{"slug":"biogen","name":"바이오젠","name_en":"Biogen Inc.","ticker":"BIIB","updated_at":"2026-09-23T09:44:39.939106+00:00","canonical":"https://valuechain.wiki/biogen","citable":"밸류체인 그래프 기준 바이오젠의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 3)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-23 기준).","citable_en":"Per the valuechain.wiki graph, Biogen Inc. is directly linked to 4 companies (2 supply, 3 revenue relationships) and reaches 6 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-09-23).","kicker":"신경질환 치료제 기업","kicker_en":"Neuroscience therapeutics company","lead":"바이오젠은 다발성경화증·희귀질환 치료제 판매와 제넨텍·에자이 협업 수익으로 돈을 번다. 신약 후보 도입과 공동개발, 외부 바이오의약품 생산에 자금을 쓴다.","lead_en":"Biogen earns revenue from multiple-sclerosis and rare-disease medicines and from collaborations with Genentech and Eisai. It spends on licensed drug candidates, joint development and outsourced biologics manufacturing.","categories":[{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"제품 매출","note":"다발성경화증·희귀질환·바이오시밀러 제품"},{"name":"항-CD20 치료 프로그램 매출","note":"제넨텍·로슈 그룹과의 이익배분 및 로열티"},{"name":"알츠하이머 협업 매출","note":"LEQEMBI 순제품매출과 매출원가의 50% 지분"},{"name":"위탁생산·로열티·기타 매출"}],"total":"FY2025 총매출 98억9,060만 달러","track":"C"},"segments_en":{"parts":[{"name":"Product revenue","note":"Multiple-sclerosis, rare-disease and biosimilar products"},{"name":"Anti-CD20 therapeutic program revenue","note":"Profit sharing and royalties from Genentech and the Roche Group"},{"name":"Alzheimer's collaboration revenue","note":"A 50% share of LEQEMBI net product revenue and cost of sales"},{"name":"Contract manufacturing, royalty and other revenue"}],"total":"FY2025 total revenue of $9.8906 billion"},"returns_yearly":{"2021":-2,"2022":15.4,"2023":-6.6,"2024":-40.9,"2025":15.1,"2026":28.3},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":3,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":3,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":2,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":1,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}},{"slug":"eisai","name":"에자이","name_en":"Eisai","tier":1,"returns_yearly":{"2021":-22.9,"2022":42.2,"2023":-10.9,"2024":-32.2,"2025":-3.5,"2026":10.3}},{"slug":"cencora","name":"센코라","name_en":"Cencora, Inc.","tier":1,"returns_yearly":{"2021":44.1,"2022":26.3,"2023":25.3,"2024":10.4,"2025":51.5,"2026":-1.4}}],"benefiting":[{"slug":"fujifilm-holdings","name":"후지필름홀딩스","name_en":"Fujifilm Holdings","tier":1,"returns_yearly":{"2021":29.2,"2022":-8.9,"2023":40.2,"2024":11.6,"2025":-8.5,"2026":13.6}},{"slug":"eisai","name":"에자이","name_en":"Eisai","tier":1,"returns_yearly":{"2021":-22.9,"2022":42.2,"2023":-10.9,"2024":-32.2,"2025":-3.5,"2026":10.3}}],"analysis":"신경질환 치료제 기업. 2026년 +25.5%다. 수요단(평균 +4.8%)·본주(+25.5%)·공급단(평균 +8.6%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 맥케슨(+11%), 가장 처진 곳은 센코라(-1.4%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Biogen Inc. operates across Neuroscience therapeutics company. It is +25.5% in 2026. Demand side (avg +4.8%), the stock (+25.5%) and supply side (avg +8.6%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is McKesson Corporation (+11%) and the furthest behind is Cencora, Inc. (-1.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on licensed drug candidates, joint development and outsourced biologics manufacturing.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"에자이","counterparty_slug":"eisai","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"에자이 LEQEMBI 협업에서 인식한 알츠하이머 협업 매출","value":177700000,"period":"FY2025","basis_en":"Alzheimer's collaboration revenue recognized from the Eisai LEQEMBI collaboration","qualifier":null},"note":"바이오젠은 에자이와 LEQEMBI를 공동 상업화하며 순제품매출과 매출원가를 반영한 협업 수익의 50%를 인식한다. FY2025 알츠하이머 협업 매출은 1억7,770만 달러였다.","note_en":"Biogen co-commercializes LEQEMBI with Eisai and recognizes 50% of collaboration economics after net product revenue and cost of sales. FY2025 Alzheimer's collaboration revenue was $177.7 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm","title":"BIOGEN INC. 10-K (2026-02-06)","title_en":"BIOGEN INC. 10-K (2026-02-06)","excerpt":"2025년 알츠하이머 협업 매출은 약 1억7,770만 달러였다.","excerpt_en":"For the year ended December 31, 2025, we recognized Alzheimer's collaboration revenue of approximately $177.7 million."}]},{"direction":"cost","counterparty":"Stoke Therapeutics","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"zorevunersen 협업·라이선스 계약 체결 선급금","value":165000000,"period":"FY2025","basis_en":"Upfront payment at closing of the zorevunersen collaboration and license agreement","qualifier":null},"note":"바이오젠은 드라베증후군 후보물질 zorevunersen의 공동개발·해외 상업화 권리를 확보하면서 스토크에 선급금 1억6,500만 달러를 지급했다.","note_en":"Biogen paid Stoke $165 million upfront for a collaboration covering co-development and ex-North American commercialization rights to zorevunersen for Dravet syndrome.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm","title":"BIOGEN INC. 10-K (2026-02-06)","title_en":"BIOGEN INC. 10-K (2026-02-06)","excerpt":"스토크 협업·라이선스 계약 종료 시 선급금 1억6,500만 달러를 지급했다.","excerpt_en":"Upfront payment of $165.0 million made to Stoke in connection with the closing of our collaboration and license agreement."}]},{"direction":"investment","counterparty":"Alcyone Therapeutics","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"알시온 테라퓨틱스 인수 총대가","value":85000000,"period":"FY2025","basis_en":"Total consideration for the Alcyone Therapeutics acquisition","qualifier":null},"note":"바이오젠은 2025년 11월 알시온 테라퓨틱스를 인수해 척수강 내 약물전달장치 ThecaFlex DRx 권리를 확보했다. 2025년 말 기준 인수대가는 약 8,500만 달러였다.","note_en":"Biogen acquired Alcyone Therapeutics in November 2025 to secure ThecaFlex DRx, an intrathecal drug-delivery device. Consideration was approximately $85 million as of year-end 2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm","title":"BIOGEN INC. 10-K (2026-02-06)","title_en":"BIOGEN INC. 10-K (2026-02-06)","excerpt":"2025년 11월 알시온의 발행주식 전부를 인수했으며 총대가는 약 8,500만 달러였다.","excerpt_en":"In November 2025 we completed the acquisition of all issued shares of Alcyone; total consideration was approximately $85.0 million."},{"stance":"confirms","publisher":"Intro-act","publisher_en":"Intro-act","kind":"research","lang":"en","published_at":"2025-10-09","url":"https://www.intro-act.com/uploads/allnewsletter/2025100912360735504670.pdf","title":"헬스테크 월간 모니터 제21호","title_en":"HealthTech Monthly Monitor, Vol. 21","excerpt":"바이오젠은 알시온을 선급금 8,500만 달러에 인수해 ThecaFlex DRx 전체 권리를 확보한다고 분석했다.","excerpt_en":"Biogen has agreed to acquire Alcyone Therapeutics for $85 million upfront, with additional payments contingent on milestones."},{"stance":"confirms","publisher":"바이오젠 투자자관계","publisher_en":"Biogen Investor Relations","kind":"ir","lang":"en","published_at":"2025-09-18","url":"https://investors.biogen.com/node/29651","title":"바이오젠, 핵심 제품·파이프라인 약물전달 포트폴리오 확대 위해 알시온 테라퓨틱스 인수","title_en":"Biogen to Acquire Alcyone Therapeutics, Expanding Drug Delivery Solution Portfolio for Key Product and Pipeline Candidates","excerpt":"바이오젠은 알시온을 현금 선급금 8,500만 달러와 조건부 마일스톤으로 인수하기로 했다.","excerpt_en":"Biogen has agreed to acquire Alcyone Therapeutics for an upfront cash payment of $85M plus certain milestones."}]},{"direction":"cost","counterparty":"에자이","counterparty_slug":"eisai","confidence":"high","metric":{"type":"share","unit":"PERCENT","as_of":"2026-02-06","basis":"바이오젠이 부담하는 LEQEMBI 연구개발·판매·마케팅 비용 비중","value":50,"period":"협업 계약기간","basis_en":"Biogen share of LEQEMBI research, development, sales and marketing costs","qualifier":null},"note":"바이오젠은 LEQEMBI의 연구개발·판매·마케팅 비용을 에자이와 절반씩 부담한다. 에자이는 2031년 말까지 바이오젠으로부터 LEQEMBI 원료의약품과 완제의약품을 공급받는 계약도 맺고 있다.","note_en":"Biogen shares LEQEMBI research, development, sales and marketing costs equally with Eisai. Eisai also has a supply agreement for Biogen to manufacture LEQEMBI drug substance and drug product through 2031.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm","title":"BIOGEN INC. 10-K (2026-02-06)","title_en":"BIOGEN INC. 10-K (2026-02-06)","excerpt":"연구개발·판매·마케팅을 포함한 모든 비용은 바이오젠과 에자이가 절반씩 분담한다.","excerpt_en":"All costs, including research, development, sales and marketing expense, are shared equally between us and Eisai."}]},{"direction":"revenue","counterparty":"센코라","counterparty_slug":"cencora","confidence":"high","metric":{"type":"revenue_share","unit":"PERCENT","as_of":"2015-02-04","basis":"아메리소스버겐이 차지한 바이오젠 총제품매출 비중","value":33,"period":"FY2014","basis_en":"AmerisourceBergen share of Biogen gross product revenue","qualifier":null},"note":"현재 센코라로 사명을 바꾼 아메리소스버겐은 바이오젠의 핵심 미국 의약품 도매 유통사였다. FY2014에는 바이오젠 총매출의 10%를 넘었고 총제품매출의 33%를 차지했다.","note_en":"AmerisourceBergen, now Cencora, was a major U.S. wholesale distributor for Biogen. In FY2014 it exceeded 10% of total revenue and represented 33% of gross product revenue.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2015-02-04","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504515000005/biib-20141231x10k.htm","title":"Biogen Idec Inc. 2014 Form 10-K","title_en":"Biogen Idec Inc. 2014 Form 10-K","excerpt":"아메리소스버겐과 맥케슨은 2014년 총제품매출의 각각 33%와 27%를 차지했다.","excerpt_en":"We recorded revenue from two wholesalers accounting for 33% and 27% of gross product revenues in 2014, respectively."}]},{"direction":"revenue","counterparty":"맥케슨","counterparty_slug":"mckesson","confidence":"high","metric":{"type":"revenue_share","unit":"PERCENT","as_of":"2015-02-04","basis":"맥케슨이 차지한 바이오젠 총제품매출 비중","value":27,"period":"FY2014","basis_en":"McKesson share of Biogen gross product revenue","qualifier":null},"note":"맥케슨은 바이오젠의 핵심 미국 의약품 도매 유통사였다. FY2014에는 바이오젠 총매출의 10%를 넘었고 총제품매출의 27%를 차지했다.","note_en":"McKesson was a major U.S. wholesale distributor for Biogen. In FY2014 it exceeded 10% of total revenue and represented 27% of gross product revenue.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2015-02-04","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504515000005/biib-20141231x10k.htm","title":"Biogen Idec Inc. 2014 Form 10-K","title_en":"Biogen Idec Inc. 2014 Form 10-K","excerpt":"아메리소스버겐과 맥케슨은 2014년 총제품매출의 각각 33%와 27%를 차지했다.","excerpt_en":"AmerisourceBergen and McKesson each accounted for more than 10% of our total revenues in 2014."}]},{"direction":"revenue","counterparty":"Genentech, Inc. (Roche Group)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"PERCENT","as_of":"2026-02-06","basis":"제넨텍 협업에서 발생한 바이오젠 총매출 비중","value":18.8,"period":"FY2025","basis_en":"Share of Biogen total revenue derived from Genentech collaboration arrangements","qualifier":null},"note":"제넨텍과 로슈 그룹은 RITUXAN·GAZYVA·OCREVUS 등 항-CD20 치료제의 판매 이익배분과 로열티를 바이오젠에 지급한다. 이 협업에서 나온 매출은 FY2025 바이오젠 총매출의 18.8%였다.","note_en":"Genentech and the Roche Group pay Biogen profit shares and royalties on anti-CD20 therapies including RITUXAN, GAZYVA and OCREVUS. These arrangements generated 18.8% of Biogen's FY2025 revenue.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm","title":"BIOGEN INC. 10-K (2026-02-06)","title_en":"BIOGEN INC. 10-K (2026-02-06)","excerpt":"2025년 총매출의 약 18.8%가 제넨텍 협업에서 발생했다.","excerpt_en":"Approximately 18.8% of our total revenue in 2025 was derived from our collaboration arrangements with Genentech."}]},{"direction":"cost","counterparty":"후지필름홀딩스","counterparty_slug":"fujifilm-holdings","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2019-03-13","basis":"후지필름 그룹에 지급하는 위탁생산 대가","value":null,"period":"제조서비스 계약기간","basis_en":"Contract manufacturing consideration paid to the Fujifilm group","qualifier":"confirmed_no_disclosed_value"},"note":"바이오젠은 덴마크 힐레뢰드 공장을 후지필름 그룹에 매각하면서 TYSABRI 등 상업용 바이오의약품 생산을 맡기는 제조서비스 계약을 체결했다. 개별 제조대가는 공개되지 않았다.","note_en":"When Biogen sold its Hillerød site to the Fujifilm group, it entered manufacturing-services agreements for commercial biologics including TYSABRI. The manufacturing consideration was not disclosed.","sources":[{"stance":"confirms","publisher":"연합뉴스","publisher_en":"Yonhap News Agency","kind":"news","lang":"ko","published_at":"2019-03-13","url":"https://www.yna.co.kr/view/AKR20190312160400017","title":"삼성바이오에피스, 위탁생산업체 바이오젠→후지필름 변경","title_en":"Samsung Bioepis Changes Contract Manufacturer from Biogen to Fujifilm","excerpt":"바이오젠은 힐레뢰드 생산시설을 후지필름에 8억9천만 달러에 매각했고 기존 생산계약은 후지필름으로 이관됐다.","excerpt_en":"Biogen sold the Hillerød facility to Fujifilm for $890 million, and the existing manufacturing contracts transferred to Fujifilm."},{"stance":"confirms","publisher":"바이오젠 투자자관계","publisher_en":"Biogen Investor Relations","kind":"ir","lang":"en","published_at":"2019-03-12","url":"https://investors.biogen.com/node/20891","title":"바이오젠, 덴마크 힐레뢰드 대규모 바이오의약품 생산시설을 후지필름에 매각하는 계약 체결","title_en":"Biogen Enters Into an Agreement to Sell Its Large-Scale Biologics Manufacturing Site in Hillerød, Denmark to Fujifilm","excerpt":"후지필름은 힐레뢰드 시설에서 TYSABRI 등 바이오젠 상업용 제품을 생산하기로 했다.","excerpt_en":"Fujifilm will use the Hillerød site to produce commercial products for Biogen, such as TYSABRI."}]}]}