Question 1

What is Biogen's EV/EBITDA ratio?

Accepted Answer

Biogen (BIIB) EV/EBITDA ratio is 11.2× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Biogen?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Biogen specifically, the relevant sector benchmark is the current sector median of 15.0×.

Question 5

Is Biogen's EV/EBITDA ratio high or low?

Accepted Answer

Biogen's EV/EBITDA ratio of 11.2× is below its own 5-year average of 12.2× and below the sector median of 15.0×. That places the current reading at the 43th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Biogen's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Biogen (BIIB) EV/EBITDA ratio has ranged from a low of 5.8× in 2019 to a high of 60.4× in 2001. The 5-year average is 12.2× and the 5-year median is 11.6×.

Question 7

What was Biogen's EV/EBITDA ratio in 2025?

Accepted Answer

Biogen (BIIB) EV/EBITDA ratio at the end of 2025 was 9.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Biogen's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$25.82B	$3.10B	9.3×	+0.9×	Dec 31, 2025
2024	$22.28B	$3.15B	8.4×	-10.0×	Dec 31, 2024
2023	$37.50B	$2.38B	18.4×	+6.7×	Dec 31, 2023
2022	$39.90B	$3.54B	11.8×	+0.2×	Dec 31, 2022
2021	$35.24B	$3.38B	11.6×	+3.2×	Dec 31, 2021
2020	$37.63B	$5.09B	8.4×	+1.4×	Dec 31, 2020
2019	$52.76B	$7.74B	7.1×	-1.9×	Dec 31, 2019
2018	$60.12B	$7.01B	8.9×	-1.6×	Dec 31, 2018
2017	$67.38B	$6.63B	10.5×	+0.6×	Dec 31, 2017
2016	$61.42B	$6.35B	9.9×	-2.7×	Dec 31, 2016
2015	$67.52B	$5.62B	12.6×	-4.5×	Dec 31, 2015
2014	$79.93B	$4.60B	17.1×	-4.4×	Dec 31, 2014
2013	$66.06B	$3.05B	21.5×	+6.0×	Dec 31, 2013
2012	$34.63B	$2.21B	15.4×	+3.5×	Dec 31, 2012
2011	$26.74B	$2.19B	11.9×	+2.0×	Dec 31, 2011
2010	$16.19B	$1.62B	10.0×	+2.0×	Dec 31, 2010
2009	$14.44B	$1.80B	7.9×	+0.1×	Dec 31, 2009
2008	$13.70B	$1.71B	7.9×	-5.3×	Dec 31, 2008
2007	$16.86B	$1.31B	13.1×	-5.2×	Dec 31, 2007
2006	$16.74B	$869.51M	18.3×	-3.5×	Dec 31, 2006
2005	$15.38B	$668.05M	21.8×	-20.5×	Dec 31, 2005
2004	$22.33B	$522.42M	42.4×	—	Dec 31, 2004
2003	$12.25B	−$877.77M	—	—	Dec 31, 2003
2002	$12.94B	$346.13M	35.2×	-25.2×	Dec 31, 2002
2001	$26.88B	$432.99M	60.4×	—	Dec 31, 2001


Align Technology (ALGN)	14.0×
Gilead Sciences (GILD)	13.9×
Labcorp Holdings (LH)	13.6×
Amgen (AMGN)	13.6×
Charles River (CRL)	13.2×
Regeneron Pharmaceuticals (REGN)	12.9×
GE HealthCare (GEHC)	12.9×
UnitedHealth Group (UNH)	12.7×
Pfizer (PFE)	12.4×
Henry Schein (HSIC)	12.0×
Medtronic (MDT)	11.7×
AptarGroup (ATR)	11.5×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
HCA Healthcare (HCA)	10.0×
Molina Healthcare (MOH)	8.8×
DaVita (DVA)	8.5×
IQVIA (IQV)	8.2×
Incyte (INCY)	7.9×
Cigna (CI)	7.8×
Elevance Health (ELV)	6.8×
Novo Nordisk (NVO)	6.5×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Biogen (BIIB)

EV/EBITDA daily chart for Biogen (BIIB)

Historical EV/EBITDA for Biogen (BIIB) from 2001 to 2025

About EV/EBITDA at Biogen (BIIB)

Biogen EV/EBITDA by Year

Biogen EV/EBITDA 2025: 9.3×

Biogen EV/EBITDA 2024: 8.4×

Biogen EV/EBITDA 2023: 18.4×

Biogen EV/EBITDA 2022: 11.8×

Biogen EV/EBITDA 2021: 11.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Biogen (BIIB) Key Financials

EV/EBITDA daily chart for Biogen (BIIB)

Historical EV/EBITDA for Biogen (BIIB) from 2001 to 2025

About EV/EBITDA at Biogen (BIIB)

Biogen EV/EBITDA by Year

Biogen EV/EBITDA 2025: 9.3×

Biogen EV/EBITDA 2024: 8.4×

Biogen EV/EBITDA 2023: 18.4×

Biogen EV/EBITDA 2022: 11.8×

Biogen EV/EBITDA 2021: 11.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Biogen's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Biogen?

+Is Biogen's EV/EBITDA ratio high or low?

+What is Biogen's historical EV/EBITDA ratio range?

+What was Biogen's EV/EBITDA ratio in 2025?

+Why does Biogen's EV/EBITDA ratio change over time?

Biogen (BIIB) Key Financials