Biogen (BIIB) Financials

$121.80 -1.73 (-1.40%)

Closing price 05/5/2025 04:00 PM Eastern

Extended Trading

$121.60 -0.19 (-0.16%)

As of 07:37 AM Eastern

Annual Income Statements for Biogen

This table shows Biogen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	3,547	3,703	2,539	4,431	5,889	4,001	1,556	3,047	1,161	1,632
Consolidated Net Income / (Loss)	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632
Net Income / (Loss) Continuing Operations	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632
Total Pre-Tax Income	4,767	4,933	5,129	5,900	7,126	5,048	1,745	3,592	1,297	1,906
Total Operating Income	4,891	5,152	5,346	5,889	7,043	4,550	1,745	3,484	1,612	2,250
Total Gross Profit	9,523	9,970	10,644	11,637	12,423	11,639	8,872	7,895	7,302	7,366
Total Revenue	10,764	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676
Operating Revenue	10,528	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676
Total Cost of Revenue	1,240	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310
Operating Cost of Revenue	1,240	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310
Total Operating Expenses	4,632	4,818	5,298	5,748	5,380	7,089	7,127	4,412	5,690	5,116
Selling, General & Admin Expense	2,113	1,947	1,934	2,106	2,375	2,505	2,674	2,404	2,550	2,404
Research & Development Expense	2,013	1,973	2,374	2,710	2,281	4,066	2,519	2,231	2,462	2,042
Amortization Expense	383	386	815	747	490	465	881	366	241	447
Other Operating Expenses / (Income)	0.00	10	112	185	242	233	1,103	-7.40	219	254
Restructuring Charge	93	33	0.90	12	1.50	0.00	0.00	131	219	30
Other Special Charges / (Income)	31	470	63	-12	-8.40	-179	-51	-713	0.00	-61
Total Other Income / (Expense), net	-124	-219	-217	11	83	497	0.00	108	-316	-344
Other Income / (Expense), net	-124	-219	-217	11	83	497	-	108	-316	-344
Income Tax Expense	1,162	1,237	2,459	1,426	1,158	992	53	633	135	274
Other Gains / (Losses), net	-13	0.00	0.00	0.00	-79	5.30	35	2.60	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	46	-7.10	131	43	0.00	60	172	-85	0.40	0.00
Basic Earnings per Share	$15.38	$16.96	$11.94	$21.63	$31.47	$24.86	$10.44	$20.96	$8.02	$11.21
Weighted Average Basic Shares Outstanding	230.70M	218.40M	212.60M	204.90M	187.10M	160.90M	149.10M	145.30M	144.70M	145.60M
Diluted Earnings per Share	$15.34	$16.93	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18
Weighted Average Diluted Shares Outstanding	231.20M	218.80M	213M	205.30M	187.40M	161.30M	149.60M	146M	145.60M	145.90M
Weighted Average Basic & Diluted Shares Outstanding	230.60M	218.30M	212.70M	204.80M	174.06M	152.34M	146.96M	144.49M	145.36M	146.37M

This table shows Biogen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,135	550	388	592	-68	250	393	584	389	267
Consolidated Net Income / (Loss)	1,135	550	388	593	-68	249	393	584	389	267
Net Income / (Loss) Continuing Operations	1,135	550	388	593	-68	249	393	584	389	267
Total Pre-Tax Income	1,371	604	438	708	-141	292	465	699	451	292
Total Operating Income	1,371	496	438	708	-141	607	465	699	451	635
Total Gross Profit	2,039	1,973	1,800	1,863	1,871	1,768	1,748	1,919	1,827	1,871
Total Revenue	2,509	2,544	2,463	2,456	2,530	2,386	2,291	2,465	2,466	2,455
Total Cost of Revenue	470	571	663	593	660	618	542	546	639	584
Operating Cost of Revenue	470	571	663	593	660	618	542	546	639	584
Total Operating Expenses	668	1,478	1,362	1,155	2,012	1,161	1,284	1,220	1,376	1,236
Selling, General & Admin Expense	563	633	605	548	788	609	582	554	588	680
Research & Development Expense	549	602	571	584	736	571	453	514	543	532
Amortization Expense	57	175	50	53	61	77	78	87	130	151
Other Operating Expenses / (Income)	-11	257	127	-64	351	-194	159	148	84	-137
Restructuring Charge	15	7.00	9.60	34	76	99	12	6.60	6.80	5.30
Total Other Income / (Expense), net	0.00	108	0.00	0.00	0.00	-316	0.00	0.00	0.00	-344
Income Tax Expense	236	54	51	115	-73	43	71	115	63	25
Basic Earnings per Share	$7.86	$3.79	$2.69	$4.09	($0.47)	$1.71	$2.71	$4.01	$2.67	$1.82
Weighted Average Basic Shares Outstanding	144.40M	145.30M	144.40M	144.70M	144.80M	144.70M	145.20M	145.60M	145.70M	145.60M
Diluted Earnings per Share	$7.84	$3.73	$2.67	$4.07	($0.47)	$1.70	$2.70	$4.00	$2.66	$1.82
Weighted Average Diluted Shares Outstanding	144.80M	146M	145.20M	145.50M	144.80M	145.60M	145.90M	145.90M	146.10M	145.90M
Weighted Average Basic & Diluted Shares Outstanding	144.00M	144.49M	144.74M	144.82M	144.90M	145.36M	145.60M	145.66M	145.72M	146.37M

This table details how cash moves in and out of Biogen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	149	1,050	-792	-331	1,689	-1,652	990	1,214	-2,405	1,393
Net Cash From Operating Activities	3,919	4,587	4,551	6,188	7,079	4,230	3,640	1,384	1,547	2,876
Net Cash From Continuing Operating Activities	3,919	4,587	4,551	6,188	7,026	4,230	3,640	1,384	1,547	2,876
Net Income / (Loss) Continuing Operations	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632
Consolidated Net Income / (Loss)	3,593	3,696	2,670	4,474	5,889	4,061	1,728	2,962	1,162	1,632
Depreciation Expense	600	683	1,081	651	465	457	488	518	495	673
Amortization Expense	-	-	-	-	-	-	0.00	0.00	32	230
Non-Cash Adjustments To Reconcile Net Income	322	259	473	555	407	-250	1,997	-1,037	814	653
Changes in Operating Assets and Liabilities, net	-596	-50	327	509	266	-38	-572	-1,059	-955	-313
Net Cash From Investing Activities	-4,554	-2,485	-2,963	-2,046	471	-609	-564	1,577	-4,101	-799
Net Cash From Continuing Investing Activities	-4,554	-2,485	-2,963	-2,046	471	-609	-564	1,577	-4,101	-799
Purchase of Property, Plant & Equipment	-1,493	-1,816	-2,067	-2,271	-815	-425	-258	-240	-277	-154
Acquisitions	-214	-112	-1,095	-792	-899	-127	-37	-2.90	-6,961	-1,281
Purchase of Investments	-6,865	-7,913	-5,355	-8,158	-5,253	-7,404	-3,809	-3,449	-5,141	0.00
Sale of Property, Plant & Equipment	-	-	0.00	0.00	924	0.00	28	0.00	0.00	89
Divestitures	-	-	-	0.00	479	75	94	1,573	908	552
Sale and/or Maturity of Investments	4,063	7,379	5,566	9,174	6,007	7,299	3,405	3,671	7,381	0.00
Other Investing Activities, net	-45	-23	-11	0.40	27	-27	13	24	-11	-4.70
Net Cash From Financing Activities	783	-1,053	-2,380	-4,472	-5,860	-5,273	-2,086	-1,747	149	-684
Net Cash From Continuing Financing Activities	783	-1,053	-2,380	-4,472	-5,860	-5,273	-2,086	-1,747	149	-684
Repayment of Debt	-7.30	-2.70	-575	-25	0.00	-1,485	-191	-1,008	-816	-652
Repurchase of Common Equity	-5,000	-1,000	-1,365	-4,353	-5,868	-6,679	-1,800	-750	0.00	0.00
Payment of Dividends	-56	0.00	-437	-36	4.30	-71	-94	12	12	0.00
Issuance of Debt	5,931	-2.80	-	0.00	3.60	2,967	0.00	0.00	997	0.00
Other Financing Activities, net	-84	-47	-3.00	-58	0.00	-4.60	-0.70	-1.90	-44	-31

This table details how cash moves in and out of Biogen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	376	382	-541	-276	-301	-1,286	48	847	-252	750
Net Cash From Operating Activities	661	-175	455	487	592	13	553	626	936	761
Net Cash From Continuing Operating Activities	675	-189	455	487	592	13	553	626	936	761
Net Income / (Loss) Continuing Operations	1,135	550	388	593	-68	249	393	584	389	267
Consolidated Net Income / (Loss)	1,135	550	388	593	-68	249	393	584	389	267
Depreciation Expense	121	120	112	117	125	140	148	159	183	184
Amortization Expense	-	-	0.00	-	-	32	44	90	51	45
Non-Cash Adjustments To Reconcile Net Income	-626	298	204	14	428	168	157	69	108	319
Changes in Operating Assets and Liabilities, net	45	-1,156	-249	-237	108	-576	-189	-276	205	-54
Net Cash From Investing Activities	1,672	-141	-953	-754	-1,742	-652	-66	467	-1,181	-19
Net Cash From Continuing Investing Activities	1,090	442	-953	-754	-1,742	-652	-66	467	-1,181	-19
Purchase of Property, Plant & Equipment	-59	-86	-67	-71	-74	-65	-46	-34	-35	-39
Acquisitions	-	-1.00	-5.00	-16	-13	-6,926	-75	-9.10	-95	-1,102
Divestitures	-	583	-	-	-6,336	6,455	-	-	-1,075	1,220
Sale and/or Maturity of Investments	1,643	566	441	1,345	5,702	-106	56	1.90	39	-97
Other Investing Activities, net	-0.20	23	-0.70	-0.40	-0.20	-10	-0.70	-2.60	-1.10	-0.30
Net Cash From Financing Activities	-1,252	-7.40	-43	-9.80	849	-646	-440	-245	-6.60	7.90
Net Cash From Continuing Financing Activities	-1,252	-7.40	-43	-9.80	849	-646	-440	-245	-6.60	7.90
Repayment of Debt	-	-12	17	-17	-158	-658	-393	-251	-13	4.40
Other Financing Activities, net	5.70	3.90	-60	5.50	6.60	3.70	-47	6.10	6.00	3.50

This table presents Biogen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	19,505	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049
Total Current Assets	6,700	8,732	7,873	7,641	8,382	6,887	7,857	9,791	6,859	7,457
Cash & Equivalents	1,308	2,327	1,574	1,225	2,914	1,331	2,261	3,419	1,050	2,375
Accounts Receivable	1,227	1,442	1,787	1,959	1,881	1,914	1,549	1,705	1,664	1,405
Inventories, net	893	1,002	903	930	804	1,069	1,352	1,344	2,527	2,461
Other Current Assets	1,151	1,394	1,495	1,215	1,221	1,295	1,153	1,849	1,618	1,217
Plant, Property, & Equipment, net	2,188	2,502	3,182	3,601	3,247	3,412	3,416	3,299	3,310	3,181
Total Noncurrent Assets	10,617	11,643	12,597	14,047	15,605	14,320	12,604	11,464	16,676	17,411
Goodwill	2,664	3,669	4,633	5,706	5,758	5,762	5,761	5,749	6,219	6,479
Intangible Assets	4,085	3,808	3,880	3,120	3,527	3,084	2,221	1,850	8,363	9,691
Noncurrent Deferred & Refundable Income Taxes	-	-	596	2,154	3,232	1,370	1,415	1,226	929	324
Other Noncurrent Operating Assets	1,108	1,336	432	1,691	1,680	3,332	2,315	1,933	1,165	917
Total Liabilities & Shareholders' Equity	19,505	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049
Total Liabilities	10,130	10,748	11,055	12,257	13,895	13,933	12,918	11,166	12,045	11,333
Total Current Liabilities	2,578	3,420	3,368	3,295	4,864	3,742	4,298	3,273	3,434	5,529
Short-Term Debt	4.80	4.70	3.20	0.00	1,496	0.00	999	0.00	150	1,749
Accounts Payable	267	280	396	371	531	455	589	492	403	424
Current Deferred & Payable Income Tax Liabilities	209	232	68	64	71	142	175	260	257	548
Other Current Liabilities	2,097	2,904	2,901	2,861	2,766	3,145	2,535	2,521	2,624	2,808
Total Noncurrent Liabilities	7,552	7,328	7,686	8,962	9,031	10,191	8,619	7,893	8,611	5,805
Long-Term Debt	6,522	6,513	5,935	5,937	4,459	7,426	6,274	6,281	6,788	4,547
Noncurrent Deferred & Payable Income Tax Liabilities	125	93	123	1,636	2,811	1,033	695	335	642	191
Other Noncurrent Operating Liabilities	906	723	1,629	1,389	1,762	1,732	1,651	1,277	1,181	1,067
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,375	12,129	12,598	13,032	13,339	10,686	10,960	13,388	14,799	16,716
Total Preferred & Common Equity	9,373	12,140	12,613	13,040	13,343	10,700	10,896	13,398	14,799	16,716
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	9,373	12,140	12,613	13,040	13,343	10,700	10,896	13,398	14,799	16,716
Common Stock	0.10	0.10	98	0.10	0.10	0.10	68	73	303	570
Retained Earnings	12,208	15,072	15,810	16,257	16,455	13,976	13,912	16,467	17,628	19,260
Treasury Stock	-2,612	-2,612	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977
Accumulated Other Comprehensive Income / (Loss)	-224	-320	-318	-240	-135	-299	-107	-165	-154	-136

This table presents Biogen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Total Assets	24,854	24,554	24,598	25,157	28,193	26,845	26,568	26,804	28,313	28,049
Total Current Assets	9,766	9,791	9,763	10,432	8,454	6,859	6,756	7,109	6,831	7,457
Cash & Equivalents	3,676	3,419	2,898	2,618	2,288	1,050	1,074	1,909	1,699	2,375
Accounts Receivable	1,569	1,705	1,634	2,124	2,210	1,664	2,000	2,078	1,988	1,405
Inventories, net	1,375	1,344	1,281	1,334	2,982	2,527	2,517	2,506	2,469	2,461
Other Current Assets	1,911	1,849	1,806	896	974	1,618	1,165	615	674	1,217
Plant, Property, & Equipment, net	3,266	3,299	3,301	3,307	3,302	3,310	3,275	3,249	3,211	3,181
Total Noncurrent Assets	11,822	11,464	11,535	11,418	16,438	16,676	16,536	16,446	18,272	17,411
Goodwill	5,741	5,749	5,752	5,754	6,808	6,219	6,227	6,227	6,486	6,479
Intangible Assets	2,009	1,850	1,813	1,776	7,345	8,363	8,285	8,233	9,806	9,691
Noncurrent Deferred & Refundable Income Taxes	1,175	1,226	1,212	1,208	1,070	929	898	915	969	324
Other Noncurrent Operating Assets	2,037	1,933	1,780	1,471	1,216	1,165	1,126	1,071	1,012	917
Total Liabilities & Shareholders' Equity	24,854	24,554	24,598	25,157	28,193	26,845	26,568	26,804	28,313	28,049
Total Liabilities	12,087	11,166	10,811	10,696	13,714	12,045	11,355	10,915	11,954	11,333
Total Current Liabilities	3,926	3,273	3,015	3,187	5,022	3,434	3,223	3,108	5,425	5,529
Short-Term Debt	0.00	0.00	-	-	500	150	250	0.00	1,748	1,749
Accounts Payable	383	492	491	445	440	403	387	355	423	424
Current Deferred & Payable Income Tax Liabilities	237	260	236	260	244	257	231	282	499	548
Other Current Liabilities	3,306	2,521	2,288	2,481	3,838	2,624	2,355	2,472	2,755	2,808
Total Noncurrent Liabilities	8,161	7,893	7,797	7,510	8,691	8,611	8,132	7,807	6,529	5,805
Long-Term Debt	6,279	6,281	6,283	6,285	6,786	6,788	6,290	6,292	4,546	4,547
Noncurrent Deferred & Payable Income Tax Liabilities	329	335	251	144	728	642	658	591	882	191
Other Noncurrent Operating Liabilities	1,553	1,277	1,263	1,081	1,177	1,181	1,184	924	1,101	1,067
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12,767	13,388	13,787	14,461	14,480	14,799	15,213	15,889	16,359	16,716
Total Preferred & Common Equity	12,776	13,398	13,797	14,467	14,484	14,799	15,213	15,889	16,359	16,716
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	12,776	13,398	13,797	14,467	14,484	14,799	15,213	15,889	16,359	16,716
Common Stock	0.10	73	91	171	242	303	330	408	489	570
Retained Earnings	15,916	16,467	16,854	17,446	17,378	17,628	18,021	18,605	18,993	19,260
Treasury Stock	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977	-2,977
Accumulated Other Comprehensive Income / (Loss)	-164	-165	-172	-173	-159	-154	-161	-146	-146	-136

This table displays calculated financial ratios and metrics derived from Biogen's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.93%	6.36%	7.21%	9.61%	6.88%	-6.49%	-18.32%	-7.36%	-3.32%	-1.62%
EBITDA Growth	15.82%	4.62%	10.58%	5.48%	15.89%	-27.48%	-59.44%	84.07%	-55.64%	54.09%
EBIT Growth	20.80%	3.48%	3.97%	15.03%	20.79%	-29.17%	-65.42%	105.81%	-63.90%	46.98%
NOPAT Growth	24.30%	4.33%	-27.89%	60.46%	32.08%	-38.02%	-53.70%	69.54%	-49.68%	33.40%
Net Income Growth	22.15%	2.85%	-27.75%	67.56%	31.62%	-31.04%	-57.45%	71.43%	-60.78%	40.53%
EPS Growth	24.01%	10.37%	-29.59%	81.04%	45.60%	-21.07%	-58.06%	100.67%	-61.81%	40.28%
Operating Cash Flow Growth	33.22%	17.04%	-0.79%	35.96%	14.40%	-40.25%	-13.95%	-61.97%	11.77%	85.85%
Free Cash Flow Firm Growth	-8.61%	28.14%	-27.76%	14.98%	197.19%	-64.30%	23.51%	-18.97%	-321.32%	138.23%
Invested Capital Growth	20.18%	12.45%	7.95%	19.20%	-4.58%	9.85%	-8.09%	3.93%	47.02%	-0.25%
Revenue Q/Q Growth	1.88%	0.29%	3.67%	1.66%	1.02%	-5.74%	-1.07%	-1.83%	-1.58%	0.71%
EBITDA Q/Q Growth	-1.22%	-3.88%	10.56%	-3.40%	3.37%	-17.44%	12.82%	20.20%	-7.71%	-8.42%
EBIT Q/Q Growth	-1.35%	-4.78%	12.30%	0.25%	4.61%	-21.42%	15.09%	24.45%	-13.59%	-14.21%
NOPAT Q/Q Growth	0.04%	-5.05%	-23.47%	32.19%	9.69%	-31.77%	-8.72%	42.29%	5.89%	2.38%
Net Income Q/Q Growth	-1.48%	-4.66%	-23.37%	33.04%	9.17%	-21.04%	-17.96%	23.84%	-20.56%	1.10%
EPS Q/Q Growth	0.33%	-4.35%	-26.96%	39.50%	11.81%	-17.77%	-1.61%	6.26%	-20.30%	1.09%
Operating Cash Flow Q/Q Growth	8.61%	7.96%	-1.38%	6.49%	0.92%	-35.49%	49.51%	-42.26%	13.79%	35.18%
Free Cash Flow Firm Q/Q Growth	-4.75%	23.85%	-8.09%	2.38%	14.76%	-57.32%	139.39%	-21.35%	-6.88%	386.89%
Invested Capital Q/Q Growth	4.30%	-2.80%	-7.82%	0.26%	-2.07%	8.47%	-4.86%	6.00%	6.21%	-1.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	88.48%	87.08%	86.72%	86.50%	86.40%	86.57%	80.79%	77.61%	74.24%	76.12%
EBITDA Margin	49.87%	49.05%	50.59%	48.69%	52.79%	40.94%	20.33%	40.40%	18.54%	29.03%
Operating Margin	45.44%	45.00%	43.55%	43.77%	48.98%	33.84%	15.89%	34.24%	16.39%	23.25%
EBIT Margin	44.29%	43.09%	41.79%	43.85%	49.56%	37.54%	15.89%	35.31%	13.18%	19.70%
Profit (Net Income) Margin	33.38%	32.28%	21.75%	33.26%	40.96%	30.20%	15.73%	29.11%	11.81%	16.87%
Tax Burden Percent	75.37%	74.92%	52.06%	75.84%	82.64%	80.45%	98.99%	82.45%	89.57%	85.63%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.37%	25.08%	47.94%	24.16%	16.25%	19.66%	3.01%	17.62%	10.43%	14.37%
Return on Invested Capital (ROIC)	41.58%	37.41%	24.51%	34.56%	42.95%	25.98%	11.98%	20.79%	8.31%	9.32%
ROIC Less NNEP Spread (ROIC-NNEP)	50.44%	75.09%	35.72%	42.34%	41.19%	45.66%	13.03%	26.42%	-0.29%	3.32%
Return on Net Nonoperating Assets (RNNOA)	-5.98%	-3.04%	-2.91%	0.35%	1.71%	7.82%	3.99%	3.54%	-0.07%	1.03%
Return on Equity (ROE)	35.60%	34.37%	21.60%	34.91%	44.66%	33.80%	15.96%	24.33%	8.24%	10.36%
Cash Return on Invested Capital (CROIC)	23.25%	25.69%	16.86%	17.04%	47.64%	16.60%	20.41%	16.93%	-29.76%	9.57%
Operating Return on Assets (OROA)	28.19%	23.28%	22.05%	24.11%	27.13%	19.47%	7.20%	14.83%	5.05%	6.94%
Return on Assets (ROA)	21.25%	17.44%	11.48%	18.28%	22.42%	15.66%	7.12%	12.23%	4.52%	5.95%
Return on Common Equity (ROCE)	35.58%	34.39%	21.62%	34.94%	44.68%	33.83%	15.93%	24.27%	8.24%	10.36%
Return on Equity Simple (ROE_SIMPLE)	38.34%	30.44%	21.17%	34.31%	44.13%	37.95%	15.86%	22.11%	7.85%	9.76%
Net Operating Profit after Tax (NOPAT)	3,699	3,860	2,783	4,466	5,898	3,656	1,693	2,870	1,444	1,926
NOPAT Margin	34.37%	33.71%	22.67%	33.19%	41.02%	27.19%	15.41%	28.21%	14.68%	19.91%
Net Nonoperating Expense Percent (NNEP)	-8.86%	-37.68%	-11.21%	-7.78%	1.76%	-19.68%	-1.05%	-5.63%	8.60%	6.00%
Return On Investment Capital (ROIC_SIMPLE)	23.26%	20.70%	15.01%	23.54%	30.57%	20.18%	9.28%	14.59%	6.64%	8.37%
Cost of Revenue to Revenue	11.52%	12.92%	13.28%	13.50%	13.60%	13.43%	19.21%	22.39%	25.76%	23.88%
SG&A Expenses to Revenue	19.63%	17.00%	15.76%	15.66%	16.52%	18.63%	24.35%	23.63%	25.92%	24.84%
R&D to Revenue	18.70%	17.24%	19.34%	20.14%	15.86%	30.24%	22.94%	21.93%	25.03%	21.10%
Operating Expenses to Revenue	43.04%	42.09%	43.17%	42.73%	37.42%	52.73%	64.90%	43.36%	57.85%	52.87%
Earnings before Interest and Taxes (EBIT)	4,767	4,933	5,129	5,900	7,126	5,048	1,745	3,592	1,297	1,906
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,368	5,616	6,210	6,550	7,591	5,505	2,233	4,110	1,823	2,809
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.29	5.08	5.34	4.65	4.01	3.52	3.23	2.98	2.53	1.33
Price to Tangible Book Value (P/TBV)	26.02	13.23	16.43	14.39	13.19	20.32	12.10	6.88	172.63	40.82
Price to Revenue (P/Rev)	6.34	5.39	5.49	4.51	3.72	2.80	3.21	3.92	3.81	2.30
Price to Earnings (P/E)	19.25	16.66	26.53	13.68	9.09	9.42	22.65	13.09	32.29	13.65
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.19%	6.00%	3.77%	7.31%	11.00%	10.62%	4.42%	7.64%	3.10%	7.32%
Enterprise Value to Invested Capital (EV/IC)	7.07	5.54	5.64	4.39	4.00	2.83	2.80	2.88	2.10	1.27
Enterprise Value to Revenue (EV/Rev)	6.38	5.28	5.42	4.58	3.73	3.10	3.45	3.99	4.41	2.71
Enterprise Value to EBITDA (EV/EBITDA)	12.79	10.77	10.72	9.41	7.06	7.58	16.97	9.87	23.80	9.33
Enterprise Value to EBIT (EV/EBIT)	14.40	12.26	12.98	10.45	7.52	8.26	21.71	11.29	33.45	13.75
Enterprise Value to NOPAT (EV/NOPAT)	18.55	15.67	23.91	13.80	9.09	11.41	22.38	14.13	30.04	13.60
Enterprise Value to Operating Cash Flow (EV/OCF)	17.51	13.18	14.62	9.96	7.57	9.86	10.41	29.29	28.04	9.11
Enterprise Value to Free Cash Flow (EV/FCFF)	33.18	22.82	34.76	28.00	8.19	17.86	13.13	17.35	0.00	13.25
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.70	0.54	0.47	0.46	0.45	0.69	0.66	0.47	0.47	0.38
Long-Term Debt to Equity	0.70	0.54	0.47	0.46	0.33	0.69	0.57	0.47	0.46	0.27
Financial Leverage	-0.12	-0.04	-0.08	0.01	0.04	0.17	0.31	0.13	0.23	0.31
Leverage Ratio	1.68	1.97	1.88	1.91	1.99	2.16	2.24	1.99	1.82	1.74
Compound Leverage Factor	1.68	1.97	1.88	1.91	1.99	2.16	2.24	1.99	1.82	1.74
Debt to Total Capital	41.04%	34.95%	32.04%	31.30%	30.86%	41.00%	39.89%	31.93%	31.92%	27.36%
Short-Term Debt to Total Capital	0.03%	0.03%	0.02%	0.00%	7.75%	0.00%	5.48%	0.00%	0.69%	7.60%
Long-Term Debt to Total Capital	41.01%	34.93%	32.02%	31.30%	23.11%	41.00%	34.41%	31.93%	31.23%	19.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	-0.06%	-0.08%	-0.04%	-0.02%	-0.08%	0.35%	-0.05%	0.00%	0.00%
Common Equity to Total Capital	58.94%	65.11%	68.04%	68.74%	69.16%	59.08%	59.76%	68.12%	68.08%	72.64%
Debt to EBITDA	1.22	1.16	0.96	0.91	0.78	1.35	3.26	1.53	3.81	2.24
Net Debt to EBITDA	0.06	-0.22	-0.13	0.16	0.01	0.73	1.15	0.17	3.23	1.40
Long-Term Debt to EBITDA	1.22	1.16	0.96	0.91	0.59	1.35	2.81	1.53	3.72	1.62
Debt to NOPAT	1.76	1.69	2.13	1.33	1.01	2.03	4.30	2.19	4.80	3.27
Net Debt to NOPAT	0.09	-0.31	-0.29	0.23	0.01	1.11	1.52	0.24	4.08	2.04
Long-Term Debt to NOPAT	1.76	1.69	2.13	1.33	0.76	2.03	3.71	2.19	4.70	2.36
Altman Z-Score	6.53	5.86	6.06	5.38	4.70	3.79	3.33	4.30	3.47	2.79
Noncontrolling Interest Sharing Ratio	0.04%	-0.04%	-0.11%	-0.09%	-0.05%	-0.08%	0.23%	0.22%	-0.03%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.60	2.55	2.34	2.32	1.72	1.84	1.83	2.99	2.00	1.35
Quick Ratio	1.81	1.85	1.63	1.67	1.31	1.21	1.25	2.02	0.79	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,068	2,650	1,915	2,201	6,542	2,335	2,885	2,337	-5,173	1,977
Operating Cash Flow to CapEx	262.52%	252.59%	220.13%	272.51%	0.00%	995.72%	1,582.57%	576.07%	558.56%	4,417.05%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.54	0.53	0.55	0.55	0.52	0.45	0.42	0.38	0.35
Accounts Receivable Turnover	8.54	8.58	7.60	7.18	7.49	7.09	6.34	6.25	5.84	6.31
Inventory Turnover	1.46	1.56	1.71	1.98	2.26	1.93	1.74	1.69	1.31	0.93
Fixed Asset Turnover	5.45	4.88	4.32	3.97	4.20	4.04	3.22	3.03	2.98	2.98
Accounts Payable Turnover	5.00	5.40	4.83	4.74	4.34	3.66	4.04	4.22	5.66	5.58
Days Sales Outstanding (DSO)	42.72	42.54	48.01	50.81	48.73	51.50	57.55	58.38	62.51	57.88
Days Inventory Outstanding (DIO)	249.74	233.88	213.21	184.14	161.85	189.33	209.35	215.95	278.92	394.00
Days Payable Outstanding (DPO)	73.06	67.54	75.61	76.97	84.12	99.65	90.32	86.57	64.46	65.36
Cash Conversion Cycle (CCC)	219.39	208.88	185.61	157.98	126.46	141.19	176.58	187.76	276.97	386.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,712	10,922	11,790	14,054	13,410	14,730	13,538	14,071	20,688	20,637
Invested Capital Turnover	1.21	1.11	1.08	1.04	1.05	0.96	0.78	0.74	0.57	0.47
Increase / (Decrease) in Invested Capital	1,631	1,209	869	2,264	-644	1,320	-1,192	533	6,617	-51
Enterprise Value (EV)	68,626	60,481	66,547	61,645	53,609	41,709	37,885	40,550	43,384	26,204
Market Capitalization	68,286	61,700	67,370	60,630	53,543	37,679	35,242	39,877	37,495	22,283
Book Value per Share	$42.05	$55.80	$59.64	$64.72	$73.95	$69.54	$74.18	$93.04	$102.14	$114.71
Tangible Book Value per Share	$11.77	$21.43	$19.39	$20.91	$22.49	$12.05	$19.84	$40.27	$1.50	$3.75
Total Capital	15,901	18,646	18,536	18,968	19,294	18,112	18,233	19,669	21,738	23,012
Total Debt	6,526	6,517	5,938	5,937	5,955	7,426	7,273	6,281	6,938	6,296
Total Long-Term Debt	6,522	6,513	5,935	5,937	4,459	7,426	6,274	6,281	6,788	4,547
Net Debt	337	-1,207	-808	1,023	71	4,044	2,579	683	5,888	3,921
Capital Expenditures (CapEx)	1,493	1,816	2,067	2,271	-109	425	230	240	277	65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	699	422	819	808	538	535	755	1,626	2,525	1,302
Debt-free Net Working Capital (DFNWC)	4,127	5,317	4,508	4,346	5,014	3,145	4,557	6,518	3,575	3,677
Net Working Capital (NWC)	4,123	5,312	4,505	4,346	3,518	3,145	3,558	6,518	3,425	1,928
Net Nonoperating Expense (NNE)	106	164	113	-8.34	9.64	-405	-35	-92	283	294
Net Nonoperating Obligations (NNO)	337	-1,207	-808	1,023	71	4,044	2,579	683	5,888	3,921
Total Depreciation and Amortization (D&A)	600	683	1,081	651	465	457	488	518	526	903
Debt-free, Cash-free Net Working Capital to Revenue	6.49%	3.69%	6.68%	6.00%	3.74%	3.98%	6.87%	15.98%	25.67%	13.45%
Debt-free Net Working Capital to Revenue	38.35%	46.44%	36.73%	32.30%	34.87%	23.39%	41.50%	64.07%	36.35%	38.00%
Net Working Capital to Revenue	38.30%	46.40%	36.70%	32.30%	24.47%	23.39%	32.40%	64.07%	34.82%	19.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$14.16	$15.61	$11.94	$21.63	$31.47	$24.86	$10.44	$20.96	$8.02	$11.21
Adjusted Weighted Average Basic Shares Outstanding	250.63M	237.26M	212.60M	204.90M	187.10M	160.90M	149.10M	145.30M	144.70M	145.60M
Adjusted Diluted Earnings per Share	$14.12	$15.58	$11.92	$21.58	$31.42	$24.80	$10.40	$20.87	$7.97	$11.18
Adjusted Weighted Average Diluted Shares Outstanding	251.17M	237.70M	213M	205.30M	187.40M	161.30M	149.60M	146M	145.60M	145.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$31.47	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	237.56M	234.60M	211.56M	196.71M	174.06M	152.34M	146.96M	144.49M	145.36M	146.37M
Normalized Net Operating Profit after Tax (NOPAT)	3,793	4,236	2,816	4,465	5,892	3,512	1,644	2,391	1,640	1,900
Normalized NOPAT Margin	35.24%	37.00%	22.94%	33.19%	40.98%	26.12%	14.97%	23.50%	16.67%	19.64%
Pre Tax Income Margin	44.29%	43.09%	41.79%	43.85%	49.56%	37.54%	15.89%	35.31%	13.18%	19.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1.56%	0.00%	16.36%	0.81%	-0.07%	1.75%	5.46%	-0.42%	-1.06%	0.00%
Augmented Payout Ratio	140.71%	27.06%	67.50%	98.10%	99.58%	166.24%	109.66%	24.91%	-1.06%	0.00%

This table displays calculated financial ratios and metrics derived from Biogen's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.73%	-6.94%	-2.72%	-5.14%	0.87%	-6.20%	-7.00%	0.36%	-2.55%	2.87%
EBITDA Growth	251.59%	1,776.22%	12.25%	-41.22%	-101.09%	26.54%	19.22%	14.80%	4,326.54%	10.95%
EBIT Growth	371.01%	586.36%	26.17%	-44.22%	-110.30%	22.50%	6.05%	-1.33%	419.41%	4.61%
NOPAT Growth	258.01%	4,580.45%	74.75%	-43.65%	-108.71%	14.89%	1.50%	-1.63%	493.06%	12.13%
Net Income Growth	256.77%	2,767.48%	77.39%	-43.96%	-106.02%	-54.70%	1.50%	-1.63%	668.81%	7.15%
EPS Growth	253.15%	49.20%	29.61%	-43.78%	-105.99%	-54.42%	1.12%	-1.72%	665.96%	7.06%
Operating Cash Flow Growth	-17.92%	-120.88%	181.40%	-33.88%	-10.38%	107.14%	21.50%	28.50%	57.93%	5,987.20%
Free Cash Flow Firm Growth	728.48%	-106.79%	-127.22%	-182.63%	-401.59%	-7,376.57%	-1,374.72%	51.58%	82.75%	110.36%
Invested Capital Growth	-6.71%	3.93%	6.12%	0.00%	46.73%	47.02%	47.18%	50.62%	7.58%	-0.25%
Revenue Q/Q Growth	-3.11%	1.42%	-3.18%	-0.28%	3.03%	-5.69%	-4.01%	7.61%	0.04%	-0.45%
EBITDA Q/Q Growth	6.23%	-58.75%	-10.53%	49.93%	-101.96%	4,906.79%	-15.71%	44.38%	-27.75%	26.19%
EBIT Q/Q Growth	8.00%	-63.85%	-11.56%	61.56%	-119.94%	529.96%	-23.44%	50.32%	-35.45%	40.82%
NOPAT Q/Q Growth	7.80%	-60.26%	-14.06%	53.07%	-116.66%	624.28%	-24.08%	48.35%	-33.43%	49.57%
Net Income Q/Q Growth	7.20%	-51.58%	-29.46%	53.07%	-111.51%	464.42%	58.06%	48.35%	-33.43%	-31.35%
EPS Q/Q Growth	8.29%	-52.42%	-28.42%	52.43%	-111.55%	461.70%	58.82%	48.15%	-33.50%	-31.58%
Operating Cash Flow Q/Q Growth	-10.25%	-126.48%	360.17%	6.96%	21.64%	-97.89%	4,325.60%	13.12%	49.50%	-18.67%
Free Cash Flow Firm Q/Q Growth	-86.58%	-103.90%	-418.33%	-2,942.93%	51.01%	3.23%	-2.24%	0.09%	82.55%	158.14%
Invested Capital Q/Q Growth	0.00%	6.00%	-0.15%	-4.21%	44.72%	6.21%	-0.04%	-1.97%	3.36%	-1.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.28%	77.56%	73.09%	75.87%	73.93%	74.09%	76.33%	77.85%	74.10%	76.23%
EBITDA Margin	59.47%	24.19%	22.35%	33.61%	-0.64%	32.63%	28.66%	38.45%	27.77%	35.20%
Operating Margin	54.66%	19.48%	17.80%	28.83%	-5.58%	25.44%	20.29%	28.35%	18.29%	25.87%
EBIT Margin	54.66%	19.48%	17.80%	28.83%	-5.58%	25.44%	20.29%	28.35%	18.29%	25.87%
Profit (Net Income) Margin	45.24%	21.60%	15.74%	24.16%	-2.70%	10.43%	17.18%	23.68%	15.76%	10.86%
Tax Burden Percent	82.77%	91.01%	88.43%	83.79%	48.37%	85.36%	84.64%	83.53%	86.14%	91.49%
Interest Burden Percent	100.00%	121.83%	100.00%	100.00%	100.00%	48.03%	100.00%	100.00%	100.00%	45.90%
Effective Tax Rate	17.23%	8.99%	11.57%	16.21%	0.00%	14.64%	15.36%	16.47%	13.86%	8.51%
Return on Invested Capital (ROIC)	34.09%	13.07%	11.65%	35.80%	-2.38%	12.29%	9.56%	13.58%	7.49%	11.09%
ROIC Less NNEP Spread (ROIC-NNEP)	34.09%	19.10%	11.65%	35.80%	-1.27%	4.09%	9.56%	13.58%	7.49%	4.68%
Return on Net Nonoperating Assets (RNNOA)	5.56%	2.56%	0.74%	-2.48%	-0.26%	0.95%	1.89%	1.51%	2.33%	1.46%
Return on Equity (ROE)	39.65%	15.62%	12.40%	33.32%	-2.64%	13.24%	11.45%	15.09%	9.82%	12.54%
Cash Return on Invested Capital (CROIC)	21.61%	16.93%	16.29%	-161.77%	-29.55%	-29.76%	-29.85%	-31.89%	2.01%	9.57%
Operating Return on Assets (OROA)	23.28%	8.18%	7.24%	11.43%	-2.10%	9.74%	7.66%	10.55%	6.22%	9.12%
Return on Assets (ROA)	19.27%	9.07%	6.40%	9.58%	-1.02%	3.99%	6.49%	8.81%	5.36%	3.83%
Return on Common Equity (ROCE)	38.91%	15.59%	12.41%	33.33%	-2.64%	13.25%	11.45%	15.09%	9.82%	12.54%
Return on Equity Simple (ROE_SIMPLE)	18.72%	0.00%	22.69%	18.42%	10.09%	0.00%	7.67%	7.29%	9.87%	0.00%
Net Operating Profit after Tax (NOPAT)	1,135	451	388	593	-99	518	393	584	389	581
NOPAT Margin	45.24%	17.73%	15.74%	24.16%	-3.91%	21.72%	17.18%	23.68%	15.76%	23.67%
Net Nonoperating Expense Percent (NNEP)	0.00%	-6.04%	0.00%	0.00%	-1.11%	8.20%	0.00%	0.00%	0.00%	6.41%
Return On Investment Capital (ROIC_SIMPLE)	5.96%	2.29%	1.93%	2.86%	-0.45%	2.38%	1.81%	2.63%	1.72%	2.53%
Cost of Revenue to Revenue	18.72%	22.44%	26.91%	24.13%	26.07%	25.91%	23.67%	22.15%	25.90%	23.77%
SG&A Expenses to Revenue	22.46%	24.87%	24.56%	22.31%	31.15%	25.50%	25.39%	22.47%	23.86%	27.70%
R&D to Revenue	21.89%	23.65%	23.17%	23.79%	29.10%	23.92%	19.77%	20.85%	22.01%	21.68%
Operating Expenses to Revenue	26.63%	58.08%	55.29%	47.04%	79.51%	48.65%	56.04%	49.50%	55.81%	50.36%
Earnings before Interest and Taxes (EBIT)	1,371	496	438	708	-141	607	465	699	451	635
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,492	615	551	826	-16	779	656	948	685	864
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.03	2.98	2.91	2.85	2.57	2.53	2.05	2.12	1.73	1.33
Price to Tangible Book Value (P/TBV)	7.71	6.88	6.45	5.94	112.21	172.63	44.58	23.62	417.68	40.82
Price to Revenue (P/Rev)	3.74	3.92	3.98	4.13	3.72	3.81	3.23	3.49	2.94	2.30
Price to Earnings (P/E)	13.53	13.09	12.83	15.47	25.46	32.29	26.78	29.13	17.48	13.65
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.39%	7.64%	7.79%	6.46%	3.93%	3.10%	3.73%	3.43%	5.72%	7.32%
Enterprise Value to Invested Capital (EV/IC)	2.96	2.88	2.88	2.99	2.17	2.10	1.78	1.88	1.57	1.27
Enterprise Value to Revenue (EV/Rev)	3.79	3.99	4.00	4.03	4.22	4.41	3.80	3.94	3.42	2.71
Enterprise Value to EBITDA (EV/EBITDA)	11.48	9.87	9.95	11.55	21.37	23.80	16.36	16.11	10.70	9.33
Enterprise Value to EBIT (EV/EBIT)	13.60	11.29	11.31	13.35	28.13	33.45	22.40	23.40	14.78	13.75
Enterprise Value to NOPAT (EV/NOPAT)	19.46	14.13	13.33	15.63	30.95	30.04	25.39	26.56	17.45	13.60
Enterprise Value to Operating Cash Flow (EV/OCF)	16.37	29.29	24.09	28.16	31.05	28.04	22.31	21.38	15.43	9.11
Enterprise Value to Free Cash Flow (EV/FCFF)	13.21	17.35	18.19	0.00	0.00	0.00	0.00	0.00	80.84	13.25
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.47	0.46	0.43	0.50	0.47	0.43	0.40	0.38	0.38
Long-Term Debt to Equity	0.49	0.47	0.46	0.43	0.47	0.46	0.41	0.40	0.28	0.27
Financial Leverage	0.16	0.13	0.06	-0.07	0.20	0.23	0.20	0.11	0.31	0.31
Leverage Ratio	2.06	1.99	1.94	1.74	1.95	1.82	1.76	1.71	1.83	1.74
Compound Leverage Factor	2.06	2.42	1.94	1.74	1.95	0.88	1.76	1.71	1.83	0.80
Debt to Total Capital	32.97%	31.93%	31.30%	30.29%	33.48%	31.92%	30.07%	28.37%	27.78%	27.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	2.30%	0.69%	1.15%	0.00%	7.72%	7.60%
Long-Term Debt to Total Capital	32.97%	31.93%	31.30%	30.29%	31.18%	31.23%	28.92%	28.37%	20.07%	19.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.05%	-0.05%	-0.05%	-0.03%	-0.02%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.08%	68.12%	68.74%	69.74%	66.54%	68.08%	69.93%	71.63%	72.22%	72.64%
Debt to EBITDA	1.84	1.53	1.55	1.80	3.69	3.81	2.91	2.66	2.05	2.24
Net Debt to EBITDA	0.15	0.17	0.06	-0.29	2.53	3.23	2.44	1.85	1.50	1.40
Long-Term Debt to EBITDA	1.84	1.53	1.55	1.80	3.44	3.72	2.80	2.66	1.48	1.62
Debt to NOPAT	3.11	2.19	2.07	2.44	5.34	4.80	4.52	4.38	3.34	3.27
Net Debt to NOPAT	0.25	0.24	0.09	-0.39	3.67	4.08	3.78	3.05	2.44	2.04
Long-Term Debt to NOPAT	3.11	2.19	2.07	2.44	4.98	4.70	4.35	4.38	2.42	2.36
Altman Z-Score	3.70	3.88	3.99	4.12	2.98	3.38	3.18	3.45	2.81	2.64
Noncontrolling Interest Sharing Ratio	1.87%	0.22%	-0.07%	-0.04%	-0.05%	-0.03%	-0.03%	-0.02%	-0.01%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.49	2.99	3.24	3.27	1.68	2.00	2.10	2.29	1.26	1.35
Quick Ratio	1.65	2.02	2.21	2.57	0.90	0.79	0.95	1.28	0.68	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,090	-82	-423	-12,866	-6,302	-6,099	-6,235	-6,230	-1,087	632
Operating Cash Flow to CapEx	1,118.44%	-202.55%	683.63%	685.92%	798.38%	19.17%	1,205.23%	1,868.06%	1,893.93%	1,936.13%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.42	0.41	0.40	0.38	0.38	0.38	0.37	0.34	0.35
Accounts Receivable Turnover	6.30	6.25	6.31	4.69	5.29	5.84	5.32	4.60	4.58	6.31
Inventory Turnover	1.74	1.69	1.70	1.72	1.14	1.31	1.27	1.23	0.86	0.93
Fixed Asset Turnover	3.10	3.03	3.04	3.02	3.04	2.98	2.94	2.95	2.95	2.98
Accounts Payable Turnover	5.84	4.22	4.72	5.15	6.04	5.66	5.49	5.92	5.44	5.58
Days Sales Outstanding (DSO)	57.97	58.38	57.83	77.75	69.00	62.51	68.63	79.29	79.74	57.88
Days Inventory Outstanding (DIO)	209.90	215.95	214.87	212.00	319.88	278.92	287.26	296.15	424.24	394.00
Days Payable Outstanding (DPO)	62.52	86.57	77.27	70.81	60.44	64.46	66.43	61.70	67.14	65.36
Cash Conversion Cycle (CCC)	205.34	187.76	195.44	218.94	328.45	276.97	289.47	313.75	436.83	386.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,275	14,071	14,050	13,459	19,478	20,688	20,679	20,272	20,954	20,637
Invested Capital Turnover	0.75	0.74	0.74	1.48	0.61	0.57	0.56	0.57	0.48	0.47
Increase / (Decrease) in Invested Capital	-955	533	810	13,459	6,204	6,617	6,629	6,813	1,476	-51
Enterprise Value (EV)	39,244	40,550	40,425	40,222	42,215	43,384	36,710	38,135	32,830	26,204
Market Capitalization	38,745	39,877	40,171	41,230	37,221	37,495	31,244	33,752	28,235	22,283
Book Value per Share	$88.04	$93.04	$95.49	$99.95	$100.01	$102.14	$104.77	$109.13	$112.31	$114.71
Tangible Book Value per Share	$34.63	$40.27	$43.13	$47.93	$2.29	$1.50	$4.83	$9.81	$0.46	$3.75
Total Capital	19,046	19,669	20,070	20,745	21,766	21,738	21,753	22,181	22,653	23,012
Total Debt	6,279	6,281	6,283	6,285	7,286	6,938	6,540	6,292	6,294	6,296
Total Long-Term Debt	6,279	6,281	6,283	6,285	6,786	6,788	6,290	6,292	4,546	4,547
Net Debt	508	683	263	-1,002	4,998	5,888	5,466	4,383	4,595	3,921
Capital Expenditures (CapEx)	59	86	67	71	74	65	46	34	49	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	928	1,626	1,706	1,167	1,644	2,525	2,709	2,091	1,454	1,302
Debt-free Net Working Capital (DFNWC)	5,839	6,518	6,748	7,245	3,932	3,575	3,783	4,000	3,154	3,677
Net Working Capital (NWC)	5,839	6,518	6,748	7,245	3,432	3,425	3,533	4,000	1,406	1,928
Net Nonoperating Expense (NNE)	0.00	-98	0.00	0.00	-31	269	0.00	0.00	0.00	314
Net Nonoperating Obligations (NNO)	508	683	263	-1,002	4,998	5,888	5,466	4,383	4,595	3,921
Total Depreciation and Amortization (D&A)	121	120	112	117	125	172	192	249	234	229
Debt-free, Cash-free Net Working Capital to Revenue	8.96%	15.98%	16.89%	11.70%	16.45%	25.67%	28.03%	21.62%	15.14%	13.45%
Debt-free Net Working Capital to Revenue	56.35%	64.07%	66.78%	72.66%	39.34%	36.35%	39.15%	41.36%	32.82%	38.00%
Net Working Capital to Revenue	56.35%	64.07%	66.78%	72.66%	34.34%	34.82%	36.57%	41.36%	14.63%	19.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.86	$3.79	$2.69	$4.09	($0.47)	$1.71	$2.71	$4.01	$2.67	$1.82
Adjusted Weighted Average Basic Shares Outstanding	144.40M	145.30M	144.40M	144.70M	144.80M	144.70M	145.20M	145.60M	145.70M	145.60M
Adjusted Diluted Earnings per Share	$7.84	$3.73	$2.67	$4.07	($0.47)	$1.70	$2.70	$4.00	$2.66	$1.82
Adjusted Weighted Average Diluted Shares Outstanding	144.80M	146M	145.20M	145.50M	144.80M	145.60M	145.90M	145.90M	146.10M	145.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	144.00M	144.49M	144.74M	144.82M	144.90M	145.36M	145.60M	145.66M	145.72M	146.37M
Normalized Net Operating Profit after Tax (NOPAT)	729	280	396	622	-46	603	403	515	415	586
Normalized NOPAT Margin	29.06%	10.99%	16.08%	25.33%	-1.80%	25.25%	17.60%	20.90%	16.82%	23.87%
Pre Tax Income Margin	54.66%	23.73%	17.80%	28.83%	-5.58%	12.22%	20.29%	28.35%	18.29%	11.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-0.53%	-0.42%	-0.40%	-0.08%	-0.30%	-1.06%	-1.04%	-0.92%	-0.50%	0.00%
Augmented Payout Ratio	30.83%	24.91%	-0.40%	-0.08%	-0.30%	-1.06%	-1.04%	-0.92%	-0.50%	0.00%

Frequently Asked Questions About Biogen's Financials

When does Biogen's financial year end?

According to the most recent income statement we have on file, Biogen's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Biogen's net income changed over the last 9 years?

Biogen's net income appears to be on a downward trend, with a most recent value of $1.63 billion in 2024, falling from $3.59 billion in 2015. The previous period was $1.16 billion in 2023. See where experts think Biogen is headed by visiting Biogen's forecast page.

What is Biogen's operating income?

Biogen's total operating income in 2024 was $2.25 billion, based on the following breakdown:

Total Gross Profit: $7.37 billion
Total Operating Expenses: $5.12 billion

How has Biogen revenue changed over the last 9 years?

Over the last 9 years, Biogen's total revenue changed from $10.76 billion in 2015 to $9.68 billion in 2024, a change of -10.1%.

How much debt does Biogen have?

Biogen's total liabilities were at $11.33 billion at the end of 2024, a 5.9% decrease from 2023, and a 11.9% increase since 2015.

How much cash does Biogen have?

In the past 9 years, Biogen's cash and equivalents has ranged from $1.05 billion in 2023 to $3.42 billion in 2022, and is currently $2.38 billion as of their latest financial filing in 2024.

How has Biogen's book value per share changed over the last 9 years?

Over the last 9 years, Biogen's book value per share changed from 42.05 in 2015 to 114.71 in 2024, a change of 172.8%.

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This page (NASDAQ:BIIB) was last updated on 5/6/2025 by MarketBeat.com Staff

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Biogen (BIIB) Financials

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Biogen (BIIB) Financials

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