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Biogen vs Moderna: BIIB and MRNA compared
Biogen is the larger company: $2.8B of revenue in its latest quarter (Q3 2026) against $1.3B for Moderna (Q3 2026). Moderna is growing faster (+29% against +11% a year earlier). Moderna is more profitable, with an operating margin of 9.9% against -0.3%.
Where the money goes: BIIB and MRNA
Biogen (BIIB) · Q3 2026
Biogen, Q3 2026: revenue $2.8B (+11% year over year), operating margin -0.3%, net loss $20.6M, operating cash flow $641M. The chart follows the revenue to costs, profit and cash.
Moderna (MRNA) · Q3 2026
Moderna, Q3 2026: revenue $1.3B (+29% year over year), operating margin 9.9%, net earnings $162M, operating cash flow −$1.6B. The chart follows the revenue to costs, profit and cash.
| Biogen (BIIB) | Moderna (MRNA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.8B | $1.3B |
| Revenue growth, Y/Y | +11% | +29% |
| Operating margin | -0.3% | 9.9% |
| Net earnings | −$20.6M | $162M |
| Net margin | -0.7% | 12.3% |
| Operating cash flow | $641M | −$1.6B |
| Free cash flow | $600M | — |
| Market value | $36.7B | $109.3B |
| P/E | 107.0× | — |
| Analysts’ mean target | $266.38 | $145.42 |
Where the revenue comes from
Biogen
- MS Product Revenues: $919M (33%)
- Rare Disease Product Revenue: $676M (24%)
- SPINRAZA: $461M (16%)
- Royalty Attributed to OCREVUS: $370M (13%)
Moderna
- Net product sales: $1.3B (97%)
- RSV: $29.0M (2%)
- Collaboration Arrangement, Including Arrangements with Affiliate: $8.0M (1%)
Questions
Which is bigger, Biogen or Moderna?
Biogen is the larger company: $2.8B of revenue in its latest quarter (Q3 2026) against $1.3B for Moderna (Q3 2026).
Is Biogen or Moderna growing faster?
Moderna is growing faster (+29% against +11% a year earlier).
Which is more profitable, Biogen or Moderna?
Moderna is more profitable, with an operating margin of 9.9% against -0.3%.
More: Biogen earnings · how Biogen makes money · Moderna earnings · how Moderna makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.