Biogen vs Moderna (BIIB vs MRNA)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Biogen is the larger company by revenue ($9.9B vs $1.9B). Moderna carries the larger market value ($61.6B vs $31.9B). Biogen has grown revenue faster over the last 4 fiscal years (-9.9% cumulative vs -89.5%).
About Biogen
Biogen Inc. is a global biopharmaceutical company that discovers, develops, and delivers therapies for serious and complex diseases. It markets treatments for multiple sclerosis, spinal muscular atrophy, Friedreich's ataxia, amyotrophic lateral sclerosis, and collaborates on therapies for Alzheimer's disease and other conditions. The company also develops biosimilars and engages in research collaborations and acquisitions to advance its pipeline in neurology, immunology, and rare diseases.
About Moderna
Moderna, Inc. develops medicines based on messenger RNA (mRNA) technology to treat and prevent diseases. Its main products include COVID-19 vaccines Spikevax and mNEXSPIKE, and the respiratory syncytial virus vaccine mRESVIA. The company serves patients globally and is advancing a pipeline of vaccines and therapies for infectious diseases, oncology, and rare diseases.
Head to head (BIIB FY2025 vs MRNA FY2025)
| Metric | BIIBFY2025 | MRNAFY2025 |
|---|---|---|
| Revenue | $9.89B | $1.94B |
| Revenue growth (YoY) | 2.2% | -39.9% |
| Gross margin | 75.7% | — |
| Operating margin | — | — |
| Net margin | 13.1% | — |
| Net income | $1.29B | $-2.82B |
| Diluted EPS | $8.79 | $-7.26 |
| FCF margin | 20.7% | — |
| ROE | 7.1% | -32.6% |
| Long-term debt / equity | 0.34× | 0.07× |
| Market cap | $31.92B | $61.59B |
| P/E | 38.4× | — |
Fundamentals are from each company’s SEC filings (BIIB FY2025, MRNA FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| BIIB | $10.98B | $10.17B | $9.84B | $9.68B | $9.89B |
| MRNA | $18.47B | $19.26B | $6.85B | $3.24B | $1.94B |
Peer standing
Where each company ranks among the 71 biotech companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | BIIB | MRNA |
|---|---|---|
| Revenue growth (YoY) | +2.2%33rd percentile of 64 | -39.9%14th percentile of 64 |
| ROE | 7.1%77th percentile of 61 | -32.6%47th percentile of 61 |
| Long-term debt / equity | 0.34×58th percentile of 20 | 0.07×16th percentile of 20 |
| Short interest (days to cover) | 6.13d41st percentile of 71 | 9.15d60th percentile of 71 |
Short interest
| FINRA settlement data | BIIB | MRNA |
|---|---|---|
| Shares sold short | 5.2M | 52.8M |
| Change vs prior settlement | -4.8% | +6.1% |
| Days to cover | 6.13 | 9.15 |
| As of settlement | 2026-08-14 | 2026-08-14 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | BIIB | MRNA |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 2 ($239,750) | 7 ($35.2M) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
4 tracked 13F managers hold both Biogen and Moderna as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, D. E. Shaw, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.