Stock Analysis on Net
Stock Analysis on Net

Biogen Inc. (NASDAQ:BIIB)

This company has been moved to the archive! The financial data has not been updated since October 25, 2022.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Biogen Inc., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Federal 319,100 647,000 947,400 1,131,800 2,201,400
State 23,100 41,200 59,100 45,500 57,000
Foreign 137,100 155,100 84,400 140,000 108,600
Current 479,300 843,300 1,090,900 1,317,300 2,367,000
Federal (242,500) (1,749,900) 1,143,900 (62,000) 241,000
State (11,900) (6,800) (2,300) (7,400) 9,900
Foreign (172,400) 1,905,700 (1,074,500) 177,700 (159,200)
Deferred (426,800) 149,000 67,100 108,300 91,700
Income tax expense 52,500 992,300 1,158,000 1,425,600 2,458,700

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Biogen Inc. current decreased from 2019 to 2020 and from 2020 to 2021.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Biogen Inc. deferred increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.
Income tax expense Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Biogen Inc. income tax expense decreased from 2019 to 2020 and from 2020 to 2021.

Effective Income Tax Rate (EITR)

Biogen Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
U.S. federal statutory tax rate 21.00% 21.00% 21.00% 21.00% 35.00%
State taxes 0.80% 0.70% 0.80% 0.60% 0.80%
Taxes on foreign earnings -10.50% -3.30% -4.50% -1.90% -11.10%
Tax credits -3.80% -1.20% -1.10% -0.90% -0.80%
Purchased intangible assets -1.60% 0.70% 0.40% 1.20% 1.40%
Divestiture of Denmark manufacturing operations 0.00% -0.40% 1.00% 0.00% 0.00%
Internal reorganization of certain intellectual property rights 0.00% 0.00% -2.10% 0.00% 0.00%
TECFIDERA impairment 0.00% 1.80% 0.00% 0.00% 0.00%
GILTI 1.30% 1.30% 1.50% 1.60% 0.00%
Other permanent items 0.00% 0.00% 0.20% 0.30% 0.70%
Swiss tax reform 0.00% 0.00% -0.80% 0.00% 0.00%
Neurimmune tax impacts -5.30% -0.10% 0.00% 0.00% 0.00%
Manufacturing deduction 0.00% 0.00% 0.00% 0.00% -1.90%
Impairment of ZINBRYTA related tax assets 0.00% 0.00% 0.00% 0.00% 0.90%
Other 1.10% -0.80% -0.10% 0.20% 0.00%
Effective tax rate, before U.S. tax reform 3.00% 19.70% 16.30% 22.10% 25.00%
U.S. tax reform 0.00% 0.00% 0.00% 2.10% 22.90%
Effective tax rate 3.00% 19.70% 16.30% 24.20% 47.90%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Effective tax rate, before U.S. tax reform Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Biogen Inc. effective tax rate, before U.S. tax reform increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Components of Deferred Tax Assets and Liabilities

Biogen Inc., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Tax credits 121,000 113,400 106,600 102,800 60,000
Inventory, other reserves, and accruals 199,400 165,900 162,000 163,900 147,800
Intangibles, net 1,477,500 1,546,000 3,380,000 2,298,600 378,800
Neurimmune’s tax basis in ADUHELM 475,800 — — — —
Net operating loss 1,973,000 2,080,300 130,400 213,100 209,800
Share-based compensation 31,700 23,300 23,800 25,800 26,900
Other 208,800 103,100 103,700 38,900 25,100
Deferred tax assets, gross 4,487,200 4,032,000 3,906,500 2,843,100 848,400
Valuation allowance (1,961,300) (1,753,900) (1,100) (20,000) (16,600)
Deferred tax assets 2,525,900 2,278,100 3,905,400 2,823,100 831,800
Purchased intangible assets (256,600) (396,200) (350,300) (232,800) (250,700)
GILTI (1,037,600) (1,143,700) (1,381,600) (544,600) —
Tax credits (260,200) (174,600) (1,617,200) (1,425,700) —
Depreciation, amortization and other (250,900) (227,000) (135,000) (102,300) (107,900)
Deferred tax liabilities (1,805,300) (1,941,500) (3,484,100) (2,305,400) (358,600)
Deferred tax assets (liabilities), net 720,600 336,600 421,300 517,700 473,200

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Deferred tax assets, gross Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Biogen Inc. deferred tax assets, gross increased from 2019 to 2020 and from 2020 to 2021.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Biogen Inc. deferred tax assets decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.
Deferred tax assets (liabilities), net Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Biogen Inc. deferred tax assets (liabilities), net decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Deferred Tax Assets and Liabilities, Classification

Biogen Inc., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Deferred tax asset 1,415,100 1,369,500 3,232,100 2,153,900 595,900
Deferred tax liability 694,500 1,032,800 2,810,800 1,636,200 122,600

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Deferred tax asset Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Biogen Inc. deferred tax asset decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.
Deferred tax liability Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Biogen Inc. deferred tax liability decreased from 2019 to 2020 and from 2020 to 2021.

Adjustments to Financial Statements: Removal of Deferred Taxes

Biogen Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Adjustment to Total Assets
Total assets (as reported) 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Less: Noncurrent deferred tax assets, net 1,415,100 1,369,500 3,232,100 2,153,900 595,900
Total assets (adjusted) 22,462,200 23,249,400 24,002,200 23,135,000 23,056,700
Adjustment to Total Liabilities
Total liabilities (as reported) 12,917,600 13,932,800 13,895,200 12,257,300 11,054,500
Less: Noncurrent deferred tax liabilities, net 694,500 1,032,800 2,810,800 1,636,200 122,600
Total liabilities (adjusted) 12,223,100 12,900,000 11,084,400 10,621,100 10,931,900
Adjustment to Total Biogen Inc. Shareholders’ Equity
Total Biogen Inc. shareholders’ equity (as reported) 10,896,200 10,700,300 13,343,200 13,039,600 12,612,800
Less: Net deferred tax assets (liabilities) 720,600 336,600 421,300 517,700 473,200
Total Biogen Inc. shareholders’ equity (adjusted) 10,175,600 10,363,700 12,921,900 12,521,900 12,139,600
Adjustment to Net Income Attributable To Biogen Inc.
Net income attributable to Biogen Inc. (as reported) 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Add: Deferred income tax expense (benefit) (426,800) 149,000 67,100 108,300 91,700
Net income attributable to Biogen Inc. (adjusted) 1,129,300 4,149,600 5,955,600 4,539,000 2,630,800

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Biogen Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Biogen Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net Profit Margin
Reported net profit margin 14.17% 29.76% 40.96% 32.93% 20.69%
Adjusted net profit margin 10.28% 30.86% 41.42% 33.74% 21.43%
Total Asset Turnover
Reported total asset turnover 0.46 0.55 0.53 0.53 0.52
Adjusted total asset turnover 0.49 0.58 0.60 0.58 0.53
Financial Leverage
Reported financial leverage 2.19 2.30 2.04 1.94 1.88
Adjusted financial leverage 2.21 2.24 1.86 1.85 1.90
Return on Equity (ROE)
Reported ROE 14.28% 37.39% 44.13% 33.98% 20.13%
Adjusted ROE 11.10% 40.04% 46.09% 36.25% 21.67%
Return on Assets (ROA)
Reported ROA 6.52% 16.25% 21.62% 17.52% 10.73%
Adjusted ROA 5.03% 17.85% 24.81% 19.62% 11.41%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Biogen Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Biogen Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Biogen Inc. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Biogen Inc. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Biogen Inc. adjusted ROA deteriorated from 2019 to 2020 and from 2020 to 2021.

Biogen Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Profitability Ratio
Net profit margin1 14.17% 29.76% 40.96% 32.93% 20.69%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 1,129,300 4,149,600 5,955,600 4,539,000 2,630,800
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Profitability Ratio
Adjusted net profit margin2 10.28% 30.86% 41.42% 33.74% 21.43%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Net profit margin = 100 × Net income attributable to Biogen Inc. ÷ Revenue
= 100 × 1,556,100 ÷ 10,981,700 = 14.17%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Biogen Inc. ÷ Revenue
= 100 × 1,129,300 ÷ 10,981,700 = 10.28%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Biogen Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Total assets 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Activity Ratio
Total asset turnover1 0.46 0.55 0.53 0.53 0.52
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Adjusted total assets 22,462,200 23,249,400 24,002,200 23,135,000 23,056,700
Activity Ratio
Adjusted total asset turnover2 0.49 0.58 0.60 0.58 0.53

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= 10,981,700 ÷ 23,877,300 = 0.46

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 10,981,700 ÷ 22,462,200 = 0.49

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Biogen Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Total assets 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Total Biogen Inc. shareholders’ equity 10,896,200 10,700,300 13,343,200 13,039,600 12,612,800
Solvency Ratio
Financial leverage1 2.19 2.30 2.04 1.94 1.88
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets 22,462,200 23,249,400 24,002,200 23,135,000 23,056,700
Adjusted total Biogen Inc. shareholders’ equity 10,175,600 10,363,700 12,921,900 12,521,900 12,139,600
Solvency Ratio
Adjusted financial leverage2 2.21 2.24 1.86 1.85 1.90

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Financial leverage = Total assets ÷ Total Biogen Inc. shareholders’ equity
= 23,877,300 ÷ 10,896,200 = 2.19

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Biogen Inc. shareholders’ equity
= 22,462,200 ÷ 10,175,600 = 2.21

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Biogen Inc. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Total Biogen Inc. shareholders’ equity 10,896,200 10,700,300 13,343,200 13,039,600 12,612,800
Profitability Ratio
ROE1 14.28% 37.39% 44.13% 33.98% 20.13%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 1,129,300 4,149,600 5,955,600 4,539,000 2,630,800
Adjusted total Biogen Inc. shareholders’ equity 10,175,600 10,363,700 12,921,900 12,521,900 12,139,600
Profitability Ratio
Adjusted ROE2 11.10% 40.04% 46.09% 36.25% 21.67%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROE = 100 × Net income attributable to Biogen Inc. ÷ Total Biogen Inc. shareholders’ equity
= 100 × 1,556,100 ÷ 10,896,200 = 14.28%

2 Adjusted ROE = 100 × Adjusted net income attributable to Biogen Inc. ÷ Adjusted total Biogen Inc. shareholders’ equity
= 100 × 1,129,300 ÷ 10,175,600 = 11.10%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Biogen Inc. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Total assets 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Profitability Ratio
ROA1 6.52% 16.25% 21.62% 17.52% 10.73%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 1,129,300 4,149,600 5,955,600 4,539,000 2,630,800
Adjusted total assets 22,462,200 23,249,400 24,002,200 23,135,000 23,056,700
Profitability Ratio
Adjusted ROA2 5.03% 17.85% 24.81% 19.62% 11.41%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROA = 100 × Net income attributable to Biogen Inc. ÷ Total assets
= 100 × 1,556,100 ÷ 23,877,300 = 6.52%

2 Adjusted ROA = 100 × Adjusted net income attributable to Biogen Inc. ÷ Adjusted total assets
= 100 × 1,129,300 ÷ 22,462,200 = 5.03%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Biogen Inc. adjusted ROA deteriorated from 2019 to 2020 and from 2020 to 2021.