Credit and interest ratesnegative · 5 filings
“The changes were primarily due to lower interest income and higher interest expense resulting from our acquisition of Apellis.”10-Q · Jul 29, 2026 ↗
Biogen Inc.
BIIB
Market read
Biogen Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 22 directly disclosed connections are confirming.
Company+2.3% todayVolume comparison unavailable
Market group0 of 15 activeDrug Manufacturers - General · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Reported 2026 global TECFIDERA revenue fell to $90.9M (53%), driven by decreased global demand, particularly in Europe, due to multiple TECFIDERA generic entrants.
Invalidation: The isolated read changes if BIIB's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 22 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Reported 2026 global TECFIDERA revenue fell to $90.9M (53%), driven by decreased global demand, particularly in Europe, due to multiple TECFIDERA generic entrants.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements306
Verified relationships14
Evidence supporting the case
- Product pipeline and R&D has repeated favorable evidence across 5 filings.
- Restructuring and cost reductions has repeated favorable evidence across 4 filings.
- Pricing and mix has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Net margin changed -3.8 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 5 filings.
- Foreign exchange has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 25% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 43% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
215.526m+13.1%12m+50.1%24m+6.8%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$11.0B-18.3%$10.40-7.3%
2022-12-31$10.2B-7.4%$20.87-2.4%
2023-12-31$9.8B-3.3%$7.97-0.3%
2024-12-31$9.7B-1.6%$11.18+0.2%
2025-12-31$9.9B+2.2%$8.79+0.8%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 5 filings
“For the six months ended June 30, 2026, compared to the same periods in 2025, the decrease in contract manufacturing revenue were primarily driven by lower volumes due to timing of batch production.”10-Q · Jul 29, 2026 ↗
Foreign exchangemixed · 5 filings
“64 Table of Content BIOSIMILARS • For the three and six months ended June 30, 2026, compared to the same periods in 2025, the decreases in biosimilar revenue were primarily due to a decrease in sales volume and unfavorable pricing resulting from competition,…”10-Q · Jul 29, 2026 ↗
Product pipeline and R&Dmixed · 5 filings
“We expect our core research and development expense to increase in 2026, primarily due to investments in our late-stage programs and the reduction of research and development funding received from Royalty Pharma, which concluded during the second quarter of 2…”10-Q · Jul 29, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.2× · EV/sales 3.8×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
215.52+2.3% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for BIIB. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for BIIB. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind BIIB
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
SUPNSupernus Pharmaceuticals, Inc.partnerApr 29, 2026 ▾
“COLLABORATION PROFIT SHARING/(LOSS REIMBURSEMENT) Collaboration profit sharing/(loss reimbursement) includes Samsung Bioepis' 50.0% share of the profit or loss related to our biosimilars 2013 commercial agreement with Samsung Bioepis and collaboration profit…”
DNLIDenali Therapeutics Inc.investeeApr 29, 2026 ▾
“The net unrealized gains recognized during the three months ended March 31, 2026, primarily reflect an increase in the aggregate fair value of our investment in Denali common stock of approximately $19.2 million.”
Depended on by
DNLIDenali Therapeutics Inc.partnerMay 7, 2026 ▾
“PGRN levels in the brain with the goal of treating frontotemporal dementia ("FTD") associated with a mutation in the granulin ("GRN") gene and is being developed in collaboration with Takeda; • BIIB122/DNL151, a small molecule LRRK2 inhibitor, is being develo…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 20 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
BIIB is currently a Follower in the organic co-movement group Drug Manufacturers - General. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.