종합 밸류에이션 구간 · 보수적 $120–$140 / 적정 $165–$195 / 낙관적 $220–$260. $200.14 기준, 적정 구간과 낙관적 구간 사이.
보고서 발행 시 $193.76（2026년 5월 24일）
데이터 제공: EODHD, 보고 통화 기준 표시. 참고용일 뿐 투자 자문이 아닙니다.
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.
연혁
Biogen Inc. was founded in 1978 and is headquartered in Cambridge, Massachusetts, going public with an IPO on 1991-09-16. It built its core around multiple sclerosis (MS) therapies including AVONEX, PLEGRIDY, TYSABRI, TECFIDERA, and VUMERITY, and later expanded into rare and neurodegenerative diseases with SPINRAZA for spinal muscular atrophy, QALSODY for amyotrophic lateral sclerosis, and an Alzheimer's franchise via LEQEMBI in collaboration with Eisai. The company has increasingly relied on external M&A to reshape its growth: in 2023 it acquired Reata for about $6.926 billion in net cash (bringing SKYCLARYS for Friedreich's Ataxia), and in May 2026 it completed the acquisition of Apellis, financed through a combination of cash and borrowing with stated plans to deleverage by the end of 2027. Alongside these deals, its 'Fit for Growth' program reached about $1 billion of gross operating-expense savings by the end of 2025, accompanied by roughly 1,400 net job cuts. As of the grounding data the company employs about 7,500 people, with full-year 2025 revenue of about $9.891 billion (down from $10.982 billion in 2021).
업계 내 위치
Biogen is a U.S.-based neuroscience and rare-disease biopharmaceutical company that develops, commercializes, and licenses therapies in MS, rare diseases, Alzheimer's, and related immunology. Its revenue mix in Q1 2026 comprised product revenue of about $1.752 billion, anti-CD20 program revenue of about $419 million, Alzheimer's collaboration revenue of about $59.5 million, and contract-manufacturing, royalty, and other revenue of about $247 million; within product revenue, MS accounted for $957.5 million (54.6%) and rare disease for $557.2 million (31.8%). Its moat is largely product-, patent-, and regulatory-level rather than enterprise-wide: orphan-drug designations carry roughly 7 years of U.S. and 10 years of EU market exclusivity, and collaboration arrangements such as the Genentech/Roche anti-CD20 royalties (where the OCREVUS U.S. royalty steps down by 50% once an FDA-approved biosimilar appears) and the Eisai Alzheimer's partnership generate ongoing economics. Competition is disease-specific: in MS its strongest rival is Roche/Genentech's Ocrevus (2025 sales of CHF 7.010 billion), in spinal muscular atrophy Roche's Evrysdi (2025 sales of CHF 1.757 billion), and in Alzheimer's Eli Lilly's Kisunla (Q1 2026 sales of $124 million); TYSABRI biosimilars were approved in the U.S. and EU in 2023, and multiple TECFIDERA generics have entered North American, Brazilian, and some European markets.
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