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Analysis of Investments
Difficulty: Advanced
Investment Accounting Policy
Marketable Debt Securities
Available-for-sale debt securities are recorded at fair market value and unrealized gains and losses are included in accumulated other comprehensive income (loss) in equity, net of related tax effects, unless the security has experienced a credit loss, Biogen has determined that Biogen has the intent to sell the security or Biogen has determined that it is more likely than not that Biogen will have to sell the security before its expected recovery. Realized gains and losses are reported in other income (expense), net, on a specific identification basis.
Marketable Equity Securities
Biogen's marketable equity securities represent investments in publicly traded equity securities and are included in investments and other assets in the consolidated balance sheets. When assessing whether a decline in the fair value of a marketable equity security is other-than-temporary, Biogen considers the fair market value of the security, the duration of the security's decline and prospects for the underlying business, including favorable or adverse clinical trial results, new product initiatives and new collaborative agreements with the companies in which Biogen has invested.
Source: 10-K (filing date: 2018-02-01).
Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities
Biogen Inc., adjustment to Net Income Attributable To Biogen Inc.
USD $ in thousands
Based on: 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04), 10-K (filing date: 2014-02-06).
Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)
Biogen Inc., adjusted ratios
Based on: 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04), 10-K (filing date: 2014-02-06).
| Ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Biogen Inc.'s adjusted net profit margin deteriorated from 2015 to 2016 and from 2016 to 2017. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by shareholders' equity. | Biogen Inc.'s adjusted ROE deteriorated from 2015 to 2016 and from 2016 to 2017. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by total assets. | Biogen Inc.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04), 10-K (filing date: 2014-02-06).
2017 Calculations
1 Net profit margin = 100 × Net income attributable to Biogen Inc. ÷ Revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income attributable to Biogen Inc. ÷ Revenues
= 100 × ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Biogen Inc.'s adjusted net profit margin deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04), 10-K (filing date: 2014-02-06).
2017 Calculations
1 ROE = 100 × Net income attributable to Biogen Inc. ÷ Total Biogen Inc. shareholders' equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income attributable to Biogen Inc. ÷ Total Biogen Inc. shareholders' equity
= 100 × ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by shareholders' equity. | Biogen Inc.'s adjusted ROE deteriorated from 2015 to 2016 and from 2016 to 2017. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04), 10-K (filing date: 2014-02-06).
2017 Calculations
1 ROA = 100 × Net income attributable to Biogen Inc. ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income attributable to Biogen Inc. ÷ Total assets
= 100 × ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by total assets. | Biogen Inc.'s adjusted ROA deteriorated from 2015 to 2016 and from 2016 to 2017. |
