Stock Analysis on Net

Biogen Inc. (NASDAQ:BIIB)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 25, 2022.

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Biogen Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income
Depreciation and amortization
Impairment of intangible assets
Excess and obsolescence charges related to inventory
Acquired in-process research and development
Share-based compensation
Contingent consideration
(Gain) loss on divestiture of Hillerød, Denmark manufacturing operations
Deferred income taxes
(Gain) loss on strategic investments
(Gain) loss on equity method investment
Other
Accounts receivable
Due from anti-CD20 therapeutic programs
Inventory
Accrued expense and other current liabilities
Income tax assets and liabilities
Other changes in operating assets and liabilities, net
Changes in operating assets and liabilities, net
Adjustments to reconcile net income to net cash flows from operating activities
Net cash flow provided by operating activities
Purchases of property, plant and equipment
Proceeds from sales and maturities of marketable securities
Purchases of marketable securities
Contingent consideration paid related to Fumapharm AG acquisition
Acquisition of Nightstar Therapeutics plc, net of cash acquired
Purchase of Ionis Pharmaceuticals, Inc. stock
Purchase of Sangamo Therapeutics, Inc. stock
Purchase of Denali Therapeutics Inc. stock
Purchase of Sage Therapeutics, Inc. stock
Proceeds from divestiture of Hillerød, Denmark manufacturing operations
Acquired in-process research and development
Acquisitions of intangible assets
Investment in Samsung Bioepis
Proceeds from sales of strategic investments
Other
Net cash flow (used in) provided by investing activities
Purchase of treasury stock
Payments related to issuance of stock for share-based compensation arrangements, net
Repayments of borrowings and premiums paid on debt exchange
Proceeds from borrowings
Repayments of borrowings
Net contribution (distribution) to noncontrolling interests
Net cash contribution to Bioverativ, Inc.
Contingent consideration payments
Other
Net cash flow used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of the year
Cash and cash equivalents, end of the year

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).


Net Income
The net income showed an overall declining trend from 2017 to 2021. It peaked in 2019 at 5,888,500 thousand US dollars, followed by a significant decrease to 1,727,600 thousand US dollars in 2021, indicating a reduction in profitability over the period.
Depreciation and Amortization
Depreciation and amortization expenses decreased substantially from 1,081,000 thousand US dollars in 2017 to 457,200 thousand in 2020 but slightly increased to 487,700 thousand in 2021, suggesting a reduction in asset base or changes in capital expenditures before a slight rebound.
Impairment of Intangible Assets
This expense showed fluctuations, starting at 366,100 thousand US dollars in 2018, dropping in 2019 and 2020, then rising sharply to 629,300 thousand in 2021, implying episodic write-downs affecting asset valuations.
Inventory-Related Charges
Excess and obsolescence charges related to inventory increased over the years, reaching 167,600 thousand US dollars in 2021 from lower levels in prior years, indicating challenges in inventory management or demand forecasting.
Share-based Compensation
Share-based compensation steadily rose from 128,000 thousand US dollars in 2017 to 238,600 thousand in 2021, reflecting increasing equity-based employee compensation.
Cash Flow from Operating Activities
Net cash provided by operating activities increased notably from 4,551,000 thousand US dollars in 2017 to a peak of 7,078,600 thousand in 2019, followed by a decline to 3,639,900 thousand in 2021, aligning with the reduction in net income and suggesting tightening operational cash generation.
Capital Expenditures
Purchases of property, plant, and equipment declined continuously, decreasing from 867,400 thousand in 2017 to 258,100 thousand US dollars in 2021, indicating reduced investment in fixed assets over time.
Investing Activities
Net cash flow from investing activities improved to positive territory in 2019 but reverted to negative in subsequent years, reflecting variable investment and divestment activities, including proceeds from divestitures and acquisitions impacting cash flows.
Financing Activities
Net cash used in financing activities was consistently negative, with significant purchases of treasury stock each year, particularly high in 2019 and 2020, indicating substantial share repurchases. Borrowings and repayments varied, including proceeds from borrowings in 2020 but large repayments in other years, signaling active debt management.
Cash and Cash Equivalents
Cash balances decreased overall from 2,326,500 thousand US dollars at the start of 2017 to 2,261,400 thousand at the end of 2021, with fluctuations throughout, including peaks in 2019 and dips in 2020, consistent with operating and investing cash flow trends.
Other Observations
Various gains and losses on strategic investments and equity method investments negatively affected results in some years but reversed in 2021 with realizations of gains. Deferred income taxes showed a large negative adjustment in 2021, possibly impacting the effective tax rate and net income.