What is Biogen Inc. (BIIB) DCF Fair Value and Intrinsic Value in 2026?

Biogen Inc. (BIIB) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Biogen Inc.'s historical Return on Invested Capital (ROIC) and Moat Rating?

Biogen Inc. operates in the Healthcare sector (Biotechnology) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Biogen Inc.'s financial health rating and Piotroski F-Score?

Biogen Inc.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Biogen Inc. (BIIB) for quarterly SEC filing thesis breaks?

LocalAlpha audits Biogen Inc.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksBIIB

BIIB

Biogen Inc.Healthcare / Drug Manufacturers - GeneralINTACT

Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.

Share Price

$217.15

52W: $135.39 - $225.8

DCF Fair Value

$172.23

-26.1% Premium

Thesis Hub

P/E (TTM)

38.6x

ROIC

18.8%

Operating Margin

25.1%

FCF Yield

3.9%

Debt / Equity

0.44x

Piotroski Score

9/9

Altman Z-Score

3.55

Market Cap

$32.1B

Price vs. Intrinsic Value Corridor

Overvalued vs DCF ($172.23)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$172.23

MOS Buy Target (-25%)

$129.17

Valuation Overlays: DCF Fair Value ($172.23) 25% MOS Buy Target ($129.17) Revised Graham ($140.64) Graham Number ($127.03)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$217.15

DCF Fair Value

$171.45

-26.7% Premium

Starting Free Cash Flow ($M)$1,267M

$100M$1,267M (Reported)$50,000M

Stage 1 Growth (Years 1-5)12.5%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$7,100M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$13.5B

PV of Terminal Value

$19.0B

Implied Enterprise Value

$32.5B

Implied Equity Value

$25.4B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$1,425	$1,604	$1,804	$2,029	$2,283	$2,386	$2,493	$2,605	$2,723	$2,845
Present Value (PV)	$1,308	$1,350	$1,393	$1,438	$1,484	$1,423	$1,364	$1,308	$1,254	$1,202

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-70.9% Premium

$127.03

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $5.62BVPS: $127.61

Revised Graham Formula-54.4% Premium

$140.64

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings3.7% Yield

$8.13 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $1.2BYield: 3.7%

Reverse DCF: Market Growth Expectation

FAIR BARRIER

8.8% CAGR (Next 10 Yrs)

At the current price of $217.15, the market is assuming the business will compound Free Cash Flow at 8.8% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

ℹ Fair expectations: Requires steady execution.

Autonomous Thesis Underwriting

Surveil BIIB with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Biogen Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 25.1% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Biogen Inc. (BIIB) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Biogen Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Biogen Inc. has an estimated DCF intrinsic fair value of $172.23 per share compared to its current market price of $217.15. This represents an estimated 26.1% premium over fair value. Additionally, its classic Benjamin Graham Number stands at $127.03.