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BIIB · BIOGEN INC.

Company guidance, FDA catalysts, dilution risk and cash runway, built from SEC, FDA and ClinicalTrials.gov filings and updated every day.

$4.7B Cash on Hand

CF+ Cash Runway

4.4% Short Interest

$238.18 Analyst Target (31)

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📣 What BIIB Says Is Next

by end of 2026 · Litifilimab: “Registrational data for litifilimab in SLE expected by end of 2026 and additional Phase 3 readouts for litifilimab in CLE, felzartamab in AMR, and zorevunersen in Dravet syndrome anticipated next year”
Company press release, Jul 29, 2026 · SEC filing
first half of 2027 · Felzartamab: “Apellis also brings an established nephrology commercial and medical infrastructure to accelerate Biogen’s launch readiness for felzartamab, with a first Phase 3 readout in antibody-mediated rejection in kidney transplant patients anticipated in the first half of 2027.”
Company press release, May 14, 2026 · SEC filing
fourth quarter · “Expect full year 2026 total revenue to decline by a mid-single digit percentage versus full year 2025 Biogen Inc. (Nasdaq: BIIB) today reported fourth quarter and full year 2025 financial results.”
Company press release, Feb 6, 2026 · SEC filing

Quoted word for word from the company's press releases filed with the SEC. Timing is the company's own guidance, not a BioRadar estimate.

🧪 Trial & FDA Catalysts

Oct 2026 · Phase 2/3 · Active Trial · A 2-Part Study to Learn Whether Litifilimab (BIIB059) Injections Can Improve Symptoms of A
Registry primary completion date, not a results date
Oct 2026 · N/A · Active Trial · A Study Utilising Data From European Union (EU) National Multiple Sclerosis (MS) Registrie
Registry primary completion date, not a results date
Dec 2026 · Phase 3 · Active Trial · A Study to Learn More About the Effects and Safety of Felzartamab Infusions in Adults With
Registry primary completion date, not a results date
Feb 2027 · Phase 1 · Recruiting · A Study to Learn More About the Safety of BIIB145 and How it is Processed in the Body of H
Registry primary completion date, not a results date
Feb 2027 · N/A · Active Trial · Observational, Postmarketing Surveillance Study of Spinraza Injection (Nusinersen Sodium)
Registry primary completion date, not a results date
Mar 2027 · Phase 2 · Active Trial · Safety and Pharmacodynamic Effects of BIIB122 in Participants With LRRK2-Associated Parkin
Registry primary completion date, not a results date

📊 Drug Pipeline

Drug	Indication	Most advanced trial	Status
Tofersen FDA approved Apr 2023 · Qalsody	Amyotrophic Lateral Sclerosis	Phase 4 · NCT07223723	Active not recruiting
Lecanemab FDA approved Jan 2023 · Leqembi	Preclinical Alzheimer's Disease	Phase 3 · NCT04468659	Active not recruiting
Dimethyl Fumarate FDA approved Mar 2013 · Tecfidera	Relapsing-Remitting Multiple Sclerosis	Phase 3 · NCT02283853	Completed
Interferon Beta-1A FDA approved May 1996 · Avonex	Multiple Sclerosis, Relapsing-Remitting	Phase 3 · NCT03958877	Active not recruiting
Omaveloxolone FDA approved Feb 2023 · Skyclarys	Friedreich Ataxia	Phase 3 · NCT06953583	Active not recruiting
Peginterferon Beta-1A FDA approved Aug 2014 · Plegridy	Multiple Sclerosis, Relapsing-Remitting	Phase 3 · NCT03958877	Active not recruiting
Nusinersen FDA approved Dec 2016 · Spinraza	Spinal Muscular Atrophy	Phase 3 · NCT05067790	Active not recruiting
Natalizumab FDA approved Nov 2004 · Tysabri	Multiple Sclerosis	N/A · NCT05658497	Recruiting
Zuranolone FDA approved Aug 2023 · Zurzuvae	Postpartum Depression	N/A · NCT07398469	Recruiting
Diroximel Fumarate FDA approved Oct 2019 · Vumerity	Multiple Sclerosis	N/A · NCT05688436	Active not recruiting
Salanersen	Muscular Atrophy, Spinal	Phase 3 · NCT07444450	Recruiting
Felzartamab	Antibody-mediated Rejection	Phase 3 · NCT06685757	Active not recruiting
Litifilimab	Subacute Cutaneous Lupus Erythematosus	Phase 2/3 · NCT05531565	Active not recruiting
Diranersen	Mild Cognitive Impairment Due to Alzheimer's Disea	Phase 2 · NCT05399888	Active not recruiting
BIIB147	Amyotrophic Lateral Sclerosis	Phase 1/2 · NCT07855211	Not yet recruiting
BIIB122	Parkinson Disease	Phase 2 · NCT06602193	Active not recruiting

Also used in these trials (approved or third-party drugs, not BIIB's own candidates): Tacrolimus Extended-Release, Ponesimod, Siponimod, Ofatumumab, Ocrelizumab, Glatiramer Acetate, Fingolimod Hydrochloride, Interferon Beta-1B, Alemtuzumab.

Source: ClinicalTrials.gov trials sponsored by the company, one row per candidate at its most advanced registered trial. FDA approvals: Drugs@FDA. Wrong or missing drug? Report it

💰 Cash Runway & Dilution Risk

BIIB holds $4.7B in cash and short-term investments (as of Mar 31, 2026) and its operations are currently cash-flow neutral or positive.

Dilution pressure: 0 · Low

No operating cash burn in latest filings

Recent financing filings on SEC EDGAR:

May 1, 2025 · Shelf registration · S-3ASR

Source: SEC EDGAR (XBRL cash flow and financing filings). Dilution Watch: every company ranked → · Get an alert when BIIB files for a raise →

📈 Recent Insider Activity (Form 4)

Trade date	Insider	Transaction	Shares	Price	Owned after
2026-09-01 filed 2026-09-03	Parini Michael	Option award (A)	7,405	–	–
2026-08-04 filed 2026-08-05	Minor Lloyd	Sale (S)	593	$200.96	2,689
2026-08-03 filed 2026-08-05	Minor Lloyd	Sale (S)	593	$203.34	3,282
2026-06-09 filed 2026-06-11	HAWKINS WILLIAM A	Award (A)	1,505	–	10,365
2026-06-09 filed 2026-06-11	SHERWIN STEPHEN A	Award (A)	1,505	–	15,193

Only open-market purchases (P) and sales (S) are trading decisions. Awards (A), option exercises (M) and tax withholding (F) are compensation mechanics. Source: SEC Form 4.

📅 Past FDA Decisions & Stock Reactions

Date	Drug	Type	Run-up 30d	Decision 1d	After 5d
2026-05-24	—	NDA	+3.1%	-0.4%	-0.8%
2026-04-03	LEQEMBI® IQLIK™ (lecanemab-irmb)	NDA	-6.6%	-2.8%	-2.5%

Browse all historical PDUFA outcomes →

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Data: SEC EDGAR, FDA, ClinicalTrials.gov, Yahoo Finance • Informational purposes only, not investment advice. • All tracked stocks A–Z