Name: Biogen Inc. (NASDAQ:BIIB) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Current portion of notes payable	999,100)	—)	1,495,800)	—)	3,200)
Taxes payable	174,700)	142,000)	71,400)	63,500)	68,200)
Accounts payable	589,200)	454,900)	530,800)	370,500)	395,500)
Revenue-related reserves for discounts and allowances	802,100)	1,080,600)	1,001,100)	874,700)	572,000)
Collaboration expenses	324,700)	389,900)	281,600)	261,600)	183,700)
Employee compensation and benefits	345,100)	333,800)	309,100)	320,900)	297,700)
Royalties and licensing fees	234,700)	218,500)	220,900)	224,700)	206,700)
Derivative liabilities	10,800)	181,500)	6,700)	—)	—)
Current portion of contingent consideration obligations	—)	149,600)	148,400)	444,800)	844,600)
Other	817,800)	791,400)	798,000)	734,500)	796,600)
Accrued expense and other	2,535,200)	3,145,300)	2,765,800)	2,861,200)	2,901,300)
Current liabilities	4,298,200)	3,742,200)	4,863,800)	3,295,200)	3,368,200)
Notes payable, excluding current portion	6,274,000)	7,426,200)	4,459,000)	5,936,500)	5,935,000)
Deferred tax liability	694,500)	1,032,800)	2,810,800)	1,636,200)	122,600)
Long-term operating lease liabilities	330,400)	402,000)	412,700)	—)	—)
Other long-term liabilities	1,320,500)	1,329,600)	1,348,900)	1,389,400)	1,628,700)
Long-term liabilities	8,619,400)	10,190,600)	9,031,400)	8,962,100)	7,686,300)
Total liabilities	12,917,600)	13,932,800)	13,895,200)	12,257,300)	11,054,500)
Preferred stock, par value $0.001 per share	—)	—)	—)	—)	—)
Common stock, par value $0.0005 per share	100)	100)	100)	100)	100)
Additional paid-in capital	68,200)	—)	—)	—)	97,800)
Accumulated other comprehensive loss	(106,700)	(299,000)	(135,200)	(240,400)	(318,400)
Retained earnings	13,911,700)	13,976,300)	16,455,400)	16,257,000)	15,810,400)
Treasury stock, at cost	(2,977,100)	(2,977,100)	(2,977,100)	(2,977,100)	(2,977,100)
Total Biogen Inc. shareholders’ equity	10,896,200)	10,700,300)	13,343,200)	13,039,600)	12,612,800)
Noncontrolling interests	63,500)	(14,200)	(4,100)	(8,000)	(14,700)
Total equity	10,959,700)	10,686,100)	13,339,100)	13,031,600)	12,598,100)
Total liabilities and equity	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).

The balance sheet reflects a period of expansion in total assets and liabilities through 2019, followed by a contraction in both total liabilities and shareholders' equity between 2020 and 2021. Total liabilities and equity peaked in 2019 at 27.23 billion US dollars before declining to 23.88 billion US dollars by the end of 2021.

Liability Structure and Trends: Total liabilities exhibited a steady upward trajectory from 11.05 billion US dollars in 2017 to a peak of 13.93 billion US dollars in 2020, before decreasing to 12.92 billion US dollars in 2021. This growth was primarily driven by long-term liabilities, specifically notes payable excluding the current portion, which rose from 5.94 billion US dollars in 2017 to a high of 7.43 billion US dollars in 2020.; Current liabilities showed significant volatility, peaking in 2019 at 4.86 billion US dollars. This spike was influenced by a substantial increase in the current portion of notes payable, which reached 1.50 billion US dollars that year. Other current obligations, such as revenue-related reserves for discounts and allowances, grew from 572 million US dollars in 2017 to 1.08 billion US dollars in 2020, indicating a scaling of revenue-related obligations over time.; Deferred tax liabilities experienced a sharp increase from 122.6 million US dollars in 2017 to 2.81 billion US dollars in 2019, followed by a significant reduction to 694.5 million US dollars by 2021.
Equity and Retained Earnings Analysis: Total shareholders' equity grew modestly between 2017 and 2019, reaching 13.34 billion US dollars. However, a sharp contraction occurred in 2020, with equity falling to 10.70 billion US dollars, a decline that was largely mirrored by a reduction in retained earnings, which dropped from 16.46 billion US dollars in 2019 to 13.98 billion US dollars in 2020.; Treasury stock remained constant throughout the five-year period at 2.98 billion US dollars, suggesting no new share buyback activity or cancellations during this timeframe. Accumulated other comprehensive loss fluctuated, reaching its lowest point in 2020 at 299 million US dollars before recovering to 106.7 million US dollars in 2021.
Financial Position Summary: The relationship between liabilities and equity shifted over the analyzed period. In 2017, total equity exceeded total liabilities. By 2020 and 2021, this trend reversed, with total liabilities (13.93 billion and 12.92 billion US dollars, respectively) surpassing total equity (10.69 billion and 10.96 billion US dollars, respectively), indicating an increase in the company's reliance on debt relative to equity financing.

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