Stock Analysis on Net

Biogen Inc. (NASDAQ:BIIB)

$22.49

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Biogen Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Current portion of notes payable
Taxes payable
Accounts payable
Revenue-related reserves for discounts and allowances
Collaboration expenses
Employee compensation and benefits
Royalties and licensing fees
Derivative liabilities
Current portion of contingent consideration obligations
Other
Accrued expense and other
Current liabilities
Notes payable, excluding current portion
Deferred tax liability
Long-term operating lease liabilities
Other long-term liabilities
Long-term liabilities
Total liabilities
Preferred stock, par value $0.001 per share
Common stock, par value $0.0005 per share
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Treasury stock, at cost
Total Biogen Inc. shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

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).


The analysis of the financial data reveals several notable trends over the five-year period.

Current Liabilities
The current liabilities as a percentage of total liabilities and equity fluctuated, starting at 14.24% in 2017, decreasing to 13.03% in 2018, rising noticeably to 17.86% in 2019, then decreasing again to 15.2% in 2020 before reaching a peak of 18% in 2021. Specific components such as accounts payable showed a gradual increase from 1.67% in 2017 to 2.47% in 2021, indicating growing short-term obligations. Taxes payable also increased steadily from 0.29% to 0.73% over the same period.
Notes Payable
Notes payable excluding the current portion demonstrated significant variability, declining from 25.09% in 2017 to 16.37% in 2019, then rebounding sharply to 30.16% in 2020 before reducing again to 26.28% in 2021. The current portion of notes payable was minimal or absent in some years but rose notably to 5.49% in 2019 and 4.18% in 2021, indicating some shifts in debt structure and maturities.
Deferred Tax Liability
Deferred tax liabilities increased markedly from a minimal 0.52% in 2017 to a peak of 10.32% in 2019, but subsequently declined to 2.91% by 2021. This suggests fluctuating deferred tax positions possibly due to changes in tax regulations or timing differences in recognition.
Long-Term Liabilities
Overall long-term liabilities fluctuated, starting at 32.5% in 2017, increasing to 35.44% in 2018, dipping to 33.16% in 2019, surging to 41.39% in 2020, and then falling to 36.1% in 2021. This variability aligns with the changes observed in notes payable and deferred tax liabilities. Long-term operating lease liabilities appeared from 2019 onward, contributing around 1.5% of total liabilities and equity in the last three years.
Total Liabilities
Total liabilities showed an increasing trend from 46.74% in 2017 to a peak of 56.59% in 2020, followed by a slight reduction to 54.1% in 2021. This indicates a gradual build-up of overall obligations relative to the capital structure.
Equity Components
Shareholders’ equity as a percentage of total liabilities and equity decreased steadily from 53.33% in 2017 to 43.46% in 2020, then marginally increased to 45.63% in 2021. The retained earnings component declined consistently from 66.84% in 2017 to 56.77% in 2020, improving slightly to 58.26% in 2021, signaling erosion in accumulated profits with some recovery in the final year. Treasury stock at cost became less negative from -12.59% to around -12.47%, illustrating a relatively stable share repurchase activity.
Other Equity Items
Accumulated other comprehensive loss was consistently negative but showed an improving trend from -1.35% in 2017 to -0.45% in 2021, suggesting reduced unrealized losses or adjustments. Additional paid-in capital appeared scarcely, noted as 0.41% in 2017 and 0.29% in 2021. Noncontrolling interests remained negligible with slight fluctuations, ending positive at 0.27% in 2021.
Expense and Reserve Items
Revenue-related reserves for discounts and allowances steadily increased from 2.42% in 2017 to a peak at 4.39% in 2020 before declining to 3.36% in 2021. Collaboration expenses increased over the period, rising to 1.58% in 2020, then decreasing modestly to 1.36% in 2021. Employee compensation and benefits experienced minor fluctuations but trended upward, reaching 1.45% in 2021. Royalties and licensing fees remained relatively stable around 0.8% to 0.98%. Accrued expenses and other short-term liabilities decreased from 12.27% in 2017 to 10.62% by 2021, after peaking at 12.78% in 2020.

In summary, the financial data reflects an overall increase in total liabilities relative to equity over the analyzed period, accompanied by volatility in specific liability categories such as notes payable and deferred tax liabilities. Equity levels have declined, mainly driven by decreasing retained earnings, although there was some recovery in the final year. Operational expense-related reserves and liabilities have shown variability, implying changing operational cost structures or provisions. The trend towards higher liabilities and lower equity share suggests increasing financial leverage and adjustments in the capital structure over these years.