Catalyst Dossier · compiled by CeliA 🧫

Biogen Inc. (BIIB)

Biological Products, (No Diagnostic Substances) · market cap $29.0B · as of 2026-06-24

Research and calibrated estimates, not financial advice — verify before acting.

Next catalyst

2026-07-12

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Biogen Inc. (BIIB) is a large-cap neuroscience-focused biotechnology company with ~$9.9B in 2025 revenues, anchored by a mature multiple sclerosis franchise (roughly 45% of 2024 revenues) and the recently commercialized Alzheimer's therapy Leqembi. The company carries net debt of ~$2.9B against $3.4B cash and faces structural revenue pressure from MS franchise erosion, but holds a broad late-stage pipeline spanning Alzheimer's, SMA, MS, lupus, and major depressive disorder. A PDUFA decision came back positive on June 16, 2026, with a high-importance Phase 3 readout for litifilimab (systemic lupus) expected around September 2026.

The catalyst path

2026-07-12Conferenceimp 5/10
2026-07-30Earningsimp 5/10
2026-09-30 (est.)Phase 3 · Litifilimabimp 9/10
2027-05-20 (est.)Phase 3 · BIIB017 (peginterferon beta-1a)imp 9/10
2027-06-14 (est.)Phase 3 · Nusinersenimp 9/10

Pipeline

Asset	Phase	Indication
Leqembi	Approved	Alzheimer Disease
BIIB080	Phase 2	Alzheimer Disease
Tofersen	Approved	ALS (SOD1)
Levodopa	Phase 2	Parkinson Disease
Sertraline	Phase 3	Depressive Disorder, Major
Avonex	Phase 3	Multiple Sclerosis
dimethyl fumarate	Phase 3	Relapsing-Remitting Multiple Sclerosis
Salanersen	Phase 3	Muscular Atrophy, Spinal
Midazolam	Phase 3	Relapsing-Remitting Multiple Sclerosis
natalizumab	Phase 3	Crohn's Disease
BG00012	Phase 3	Multiple Sclerosis
BIIB091	Phase 2	Relapsing Forms of Multiple Sclerosis
SAGE-217	Phase 3	Bipolar Disorder I
Litifilimab	Phase 3	Lupus Erythematosus, Systemic
Omaveloxolone capsules, 2.5 mg	Phase 2	MItochondrial Myopathies
Natalizumab (BG00002)	Phase 3	Multiple Sclerosis
BIIB017 (peginterferon beta-1a)	Phase 3	Multiple Sclerosis, Relapsing-Remitting
Bardoxolone methyl oral capsule	Phase 2	Chronic Kidney Diseases
CNV1014802	Phase 2	Lumbosacral Radiculopathy
BIIB104	Phase 2	Cognitive Impairment Associated With Schizophrenia

Price & technical context

3-month

+14.4%

6-month

+18.6%

12-month

+57.5%

52-wk range

$122.68–$216.63

vs 50-day MA

+7.5%

vs 200-day MA

+18.2%

Realized vol

41.8%

Max drawdown

-52.1%

Daily closes through 2026-07-01. Realized vol annualized; max drawdown over ~2 years.

The full dossier is a Pro feature

Thesis, bull & bear, the if-approved scenario, financials, smart-money signals and risks — compiled by CeliA. The catalyst path & pipeline above are free.

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Sources & data

SEC filings — EDGAR filings for BIIB (10-K, 10-Q, S-3, 13D/G, Form 4)
Clinical trials — 20 registered trials on ClinicalTrials.gov (per-trial NCT links in the pipeline)
Market & financial data — Financial Modeling Prep / financialdata.net — prices, statements, key metrics, insider & institutional filings.
Regulatory — openFDA, FDA advisory & PDUFA calendars.

Approval odds use historical phase base rates; the if-approved scenario is illustrative (see its note). Figures trace to the sources above — verify before acting.

Data from CatalystAlert (ClinicalTrials.gov, SEC EDGAR, openFDA, Financial Modeling Prep). Compiled by CeliA. Not financial advice.