Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
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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.