Stock Analysis on Net
Stock Analysis on Net
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Biogen Inc. (NASDAQ:BIIB)

This company was transferred to the archive: financial data is no longer updated!

Analysis of Investments

Advanced level

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Biogen Inc., adjustment to net income attributable to Biogen Inc.

US$ in thousands

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income attributable to Biogen Inc. (as reported) 5,888,500  4,430,700  2,539,100  3,702,800  3,547,000 
Add: Unrealized gains (losses) on securities available for sale, net of tax 8,200  (3,900) 9,200  (10,000) (400)
Net income attributable to Biogen Inc. (adjusted) 5,896,700  4,426,800  2,548,300  3,692,800  3,546,600 

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).


Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Biogen Inc., adjusted profitability ratios

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net Profit Margin
Reported net profit margin 40.96% 32.93% 20.69% 32.34% 32.95%
Adjusted net profit margin 41.01% 32.91% 20.76% 32.25% 32.95%
Return on Equity (ROE)
Reported ROE 44.13% 33.98% 20.13% 30.50% 37.84%
Adjusted ROE 44.19% 33.95% 20.20% 30.42% 37.84%
Return on Assets (ROA)
Reported ROA 21.62% 17.52% 10.73% 16.19% 18.19%
Adjusted ROA 21.65% 17.50% 10.77% 16.14% 18.18%

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

Profitability 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 ratio improved from 2017 to 2018 and from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Biogen Inc.’s adjusted ROE improved from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Biogen Inc.’s adjusted ROA improved from 2017 to 2018 and from 2018 to 2019.

Biogen Inc., Profitability Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 5,888,500  4,430,700  2,539,100  3,702,800  3,547,000 
Revenues 14,377,900  13,452,900  12,273,900  11,448,800  10,763,800 
Profitability Ratio
Net profit margin1 40.96% 32.93% 20.69% 32.34% 32.95%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 5,896,700  4,426,800  2,548,300  3,692,800  3,546,600 
Revenues 14,377,900  13,452,900  12,273,900  11,448,800  10,763,800 
Profitability Ratio
Adjusted net profit margin2 41.01% 32.91% 20.76% 32.25% 32.95%

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

2019 Calculations

1 Net profit margin = 100 × Net income attributable to Biogen Inc. ÷ Revenues
= 100 × 5,888,500 ÷ 14,377,900 = 40.96%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Biogen Inc. ÷ Revenues
= 100 × 5,896,700 ÷ 14,377,900 = 41.01%

Profitability 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 ratio improved from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Equity (ROE)

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 5,888,500  4,430,700  2,539,100  3,702,800  3,547,000 
Total Biogen Inc. shareholders’ equity 13,343,200  13,039,600  12,612,800  12,140,100  9,372,800 
Profitability Ratio
ROE1 44.13% 33.98% 20.13% 30.50% 37.84%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 5,896,700  4,426,800  2,548,300  3,692,800  3,546,600 
Total Biogen Inc. shareholders’ equity 13,343,200  13,039,600  12,612,800  12,140,100  9,372,800 
Profitability Ratio
Adjusted ROE2 44.19% 33.95% 20.20% 30.42% 37.84%

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

2019 Calculations

1 ROE = 100 × Net income attributable to Biogen Inc. ÷ Total Biogen Inc. shareholders’ equity
= 100 × 5,888,500 ÷ 13,343,200 = 44.13%

2 Adjusted ROE = 100 × Adjusted net income attributable to Biogen Inc. ÷ Total Biogen Inc. shareholders’ equity
= 100 × 5,896,700 ÷ 13,343,200 = 44.19%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Biogen Inc.’s adjusted ROE improved from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 5,888,500  4,430,700  2,539,100  3,702,800  3,547,000 
Total assets 27,234,300  25,288,900  23,652,600  22,876,800  19,504,800 
Profitability Ratio
ROA1 21.62% 17.52% 10.73% 16.19% 18.19%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 5,896,700  4,426,800  2,548,300  3,692,800  3,546,600 
Total assets 27,234,300  25,288,900  23,652,600  22,876,800  19,504,800 
Profitability Ratio
Adjusted ROA2 21.65% 17.50% 10.77% 16.14% 18.18%

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

2019 Calculations

1 ROA = 100 × Net income attributable to Biogen Inc. ÷ Total assets
= 100 × 5,888,500 ÷ 27,234,300 = 21.62%

2 Adjusted ROA = 100 × Adjusted net income attributable to Biogen Inc. ÷ Total assets
= 100 × 5,896,700 ÷ 27,234,300 = 21.65%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Biogen Inc.’s adjusted ROA improved from 2017 to 2018 and from 2018 to 2019.