Name: Biogen Inc. (NASDAQ:BIIB) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Biogen Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Product, net	8,846,900)	10,692,200)	11,379,800)	10,886,800)	10,354,700)
Revenues from anti-CD20 therapeutic programs	1,658,500)	1,977,800)	2,290,400)	1,980,200)	1,559,200)
Other	476,300)	774,600)	707,700)	585,900)	360,000)
Revenue	10,981,700)	13,444,600)	14,377,900)	13,452,900)	12,273,900)
Cost of sales, excluding amortization and impairment of acquired intangible assets	(2,109,700)	(1,805,200)	(1,955,400)	(1,816,300)	(1,630,000)
Gross profit	8,872,000)	11,639,400)	12,422,500)	11,636,600)	10,643,900)
Research and development	(2,501,200)	(3,990,900)	(2,280,600)	(2,597,200)	(2,253,600)
Selling, general and administrative	(2,674,300)	(2,504,500)	(2,374,700)	(2,106,300)	(1,935,500)
Amortization and impairment of acquired intangible assets	(881,300)	(464,800)	(489,900)	(747,300)	(814,700)
Collaboration profit sharing	(7,200)	(232,900)	(241,600)	(185,000)	(112,300)
Gain (loss) on divestiture of Hillerød, Denmark manufacturing operations	—)	92,500)	(55,300)	—)	—)
Gain (loss) on fair value remeasurement of contingent consideration	50,700)	86,300)	63,700)	12,300)	(62,700)
Acquired in-process research and development	(18,000)	(75,000)	—)	(112,500)	(120,000)
Restructuring charges	—)	—)	(1,500)	(12,000)	(900)
Income from operations	2,840,700)	4,550,100)	7,042,600)	5,888,600)	5,344,200)
Interest income	11,000)	42,000)	120,000)	112,500)	78,500)
Interest expense	(253,600)	(222,500)	(187,400)	(200,600)	(250,800)
Gain (loss) on investments, net	(824,900)	685,700)	204,700)	119,500)	(36,300)
Foreign exchange gains (losses), net	(22,400)	(10,700)	(7,000)	(9,900)	6,300)
Other, net	(5,600)	2,900)	(47,000)	(10,500)	(13,100)
Other income (expense), net	(1,095,500)	497,400)	83,300)	11,000)	(215,400)
Income before equity in income (loss) of investee and income tax expense	1,745,200)	5,047,500)	7,125,900)	5,899,600)	5,128,800)
Equity in income (loss) of investee, net of tax	34,900)	5,300)	(79,400)	—)	—)
Income before income tax expense	1,780,100)	5,052,800)	7,046,500)	5,899,600)	5,128,800)
Income tax expense	(52,500)	(992,300)	(1,158,000)	(1,425,600)	(2,458,700)
Net income	1,727,600)	4,060,500)	5,888,500)	4,474,000)	2,670,100)
Net income attributable to noncontrolling interests, net of tax	(171,500)	(59,900)	—)	(43,300)	(131,000)
Net income attributable to Biogen Inc.	1,556,100)	4,000,600)	5,888,500)	4,430,700)	2,539,100)

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).

Revenue patterns indicate a growth trajectory from 2017 through 2019, reaching a peak of $14.38 billion before entering a period of contraction, ending at $10.98 billion in 2021. This decline is primarily attributed to reductions in both net product sales and revenues from anti-CD20 therapeutic programs, both of which peaked in 2019.

Profitability and Margin Analysis: Gross profit peaked in 2019 at $12.42 billion. While gross margins remained relatively stable between 2017 and 2020, a notable compression occurred in 2021. During that year, the cost of sales increased to $2.11 billion despite the overall decline in revenue, resulting in a gross profit of $8.87 billion.
Operating Expense Trends: Selling, general, and administrative expenses demonstrated a consistent year-over-year increase, rising from $1.94 billion in 2017 to $2.67 billion in 2021. Research and development expenditures were more volatile, characterized by a significant spike to $3.99 billion in 2020 before normalizing to $2.50 billion in 2021.
Operating Income Performance: Income from operations followed the revenue trend, peaking in 2019 at $7.04 billion. A sharp decline is observed thereafter, with operating income falling to $4.55 billion in 2020 and further dropping to $2.84 billion in 2021, reflecting the combined impact of lower revenues and rising administrative costs.
Net Income and Non-Operating Volatility: Net income attributable to the parent company peaked in 2019 at $5.89 billion but declined to $1.56 billion by 2021. This downward trend was compounded by high volatility in non-operating items; specifically, a gain on investments of $685.7 million in 2020 reversed into a substantial loss of $824.9 million in 2021.
Taxation and Other Financial Items: Income tax expenses decreased significantly over the five-year period, falling from $2.46 billion in 2017 to $52.5 million in 2021. Additionally, amortization and impairment of acquired intangible assets remained a persistent cost, peaking at $881.3 million in 2021.

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