Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Biogen Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Cash and cash equivalents	2,261,400)	1,331,200)	2,913,700)	1,224,600)	1,573,800)
Marketable securities	1,541,100)	1,278,900)	1,562,200)	2,313,400)	2,115,200)
Accounts receivable, net	1,549,400)	1,913,800)	1,880,500)	1,958,500)	1,787,000)
Due from anti-CD20 therapeutic programs	412,300)	413,500)	590,200)	526,900)	532,600)
Inventory	1,351,500)	1,068,600)	804,200)	929,900)	902,700)
Other current assets	740,800)	881,100)	631,000)	687,600)	962,000)
Current assets	7,856,500)	6,887,100)	8,381,800)	7,640,900)	7,873,300)
Marketable securities	892,000)	772,100)	1,408,100)	1,375,900)	3,057,300)
Property, plant and equipment, net	3,416,400)	3,411,500)	3,247,300)	3,601,200)	3,182,400)
Operating lease assets	375,400)	433,300)	427,000)	—)	—)
Intangible assets, net	2,221,300)	3,084,300)	3,527,400)	3,120,000)	3,879,600)
Goodwill	5,761,100)	5,762,100)	5,757,800)	5,706,400)	4,632,500)
Deferred tax asset	1,415,100)	1,369,500)	3,232,100)	2,153,900)	595,900)
Investments and other assets	1,939,500)	2,899,000)	1,252,800)	1,690,600)	431,600)
Long-term assets	16,020,800)	17,731,800)	18,852,500)	17,648,000)	15,779,300)
Total assets	23,877,300)	24,618,900)	27,234,300)	25,288,900)	23,652,600)

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).

Total assets exhibited a growth trend from 2017 to 2019, peaking at 27.23 billion US dollars before entering a period of contraction, ending at 23.88 billion US dollars by December 31, 2021. This overall movement was primarily driven by fluctuations in long-term assets and deferred tax assets rather than changes in core operational infrastructure.

Current Asset Liquidity and Composition: Current assets remained relatively stable over the five-year period, fluctuating between 6.89 billion and 8.38 billion US dollars. Cash and cash equivalents showed significant volatility, peaking in 2019 at 2.91 billion US dollars before settling at 2.26 billion US dollars in 2021. Short-term marketable securities generally declined from 2.12 billion US dollars in 2017 to 1.54 billion US dollars in 2021. Notably, inventory levels demonstrated a steady upward trajectory, increasing from 902.7 million US dollars in 2017 to 1.35 billion US dollars in 2021, suggesting an expansion in product stockpiling or production capacity.
Long-Term Asset Trends: Long-term assets peaked in 2019 at 18.85 billion US dollars and subsequently declined to 16.02 billion US dollars by 2021. A significant driver of this reduction was the decline in long-term marketable securities, which fell from 3.06 billion US dollars in 2017 to 892 million US dollars in 2021. Net intangible assets also experienced a consistent downward trend, decreasing from 3.88 billion US dollars in 2017 to 2.22 billion US dollars in 2021, likely reflecting ongoing amortization. Conversely, goodwill remained remarkably stable, holding at approximately 5.76 billion US dollars from 2018 through 2021.
Deferred Tax and Other Assets: Deferred tax assets showed extreme volatility, rising sharply from 595.9 million US dollars in 2017 to a peak of 3.23 billion US dollars in 2019, followed by a sudden decrease to 1.37 billion US dollars in 2020. Similarly, investments and other assets fluctuated significantly, reaching a high of 2.90 billion US dollars in 2020 before decreasing to 1.94 billion US dollars in 2021. These fluctuations indicate shifting tax valuations and periodic adjustments to non-core investment holdings.

The overall balance sheet structure reveals a strategic shift in asset allocation. The contraction in total assets after 2019 is attributed to the depletion of long-term marketable securities and the reduction of intangible assets, while the operational footprint, represented by property, plant, and equipment, remained stable throughout the period at approximately 3.4 billion US dollars.

Biogen Inc. (NASDAQ:BIIB)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items