BIIB vs. MRK: Biogen vs. Merck Stock Comparison

November 11, 2026

How do Biogen (BIIB) and Merck (MRK) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Biogen (BIIB) and Merck (MRK) both fall under the Pharmaceuticals, Biotechnology & Life Sciences industry group, but BIIB is classified in Biotechnology while MRK is classified in Pharmaceuticals.

Company profile comparison for Biogen (BIIB) and Merck (MRK)
Profile Item	BIIB	MRK
Name	Biogen Inc.	Merck & Co., Inc.
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Biotechnology	Pharmaceuticals
GICS Sub-Industry	Biotechnology	Pharmaceuticals
Market Capitalization	36.71 billion USD	361.73 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	September 17, 1991	January 2, 1962
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

BIIB

MRK

GSPC

Biogen (BIIB) vs. Merck (MRK), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Biogen (BIIB) and Merck (MRK). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Biogen (BIIB) and Merck (MRK). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
Total Return (1Y)	65.44%	76.14%
Total Return (3Y, Annualized)	4.62%	16.48%
Total Return (5Y, Annualized)	-0.96%	15.77%

Risk Profile

Drawdown History

BIIB

MRK

GSPC

Biogen (BIIB) vs. Merck (MRK), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Biogen (BIIB) and Merck (MRK). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
Volatility (1Y, Annualized)	34.58%	30.24%
Beta (5Y)	0.08	0.11
Max Drawdown (5Y)	-64.35%	-43.44%
Avg. Volume (3M)	1.05M	10.24M

Risk-Adjusted Performance

Risk-Return Positioning

BIIB and MRK are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
Sharpe Ratio (1Y)	1.77	2.38
Sortino Ratio (1Y)	2.77	4.33

Profitability

ROE (TTM)

Both Biogen (BIIB) at 1.87% and Merck (MRK) at 5.06% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.87%

Max: 109.18%
Q3: 6.23%
BIIB: 1.87%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

5.06%

Max: 109.18%
Q3: 6.23%
MRK: 5.06%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Biogen (BIIB) vs. Merck (MRK): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

Both Biogen (BIIB) at 3.38% and Merck (MRK) at 3.64% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.38%

Max: 18.05%
Q3: 4.78%
BIIB: 3.38%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.64%

Max: 18.05%
Q3: 4.78%
MRK: 3.64%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Biogen (BIIB) vs. Merck (MRK): A comparison of their net margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Operating Margin (TTM)

Both Biogen (BIIB) at 24.12% and Merck (MRK) at 35.22% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

24.12%

Max: 83.12%
BIIB: 24.12%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

35.22%

Max: 83.12%
MRK: 35.22%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Biogen (BIIB) vs. Merck (MRK): A comparison of their operating margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Profitability Metrics

Profitability metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
ROE (TTM)	1.87%	5.06%
ROA (TTM)	4.94%	11.29%
Net Margin (TTM)	3.38%	3.64%
Operating Margin (TTM)	24.12%	35.22%
Gross Margin (TTM)	75.77%	75.20%

Growth

Revenue Growth

Both Biogen (BIIB) at 2.22% and Merck (MRK) at 1.31% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Biogen (BIIB) vs. Merck (MRK): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Biogen (BIIB) at -21.38% and Merck (MRK) at 8.01% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Biogen (BIIB) vs. Merck (MRK): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
Revenue Growth (YoY)	2.22%	1.31%
Revenue Growth (3Y CAGR)	-0.94%	3.12%
EPS Growth (YoY)	-21.38%	8.01%
EPS Growth (3Y CAGR)	-25.04%	8.43%

Financial Strength

Current Ratio (MRQ)

Both Biogen (BIIB) at 1.95 and Merck (MRK) at 1.35 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.95

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
BIIB: 1.95
Min: 0.10

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.35

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
MRK: 1.35
Min: 0.10

Biogen (BIIB) vs. Merck (MRK): A comparison of their current ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Debt / Equity (MRQ)

Biogen (BIIB) at 0.41 carries an industry-typical debt-to-equity mix, while Merck (MRK) at 1.20 uses more debt funding than most peers.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.41

Max: 1.42
Q3: 0.65
BIIB: 0.41
Median: 0.15
Q1: 0.02
Min: 0.00

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.20

Max: 1.42
MRK: 1.20
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

Biogen (BIIB) vs. Merck (MRK): A comparison of their debt-to-equity ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
Current Ratio (MRQ)	1.95	1.35
Debt / Equity (MRQ)	0.41	1.20
Net Debt / EBITDA	1.97	1.50

Dividends

Dividend Yield (TTM)

Biogen (BIIB) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Merck (MRK) reports a yield of 2.29%, ranking against industry peers normally.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

BIIB: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.29%

MRK: 2.29%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Biogen (BIIB) vs. Merck (MRK): A comparison of their dividend yield against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Payout Ratio (TTM)

Merck (MRK) reports payout ratio above 100% at 343.43%, meaning dividends exceeded current-period earnings; Biogen (BIIB) pays no dividend (payout 0.00%).

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

BIIB: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

343.43%

MRK: 343.43%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Biogen (BIIB) vs. Merck (MRK): A comparison of their payout ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Metrics

Dividend metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
Dividend Yield (TTM)	0.00%	2.29%
Dividend Payout Ratio (TTM)	0.00%	343.43%

Valuation

P/E Ratio (TTM)

Both Biogen (BIIB) at 107.51 and Merck (MRK) at 148.21 trade above their industries’ P/E ratio peer ranges, pointing to unusually expensive trailing earnings relative to peers.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

107.51

BIIB: 107.51
Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

148.21

MRK: 148.21
Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

Biogen (BIIB) vs. Merck (MRK): A comparison of their P/E ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Biogen (BIIB) at 3.57 and Merck (MRK) at 5.37 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.57

Max: 58.18
Q3: 25.77
Median: 7.30
BIIB: 3.57
Q1: 3.01
Min: 0.01

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

5.37

Max: 58.18
Q3: 25.77
Median: 7.30
MRK: 5.37
Q1: 3.01
Min: 0.01

Biogen (BIIB) vs. Merck (MRK): A comparison of their P/S ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/B Ratio (MRQ)

Biogen (BIIB) at 1.94 is valued about in line with its industry on P/B ratio, while Merck (MRK) at 8.06 carries an above-peer premium to book — MRK is pricier on assets.

BIIB

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.94

Max: 13.53
Q3: 6.54
Median: 3.25
BIIB: 1.94
Q1: 1.69
Min: -5.59

MRK

Pharmaceuticals, Biotechnology & Life Sciences industry group

8.06

Max: 13.53
MRK: 8.06
Q3: 6.54
Median: 3.25
Q1: 1.69
Min: -5.59

Biogen (BIIB) vs. Merck (MRK): A comparison of their P/B ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Valuation Metrics

Valuation metrics for Biogen (BIIB) and Merck (MRK)
Metric	BIIB	MRK
P/E Ratio (TTM)	107.51	148.21
P/S Ratio (TTM)	3.57	5.37
P/B Ratio (MRQ)	1.94	8.06
Free Cash Flow Yield (TTM)	2.20%	3.88%