Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab …
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Competitive advantage assessment
Key strengths
Margins Stable Across CyclesOperating margin volatility is low (stability score 0.83), demonstrating pricing resilience across cycles.
Strong Liquidity BufferLiquidity position is strong (score 0.90), providing operational cushion.
Key risks
ROIC Below WACC or PeersROIC at 31.6th percentile suggests inefficient capital deployment.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Biogen Inc. ranks #7 of 20
scored companies in Drug Manufacturers - General by moat score — the top 35%.
The widest moat in the group is Novo Nordisk A/S (NVO)
at 74/100.
Moat scores for companies ranked near BIIB in Drug Manufacturers - General
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 53
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 58
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 49
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 64
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 61
· 15% of the moat score
Scale matters only when it converts into economics.
Biogen Inc. (BIIB) scores 61 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #7 of 20 scored companies in Drug Manufacturers - General, the top 35%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 19 companies in Drug Manufacturers - General. Its strongest defense is Pricing Power (75/100) and its weakest is Capital Efficiency (49/100).
How does Biogen Inc. compare with other Drug Manufacturers - General companies?
Biogen Inc. ranks #7 of 20 scored companies in Drug Manufacturers - General by moat score. The widest moat in Drug Manufacturers - General is Novo Nordisk A/S (NVO) at 74/100. The companies ranked closest are Bristol-Myers Squibb Company (BMY) at 66 just above it and Amgen Inc. (AMGN) at 55 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 19 companies in Drug Manufacturers - General. The defenses are then weighted to produce the overall score out of 100.
Why is Biogen Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Biogen Inc.?
The Corporate Default template measures 6 defenses, and BIIB scores: Pricing Power (75), Cost Advantage (53), Customer Stickiness (58), Capital Efficiency (49), Resilience (64), Scale & Market Position (61). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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