Cash Flow Statement
Quarterly Data
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.
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Biogen Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Net income
- Net income exhibited significant volatility over the periods analyzed. It started strong with a peak of over 1.2 billion USD in late 2017, dropped sharply to a negative of 166.3 million USD, then recovered with fluctuations around 1 billion USD most quarters. Notably, there was a steep decline in early 2022 negative 20.5 million USD followed by recovery to over 1 billion USD by mid-2022.
- Depreciation and amortization
- This expense showed moderate fluctuations, with values generally staying between 100,000 and 350,000 thousand USD. Large spikes occurred in late 2017 and around 2018 Q3, reflecting possibly accelerated amortization or asset impairments.
- Impairment of intangible assets
- Impairments were absent initially but surged notably from early 2021 through 2022, peaking in late 2021 with over 541 million USD, indicating significant write-downs on intangible assets during that timeframe.
- Excess and obsolescence charges related to inventory
- This charge appeared only starting in 2021, showing large increases in late 2021 and early 2022, reaching up to nearly 281 million USD, suggesting heightened inventory management challenges or write-downs recently.
- Share-based compensation
- Share-based compensation demonstrated an upward trend overall, with amounts rising from around 30,000–40,000 thousand USD in 2017 to a peak above 67,000 thousand USD in 2020–2022, reflecting increased equity-based remunerations or grants.
- Contingent consideration
- The contingent consideration line fluctuated widely, showing both positive and negative values across quarters, with notable large negative values around 2018 to 2022, indicating payments or adjustments related to acquisition liabilities.
- Deferred income taxes
- Deferred income taxes showed high volatility and saw significant negative spikes, especially in late 2021 with a sharp negative balance near 607.8 million USD, suggesting the impact of tax adjustments or valuation allowances during that period.
- Net cash flow provided by operating activities
- Operating cash flow remained generally positive and strong, peaking at close to 2 billion USD in several quarters from 2017 through early 2020. However, it dipped into negative territory sharply in late 2020 but rebounded again, maintaining positive cash generation overall.
- Net cash flow used in investing activities
- Investing cash flows were highly variable, with large negative outflows in many quarters possibly related to acquisitions and purchases of securities or property. Some quarters showed positive inflows, notably tied to divestitures and sales of marketable securities, especially in early 2018 and 2022.
- Net cash flow used in financing activities
- Financing activities almost consistently resulted in negative cash flow, reflecting significant repurchases of treasury stock, repayments of borrowings, and other financing outflows. Occasional minor positive cash flows occurred but were exceptions.
- Inventory
- Inventory balances fluctuated with no clear trend; some quarters showed decreases while others showed increases. Notably, inventory declined significantly in several quarters around 2020 and 2021, which may relate to changes in production or demand.
- Accounts receivable
- Accounts receivable figures were volatile, with alternating positive and negative changes, indicating varied collections or sales volume. Large swings occurred in several quarters without a clear directional trend.
- Significant special items and gains/losses
- Several one-time or special items affected the financials. Gains on sale of equity interest in Samsung Bioepis and sale of buildings yielded large positive cash inflows in 2022. Divestiture of Denmark manufacturing operations provided substantial cash inflows in 2018. Strategic investments showed large gains and losses, notably a loss spike in 2020, impacting reported results.
- Capital expenditures
- Purchases of property, plant, and equipment remained relatively stable, with ongoing investments between approximately 40 to 230 million USD per quarter, declining somewhat in more recent quarters.
- Overall cash position changes
- Net changes in cash and cash equivalents fluctuated markedly, with substantial increases in some periods exceeding 2.5 billion USD and significant decreases in others. This reflects the impact of volatile investing and financing activities alongside operating cash flows.