BIOGEN INC.
BIIB · Healthcare · $30.2B mkt cap · FY2025 filings · Not rated ·
Not rated
We don't have enough comparable filing data to score BIIB on every filter, so we don't publish a composite. Missing: balanceSheet.
20 years of fundamentals
The business, in plain English
BIOGEN INC. booked $9.9B of revenue in FY2025 in the Healthcare sector and kept 75.7% of it as gross profit — a high-margin business by that measure. After every other cost, 13.1% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $3.2B (FY2007) to $9.9B (FY2025) — about 6.5% a year compounded over 18 years.
It earned 18.5% on invested capital in FY2021, with a median of 21.8% across 15 filed years. The Returns on Capital filter above scores it 100/100.
The balance sheet carried $6.3B of total debt in FY2025 against $1.9B of owner earnings — roughly 3.3 years of owner earnings to retire it all.
The share count fell 49.0% between FY2008 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 40/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in BIIB’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
No composite readings yet — BIIB’s filings don’t give the engine enough comparable data to score, and we log that honestly instead of guessing a number.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — BIIB hasn't been rated on any logged capture, so there's no tier to change from.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How BIOGEN INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored BIIB on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the 12 years BIIB rated Wide-moat (2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022), the median forward total return that followed — measured only after each year’s filings were public — was:
- 1 year −0% vs the S&P 500’s 14% (price basis) · median over 12 years
- 3 years −1% vs the S&P 500’s 34% (price basis) · median over 12 years
- 5 years −15% vs the S&P 500’s 82% (price basis) · median over 10 years
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Healthcare context
Not ranked — BIIB doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.
Healthcare leaders by Moat Score
- #1ALGN ALIGN TECHNOLOGY, INC.99.7 out of 100, Wide moatWide moat
- #2IDXX IDEXX LABORATORIES INC /DE97.8 out of 100, Wide moatWide moat
- #3CORT CORCEPT THERAPEUTICS INC97.3 out of 100, Wide moatWide moat
Common questions about BIIB
- Does BIOGEN INC. have an economic moat?
- We don't publish a Moat Score for BIOGEN INC. (BIIB): its SEC filings don't provide enough comparable data to score every filter, and the Index records that gap rather than a guessed number. Missing inputs: balance-sheet safety.
- Is BIIB stock trading below its intrinsic value?
- Against a deliberately conservative owner-earnings model (9% discount rate, 2% assumed growth, capped at 4%), estimated intrinsic value is $181.97 per share versus a recent price of $205.99 — 13% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
- How has BIIB's Moat Score changed over time?
- The record logs 6 readings since Jul 17, 2026, none with a composite — BIIB hasn't had enough comparable filing data to score. No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.