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Analysis of Debt

Advanced level

Biogen Inc., balance sheet: debt

US$ in thousands

		Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
	Current portion of notes payable
	Notes payable, excluding current portion
	Total notes payable and other financing arrangements, including current portion (carrying amount)

Debt item	Description	The company
Total notes payable and other financing arrangements, including current portion (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Biogen Inc.’s total debt decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Debt instruments
Financing arrangement for the purchase of the RTP facility
Total notes payable and other financing arrangements, including current portion (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Weighted-average interest rate on debt:

Interest rate	Debt amount¹	Interest rate × Debt amount	Weighted-average interest rate²




Total

¹ US$ in thousands

² Weighted-average interest rate = 100 × ÷ =

Biogen Inc., interest costs incurred

US$ in thousands

	12 months ended:	Dec 31, 2019		Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015
	Interest expense
	Capitalized interest costs related to construction in progress
	Interest costs incurred

Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Biogen Inc.’s interest expense decreased from 2017 to 2018 and from 2018 to 2019.
Capitalized interest costs related to construction in progress	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Biogen Inc.’s capitalized interest costs related to construction in progress increased from 2017 to 2018 and from 2018 to 2019.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Biogen Inc.’s interest costs incurred decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.

		Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
	Selected Financial Data (US$ in thousands)
	Net income attributable to Biogen Inc.
	Add: Net income attributable to noncontrolling interest
	Add: Income tax expense
	Add: Interest expense
	Earnings before interest and tax (EBIT)

	Interest costs incurred
	Financial Ratio With and Without Capitalized Interest
	Interest coverage ratio (without capitalized interest)¹
	Adjusted interest coverage ratio (with capitalized interest)²

2019 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =

Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Biogen Inc.’s adjusted interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.

	Biogen Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

Biogen Inc. (NASDAQ:BIIB)