Biogen Inc. (BIIB)
POSITIVEファンダメンタル
64
株価
$221.22
時価総額
$32.23B
パート1 · 企業の価値
概要
Biogen develops and sells prescription medicines for neurological diseases: multiple sclerosis, spinal muscular atrophy, rare neuromuscular disorders and, through a partnership with Japan's Eisai, Alzheimer's disease. It discovers or licenses a drug candidate, runs the clinical trials required for approval, then manufactures and markets the medicine once regulators clear it. Its founding franchise of multiple sclerosis drugs, once the core of the business, is now shrinking as patents expire and cheaper alternatives reach the market, while newer rare-disease and Alzheimer's treatments are still building toward a comparable scale.
収益の仕組み
Revenue comes almost entirely from selling drugs once a patient starts a treatment course, plus royalties and profit-sharing from partnered products such as the Alzheimer's drug Leqembi, sold jointly with Eisai. Contract manufacturing for other companies adds a smaller, steadier stream. Because each drug needs years of costly trials before it can be sold, profitability depends on a handful of approved products carrying the cost of the whole research pipeline; when an older drug loses patent protection, its price and volume can fall quickly as cheaper copies enter the market.
競争優位性（moat）
特許・ライセンス · 狭いBiogen's business rests on patents and regulatory exclusivity for its drugs, which briefly block generic competition. That protection is temporary and running out fast: its largest multiple sclerosis products are already being undercut by biosimilars and generics. Newer drugs for rare diseases and Alzheimer's offer some renewed protection, but none yet replaces the scale of the franchise it is losing.
需要を左右する要因
ディフェンシブDemand for treatments of chronic, often life-threatening neurological conditions does not disappear in a recession: patients keep taking medicines they need. What moves faster is which drug they take and at what price, as insurers, government payers and biosimilar makers push down what Biogen can charge for its older products once exclusivity ends.
主なリスク
- Loss of exclusivity on core MS drugs — Tysabri and Spinraza, still among Biogen's largest products, are past or nearing the end of their patent protection, and biosimilar or generic competition has already eroded sales of older multiple sclerosis drugs such as Tecfidera and Avonex.
- Dependence on the Eisai partnership for Leqembi — Leqembi, Biogen's Alzheimer's drug, is developed, marketed and largely controlled jointly with Eisai; its commercial success depends on decisions, execution and reimbursement work that Biogen does not fully control.
- Clinical and regulatory risk — Turning a drug candidate into approved revenue requires clinical trials that can fail at any stage, and a positive trial result is still no guarantee that regulators will approve the drug or that payers will reimburse it.
- Pricing pressure from governments and payers — Government drug-pricing programs, and the negotiating power of insurers and pharmacy benefit managers, can reduce what Biogen is paid for a drug well after it reaches the market, without warning.
- Dependence on a narrow group of growth products — Recent growth depends on a small set of newer drugs — Leqembi, Skyclarys, Zurzuvae and Qalsody — that must keep growing fast enough to offset the decline of the older franchise, a transition still underway and not yet complete.
強気材料
Buyers argue that Biogen's newer rare-disease drugs and its Alzheimer's franchise with Eisai are growing fast enough to replace the declining multiple sclerosis business, and that a specialized neurology pipeline still holds unproven optionality.
弱気材料
Sellers fear that legacy multiple sclerosis revenue is eroding faster than new products can replace it, that Leqembi's commercial ramp depends on factors outside Biogen's control, and that the next wave of pipeline drugs may fail in trials before they ever reach the market.
Written by the editors, published on 2026年8月18日
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貸借対照表と流動性
売上高
$9.94B
直近12か月（2026/3/31まで）
純利益
$1.37B
直近12か月（2026/3/31まで）
フリーキャッシュフロー
$2.05B
自己資本合計
$18.26B
負債合計
$11.18B
流動比率
3.06
利払い倍率
-
負債/EBITDA
3.83
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$309.05
現在株価
$221.22
安全マージン
+28.4%
適正価値レンジ
$200.89 - $417.22
推定方法
バリュエーション指標
P/E レシオ
23.45
ROE
7.1%
P/B レシオ
1.73
P/FCF
13.29
粗利益率
75.5%
ROIC
-
収益性レーダー
Value Creation (Economic Moat)
ROIC
-
WACC
6.1%
ROIC − WACC
-
ファンダメンタル分析基準
合格（16）
- EPS shows upward trend
- EPS CAGR 8.60%
- Gross Margin 75.5%
- P/FCF 13.29
- P/B Ratio 1.73
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Analyst Consensus 67% Buy
- Earnings Surprise avg 22.1%
- Earnings Quality (OCF/NI) 1.89
- Share Dilution 0.7%
- Piotroski F-Score 6/9
不合格（7）
- Price CAGR -2.65%
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Fairly valued)
- ROE 4.5%
- Revenue Growth 5Y -6.0%
- Net Margin Trend 13.8% vs 15.1%
データなし（5）
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式数は安定している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Christopher A. Viehbacher | President, CEO & Director | 64 |
| Ms. Robin C. Kramer | Executive VP & CFO | 59 |
| Ms. Nicole Murphy | Executive VP and Head of Pharmaceutical Operations & Technology | 52 |
| Dr. Priya Singhal M.D., M.P.H. | Executive VP & Head of Development | 57 |
| Mr. Sean Godbout | VP, Chief Accounting Officer & Global Corporate Controller | 51 |
| Mr. Guy Hadari | Chief Information Officer | - |
| Mr. Tim Power M.B.A., Ph.D. | Head of Investor Relations | - |
| Ms. Natacha Gassenbach | Chief Communication Officer & Head of Corporate Affairs | - |
| Mr. Adam Keeney Ph.D. | Executive VP & Head of Corporate Development | 48 |
| Dr. Ginger Gregory Ph.D. | Executive VP & Chief Human Resources Officer | 57 |
監査リスク
8
取締役会リスク
2
報酬リスク
9
株主権利リスク
2
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for BIIB, sourced from Markets Gazette.
- 6/18/2026POSITIVEBiogen To Acquire RayThera For Up To $1 Billion, Expanding Immunology Pipeline
Biogen Inc. has announced its intention to acquire RayThera for a sum potentially reaching $1 billion. This strategic move aims to bolster Biogen's immunology pipeline, signaling a diversification strategy beyond its established focus on Alzheimer's disease. The acquisition of RayThera's early-stage assets is expected to enhance Biogen's long-term growth prospects and competitive positioning in the biopharmaceutical sector. Investors will be closely watching the integration process and the development of the newly acquired pipeline candidates.
- 5/14/2026NEGATIVEWhy Is Biogen Stock Falling Thursday?
Biogen Inc. (BIIB) shares experienced a decline on Thursday following the release of mixed Phase 2 clinical trial data for its Alzheimer's drug, diranersen. While the drug showed some cognitive benefits, the overall results were not as strong as anticipated, leading to investor caution. Despite the setback, several analysts have maintained an optimistic outlook, highlighting the potential of diranersen's cognitive benefits and suggesting that the drug could still represent a significant advancement in Alzheimer's treatment. This mixed sentiment creates uncertainty for investors regarding the drug's future development and market potential.
- 5/6/2026NEUTRALBiote Q1 2026 Earnings Call: Complete Transcript
Biogen Inc. held its Q1 2026 earnings call on May 6, 2026. The call provided a comprehensive overview of the company's financial performance and strategic outlook for the upcoming periods. While the transcript is available, specific financial figures, performance metrics, or forward-looking statements that would indicate a clear positive or negative market impact were not detailed in the provided summary. Investors should refer to the full transcript for in-depth analysis of the company's results and future guidance.
- 4/7/2026POSITIVEBiogen Taps Alloy Platform To Push Antisense Drug Pipeline Forward
Biogen has entered into a strategic partnership with Alloy Therapeutics, leveraging Alloy's proprietary platform to accelerate the development of its antisense drug pipeline. This collaboration focuses on advancing RNA-targeting therapies, a key area of innovation for Biogen. The agreement is expected to enhance Biogen's drug discovery and development capabilities, potentially leading to novel treatments for neurological diseases. For investors, this move signifies a commitment to expanding the company's therapeutic offerings and strengthening its position in the biotechnology sector, potentially unlocking future revenue streams.
- 4/1/2026POSITIVEBiogen Buys Apellis for $5.6B to Expand Kidney Drugs
Biogen Inc. has announced a definitive agreement to acquire Apellis Pharmaceuticals for $5.6 billion in cash and stock. This strategic move significantly bolsters Biogen's presence in the immunology sector, with a particular focus on expanding its portfolio of treatments for rare kidney diseases. The acquisition, one of Biogen's largest to date, is expected to leverage Apellis's established drug pipeline and commercial infrastructure. Investors may view this as a positive step towards diversification and long-term growth for Biogen, potentially enhancing its market position in specialized therapeutic areas.
via Markets Gazette