Biogen Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $2.7B normalized FCF (TTM OCF $2.879B less capex $182.2M) base; 2% annual FCF growth years 1-5 (reflecting continued Spinraza competitive erosion from Roche's Evrysdi partially offsetting Leqembi's early ramp); 5% growth years 6-10 (Leqembi scaling as diagnostic/dosing infrastructure improves); 8.5% discount rate; 2.5% terminal growth; $7.07B net debt; 147.75M diluted shares outstanding

Reasoning: Biogen's near-term revenue is roughly flat as legacy MS-franchise erosion offsets early Leqembi Alzheimer's-drug sales, so the DCF assumes minimal growth in the first five years and only credits a stronger growth rate in the second half of the decade once the Leqembi ramp and cost actions are expected to show through more fully