# Biogen (BIIB) Forecast Calculator

Interactive five-year financial forecast and DCF for Biogen. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/biogen/forecast
- Industry: Healthcare
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 14377900000 | 6564100000 | 7507300000 | 5888500000 |
| 2022 | 13444600000 | 3805000000 |  -  | 4000600000 |
| 2023 | 10981700000 | 3381800000 |  -  | 1556100000 |
| 2024 | 10173400000 | 1144000000 |  -  | 3046900000 |
| 2025 | 9835600000 | 1270200000 | 1791600000 | 1161100000 |

## Frequently asked questions

### What is Biogen's primary business focus?

Biogen Inc. is a global biotechnology company dedicated to discovering, developing, and delivering therapies for neurological, immunological, and rare diseases. The company is strategically shifting from its historical reliance on multiple sclerosis treatments towards a new portfolio of growth products.

### How does Biogen generate its revenue?

Biogen generates revenue primarily from product sales, including its legacy MS franchise and new rare disease products, which constitute about 72% of its total revenue. Additional revenue streams include royalties from Anti-CD20 Therapeutic Programs, profits from Alzheimer's collaboration, and contract manufacturing services.

### What is the projected revenue growth rate for Biogen in the financial model?

The financial model for Biogen assumes a revenue growth rate of approximately -9.06%. This reflects the company's strategic pivot and the structural decline of its legacy multiple sclerosis franchise.

### What is Biogen's typical capital expenditure as a percentage of revenue?

Biogen's capital expenditure as a percentage of revenue is very low, typically ranging from 1.5% to 2.0%. The financial model uses a Capex_Pct_Revenue assumption of approximately 2.85%.

### What is the main purpose of the Biogen financial model?

The Biogen financial model aims to evaluate whether the company's rapidly scaling growth products can generate sufficient cash flow to offset the decline of its legacy multiple sclerosis franchise. Ultimately, it assesses the company's equity valuation and its capacity for future pipeline-expanding acquisitions.

### Can I download an Excel financial model for Biogen?

Yes, a downloadable Excel financial model is available for Biogen. This general corporate model provides a forecast horizon from FY2026 to FY2030.