Is Biogen Stock a Buy?

Biogen (NASDAQ: BIIB) hasn't had the best year -- and not necessarily because of the COVID-19 pandemic. Back in June, a judge invalidated a patent on Tecfidera, which is the biotech's best-selling drug. Because of this decision, Biogen will face generic competition for Tecfidera from Mylan, and this competitive pressure could lead to lower sales volume for the multiple sclerosis (MS) drug.

The drama surrounding Tecfidera is one of the reasons Biogen's stock has been so volatile all year long. As of this writing, the company's shares are down by 9.5% since Jan. 2. However, there is much more going on with Biogen, and before deciding whether it is a good biotech stock to buy, let's dive a little deeper into its business and financial performance.