Stock Analysis on Net
Stock Analysis on Net

Biogen Inc. (NASDAQ:BIIB)

Cash Flow Statement
Quarterly Data

Beginner level

The cash flow statement provides information about a company’s 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’s 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 (quarterly data)

US$ in thousands

Microsoft Excel LibreOffice Calc
3 months ended: Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Net income 703,900  1,606,400  1,392,600  1,439,700  1,545,900  1,494,100  1,408,800  944,900  1,442,900  915,000  1,171,200  (166,300) 1,226,100  862,800  747,500  647,900  1,030,200  1,048,400  969,200  828,708  1,019,493  924,825  820,174 
Depreciation, amortization and impairments 134,000  112,900  119,900  113,000  329,500  117,000  121,100  329,700  346,500  171,500  168,900  209,000  177,400  182,600  512,000  177,400  180,200  175,400  149,700  156,300  151,577  144,586  147,937 
Acquired in-process research and development —  —  75,000  —  —  —  —  —  27,500  75,000  10,000  —  —  120,000  —  —  —  —  —  —  —  —  — 
Share-based compensation 33,500  48,100  67,700  38,400  45,900  52,300  45,700  38,500  37,300  38,300  43,400  30,600  30,100  30,300  37,000  37,000  33,700  38,800  45,300  29,863  37,860  41,614  52,063 
Gain on interest rate swap 3,300  (3,300) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Contingent consideration (29,000) 10,100  (4,600) 2,600  (57,800) (20,000) 11,500  79,300  (87,900) 1,900  (5,600) 1,500  61,200  —  —  —  —  —  —  —  —  —  — 
Loss on divestiture of Hillerød, Denmark manufacturing operations —  —  —  (40,200) (17,700) (2,300) 115,500  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Deferred income taxes 31,700  143,300  36,900  38,700  (43,200) (156,400) 228,000  153,100  12,600  (110,500) 53,100  131,400  (19,200) (96,600) 76,100  (118,200) (26,600) (39,100) 8,900  40,202  (95,155) (107,386) 16,739 
Unrealized (gain) loss on strategic investments 81,500  (101,700) 62,000  189,800  9,400  175,800  (375,000) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Loss on equity method investment 14,700  —  —  (63,500) 63,500  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Other 24,800  39,600  45,700  (18,200) (3,700) 40,400  50,700  (900) (114,300) 14,400  31,700  96,400  (7,800) 55,400  18,100  57,800  13,600  40,000  (20,200) 50,636  37,372  27,113  (32,921)
Accounts receivable 133,100  (30,400) (238,400) 71,200  500  133,700  (136,600) 48,800  (66,800) (53,200) (134,000) (209,800) 75,400  (105,500) (195,700) (3,300) (173,100) 95,000  (160,000) 92,608  (24,701) 89,380  (128,287)
Due from anti-CD20 therapeutic programs (86,100) 70,500  78,600  (7,900) (24,800) (30,600) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Inventory (82,400) (126,000) (62,200) (66,500) (61,400) (20,300) 129,000  (20,200) 8,200  (42,700) 2,600  75,800  (85,000) (39,100) (46,200) (10,500) (26,800) (39,700) (88,600) (24,013) (69,093) (59,787) (21,507)
Accrued expenses and other current liabilities 814,300  (94,000) (347,400) 349,300  107,000  (77,700) (138,400) 364,800  87,400  135,100  (121,800) 277,100  (52,200) 231,900  (684,200) 793,300  (60,900) 18,500  (180,800) 248,732  (4,603) 35,538  (205,467)
Income tax assets and liabilities (489,300) 281,600  223,000  (48,500) (242,300) 136,600  170,300  6,100  132,200  (74,200) 257,600  1,133,400  285,200  80,400  (195,100) —  —  —  —  —  —  —  — 
Other changes in operating assets and liabilities, net (106,900) (8,600) 18,500  (37,700) 44,100  121,400  (171,100) (48,700) (89,700) 28,700  (20,000) (60,800) (62,900) (153,000) (34,300) (4,800) 16,300  (341,500) 239,900  (382,641) (157,302) (48,663) 84,306 
Changes in operating assets and liabilities, net 182,700  93,100  (327,900) 259,900  (176,900) 263,100  (146,800) 350,800  71,300  (6,300) (15,600) 1,215,700  160,500  14,700  (1,155,500) 774,700  (244,500) (267,700) (189,500) (65,314) (255,699) 16,468  (270,955)
Adjustments to reconcile net income to net cash flows from operating activities 477,200  342,100  74,700  520,500  149,000  469,900  50,700  950,500  293,000  184,300  285,900  1,684,600  402,200  306,400  (512,300) 928,700  (43,600) (52,600) (5,800) 211,687  (124,045) 122,395  (87,137)
Net cash flows provided by operating activities 1,181,100  1,948,500  1,467,300  1,960,200  1,694,900  1,964,000  1,459,500  1,895,400  1,735,900  1,099,300  1,457,100  1,518,300  1,628,300  1,169,200  235,200  1,576,600  986,600  995,800  963,400  1,040,395  895,448  1,047,220  733,037 
Proceeds from sales and maturities of marketable securities 1,360,800  1,490,600  2,389,300  2,139,400  611,800  1,766,600  1,489,200  1,179,000  1,192,000  2,733,800  4,068,900  1,093,300  888,100  1,700,200  1,884,300  2,193,100  2,362,200  1,642,500  1,181,100  699,626  2,387,857  601,954  373,563 
Purchases of marketable securities (895,200) (2,069,200) (1,684,700) (1,200,500) (1,977,000) (1,250,100) (825,000) (1,601,000) (1,319,500) (2,855,100) (1,919,200) (1,261,300) (1,557,900) (1,279,300) (1,256,700) (2,281,500) (1,798,400) (1,918,900) (1,914,400) (1,994,758) (2,825,096) (1,722,088) (322,958)
Contingent consideration paid related to Fumapharm AG acquisition —  —  —  —  —  —  (300,000) (300,000) (300,000) (300,000) (600,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) —  (250,000)
Acquisition of Nightstar Therapeutics plc, net of cash acquired —  —  —  —  —  (744,400) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of Sangamo Therapeutics, Inc. stock —  (141,800) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of Denali Therapeutics Inc. stock (423,700) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Proceeds from divestiture of Hillerød, Denmark manufacturing operations —  —  —  —  923,700  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchases of property, plant and equipment (84,100) (105,000) (149,700) (110,400) (90,100) (186,900) (127,100) (225,900) (163,200) (186,800) (194,700) (230,600) (229,100) (197,700) (210,000) (182,100) (170,300) (136,800) (126,900) (186,115) (229,197) (129,858) (97,830)
Acquired in-process research and development —  —  (75,000) —  —  —  —  —  (27,500) (75,000) (10,000) —  —  (120,000) —  —  —  —  —  —  —  —  — 
Acquisitions of intangible assets —  —  (37,000) (155,000) —  —  —  —  —  (3,000) —  (65,000) (50,100) (5,100) (855,200) (1,200) (110,400) —  —  (15,400) —  —  — 
Proceeds from settlement of net investment hedge 7,800  (7,800) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Purchase of Ionis Pharmaceuticals, Inc. stock —  —  —  —  —  —  —  —  800  (463,700) —  —  —  —  —  —  —  —  —  —  —  —  — 
Proceeds from sales of strategic investments —  —  500  3,300  166,300  309,700  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Investment in Samsung Bioepis —  —  —  —  —  —  —  (676,600) —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Acquisitions of business, net of cash acquired —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (2) —  —  (198,798)
Other (18,000) 500  (500) 31,600  (600) (5,700) 1,700  (800) (1,700) 1,300  1,600  (5,900) 2,200  (700) (6,600) (10,000) 53,100  (22,900) (43,000) (10,880) (23,501) (3,371) (6,748)
Net cash flows (used in) provided by investing activities (52,400) (832,700) 442,900  708,400  (365,900) (110,800) 238,800  (1,625,300) (619,100) (1,148,500) 1,346,600  (769,500) (1,246,800) (202,600) (744,200) (581,700) 36,200  (736,100) (1,203,200) (1,807,529) (989,937) (1,253,363) (502,771)
Purchases of treasury stock (1,250,000) (2,808,900) (2,220,200) (2,093,100) (717,900) (2,401,500) (655,800) (1,352,600) —  (2,750,000) (250,000) —  —  (781,800) (583,600) (651,100) (348,900) —  —  (2,001,810) (2,955,997) (42,193) — 
Payments related to issuance of stock for share-based compensation arrangements, net 7,400  10,400  (29,600) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Proceeds from borrowings —  2,967,300  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (436) 5,930,936  —  — 
Repayment of borrowings —  (1,500,000) —  —  —  —  —  —  —  (3,200) —  (557,700) (3,200) —  —  —  (2,700) —  —  (17) (2,083) —  — 
Cash proceeds from settlement of swap (3,300) 3,300  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Net distribution to noncontrolling interest (70,900) —  —  —  —  4,300  —  500  2,000  (38,900) —  (134,100) —  —  —  —  —  —  —  —  —  —  — 
Net cash contribution to Bioverativ Inc. —  —  —  —  —  —  —  —  —  —  —  —  —  —  (302,700) —  —  —  —  —  —  —  — 
Contingent consideration payments —  —  —  —  —  —  —  (58,200) —  —  —  (3,000) —  —  —  —  —  —  —  —  —  —  — 
Excess tax benefit from share-based awards —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  700  2,900  700  8,300  7,422  1,088  3,261  66,429 
Other 3,900  14,500  4,500  (23,300) 28,900  21,500  (23,500) (26,700) 23,100  600  (18,600) (13,300) (16,300) 30,800  (15,100) (70,800) 48,100  (14,100) 39,100  (3,562) (66,360) 35,395  14,327 
Net cash flows provided by (used in) financing activities (1,312,900) (1,313,400) (2,245,300) (2,116,400) (689,000) (2,375,700) (679,300) (1,437,000) 25,100  (2,791,500) (268,600) (708,100) (19,500) (751,000) (901,400) (721,200) (300,600) (13,400) 47,400  (1,998,403) 2,907,584  (3,537) 80,756 
Effect of exchange rate changes on cash and cash equivalents 24,100  (8,800) 12,700  17,600  (19,500) 2,700  (400) 4,800  (5,400) (17,100) (900) (15,000) 16,600  29,900  7,900  (32,000) 600  (15,000) 15,100  (15,442) (6,170) 13,707  (37,895)
Net increase (decrease) in cash and cash equivalents (160,100) (206,400) (322,400) 569,800  620,500  (519,800) 1,018,600  (1,162,100) 1,136,500  (2,857,800) 2,534,200  25,700  378,600  245,500  (1,402,500) 241,700  722,800  231,300  (177,300) (2,780,979) 2,806,925  (195,973) 273,127 

Based on: 10-Q (filing date: 2020-10-21), 10-Q (filing date: 2020-07-22), 10-Q (filing date: 2020-04-23), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-22), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-06), 10-Q (filing date: 2018-10-23), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-01), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-25), 10-K (filing date: 2017-02-02), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-21), 10-Q (filing date: 2016-04-21), 10-K (filing date: 2016-02-03), 10-Q (filing date: 2015-10-21), 10-Q (filing date: 2015-07-24), 10-Q (filing date: 2015-04-24).

Cash flow statement item Description The company
Net cash flows provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Biogen Inc.’s net cash flows provided by operating activities increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.
Net cash flows (used in) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Biogen Inc.’s net cash flows (used in) provided by investing activities decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 not reaching Q1 2020 level.
Net cash flows provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Biogen Inc.’s net cash flows provided by (used in) financing activities increased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.