Subtext

Biogen Inc. BIIB

SectorHealth Care
Transcripts78
Date range2006-02-17 – 2025-05-01
Calls charted72

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Overall: +1.62007 Q3 · Overall: -3.22007 Q4 · Overall: +7.52008 Q1 · Overall: +4.32008 Q2 · Overall: +1.52008 Q3 · Overall: -1.42008 Q4 · Overall: +4.22009 Q1 · Overall: +1.32009 Q2 · Overall: +1.92009 Q3 · Overall: +2.12009 Q4 · Overall: +2.82010 Q1 · Overall: -1.72010 Q2 · Overall: +1.92010 Q3 · Overall: +3.62010 Q4 · Overall: +7.42011 Q1 · Overall: +6.22011 Q2 · Overall: +7.42011 Q3 · Overall: +7.02011 Q4 · Overall: +8.42012 Q1 · Overall: +2.22012 Q2 · Overall: +4.42012 Q3 · Overall: +1.72012 Q4 · Overall: +4.62013 Q1 · Overall: +4.82013 Q2 · Overall: +3.62013 Q3 · Overall: +3.42013 Q4 · Overall: +4.62014 Q1 · Overall: +0.32014 Q2 · Overall: +8.62014 Q3 · Overall: +6.22014 Q4 · Overall: +2.62015 Q1 · Overall: +0.12015 Q2 · Overall: +7.42015 Q3 · Overall: +0.92015 Q4 · Overall: +4.52016 Q1 · Overall: +4.82016 Q2 · Overall: +14.92016 Q3 · Overall: +10.82016 Q4 · Overall: +7.82017 Q1 · Overall: +7.82017 Q2 · Overall: +15.52017 Q3 · Overall: +11.92017 Q4 · Overall: +8.52018 Q1 · Overall: +11.62018 Q2 · Overall: +8.82018 Q3 · Overall: +6.82018 Q4 · Overall: +8.52019 Q1 · Overall: +5.02019 Q2 · Overall: +7.22019 Q3 · Overall: -0.42019 Q4 · Overall: +7.92020 Q1 · Overall: +7.32020 Q2 · Overall: +9.32020 Q3 · Overall: +8.42020 Q4 · Overall: +6.12021 Q1 · Overall: +5.02021 Q2 · Overall: +0.22021 Q3 · Overall: -0.92021 Q4 · Overall: +0.02022 Q1 · Overall: +1.92022 Q2 · Overall: +2.22022 Q3 · Overall: +1.22022 Q4 · Overall: -1.12023 Q1 · Overall: +0.32023 Q2 · Overall: +1.82023 Q3 · Overall: +3.12023 Q4 · Overall: +3.52024 Q1 · Overall: +2.22024 Q2 · Overall: +7.52024 Q3 · Overall: +7.42024 Q4 · Overall: +5.72025 Q1 · Overall: +5.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-32-16+0+16+322007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · CEO: +13.02007 Q3 · CEO: +2.82007 Q4 · CEO: +12.62008 Q1 · CEO: +13.12008 Q2 · CEO: +7.12008 Q3 · CEO: +7.72008 Q4 · CEO: +16.02009 Q1 · CEO: +6.02009 Q2 · CEO: +15.02009 Q3 · CEO: +18.32009 Q4 · CEO: +13.52010 Q1 · CEO: +1.12010 Q2 · CEO: +4.72010 Q3 · CEO: +10.22010 Q4 · CEO: +15.32011 Q1 · CEO: +11.12011 Q2 · CEO: +14.22011 Q3 · CEO: +23.12011 Q4 · CEO: +16.22012 Q1 · CEO: +9.02012 Q2 · CEO: +12.12012 Q3 · CEO: +12.62012 Q4 · CEO: +15.02013 Q1 · CEO: +17.42013 Q2 · CEO: +13.72013 Q3 · CEO: +11.82013 Q4 · CEO: +24.52014 Q1 · CEO: +19.62014 Q2 · CEO: +12.72014 Q3 · CEO: +12.42014 Q4 · CEO: +18.22015 Q3 · CEO: +10.32015 Q4 · CEO: +11.22016 Q1 · CEO: +13.82016 Q2 · CEO: +27.52017 Q4 · CEO: +23.22018 Q1 · CEO: +15.82018 Q2 · CEO: +27.02018 Q3 · CEO: +19.92018 Q4 · CEO: +26.72019 Q1 · CEO: +13.02019 Q2 · CEO: +20.82019 Q3 · CEO: +6.52019 Q4 · CEO: +21.22020 Q1 · CEO: +13.92020 Q2 · CEO: +15.22020 Q3 · CEO: +20.32020 Q4 · CEO: +13.82021 Q1 · CEO: +14.12021 Q2 · CEO: +8.82021 Q3 · CEO: +3.52021 Q4 · CEO: +5.42022 Q1 · CEO: +10.62022 Q2 · CEO: +23.62022 Q4 · CEO: +3.92023 Q4 · CEO: +6.52024 Q1 · CEO: +6.52024 Q2 · CEO: +15.02024 Q3 · CEO: +8.92024 Q4 · CEO: +8.82025 Q1 · CEO: +7.92007 Q2 · CFO: +3.32007 Q3 · CFO: +3.62007 Q4 · CFO: +0.02008 Q1 · CFO: -12.52008 Q2 · CFO: -25.32008 Q4 · CFO: +6.72009 Q1 · CFO: +4.82009 Q2 · CFO: +8.32009 Q3 · CFO: +10.82009 Q4 · CFO: +5.02010 Q1 · CFO: +2.52010 Q2 · CFO: +5.82010 Q3 · CFO: +3.42010 Q4 · CFO: +6.62011 Q1 · CFO: -3.52011 Q2 · CFO: +1.02011 Q3 · CFO: +5.82011 Q4 · CFO: +7.32012 Q1 · CFO: -1.52012 Q2 · CFO: +12.72012 Q3 · CFO: +4.52012 Q4 · CFO: -0.42013 Q1 · CFO: +2.92013 Q2 · CFO: +0.42013 Q3 · CFO: +8.72013 Q4 · CFO: -1.82014 Q1 · CFO: -6.32014 Q2 · CFO: +11.12014 Q3 · CFO: +6.72014 Q4 · CFO: +4.82015 Q3 · CFO: +2.42016 Q3 · CFO: +0.02016 Q4 · CFO: +1.12017 Q1 · CFO: -1.62017 Q4 · CFO: +8.72018 Q1 · CFO: +14.22018 Q2 · CFO: +14.52018 Q3 · CFO: +9.52018 Q4 · CFO: +9.22019 Q1 · CFO: +9.92019 Q2 · CFO: +16.02019 Q3 · CFO: +16.72019 Q4 · CFO: +11.52020 Q1 · CFO: +19.02020 Q2 · CFO: +16.32020 Q3 · CFO: +5.52020 Q4 · CFO: +0.52021 Q1 · CFO: +0.02021 Q2 · CFO: +8.22021 Q3 · CFO: +5.52021 Q4 · CFO: +1.62022 Q1 · CFO: +3.32022 Q2 · CFO: +0.52022 Q3 · CFO: -2.72022 Q4 · CFO: -4.62023 Q1 · CFO: -3.32023 Q2 · CFO: +2.92023 Q3 · CFO: +3.22023 Q4 · CFO: -2.82024 Q1 · CFO: +7.62024 Q2 · CFO: +8.82024 Q3 · CFO: +10.42024 Q4 · CFO: +7.22025 Q1 · CFO: +2.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-28-14+0+14+282007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Prepared remarks: +10.72007 Q3 · Prepared remarks: +7.72007 Q4 · Prepared remarks: +11.32008 Q1 · Prepared remarks: +13.62008 Q2 · Prepared remarks: +13.12008 Q3 · Prepared remarks: +5.32008 Q4 · Prepared remarks: +12.12009 Q1 · Prepared remarks: +9.22009 Q2 · Prepared remarks: +9.62009 Q3 · Prepared remarks: +9.82009 Q4 · Prepared remarks: +8.72010 Q1 · Prepared remarks: +1.62010 Q2 · Prepared remarks: +8.52010 Q3 · Prepared remarks: +8.12010 Q4 · Prepared remarks: +14.82011 Q1 · Prepared remarks: +14.02011 Q2 · Prepared remarks: +16.62011 Q3 · Prepared remarks: +14.22011 Q4 · Prepared remarks: +16.42012 Q1 · Prepared remarks: +9.52012 Q2 · Prepared remarks: +14.52012 Q3 · Prepared remarks: +9.62012 Q4 · Prepared remarks: +13.02013 Q1 · Prepared remarks: +12.42013 Q2 · Prepared remarks: +13.92013 Q3 · Prepared remarks: +15.82013 Q4 · Prepared remarks: +11.92014 Q1 · Prepared remarks: +13.12014 Q2 · Prepared remarks: +19.12014 Q3 · Prepared remarks: +18.22014 Q4 · Prepared remarks: +14.42015 Q1 · Prepared remarks: +9.42015 Q2 · Prepared remarks: +14.42015 Q3 · Prepared remarks: +5.72015 Q4 · Prepared remarks: +10.22016 Q1 · Prepared remarks: +17.02016 Q2 · Prepared remarks: +21.02016 Q3 · Prepared remarks: +21.92016 Q4 · Prepared remarks: +14.42017 Q1 · Prepared remarks: +15.52017 Q2 · Prepared remarks: +24.82017 Q3 · Prepared remarks: +18.42017 Q4 · Prepared remarks: +15.82018 Q1 · Prepared remarks: +19.12018 Q2 · Prepared remarks: +17.72018 Q3 · Prepared remarks: +12.32018 Q4 · Prepared remarks: +14.42019 Q1 · Prepared remarks: +8.52019 Q2 · Prepared remarks: +14.52019 Q3 · Prepared remarks: +5.22019 Q4 · Prepared remarks: +13.12020 Q1 · Prepared remarks: +14.32020 Q2 · Prepared remarks: +15.02020 Q3 · Prepared remarks: +16.92020 Q4 · Prepared remarks: +9.02021 Q1 · Prepared remarks: +5.22021 Q2 · Prepared remarks: +7.42021 Q3 · Prepared remarks: +2.02021 Q4 · Prepared remarks: +4.32022 Q1 · Prepared remarks: +3.12022 Q2 · Prepared remarks: +3.42022 Q3 · Prepared remarks: +3.62022 Q4 · Prepared remarks: -0.42023 Q1 · Prepared remarks: +3.92023 Q2 · Prepared remarks: +6.52023 Q3 · Prepared remarks: +5.42023 Q4 · Prepared remarks: +4.92024 Q1 · Prepared remarks: +8.92024 Q2 · Prepared remarks: +10.62024 Q3 · Prepared remarks: +11.92024 Q4 · Prepared remarks: +9.02025 Q1 · Prepared remarks: +9.62007 Q2 · Q&A responses: -2.62007 Q3 · Q&A responses: -11.22007 Q4 · Q&A responses: +10.02008 Q1 · Q&A responses: +1.72008 Q2 · Q&A responses: -1.92008 Q3 · Q&A responses: +0.52008 Q4 · Q&A responses: +1.02009 Q1 · Q&A responses: +2.62009 Q2 · Q&A responses: +0.82009 Q3 · Q&A responses: +1.82009 Q4 · Q&A responses: -0.72010 Q1 · Q&A responses: +1.52010 Q2 · Q&A responses: +0.02010 Q3 · Q&A responses: +6.12010 Q4 · Q&A responses: +4.82011 Q1 · Q&A responses: -3.52011 Q2 · Q&A responses: +2.82011 Q3 · Q&A responses: +1.02011 Q4 · Q&A responses: +2.92012 Q1 · Q&A responses: -0.92012 Q2 · Q&A responses: +3.22012 Q3 · Q&A responses: -0.52012 Q4 · Q&A responses: +0.62013 Q1 · Q&A responses: +1.32013 Q2 · Q&A responses: -2.82013 Q3 · Q&A responses: +0.02013 Q4 · Q&A responses: +2.72014 Q1 · Q&A responses: -3.52014 Q2 · Q&A responses: +4.62014 Q3 · Q&A responses: +5.82014 Q4 · Q&A responses: +0.52015 Q1 · Q&A responses: -2.32015 Q2 · Q&A responses: +6.82015 Q3 · Q&A responses: +3.62015 Q4 · Q&A responses: +2.92016 Q1 · Q&A responses: +5.32016 Q2 · Q&A responses: +14.62016 Q3 · Q&A responses: +5.32016 Q4 · Q&A responses: +7.72017 Q1 · Q&A responses: +7.42017 Q2 · Q&A responses: +11.42017 Q3 · Q&A responses: +12.22017 Q4 · Q&A responses: +3.62018 Q1 · Q&A responses: +6.52018 Q2 · Q&A responses: +6.22018 Q3 · Q&A responses: +7.82018 Q4 · Q&A responses: +7.02019 Q1 · Q&A responses: +12.02019 Q2 · Q&A responses: +4.82019 Q3 · Q&A responses: -6.22019 Q4 · Q&A responses: +8.22020 Q1 · Q&A responses: +5.22020 Q2 · Q&A responses: +5.62020 Q3 · Q&A responses: +8.12020 Q4 · Q&A responses: +5.12021 Q1 · Q&A responses: +8.32021 Q2 · Q&A responses: -6.42021 Q3 · Q&A responses: -1.32021 Q4 · Q&A responses: -2.12022 Q1 · Q&A responses: +5.42022 Q2 · Q&A responses: +5.02022 Q3 · Q&A responses: +2.02022 Q4 · Q&A responses: +1.32023 Q1 · Q&A responses: +0.52023 Q2 · Q&A responses: +0.82023 Q3 · Q&A responses: +0.62023 Q4 · Q&A responses: +2.52024 Q1 · Q&A responses: -4.02024 Q2 · Q&A responses: +5.42024 Q3 · Q&A responses: +7.42024 Q4 · Q&A responses: +4.12025 Q1 · Q&A responses: +0.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$10.33$22.46$34.592007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: $12.012014 Q2: $12.932014 Q3: $15.372014 Q4: $16.282015 Q1: $17.712015 Q2: $18.072015 Q3: $17.342015 Q4: $18.522016 Q1: $18.972016 Q2: $19.552016 Q3: $20.662016 Q4: $20.902017 Q1: $21.302017 Q2: $21.502017 Q3: $22.742017 Q4: $23.812018 Q1: $25.192018 Q2: $25.082018 Q3: $26.882018 Q4: $27.882019 Q1: $28.852019 Q2: $30.152019 Q3: $32.122019 Q4: $32.922020 Q1: $32.562020 Q2: $32.472020 Q3: $31.932020 Q4: $25.282021 Q1: $18.882021 Q2: $19.822021 Q3: $20.292021 Q4: $18.812022 Q1: $15.662022 Q2: $15.782022 Q3: $15.902022 Q4: $15.662023 Q1: $15.772023 Q2: $15.932023 Q3: $16.272023 Q4: $15.612024 Q1: $16.022024 Q2: $16.502024 Q3: $16.89

Forward P/E

5.5718.2330.902007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: 29.152014 Q2: 23.962014 Q3: 21.312014 Q4: 20.452015 Q1: 24.172015 Q2: 21.632015 Q3: 18.432015 Q4: 16.162016 Q1: 13.222016 Q2: 12.222016 Q3: 14.512016 Q4: 13.702017 Q1: 13.742017 Q2: 11.792017 Q3: 14.252017 Q4: 13.892018 Q1: 11.342018 Q2: 12.242018 Q3: 12.612018 Q4: 10.502019 Q1: 11.112019 Q2: 7.762019 Q3: 7.322019 Q4: 9.012020 Q1: 9.172020 Q2: 8.672020 Q3: 8.662020 Q4: 9.822021 Q1: 13.992021 Q2: 19.742021 Q3: 14.752021 Q4: 12.542022 Q1: 13.022022 Q2: 12.502022 Q3: 12.832022 Q4: 18.462023 Q1: 16.632023 Q2: 18.832023 Q3: 15.732023 Q4: 16.372024 Q1: 14.142024 Q2: 13.552024 Q3: 11.70

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -2.5 fwd EPS ↑ +2.44 Tone cooled even as the forward EPS estimate rose.
  • 2014 Q4 tone ↓ -3.6 fwd EPS ↑ +0.91 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↓ -2.4 fwd EPS ↑ +1.43 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -4.1 fwd EPS ↑ +1.11 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↓ -3.0 fwd EPS ↑ +0.24 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -3.7 fwd EPS ↑ +1.24 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -3.3 fwd EPS ↑ +1.07 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.0 fwd EPS ↑ +1.80 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -3.5 fwd EPS ↑ +0.97 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -7.6 fwd EPS ↑ +1.97 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -4.8 fwd EPS ↑ +0.94 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+5.5——View →
2024 Q42025-02-12+5.7——View →
2024 Q32024-10-30+7.4$16.8911.7View →
2024 Q22024-08-01+7.5$16.5013.6View →
2024 Q12024-06-05+2.2$16.0214.1View →
2023 Q42024-02-13+3.5$15.6116.4View →
2023 Q32023-11-08+3.1$16.2715.7View →
2023 Q22023-07-25+1.8$15.9318.8View →