Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Biogen Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	1,727,600)	4,060,500)	5,888,500)	4,474,000)	2,670,100)
Unrealized gains (losses) on securities available for sale, net of tax	(3,600)	(2,800)	8,200)	(3,900)	9,200)
Unrealized gains (losses) on cash flow hedges, net of tax	232,800)	(186,800)	(26,900)	139,200)	(162,300)
Gains (losses) on net investment hedges, net of tax	34,000)	(33,600)	21,600)	3,500)	—)
Unrealized gains (losses) on pension benefit obligation, net of tax	21,500)	(33,500)	(1,500)	5,500)	(4,100)
Currency translation adjustment	(92,400)	92,900)	103,800)	(67,800)	158,700)
Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	600)	1,000)	(400)	(400)	—)
Other comprehensive income (loss), net of tax	192,900)	(162,800)	104,800)	76,100)	1,500)
Comprehensive income	1,920,500)	3,897,700)	5,993,300)	4,550,100)	2,671,600)
Comprehensive (income) loss attributable to noncontrolling interests, net of tax	(172,100)	(60,900)	400)	(42,900)	(131,000)
Comprehensive income attributable to Biogen Inc.	1,748,400)	3,836,800)	5,993,700)	4,507,200)	2,540,600)

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).

Net income exhibited a strong growth trajectory between 2017 and 2019, reaching a peak of US$ 5.89 billion before entering a period of significant contraction through 2021. This decline resulted in a final net income of US$ 1.73 billion, marking a substantial reduction from the 2019 high.

Net Income Trajectory: Profitability increased steadily from 2017 to 2019, with the peak occurring in 2019. Subsequently, a sharp downward trend was observed, with net income decreasing by approximately 31% in 2020 and further declining by approximately 57% in 2021.
Other Comprehensive Income (OCI) Volatility: OCI components displayed high volatility throughout the period. Unrealized gains and losses on cash flow hedges were a primary driver of this instability, fluctuating from a loss of US$ 162.3 million in 2017 to a gain of US$ 232.8 million in 2021. Similarly, currency translation adjustments shifted from a gain of US$ 158.7 million in 2017 to a loss of US$ 92.4 million in 2021.
Comprehensive Income Trends: Total comprehensive income closely mirrored the trend of net income, peaking at US$ 5.99 billion in 2019. While OCI contributed various gains and losses, its impact was secondary to the fluctuations in net income. By 2021, comprehensive income attributable to the company declined to US$ 1.75 billion.
Noncontrolling Interests: The comprehensive income attributable to noncontrolling interests remained relatively small compared to the total, though it showed inconsistency, ending with a comprehensive loss of US$ 172.1 million in 2021.

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Biogen Inc. (NASDAQ:BIIB)

Statement of Comprehensive Income