Biogen vs Vertex Pharmaceuticals
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KIRA’s take AI analyst
I put Biogen and Vertex Pharmaceuticals side by side, using each one’s latest annual report. Here is what stands out:
- Vertex Pharmaceuticals is the larger business, with $12.0B of revenue in fiscal 2025 against $9.9B for Biogen.
- Vertex Pharmaceuticals grew revenue faster (8.9%, against 2.2%).
- Vertex Pharmaceuticals turned more of its sales into free cash flow (26.6% FCF margin, against 20.7%).
- Vertex Pharmaceuticals earned a higher return on the capital invested in it (31.5%, against 7.3%).
- Investors pay more for each dollar of Vertex Pharmaceuticals’s earnings: a P/E of 30.1x against 27.1x for Biogen.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Biogen
BIIB
0/10
Vertex Pharmaceuticals
VRTX
10/10
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BIIB FY25 | VRTX FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.4B | $132.1B |
| Revenue | $9.9B | $12.0B |
| Free cash flow | $2.1B | $3.2B |
| Net income | $1.3B | $4.0B |
| Growth | ||
| Revenue growth | 2.2% | 8.9% |
| 5-year growth | −6.0% | 14.1% |
| Share count change | 0.8% | 0.0% |
| Profitability | ||
| Gross margin | 75.7% | 86.2% |
| Operating margin | — | 34.8% |
| Net margin | 13.1% | 32.9% |
| FCF margin | 20.7% | 26.6% |
| Return on capital | 7.3% | 31.5% |
| Return on equity | 7.4% | 22.5% |
| Balance sheet | ||
| Net debt | $2.5B | −$6.5B |
| Net debt / EBITDA | 1.0x | −1.5x |
| Dividends and buybacks | $0.0M | $2.0B |
| Valuation & quality | ||
| P/E | 27.1x | 30.1x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.