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Biogen Inc. (BIIB) 10-Year Financial Performance & Capital Metrics

BIIB • • Industrial / General
HealthcareLarge PharmaSpecialty BiopharmaceuticalsNeurology & Neuroscience Leaders
AboutBiogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis. It also provides BENEPALI, an etanercept biosimilar referencing ENBREL; ADUHELM for the treatment of Alzheimer's disease; IMRALDI, an adalimumab biosimilar referencing HUMIRA; and FLIXABI, an infliximab biosimilar referencing REMICADE. In addition, the company offers RITUXAN for treating non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; and OCREVUS for treating relapsing MS and primary progressive MS; and other anti-CD20 therapies. Further, it develops BIIB135, BIIB061, BIIB091, and BIIB107 for MS and neuroimmunology; Aducanumab, Lecanemab, BIIB076, and BIIB080 to treat Alzheimer's disease and dementia; BIIB067, BIIB078, BIIB105, BIIB100, and BIIB110 to treat neuromuscular disorders; BIIB124, BIIB094, BIIB118, BIIB101, and BIIB122 for treating Parkinson's disease and movement disorders; BIIB125 and BIIB104 for treating neuropsychiatry; Dapirolizumab pegol and BIIB059 to treat immunology related diseases; BIIB093 and BIIB131 to treat acute neurology; BIIB074 for neuropathic pain; and BYOOVIZ, BIIB800, and SB15 biosimilars, which are under various stages of development. The company has collaboration and license agreements with Acorda Therapeutics, Inc.; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis Co., Ltd.; Sangamo Therapeutics, Inc.; and Sage Therapeutics, Inc. Biogen Inc. was founded in 1978 and is headquartered in Cambridge, Massachusetts.Show more
  • Revenue $9.68B -1.6%
  • EBITDA $3.16B +22.0%
  • Net Income $1.63B +40.6%
  • EPS (Diluted) 11.19 +40.4%
  • Gross Margin 76.12% +2.5%
  • EBITDA Margin 32.69% +24.1%
  • Operating Margin 25.74% +20.7%
  • Net Margin 16.87% +42.9%
  • ROE 10.36% +25.7%
  • ROIC 8.88% +6.3%
  • Debt/Equity 0.40 -20.0%
  • Interest Coverage 9.95 +17.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓FCF machine: 26.0% free cash flow margin
  • ✓Momentum leader: RS Rating 81 (top 19%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy 5Y average net margin of 20.5%
  • ✓Trading at only 1.5x book value

✗Weaknesses

  • ✗Profits declining 22.6% over 5 years
  • ✗Sales declining 7.6% over 5 years

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.03%
5Y-7.62%
3Y-4.13%
TTM3.94%

Profit (Net Income) CAGR

10Y-5.7%
5Y-22.63%
3Y1.6%
TTM-0.41%

EPS CAGR

10Y-1%
5Y-18.66%
3Y2.47%
TTM-0.72%

ROCE

10Y Avg21.79%
5Y Avg13.88%
3Y Avg11.46%
Latest10.84%

Peer Comparison

Neurology & Neuroscience Leaders
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
BIIBBiogen Inc.24.73B168.5715.06-1.62%16.11%8.83%10.17%0.40

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+10.76B11.45B12.27B13.45B14.38B13.44B10.98B10.17B9.84B9.68B
Revenue Growth %0.11%0.06%0.07%0.1%0.07%-0.06%-0.18%-0.07%-0.03%-0.02%
Cost of Goods Sold+1.24B1.43B1.63B1.82B1.96B1.81B2.11B2.28B2.53B2.31B
COGS % of Revenue0.12%0.13%0.13%0.14%0.14%0.13%0.19%0.22%0.26%0.24%
Gross Profit+9.52B10.02B10.64B11.64B12.42B11.64B8.87B7.9B7.3B7.37B
Gross Margin %0.88%0.87%0.87%0.86%0.86%0.87%0.81%0.78%0.74%0.76%
Gross Profit Growth %0.12%0.05%0.06%0.09%0.07%-0.06%-0.24%-0.11%-0.08%0.01%
Operating Expenses+4.63B4.86B5.3B5.75B5.38B7.05B6.08B5.01B5.2B4.88B
OpEx % of Revenue0.43%0.42%0.43%0.43%0.37%0.52%0.55%0.49%0.53%0.5%
Selling, General & Admin2.11B1.95B1.94B2.11B2.36B2.52B2.68B2.41B2.5B2.39B
SG&A % of Revenue0.2%0.17%0.16%0.16%0.16%0.19%0.24%0.24%0.25%0.25%
Research & Development2.01B1.97B2.37B2.71B2.77B4.53B3.4B2.6B2.7B2.49B
R&D % of Revenue0.19%0.17%0.19%0.2%0.19%0.34%0.31%0.26%0.27%0.26%
Other Operating Expenses506.5M940.7M988.1M929.2M250.5M00000
Operating Income+4.89B5.15B5.35B5.89B7.04B4.59B2.79B2.89B2.1B2.49B
Operating Margin %0.45%0.45%0.44%0.44%0.49%0.34%0.25%0.28%0.21%0.26%
Operating Income Growth %0.23%0.05%0.04%0.1%0.2%-0.35%-0.39%0.04%-0.27%0.19%
EBITDA+5.49B5.79B6.07B6.54B7.51B5.05B3.28B3.41B2.59B3.16B
EBITDA Margin %0.51%0.51%0.49%0.49%0.52%0.38%0.3%0.33%0.26%0.33%
EBITDA Growth %0.19%0.05%0.05%0.08%0.15%-0.33%-0.35%0.04%-0.24%0.22%
D&A (Non-Cash Add-back)600.4M637.2M721.6M650.5M464.7M457.2M487.7M518.4M494.8M673.2M
EBIT5.01B5.71B5.89B6.36B7.28B4.65B3.44B3.02B1.88B2.32B
Net Interest Income+-73.4M-196.6M-172.3M-88.1M-67.4M-180.5M-242.6M-157.3M29.6M-182.7M
Interest Income22.1M63.4M78.5M112.5M120M42M11M89.3M276.5M67.6M
Interest Expense95.5M260M250.8M200.6M187.4M222.5M253.6M246.6M246.9M250.3M
Other Income/Expense-136.2M-218.7M-217M11M3.9M459.8M-1.01B705.3M-800.5M-584.3M
Pretax Income+4.75B4.93B5.13B5.9B7.05B5.05B1.78B3.59B1.3B1.91B
Pretax Margin %0.44%0.43%0.42%0.44%0.49%0.38%0.16%0.35%0.13%0.2%
Income Tax+1.16B1.24B2.46B1.43B1.16B992.3M52.5M632.8M135.3M273.8M
Effective Tax Rate %0.75%0.75%0.5%0.75%0.84%0.79%0.87%0.85%0.9%0.86%
Net Income+3.55B3.7B2.54B4.43B5.89B4B1.56B3.05B1.16B1.63B
Net Margin %0.33%0.32%0.21%0.33%0.41%0.3%0.14%0.3%0.12%0.17%
Net Income Growth %0.21%0.04%-0.31%0.74%0.33%-0.32%-0.61%0.96%-0.62%0.41%
Net Income (Continuing)3.59B3.7B2.67B4.47B5.89B4.06B1.73B2.96B1.16B1.63B
Discontinued Operations0000000000
Minority Interest2.1M-11.5M-14.7M-8M-4.1M-14.2M63.5M-9.5M00
EPS (Diluted)+15.3416.9311.9221.5831.4224.8010.4020.877.9711.19
EPS Growth %0.24%0.1%-0.3%0.81%0.46%-0.21%-0.58%1.01%-0.62%0.4%
EPS (Basic)15.3816.9611.9421.6231.4724.8610.4420.978.0211.20
Diluted Shares Outstanding231.2M218.8M213M205.3M187.4M161.3M149.6M146M145.6M145.9M
Basic Shares Outstanding230.7M218.4M212.6M204.9M187.1M160.9M149.1M145.3M144.7M145.7M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+6.7B8.73B7.87B7.64B8.38B6.89B7.86B9.79B6.86B7.46B
Cash & Short-Term Investments3.43B4.9B3.69B3.54B4.48B2.61B3.8B4.89B1.05B2.38B
Cash Only1.31B2.33B1.57B1.22B2.91B1.33B2.26B3.42B1.05B2.38B
Short-Term Investments2.12B2.57B2.12B2.31B1.56B1.28B1.54B1.47B00
Accounts Receivable1.54B1.74B2.32B2.49B2.47B2.33B1.96B2.14B2.1B1.87B
Days Sales Outstanding52.2755.5468.9867.4362.7263.1865.276.6577.9370.5
Inventory893.4M1B902.7M929.9M804.2M1.07B1.35B1.34B2.53B2.46B
Days Inventory Outstanding262.89255.08202.14186.87150.11216.06233.82215.38364.14388.71
Other Current Assets286.3M276.3M304.4M687.6M631M881.1M740.8M1.42B1.18B752.5M
Total Non-Current Assets+12.8B14.14B15.78B17.65B18.85B17.73B16.02B14.76B19.99B20.59B
Property, Plant & Equipment2.19B2.5B3.18B3.6B3.67B3.84B3.79B3.7B3.73B3.54B
Fixed Asset Turnover4.92x4.58x3.86x3.74x3.91x3.50x2.90x2.75x2.64x2.74x
Goodwill2.66B3.67B4.63B5.71B5.76B5.76B5.76B5.75B6.22B6.48B
Intangible Assets4.09B3.81B3.88B3.12B3.53B3.08B2.22B1.85B8.36B9.69B
Long-Term Investments2.76B2.83B3.06B1.38B1.41B772.1M892M705.7M0226.7M
Other Non-Current Assets1.11B1.34B431.6M1.69B1.25B2.9B1.94B1.53B745M333.8M
Total Assets+19.5B22.88B23.65B25.29B27.23B24.62B23.88B24.55B26.84B28.05B
Asset Turnover0.55x0.50x0.52x0.53x0.53x0.55x0.46x0.41x0.37x0.34x
Asset Growth %0.36%0.17%0.03%0.07%0.08%-0.1%-0.03%0.03%0.09%0.04%
Total Current Liabilities+2.58B3.42B3.37B3.3B4.86B3.74B4.3B3.27B3.43B5.53B
Accounts Payable267.4M279.8M395.5M370.5M530.8M454.9M589.2M491.5M403.3M424.2M
Days Payables Outstanding78.6971.2688.5674.4599.0891.98101.9478.7458.1167.02
Short-Term Debt4.8M4.7M3.2M01.5B0999.1M0150M1.75B
Deferred Revenue (Current)1000K000000000
Other Current Liabilities215.1M282.9M297.7M320.9M315.8M515.3M345.1M1.14B335.1M375.8M
Current Ratio2.60x2.55x2.34x2.32x1.72x1.84x1.83x2.99x2.00x1.35x
Quick Ratio2.25x2.26x2.07x2.04x1.56x1.55x1.51x2.58x1.26x0.90x
Cash Conversion Cycle236.48239.37182.56179.85113.76187.27197.09213.29383.96392.19
Total Non-Current Liabilities+7.55B7.33B7.69B8.96B9.03B10.19B8.62B7.89B8.61B5.8B
Long-Term Debt6.52B6.51B5.93B5.94B4.46B7.43B6.27B6.28B6.79B4.55B
Capital Lease Obligations0000412.7M402M330.4M333M400M334.5M
Deferred Tax Liabilities124.9M93.1M122.6M1.64B2.81B1.03B694.5M334.7M641.8M190.5M
Other Non-Current Liabilities905.8M722.5M1.63B1.39B1.35B1.33B1.32B944.2M781.1M732.3M
Total Liabilities10.13B10.75B11.05B12.26B13.9B13.93B12.92B11.17B12.05B11.33B
Total Debt+6.53B6.52B5.94B5.94B6.37B7.83B7.6B6.61B7.34B6.63B
Net Debt5.22B4.19B4.36B4.71B3.45B6.5B5.34B3.19B6.29B4.26B
Debt / Equity0.70x0.54x0.47x0.46x0.48x0.73x0.69x0.49x0.50x0.40x
Debt / EBITDA1.19x1.13x0.98x0.91x0.85x1.55x2.32x1.94x2.83x2.10x
Net Debt / EBITDA0.95x0.72x0.72x0.72x0.46x1.29x1.63x0.94x2.43x1.35x
Interest Coverage51.21x19.81x21.31x29.35x37.58x20.64x11.01x11.72x8.49x9.95x
Total Equity+9.37B12.13B12.6B13.03B13.34B10.69B10.96B13.39B14.8B16.72B
Equity Growth %-0.13%0.29%0.04%0.03%0.02%-0.2%0.03%0.22%0.11%0.13%
Book Value per Share40.5555.4359.1563.4871.1666.2573.2691.70101.64114.57
Total Shareholders' Equity9.37B12.14B12.61B13.04B13.34B10.7B10.9B13.4B14.8B16.72B
Common Stock100K100K100K100K100K100K100K100K100K100K
Retained Earnings12.21B15.07B15.81B16.26B16.46B13.98B13.91B16.47B17.63B19.26B
Treasury Stock-2.61B-2.61B-2.98B-2.98B-2.98B-2.98B-2.98B-2.98B-2.98B-2.98B
Accumulated OCI-224M-319.9M-318.4M-240.4M-135.2M-299M-106.7M-164.9M-153.7M-136.2M
Minority Interest2.1M-11.5M-14.7M-8M-4.1M-14.2M63.5M-9.5M00

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+3.72B4.52B4.55B6.19B7.08B4.23B3.64B1.38B1.55B2.88B
Operating CF Margin %0.35%0.4%0.37%0.46%0.49%0.31%0.33%0.14%0.16%0.3%
Operating CF Growth %0.26%0.22%0.01%0.36%0.14%-0.4%-0.14%-0.62%0.12%0.86%
Net Income3.59B3.7B2.67B4.47B5.89B4.06B1.73B2.96B1.16B1.63B
Depreciation & Amortization600.4M682.7M1.08B650.5M464.6M457.2M487.7M518.4M494.8M673.2M
Stock-Based Compensation161.4M154.8M128M157.5M182.3M198.3M238.6M254.1M264.2M291.2M
Deferred Taxes-145.6M-175M91.7M108.3M67.1M149M-426.8M-168.6M-305.8M-158.1M
Other Non-Cash Items82.2M91.2M344.8M397.2M276.7M-448M1.76B-1.29B581.2M592.2M
Working Capital Changes-575.5M73M235.4M400.2M199.3M-187.2M-145.5M-890.3M-648.7M-155.2M
Change in Receivables-2.1M-227.5M-667.6M-199.5M5.5M179.5M326M-222.4M56.7M194.2M
Change in Inventory-174.4M-165.6M-94.5M-52.1M-19.2M-316.3M-462.4M-320.2M-130.9M-273.8M
Change in Payables0000000000
Cash from Investing+-4.55B-2.48B-2.96B-2.05B470.5M-608.6M-563.7M1.59B-4.09B-799.2M
Capital Expenditures-643M-727.7M-1.96B-886.1M-669.5M-551.8M-294.9M-243.2M-311.4M-359.8M
CapEx % of Revenue0.06%0.06%0.16%0.07%0.05%0.04%0.03%0.02%0.03%0.04%
Acquisitions----------
Investments----------
Other Investing-909.9M-1.22B-1.21B-1.5B-273M-26.9M12.9M24.4M-11.3M83.9M
Cash from Financing+986.4M-987.8M-2.38B-4.47B-5.86B-5.27B-2.09B-1.76B137M-683.5M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing3.8M-28.8M-453.7M-116.2M7.9M-56.4M-115.5M-5.6M-6M-2.2M
Net Change in Cash----------
Free Cash Flow+3.07B3.86B3.68B5.3B6.56B3.81B3.38B1.14B1.24B2.52B
FCF Margin %0.29%0.34%0.3%0.39%0.46%0.28%0.31%0.11%0.13%0.26%
FCF Growth %0.17%0.26%-0.05%0.44%0.24%-0.42%-0.11%-0.66%0.08%1.04%
FCF per Share13.2917.6417.2925.8235.0323.5922.617.848.4917.24
FCF Conversion (FCF/Net Income)1.05x1.22x1.79x1.40x1.20x1.06x2.34x0.45x1.33x1.76x
Interest Paid00000272.7M280.8M262.5M252.2M245.4M
Taxes Paid00000906.7M247.9M932.9M740.7M355.1M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)35.13%34.44%20.54%34.57%44.67%33.31%14.38%25.03%8.24%10.36%
Return on Invested Capital (ROIC)29.59%25%24.09%25.45%30.59%20.28%12.5%13.18%8.35%8.88%
Gross Margin88.48%87.48%86.72%86.5%86.4%86.57%80.79%77.61%74.24%76.12%
Net Margin32.95%32.34%20.69%32.93%40.96%29.76%14.17%29.95%11.81%16.87%
Debt / Equity0.70x0.54x0.47x0.46x0.48x0.73x0.69x0.49x0.50x0.40x
Interest Coverage51.21x19.81x21.31x29.35x37.58x20.64x11.01x11.72x8.49x9.95x
FCF Conversion1.05x1.22x1.79x1.40x1.20x1.06x2.34x0.45x1.33x1.76x
Revenue Growth10.93%6.36%7.21%9.61%6.88%-6.49%-18.32%-7.36%-3.32%-1.62%

Revenue by Segment

2015201620172018201920202021202220232024
MS Product Revenues---8.6B8.53B7.83B6.1B5.43B4.66B4.35B
MS Product Revenues Growth-----0.77%-8.17%-22.16%-10.93%-14.15%-6.69%
TYSABRI product1.89B1.96B1.97B1.86B1.89B1.95B2.06B2.03B1.88B1.72B
TYSABRI product Growth-4.12%0.47%-5.53%1.51%2.85%6.01%-1.56%-7.58%-8.63%
Fumarate-----3.91B2.36B2B1.59B1.6B
Fumarate Growth-------39.51%-15.45%-20.45%0.40%
SPINRAZA-4.6M883.7M1.72B2.1B2.05B1.91B1.79B1.74B1.57B
SPINRAZA Growth--19110.87%95.11%21.62%-2.14%-7.16%-5.86%-2.92%-9.65%
Interferon---2.36B2.1B1.88B1.57B1.31B1.11B968M
Interferon Growth-----11.05%-10.67%-16.59%-16.65%-15.30%-12.45%

Revenue by Geography

2015201620172018201920202021202220232024
Non-US2.64B2.77B3.34B-4.67B4.79B5.04B4.52B-3.98B
Non-US Growth-4.72%20.60%--2.70%5.20%-10.37%--
UNITED STATES2.91B3.17B3.29B1.9B6.71B5.9B3.81B3.47B3.14B3.24B
UNITED STATES Growth-8.98%3.93%-42.22%252.73%-12.12%-35.50%-8.84%-9.45%3.05%
Europe---3.37B----2.13B-
Europe Growth----------
GERMANY--------868M-
GERMANY Growth----------
Asia---281.2M----649.4M-
Asia Growth----------

Frequently Asked Questions

Valuation & Price

Biogen Inc. (BIIB) has a price-to-earnings (P/E) ratio of 15.1x. This is roughly in line with market averages.

Growth & Financials

Biogen Inc. (BIIB) reported $9.99B in revenue for fiscal year 2024. This represents a 98% increase from $5.05B in 2011.

Biogen Inc. (BIIB) saw revenue decline by 1.6% over the past year.

Yes, Biogen Inc. (BIIB) is profitable, generating $1.61B in net income for fiscal year 2024 (16.9% net margin).

Dividend & Returns

Biogen Inc. (BIIB) has a return on equity (ROE) of 10.4%. This is reasonable for most industries.

Biogen Inc. (BIIB) generated $2.28B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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