BIIB

Biogen Inc.

HealthcareDrug Manufacturers - GeneralNASDAQ

$196

+$6.76 (3.45%)today

Conviction

5/ 10

Fair Value$206.67

Upside+5.44%

Signal2.72

Market Cap$25.4B

52W Range$110.04–$202.41

Next EarningsApr 29

Conviction History

Conviction Changes

No conviction changes recorded

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Price History

FAIR VALUE ANALYSISMonte Carlo · 5,000 runs · 99% valid

Fair Value$197.67

Current Price$183.84

Upside / Down+7.5%

P(Undervalued)65.8%

P(20%+ Up)26.1%

P(15%+ Down)10.8%

Fair Value Distribution — percentile bands

65.8% of simulations place fair value above current price

WHAT IS PRICED IN

Revenue-Based Reverse DCF

-0.4%/yr

±3.8% · revenue growth to justify current price

FCF-Based Reverse DCF

1.9%/yr

±2.6% · FCF growth to justify current price

THE GAP

Market pricing margin compression or rising capex

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Bull Case

No analysis yet

Bear Case

No analysis yet

Research Feed

sec_10kMar 3

Conviction: unchanged

BIIB 2025 10-K: Portfolio Transition & Reallocation

Biogen's 2025 10-K reveals a company in strategic transition. MS franchise under heavy biosimilar pressure (TECFIDERA generics, TYSABRI biosimilar). Rare disease growth (SPINRAZA, SKYCLARYS, QALSODY) ...