What is Biogen Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Biogen Inc.'s reported free cash flow gives $101.17 per share. The share price was $253.25 on November 10, 2026, 150% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -10.0% | 10.0% | $49.33 | -81% |
| Base | -5.0% | 9.0% | $101.17 | -60% |
| Bull | 0.0% | 8.0% | $197.80 | -22% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $135.66 | $145.81 | $158.21 | $173.71 | $193.64 |
| 8.0% | $110.21 | $116.79 | $124.57 | $133.90 | $145.30 |
| 9.0% | $91.48 | $95.97 | $101.17 | $107.22 | $114.38 |
| 10.0% | $77.08 | $80.28 | $83.91 | $88.05 | $92.83 |
| 11.0% | $65.67 | $68.02 | $70.64 | $73.59 | $76.93 |
Where the presets come from
Base: years 1 to 5 grow at Biogen Inc.'s revenue growth rate over the last 5 fiscal years (-6.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions