BIIB vs OGN: Biogen and Organon & compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Biogen is the larger company, worth $30.4B, about 8.3 times Organon &.
- Biogen grew revenue faster over the last year (+1.9% vs -2.3%).
- On earnings, Organon & is the cheaper stock (15.0x vs 22.2x).
- Biogen's price assumes faster free cash flow growth: about 1% a year, against -9% for Organon & (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BIIB | OGN |
|---|---|---|
| Market cap | $30.4B | $3.7B |
| Share price | $218.43 | $13.81 |
| Revenue (last fiscal year) | $9.9B | $6.2B |
| Free cash flow (last fiscal year) | $2.1B | $538M |
| Revenue growth, last year | +1.9% | -2.3% |
| Revenue growth per year, last 5 fiscal years | -2.6% | -0.4% |
| Operating margin | 16.3% | — |
| Net margin | 13.8% | 3.4% |
| Return on equity | 7.4% | 20.8% |
| P/E (trailing) | 22.2x | 15.0x |
| Price / free cash flow | 14.8x | 6.80x |
| EV / EBITDA | 12.1x | 7.90x |
| FCF growth the price implies | 1.1% | -9.5% |
| Dividend yield | — | 0.57% |
| Debt / equity | 0.58x | 12.1x |
| Fundamental grade | B | D |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 5 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Biogen
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.0B | $3.4B | 25.9% |
| 2022 | $10.2B | $1.1B | 35.3% |
| 2023 | $9.8B | $1.3B | 13.2% |
| 2024 | $9.7B | $2.7B | 19.7% |
| 2025 | $9.9B | $2.1B | 15.7% |
Organon &
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.3B | $2.0B | — |
| 2022 | $6.2B | $662M | — |
| 2023 | $6.3B | $548M | — |
| 2024 | $6.4B | $764M | — |
| 2025 | $6.2B | $538M | — |
Where the revenue comes from
Biogen · by products, 2025
Product revenue, net$7.1B72%
Revenue from anti-CD20 therapeutic programs$1.9B19%
Contract manufacturing, royalty and other revenue$733M7%
Alzheimer's collaboration revenue$178M2%
Organon & · by products, 2025
Nexplanon/Implanon NXT$921M15%
Zetia$342M6%
Other$338M5%
Atozet$324M5%
Other Non-Opiod Pain, Bone and Dermatology$301M5%
Arcoxia$265M4%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BIIB in InvestinglyQuestions
Which is bigger, Biogen or Organon &?
Biogen (BIIB), at $30.4B against $3.7B.
Is BIIB or OGN cheaper?
By trailing P/E, Organon & (15.0x) is cheaper than Biogen (22.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, BIIB or OGN?
Biogen: revenue grew +1.9% over the last year, against -2.3%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.