BIIB vs. MRK

Last updated Apr 1, 2026

Compare and contrast key facts about Biogen Inc. (BIIB) and Merck & Co., Inc. (MRK).

Performance

BIIB vs. MRK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Biogen Inc. (BIIB) and Merck & Co., Inc. (MRK). The values are adjusted to include any dividend payments, if applicable.

BIIB vs. MRK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIIB Biogen Inc.	4.17%	15.09%	-40.91%	-6.55%	15.42%	-2.02%	-17.48%	-1.39%	-5.54%	12.34%
MRK Merck & Co., Inc.	15.13%	9.79%	-6.26%	1.01%	49.42%	1.75%	-7.20%	22.27%	39.95%	-1.49%

Fundamentals

Market Cap BIIB : $26.89B MRK : $299.28B
EPS BIIB : $8.82 MRK : $7.30
PE Ratio BIIB : 20.77 MRK : 16.47
PEG Ratio BIIB : 1.44 MRK : 0.01
PS Ratio BIIB : 2.74 MRK : 4.63
PB Ratio BIIB : 1.47 MRK : 5.77
Total Revenue (TTM) BIIB : $9.81B MRK : $65.01B
Gross Profit (TTM) BIIB : $6.91B MRK : $52.98B
EBITDA (TTM) BIIB : $3.10B MRK : $28.80B

Returns By Period

In the year-to-date period, BIIB achieves a 4.17% return, which is significantly lower than MRK's 15.13% return. Over the past 10 years, BIIB has underperformed MRK with an annualized return of -3.45%, while MRK has yielded a comparatively higher 12.31% annualized return.

BIIB

• 1D: -2.26%
• 1M: -4.43%
• YTD: 4.17%
• 6M: 30.88%
• 1Y: 33.97%
• 3Y*: -12.96%
• 5Y*: -8.04%
• 10Y*: -3.45%

MRK

• 1D: 1.85%
• 1M: -2.13%
• YTD: 15.13%
• 6M: 45.62%
• 1Y: 38.88%
• 3Y*: 7.42%
• 5Y*: 13.86%
• 10Y*: 12.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

BIIB vs. MRK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIIB

BIIB Risk / Return Rank: 73
BIIB Sharpe Ratio Rank: 75
BIIB Sortino Ratio Rank: 72
BIIB Omega Ratio Rank: 66
BIIB Calmar Ratio Rank: 77
BIIB Martin Ratio Rank: 77

MRK

MRK Risk / Return Rank: 79
MRK Sharpe Ratio Rank: 82
MRK Sortino Ratio Rank: 78
MRK Omega Ratio Rank: 76
MRK Calmar Ratio Rank: 80
MRK Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIIB vs. MRK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Biogen Inc. (BIIB) and Merck & Co., Inc. (MRK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BIIB	MRK	Difference
Sharpe ratio Return per unit of total volatility	0.99	1.34	-0.35
Sortino ratio Return per unit of downside risk	1.63	1.96	-0.33
Omega ratio Gain probability vs. loss probability	1.19	1.25	-0.06
Calmar ratio Return relative to maximum drawdown	1.90	2.19	-0.29
Martin ratio Return relative to average drawdown	4.80	5.34	-0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIIB vs. MRK - Sharpe Ratio Comparison

The current BIIB Sharpe Ratio is 0.99, which is comparable to the MRK Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of BIIB and MRK, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BIIB	MRK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	1.34	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	0.60	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	0.54	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.49	-0.26

Correlation

The correlation between BIIB and MRK is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BIIB vs. MRK - Dividend Comparison

BIIB has not paid dividends to shareholders, while MRK's dividend yield for the trailing twelve months is around 2.76%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIIB Biogen Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MRK Merck & Co., Inc.	2.76%	3.12%	3.14%	2.72%	2.52%	3.41%	3.03%	2.48%	2.60%	3.36%	3.14%	3.43%

Drawdowns

BIIB vs. MRK - Drawdown Comparison

The maximum BIIB drawdown since its inception was -89.98%, which is greater than MRK's maximum drawdown of -68.61%. Use the drawdown chart below to compare losses from any high point for BIIB and MRK.

Drawdown Indicators

	BIIB	MRK	Difference
Max Drawdown Largest peak-to-trough decline	-89.98%	-68.61%	-21.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.13%	-15.67%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	-72.66%	-43.44%	-29.22%
Max Drawdown (10Y) Largest decline over 10 years	-72.66%	-43.44%	-29.22%
Current Drawdown Current decline from peak	-61.48%	-4.04%	-57.44%
Average Drawdown Average peak-to-trough decline	-36.48%	-18.89%	-17.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.78%	7.44%	-0.66%

Volatility

BIIB vs. MRK - Volatility Comparison

Biogen Inc. (BIIB) has a higher volatility of 8.91% compared to Merck & Co., Inc. (MRK) at 5.85%. This indicates that BIIB's price experiences larger fluctuations and is considered to be riskier than MRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIIB	MRK	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.91%	5.85%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	24.16%	19.79%	+4.37%
Volatility (1Y) Calculated over the trailing 1-year period	34.48%	29.08%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.11%	23.30%	+14.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.40%	22.68%	+18.72%

Financials

BIIB vs. MRK - Profitability Comparison

The chart below illustrates the profitability comparison between Biogen Inc. and Merck & Co., Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BIIB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Biogen Inc. reported a gross profit of 1.78B and revenue of 2.28B. Therefore, the gross margin over that period was 78.2%.

MRK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Merck & Co., Inc. reported a gross profit of 15.20B and revenue of 16.40B. Therefore, the gross margin over that period was 92.7%.

BIIB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Biogen Inc. reported an operating income of -57.00M and revenue of 2.28B, resulting in an operating margin of -2.5%.

MRK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Merck & Co., Inc. reported an operating income of 8.74B and revenue of 16.40B, resulting in an operating margin of 53.3%.

BIIB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Biogen Inc. reported a net income of -48.41M and revenue of 2.28B, resulting in a net margin of -2.1%.

MRK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Merck & Co., Inc. reported a net income of 2.96B and revenue of 16.40B, resulting in a net margin of 18.1%.