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Biogen Inc BIIB Stock Quote

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Last close prices updated as of Jan 27, 2023, 4:00 PM EST | USD | BATS BZX Real-Time Price
  • Last Close 290.08
  • Sector Healthcare
  • Industry Drug Manufacturers - General
  • Investment Style Large Value
  • Day Range 289.94  –  295.90
  • Year Range 187.16  –  311.88
  • Market Cap 41.7719 Bil
  • Volume / Avg 894,286.0 /  1.3 Mil
  • Price / Sales 4.10
  • Price / Book 3.27
  • Forward Div Yield
  • Trailing Div Yield

Morningstar‘s Stock Analysis BIIB

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Raising Our Biogen Fair Value Estimate to $340 Following Accelerated FDA Approval of Leqembi

Karen Andersen Sector Strategist

Analyst Note

| Karen Andersen |

The U.S. Food and Drug Administration has granted accelerated approval to Biogen and Eisai’s Alzheimer’s disease drug lecanemab (now branded as Leqembi), and we’re slightly raising our Biogen fair value estimate to $340 from $330 after boosting our probability of approval from 90% to 100%. While this approval was based on the drug’s ability to lower amyloid plaque levels (a surrogate endpoint for clinical benefit) in a phase 2 study, we expect that positive phase 3 data presented in November will allow Leqembi to gain full approval and strong reimbursement from private payers and Medicare by the end of 2023. Eisai announced plans to launch the drug by late January at a price of $26,500 annually, in line with Biogen’s $28,000 price for Aduhelm and our own pricing estimates. We model $5 billion in annual Leqembi sales by 2031 (with profits shared by the two partners). The potential for maintenance monthly dosing (after amyloid levels have been significantly cleared) could eventually put pressure on average prices, but this would also reduce the burden on infusion centers and open up more space for new patients, therefore making it unlikely to have a significant impact on our valuation. Maintenance dose pricing would also put Leqembi within the cost-effective pricing range estimated by the Institute of Clinical and Economic Review, which could reduce future pricing risks for Biogen’s Alzheimer’s-related cash flows and lower the uncertainty rating (currently at High) we assign to Biogen’s shares. We see shares of Biogen as slightly undervalued, as Leqembi’s potential should allow Biogen’s revenue growth to swing to positive territory in 2024 and beyond. In the longer term, Biogen is focusing on an undervalued pipeline that includes tau-targeting Alzheimer’s drugs as well as potential launches in lupus, stroke, and Parkinson’s in the second half of the decade. We think Biogen’s neuroimmunology pipeline is underappreciated by investors and helps support a wide moat.

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Key Statistics BIIB

Company Profile BIIB

Business Description

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 MS drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is co-promoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with SOBI) were spun off as part of Bioverativ in 2017. Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis. Aduhelm was approved as the firm's first Alzheimer's disease therapy in June 2021, followed by Leqembi in January 2023.

225 Binney Street
Cambridge, MA, 02142
Industry Drug Manufacturers - General
Employees 9,610

Related Articles BIIB

FAQs for Biogen Inc Stock

No. BIIB does not currently have a forward dividend yield.
Dividend yield allows investors, particularly those interested in dividend-paying stocks, to compare the relationship between a stock’s price and how it rewards stockholders through dividends. The formula for calculating dividend yield is to divide the annual dividend paid per share by the stock price.

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BIIB’s market cap is 41.77 Bil.
Market capitalization is calculated by taking a company’s share price and multiplying it by the total number of shares. It’s often used to measure a company’s size. In the Morningstar Style Box, large-cap names account for the largest 70% of U.S. stocks, mid-cap names account for the largest 70–90%, and small-cap names are the remaining 10% of companies.

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BIIB’s stock style is Large Value.
Style is an investment factor that has a meaningful impact on investment risk and returns. Style is calculated by combining value and growth scores, which are first individually calculated.

High-growth stocks tend to represent the technology, healthcare, and communications sectors. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. More value-oriented stocks tend to represent financial services, utilities, and energy stocks. These are established companies that reliably pay dividends.

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BIIB’s price/sales is 4.10.
Price/sales represents the amount an investor is willing to pay for a dollar generated from a particular company’s sales or revenues.

BIIB’s price/forward earnings is 17.83.
Forward P/E gives some indication of how cheap or expensive a stock is compared with consensus earnings estimates. The lower the Forward P/E, the cheaper the stock.

BIIB’s price/book is 3.27.
Price/book ratio can tell investors approximately how much they’re paying for a company’s assets, based on historical, rather than current, valuations. Historical valuations generally do not reflect a company’s current market value. Value investors frequently look for companies that have low price/book ratios.

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BIIB’s beta can be found in Trading Information at the top of this page.
A stock’s beta measures how closely tied its price movements have been to the performance of the overall market.

Compare BIIB’s historical performance against its industry peers and the overall market.