Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
MARKET AND STOCKHOLDER INFORMATION
Our common stock trades on The Nasdaq Global Select Market under the symbol “BIIB.” As of February 4, 2026, there were approximately 372 shareholders of record of our common stock.
DIVIDENDS
We have not paid cash dividends since our inception. While we historically have not paid cash dividends and do not have a current intention to pay cash dividends, we continually review our capital allocation strategies, including, among other things, payment of cash dividends, share repurchases and acquisitions.
ISSUER PURCHASES OF EQUITY SECURITIES
The following table summarizes our common stock repurchase activity during the fourth quarter of 2025:
Period Total Number of
Shares Purchased
(#) Average Price
Paid per Share
($) Total Number of
Shares Purchased
as Part of Publicly
Announced Programs
(#) Approximate Dollar Value
of Shares That May Yet Be
Purchased Under
Our Programs
($ in millions)
October 1, 2025 - October 31, 2025 — $ — — $ 2,050.0
November 1, 2025 - November 30, 2025 — $ — — $ 2,050.0
December 1, 2025 - December 31, 2025 — $ — — $ 2,050.0
Total (1)
— $ —
(1) There were no share repurchases during the fourth quarter of 2025.
In October 2020 our Board of Directors authorized our 2020 Share Repurchase Program, which is a program to repurchase up to $5.0 billion of our common stock. Our 2020 Share Repurchase Program does not have an expiration date. All shares repurchased under our 2020 Share Repurc hase Program were retired. There were no repurchases of our common stock during the years ended December 31, 2025, 2024 and 2023. Approximately $2.1 billion remained available under our 2020 Share Repurchase Program as of December 31, 2025.
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PERFORMANCE GRAPH
The performance graph below compares the five-year cumulative total stockholder return on our common stock, the Nasdaq Pharmaceutical Index, the S&P 500 Index and the Nasdaq Biotechnology Index. The performance graph below assumes the investment of $100.00 on December 31, 2020, in our common stock and each of the three indexes, with dividends being reinvested.
The stock price performance in the graph below is not necessarily indicative of future price performance.
2020 2021 2022 2023 2024 2025
Biogen Inc. $100.00 $97.98 $113.08 $105.65 $62.43 $71.84
Nasdaq Pharmaceutical Index $100.00 $124.39 $138.51 $143.88 $156.19 $200.89
S&P 500 Index $100.00 $128.71 $105.40 $133.10 $166.40 $196.16
Nasdaq Biotechnology Index $100.00 $100.02 $89.90 $94.03 $93.49 $124.75
The information included under the heading Performance Graph is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be “soliciting material” subject to Regulation 14A or incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
ITEM 6. RESERVED
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