
- Revenue $461M (+23% YoY, +15% QoQ) driven by conversion to high-dose regimen; management expects Q4 global up “mid single-digit %” vs Q4’25.
- Steady-state discussion suggests conversion demand remains strong but onetime conversion economics will fade into 2026/longer term.
- VUMERITY headwind: revenue $192M (-11% YoY) due to Part D formulary tightening; expects Q4 roughly flat sequentially / mid single-digit % up vs Q4’25, with dynamics creating a new base for growth.
- SKYCLARYS (iClick launch): $178M (+34% YoY, +6% QoQ); early launch with reimbursement gating—management expects broader coverage in 2027 that should support adoption.
Exclusive for Stockcircle Pro members
Sign up
$348.80
37.1% upside
Current Fair Value
37.1% upsideUndervalued by 37.1% based on the discounted cash flow analysis.
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $37.49 Billion |
|---|---|
| Enterprise Value | $44.65 Billion |
| Earnings per Share | $8.85 |
| Beta | 0.17 |
| Outstanding Shares | 147,800,000 |
Return
| Return on Equity | 1.85% |
|---|---|
| Return on Assets | 1.08% |
| Return on Invested Capital | 2.32% |
Valuation & Multiples
| P/E Ratio | 107.47 |
|---|---|
| PEG | -102.92 |
| Price to Sales | 3.69 |
| Price to Book Ratio | 2.0 |
| Enterprise Value to Revenue | 4.34 |
| Enterprise Value to EBIT | 68.34 |
| Enterprise Value to Net Income | 128 |
| Total Debt to Enterprise | 0.19 |
| Debt to Equity | 0.45 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$2.03
Consensus analyst estimateRevenue Estimate
$2.64 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 5, 2027
EPS Estimate
$2.85
Consensus analyst estimateRevenue Estimate
$2.61 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.26, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.2584▼ 50.57% |
|---|---|
| Total Calls | 15,478▼ 99.42% |
| Total Puts | 4,000▼ 99.80% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.62%▼ 93.56% |
|---|---|
| Total Invested | $1.20B▼ 96.12% |
| Investors Holding | 365▼ 738.00% |
About Biogen Inc
7,300 employees
CEO: Josephine Price
At Biogen, mission is clear: company is pioneer in neuroscience. Biogen discovers, develops and delivers worldwide innovative therapies for people living with serious neurological and neurodegenerative diseases as well as related therape...