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The themes Biogen is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
The theme it is part of
Highest-graded in Drug Manufacturers General
Graded A or B and worth $2B or more: A first, then the largest.
LLYELI Lilly And Company$1.35TA+
JNJJohnson & Johnson$682.6BA+
MRKMerck & Co., Inc.$362.2BA
NVSNovartis AG$305.8BA
AMGNAmgen Inc.$252.6BA+
Grade rose recently in Healthcare
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
DHRDanaher CorporationOct 21, 2026CBGraded C, now B
MCKMckesson CorporationNov 4, 2026BAGraded B, now A
CVSCVS Health CorpNov 4, 2026BAGraded B, now A
EWEdwards Lifesciences CorporationNov 4, 2026BAGraded B, now A
GEHCGE Healthcare Technologies Inc.Oct 28, 2026CAGraded C, now A
How it makes money
- Sales of prescription medicines72%
- Anti-CD20 medicine royalties and profit shares18%
- Contract manufacturing, royalties and related revenue8%
- Alzheimer’s medicine collaboration2%
Shares of revenue are estimates for nine months ended September 30, 2026, not figures from a filing.
Competes with
- LLYEli Lilly and CompanyA
- Size
- $1.35T
- Margin
- 31.9%
- RHHBYRoche Holding AG
- NVSNovartis AGA
- Size
- $305.8B
- Margin
- -0.1%
What it sells6
SPINRAZA
An injected medicine for spinal muscular atrophy, a disease that causes muscle weakness.
TYSABRI
An infusion medicine for relapsing multiple sclerosis.
LEQEMBI
An antibody medicine for early Alzheimer’s disease, developed and sold with Eisai.
Show 3 more
SKYCLARYS
A medicine for Friedreich ataxia, an inherited disease that affects movement and coordination.
SYFOVRE
An eye injection for geographic atrophy, a disease that can cause central vision loss.
EMPAVELI
A medicine for a rare blood disorder and certain rare kidney diseases.
Who buys it4
- Wholesale distributors buy medicines in bulk for resale; a pair of distributors together accounted for 43.9% of gross product revenue (FY 2025, high).
- Specialty pharmacies and specialty distributors handle medicines that require specific storage, delivery or patient support.
- Hospitals, clinics and physicians prescribe or administer Biogen medicines and help patients obtain them.
- Government health programs and private insurers cover or reimburse the cost of many treatments.
What it stands on, and what could break it
What the business leans on
- 1Biogen relies on collaborators for some medicines’ development, manufacturing or sales, including Eisai, Ionis, Genentech, Supernus and Samsung Bioepis.
- 2A pair of wholesale distributors accounted for 43.9% of gross product revenue (FY 2025, high).
- 3Sales depend on regulatory approval, continued patent or other market protection, and coverage and reimbursement from government programs and private insurers.
What could go wrong
- 1Generic and biosimilar medicines, as well as newer competing treatments, can reduce sales or prices; generic versions of TECFIDERA and a biosimilar version of TYSABRI already compete with those products.
- 2Clinical studies can fail, take longer than planned or lead regulators to reject a medicine, limiting revenue from new products and additional uses of existing medicines.
- 3Changes to drug-price rules, insurance coverage or reimbursement can restrict patient access or lower the amount Biogen receives for its medicines.
About Biogen Inc.
Biogen discovers, develops and sells medicines for neurological, immune-system and rare diseases. Its products include treatments for multiple sclerosis, spinal muscular atrophy, Alzheimer’s disease and certain eye, kidney and blood disorders. It develops and commercializes some medicines with other drug companies, sharing costs, sales or profits under those agreements.
- Head office
- Cambridge, Massachusetts
- Founded
- 1978
- Listed on
- NASDAQ
- Financial year ends
- December 31
Built from Biogen Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.