BIIBBIOGEN INC.

Biological Products, (no Diagnostic Substances)

Revenue: $9.9B; 2.2% YoY
Operating margin: —
EBITDA: —
Market cap: $37.2B
Employees: 7,500; $1M revenue each
Net debt / EBITDA: —; −$2.9B net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
171% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 84th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$37.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$905K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.0B	$10.2B	$9.8B	$9.7B	$9.9B	2.2%
Operating income	$2.8B	—	—	—	—
Net income	$1.6B	$3.0B	$1.2B	$1.6B	$1.3B	21%
Operating cash flow	$3.6B	$1.4B	$1.5B	$2.9B	$2.2B	23%
Capex	$258M	$240M	$277M	$154M	$154M	0.1%
Stock-based comp	$239M	$254M	$264M	$291M	$291M	0.1%
Buybacks	$1.8B	$750M	$0	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $585 · 1
Open-market sells, 12 mo: $905K · 4
Net: −$905K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	72	120
FY2024	—	—	62	91
FY2023	—	—	106	92
FY2022	—	—	113	89
FY2021	—	—	98	99