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Biogen Inc BIIB

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Stock XNAS Rating as of
$201.99 +8.81 (4.56%)
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As of Delayed Price Closed
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Company Report

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Biogen Earnings: Encouraging Launches Point to Solid Growth Profile Beyond 2024

Karen Andersen

Biogen’s new product launches and cost-cutting programs are countering headwinds from a declining portfolio of older multiple sclerosis drugs, and first-quarter product revenue fell 3% while non-GAAP EPS grew 8%. We’re maintaining our $303 fair value estimate, as we think Biogen’s neurology, rare disease, and immunology portfolio and pipeline look well positioned to drive growth beyond 2024 and support a wide moat. Data from programs in ALS, Angelman’s, lupus, and essential tremor should be available by mid-2024, and positive data could create upside to our valuation.

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Price vs Fair Value

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BIIB is trading at a 36% discount.
Price
$193.18
Fair Value
$532.00
Uncertainty
High
1-Star Price
$372.52
5-Star Price
$492.70
Economic Moat
Jydz
Capital Allocation
Jhdssybyg

Bulls Say, Bears Say

Bulls

Biogen leads the $20 billion global MS market with Avonex, Plegridy, Tysabri, and Tecfidera. The launch of Vumerity partly protects Tecfidera sales from generic headwinds in the U.S.

Bears

Injectable MS therapies like Avonex have lost their edge, as branded oral competitors and generic injectables have launched and Tysabri looks vulnerable to biosimilars by 2024.

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Trading Information

Previous Close Price
$193.18
Day Range
$198.97–205.75
52-Week Range
$189.44–319.76
Bid/Ask
$202.20 / $203.00
Market Cap
$29.36 Bil
Volume/Avg
3.3 Mil / 1.3 Mil

Key Statistics

Price/Earnings (Normalized)
13.12
Price/Sales
2.86
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.
Sector
Healthcare
Industry
Drug Manufacturers - General
Stock Style Box
Mid Value
Total Number of Employees
7,570
Website
https://www.biogen.com

Competitors

Valuation

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Metric
BIIB
NVS
SNY
Price/Earnings (Normalized)
 13.1213.9710.04
Price/Book Value
 1.894.171.56
Price/Sales
 2.864.262.38
Price/Cash Flow
 12.8113.6411.66
Price/Earnings
BIIB
NVS
SNY

Financial Strength

Metric
BIIB
NVS
SNY
Quick Ratio
 0.920.610.83
Current Ratio
 2.000.901.27
Interest Coverage
 5.1311.3211.03
Quick Ratio
BIIB
NVS
SNY

Profitability

Metric
BIIB
NVS
SNY
Return on Assets (Normalized)
 8.29%13.39%8.05%
Return on Equity (Normalized)
 15.11%31.09%14.38%
Return on Invested Capital (Normalized)
 10.01%19.67%10.85%
Return on Assets
BIIB
NVS
SNY
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