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.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Current portion of notes payable 4.18 0.00 5.49 0.00 0.01
Taxes payable 0.73 0.58 0.26 0.25 0.29
Accounts payable 2.47 1.85 1.95 1.47 1.67
Revenue-related reserves for discounts and allowances 3.36 4.39 3.68 3.46 2.42
Collaboration expenses 1.36 1.58 1.03 1.03 0.78
Employee compensation and benefits 1.45 1.36 1.13 1.27 1.26
Royalties and licensing fees 0.98 0.89 0.81 0.89 0.87
Derivative liabilities 0.05 0.74 0.02 0.00 0.00
Current portion of contingent consideration obligations 0.00 0.61 0.54 1.76 3.57
Other 3.43 3.21 2.93 2.90 3.37
Accrued expense and other 10.62% 12.78% 10.16% 11.31% 12.27%
Current liabilities 18.00% 15.20% 17.86% 13.03% 14.24%
Notes payable, excluding current portion 26.28 30.16 16.37 23.47 25.09
Deferred tax liability 2.91 4.20 10.32 6.47 0.52
Long-term operating lease liabilities 1.38 1.63 1.52 0.00 0.00
Other long-term liabilities 5.53 5.40 4.95 5.49 6.89
Long-term liabilities 36.10% 41.39% 33.16% 35.44% 32.50%
Total liabilities 54.10% 56.59% 51.02% 48.47% 46.74%
Preferred stock, par value $0.001 per share 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.0005 per share 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 0.29 0.00 0.00 0.00 0.41
Accumulated other comprehensive loss -0.45 -1.21 -0.50 -0.95 -1.35
Retained earnings 58.26 56.77 60.42 64.29 66.84
Treasury stock, at cost -12.47 -12.09 -10.93 -11.77 -12.59
Total Biogen Inc. shareholders’ equity 45.63% 43.46% 48.99% 51.56% 53.33%
Noncontrolling interests 0.27 -0.06 -0.02 -0.03 -0.06
Total equity 45.90% 43.41% 48.98% 51.53% 53.26%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

A shift in the overall capital structure is evident between 2017 and 2021. Total liabilities increased from 46.74% to 54.10% of total liabilities and equity, while total equity declined from 53.26% to 45.90% over the same period. This transition indicates a growing reliance on debt financing and a reduction in the proportion of equity used to fund the organization's assets.

Liability Composition and Trends
Total liabilities peaked in 2020 at 56.59% before slightly moderating to 54.10% in 2021. This growth was driven primarily by long-term liabilities, which rose from 32.50% in 2017 to 36.10% in 2021. A significant fluctuation is observed in notes payable, excluding the current portion, which dropped to 16.37% in 2019 before spiking to 30.16% in 2020, suggesting a major debt issuance during that period.
Current liabilities exhibited a general upward trend, rising from 14.24% in 2017 to 18.00% in 2021. Within this category, accrued expenses and other liabilities remained a dominant component, consistently representing between 10% and 13% of the total balance sheet. Revenue-related reserves for discounts and allowances also showed a gradual increase, moving from 2.42% in 2017 to 3.36% in 2021.
Deferred tax liabilities experienced high volatility, increasing sharply from 0.52% in 2017 to a peak of 10.32% in 2019, before declining to 2.91% by 2021.
Equity Analysis
Total equity decreased from 53.26% in 2017 to 45.90% in 2021. The primary driver of this decline was the contraction of retained earnings, which fell from 66.84% to 58.26% over the five-year period. This downward trend in retained earnings suggests that dividends or share repurchases may have offset net income growth relative to the total balance sheet size.
Treasury stock maintained a significant and relatively stable negative impact on total equity, fluctuating between -10.93% and -12.59%. This indicates a consistent strategy of share buybacks throughout the period analyzed.
Accumulated other comprehensive loss remained a minor factor, though it fluctuated, reaching its lowest point of -1.21% in 2020 before recovering to -0.45% in 2021.

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