Biogen vs Regeneron Pharmaceuticals
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The short version
- Regeneron Pharmaceuticals is the larger business, with $14.3B of revenue in fiscal 2025 against $9.9B for Biogen.
- Biogen grew revenue faster (2.2%, against 1.0%).
- Regeneron Pharmaceuticals turned more of its sales into free cash flow (28.5% FCF margin, against 20.7%).
- Regeneron Pharmaceuticals earned a higher return on the capital invested in it (12.7%, against 7.3%).
- Investors pay more for each dollar of Biogen’s earnings: a P/E of 27.0x against 19.9x for Regeneron Pharmaceuticals.
| Latest fiscal year | BIIB · FY25 | REGN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.2B | $85.3B |
| Revenue | $9.9B | $14.3B |
| Free cash flow | $2.1B | $4.1B |
| Net income | $1.3B | $4.5B |
| Growth | ||
| Revenue growth | 2.2% | 1.0% |
| 5-year growth | −6.0% | 11.0% |
| Share count change | 0.8% | −5.7% |
| Profitability | ||
| Gross margin | 75.7% | — |
| Operating margin | — | 25.0% |
| Net margin | 13.1% | 31.4% |
| FCF margin | 20.7% | 28.5% |
| Return on capital | 7.3% | 12.7% |
| Return on equity | 7.4% | 14.9% |
| Balance sheet | ||
| Net debt | $2.5B | −$5.9B |
| Net debt / EBITDA | 1.0x | −1.4x |
| Dividends and buybacks | $0.0M | $3.8B |
| Valuation & quality | ||
| P/E | 27.0x | 19.9x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
BIIB $11.4B
REGN $4.9B
FY17
BIIB $12.3B
REGN $5.9B
FY18
BIIB $13.5B
REGN $5.1B
FY19
BIIB $14.4B
REGN $6.6B
FY20
BIIB $13.4B
REGN $8.5B
FY21
BIIB $11.0B
REGN $16.1B
FY22
BIIB $10.2B
REGN $12.2B
FY23
BIIB $9.8B
REGN $13.1B
FY24
BIIB $9.7B
REGN $14.2B
FY25
BIIB $9.9B
REGN $14.3B
BIIB
REGN
Operating margin
FY16
BIIB 45.0%
REGN 27.4%
FY17
BIIB 43.6%
REGN 35.4%
FY18
BIIB 43.8%
REGN 49.3%
FY19
BIIB 49.0%
REGN 33.7%
FY20
BIIB 33.8%
REGN 42.1%
FY21
BIIB 25.9%
REGN 55.7%
FY22
BIIB —
REGN 38.9%
FY23
BIIB —
REGN 30.9%
FY24
BIIB —
REGN 28.1%
FY25
BIIB —
REGN 25.0%
BIIB
REGN
Free cash flow
FY16
BIIB $4.0B
REGN $974M
FY17
BIIB $3.7B
REGN $1.0B
FY18
BIIB $5.4B
REGN $1.8B
FY19
BIIB $6.6B
REGN $2.0B
FY20
BIIB $3.8B
REGN $2.0B
FY21
BIIB $3.4B
REGN $6.5B
FY22
BIIB $1.1B
REGN $4.4B
FY23
BIIB $1.3B
REGN $3.9B
FY24
BIIB $2.7B
REGN $3.7B
FY25
BIIB $2.1B
REGN $4.1B
BIIB
REGN
Return on capital
FY16
BIIB 25.0%
REGN 29.8%
FY17
BIIB 16.7%
REGN 29.4%
FY18
BIIB 25.7%
REGN 45.4%
FY19
BIIB 38.0%
REGN 26.5%
FY20
BIIB 25.4%
REGN 35.2%
FY21
BIIB 19.1%
REGN 59.8%
FY22
BIIB 22.4%
REGN 25.3%
FY23
BIIB 7.8%
REGN 21.5%
FY24
BIIB 8.9%
REGN 18.0%
FY25
BIIB 7.3%
REGN 12.7%
BIIB
REGN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.