Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026

Biogen Inc. (BIIB)

A forensic read on Biogen Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

6.8

Distress distance

Clean

Earnings quality

Forensic signals

36.3

P / E (ttm)

7.1%

ROE

$30.6B

Market cap

2.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Biogen Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 6.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.8%

FY2025

Return on invested capital. Return on invested capital is 5.8% in the latest fiscal year and slipping from 15% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

stopped

FY2022→FY2024

Shareholder returns — halted. Capital returns have STOPPED — $750M of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.

+0.3%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 years to FY2025 (+0.3%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

-88%

FY2017→FY2018

Dividend — cut. The payout was CUT ~88% in FY2018 (from FY2017) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$9.89B

Revenue Growth YoY+2.2%

Revenue CAGR (3yr)-0.9%

Net Margin13.1%

Free Cash Flow$2.05B

Return on Equity7.1%

Debt / Equity0.34x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.