Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Biogen Inc. (BIIB) Halal?

PASS

Biogen Inc. · NASDAQ: BIIB · Healthcare

The short answer

Yes - Biogen Inc. (BIIB) passes this Shariah stock screen on all three gates. The business is biopharmaceutical therapies for neurological and neurodegenerative diseases (MS drugs, SPINRAZA, SKYCLARYS, ZURZUVAE, QALSODY, LEQEMBI with Eisai), plus biosimilars and the newly acquired SYFOVRE/EMPAVELI - with no haram segments disclosed in its FY2025 10-K (filed February 6, 2026). Interest-bearing debt of $8,090.2M (Q2 2026, including the $2.0B term loan for the $5.4B Apellis acquisition) is about 24.3% of its ~$33.4B market cap ($222.82 latest quote, October 2, 2026), below the ~33% ceiling. Interest income of $125.0M - separately disclosed in the 10-K note - is about 1.3% of total revenue ($9,890.6M), below the 5% ceiling. Note: Zoya rates BIIB Shariah-compliant and Musaffa classifies it halal (September 2026); no ShariaPortfolio rating was found.

Gate 1 — Business activity: PASS

Biogen Inc. (NASDAQ: BIIB) is a global biopharmaceutical company focused on neurological and neurodegenerative diseases - per the FY2025 10-K. Its portfolio spans multiple sclerosis therapies (TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI), SPINRAZA (spinal muscular atrophy), SKYCLARYS (Friedreich ataxia), ZURZUVAE (postpartum depression, with Sage), QALSODY (SOD1-ALS), LEQEMBI (Alzheimer's, with Eisai), biosimilars, and SYFOVRE/EMPAVELI (Apellis acquisition, closed May 2026). Haram flags checked (factual, from the filings): the 10-K discloses no alcohol, tobacco, gambling, weapons, pork, or interest-based lending businesses, and no material porcine-derived product line. Nothing in the filings suggests a haram segment. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Per Biogen's Q2 2026 10-Q (filed July 29, 2026), total debt was $8,090.2M - notes payable plus the $2.0B 2026 term loan and revolver draw following the $5.4B Apellis acquisition (closed May 2026). Against a market cap of about $33.4B ($222.82 latest quote, October 2, 2026), debt / market cap is about 24.3%, below the ~33% ceiling (FY2025 10-K: $6,286.8M, about 18.9%). Cash and cash equivalents of $3,008.5M plus marketable securities of $1,239.1M ($4,247.6M combined) are about 12.7% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Biogen's FY2025 10-K discloses interest income of $125.0M in the 'Interest income and expense' note (components of other (income) expense, net), against total revenue of $9,890.6M - about 1.3% of revenue, well below the 5% non-compliant income ceiling. Gate 3 passes on a directly disclosed figure. Facts only.

Key figures used

Frequently asked questions

What does Biogen do?

Biogen Inc. (NASDAQ: BIIB) is a global biopharmaceutical company focused on discovering, developing, manufacturing, and delivering therapies for neurological and neurodegenerative diseases. Its portfolio includes multiple sclerosis drugs (TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI), SPINRAZA (spinal muscular atrophy), SKYCLARYS (Friedreich ataxia), ZURZUVAE (postpartum depression, with Sage), QALSODY (SOD1-ALS), and LEQEMBI (Alzheimer's, co-developed and commercialized with Eisai), plus biosimilars and the newly acquired SYFOVRE/EMPAVELI (Apellis acquisition, closed May 2026). The FY2025 10-K discloses no alcohol, tobacco, gambling, weapons, pork, or interest-based lending businesses.

Why does Biogen pass this Shariah stock screen?

Biogen passes all three gates from its own filings. Gate 1: the business is biopharmaceutical therapies for neurological diseases - no haram segments are disclosed in the FY2025 10-K. Gate 2: interest-bearing debt of $8,090.2M (Q2 2026, after the Apellis acquisition) is about 24.3% of its ~$33.4B market cap ($222.82 latest quote, October 2, 2026), below the ~33% ceiling. Gate 3: separately disclosed interest income of $125.0M is about 1.3% of total revenue ($9,890.6M, FY2025), below the 5% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Biogen's interest-bearing debt ratio?

Per Biogen's Q2 2026 10-Q (filed July 29, 2026), total debt was $8,090.2M - notes payable plus the $2.0B 2026 term loan and revolver draw following the $5.4B Apellis acquisition (closed May 2026). Against a market cap of about $33.4B ($222.82 latest quote on October 2, 2026), debt / market cap is about 24.3% - below the ~33% ceiling (the FY2025 10-K figure was $6,286.8M, about 18.9%). Cash and cash equivalents of $3,008.5M plus marketable securities of $1,239.1M ($4,247.6M combined) are about 12.7% of market cap. Gate 2 passes.

What is Biogen's non-compliant income ratio?

Biogen's FY2025 10-K discloses interest income of $125.0M in the 'Interest income and expense' note (components of other (income) expense, net), against total revenue of $9,890.6M - about 1.3% of revenue, well below the 5% non-compliant income ceiling. Gate 3 passes on a directly disclosed figure.

Do Zoya, Musaffa, or ShariaPortfolio cover Biogen?

Zoya covers BIIB and states it is Shariah-compliant and 'therefore considered halal to invest in' (zoya.finance/stocks/biib, based on the FY2025 annual report). Musaffa covers BIIB and classifies it as halal as of September 2026 (musaffa.com/stock/BIIB). No ShariaPortfolio screening page or rating for BIIB was found - reported as absent, not invented. This page applies the screen directly from Biogen's own SEC filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).