Debt to Equity
since 2005
Calculation
Biogen Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Notes payable1 | ÷ | Total Biogen Inc. shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.67 | = | 7,273,100) | ÷ | 10,896,200) |
| Dec 31, 2020 | 0.69 | = | 7,426,200) | ÷ | 10,700,300) |
| Dec 31, 2019 | 0.45 | = | 5,954,800) | ÷ | 13,343,200) |
| Dec 31, 2018 | 0.46 | = | 5,936,500) | ÷ | 13,039,600) |
| Dec 31, 2017 | 0.47 | = | 5,938,200) | ÷ | 12,612,800) |
| Dec 31, 2016 | 0.54 | = | 6,517,400) | ÷ | 12,140,100) |
| Dec 31, 2015 | 0.70 | = | 6,526,300) | ÷ | 9,372,800) |
| Dec 31, 2014 | 0.05 | = | 585,197) | ÷ | 10,809,010) |
| Dec 31, 2013 | 0.07 | = | 595,927) | ÷ | 8,620,242) |
| Dec 31, 2012 | 0.16 | = | 1,140,775) | ÷ | 6,961,523) |
| Dec 31, 2011 | 0.17 | = | 1,064,100) | ÷ | 6,425,499) |
| Dec 31, 2010 | 0.22 | = | 1,203,532) | ÷ | 5,396,506) |
| Dec 31, 2009 | 0.18 | = | 1,099,969) | ÷ | 6,221,530) |
| Dec 31, 2008 | 0.19 | = | 1,113,098) | ÷ | 5,806,083) |
| Dec 31, 2007 | 0.28 | = | 1,562,978) | ÷ | 5,534,295) |
| Dec 31, 2006 | 0.01 | = | 96,694) | ÷ | 7,149,778) |
| Dec 31, 2005 | 0.01 | = | 43,444) | ÷ | 6,905,876) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The financial data reveals several notable trends in the company’s leverage and equity position over the period analyzed. There is a general pattern of fluctuations in the company’s notes payable, total shareholders’ equity, and debt-to-equity ratio, which offers insight into its capital structure management and financial strategy.
- Notes Payable
- The notes payable exhibit considerable volatility across the years. Starting at approximately 43 million US dollars in 2005, the balance saw a substantial jump to over 1.5 billion in 2007. Subsequently, the figure oscillated between just over half a billion and upwards of 7 billion US dollars. Particularly, there are sharp increases in 2015 and 2020, indicating possible large borrowings or refinancing activities during these periods.
- Total Biogen Inc. Shareholders’ Equity
- Shareholders’ equity generally trended upward over the long term, increasing from approximately 6.9 billion US dollars in 2005 to a peak near 13.34 billion in 2019. This growth was punctuated by intermittent declines, notably in 2007 and again after 2019, when equity reduced to around 10.8 billion in 2021. The general upward movement suggests retained earnings growth and/or new equity inflows, although recent declines might reflect losses or share repurchases.
- Debt to Equity Ratio
- The debt-to-equity ratio presents a mixed picture of leverage management. Starting very low at 0.01 in 2005 and 2006, the ratio jumped significantly to 0.28 in 2007 before stabilizing to a lower range down to 0.05 in 2014. However, from 2015 onward, the ratio moved sharply higher, reaching near 0.7 in 2015 and maintaining levels around 0.45 to 0.7 through 2021. This suggests increased reliance on debt financing relative to equity in the most recent years, consistent with the spikes observed in notes payable.
Overall, the company has exhibited strategic shifts in its capital structure, initially maintaining low leverage before increasing debt levels substantially after 2014. Shareholders’ equity growth was strong through much of the period but experienced a decline starting post-2019. These patterns indicate potential changes in financing strategies or external market conditions influencing capital structure decisions. Further analysis would be warranted to understand the drivers behind these shifts and their implications for financial stability and operational capacity.
Comparison to Competitors
Biogen Inc., debt to equity, long-term trends, comparison to competitors
| Biogen Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 0.67 | 4.98 | 4.97 | 1.24 | 0.49 | 1.88 | 1.27 | 0.46 | 0.87 | 0.50 | 0.14 | 0.85 | 0.06 |
| Dec 31, 2020 | 0.69 | 6.58 | 3.51 | 1.34 | 0.53 | 2.94 | 1.73 | 0.56 | 1.26 | 0.63 | 0.24 | 0.63 | 0.07 |
| Dec 31, 2019 | 0.45 | — | 3.09 | 0.91 | 0.72 | 5.88 | 1.09 | 0.47 | 1.02 | 0.83 | 0.06 | 0.60 | 0.09 |
| Dec 31, 2018 | 0.46 | — | 2.71 | 0.52 | 0.35 | 1.30 | 1.28 | 0.51 | 0.94 | 0.66 | 0.08 | 0.69 | 0.13 |
| Dec 31, 2017 | 0.47 | 7.33 | 1.40 | 0.68 | 0.40 | 1.18 | 1.64 | 0.57 | 0.71 | 0.60 | 0.11 | 0.83 | 0.29 |
| Dec 31, 2016 | 0.54 | 7.95 | 1.16 | 0.41 | 0.53 | 0.74 | 1.39 | 0.39 | 0.62 | 0.71 | 0.11 | 0.77 | 0.71 |
| Dec 31, 2015 | 0.70 | 8.03 | 1.12 | 0.47 | 0.54 | 0.55 | 1.20 | 0.28 | 0.59 | 0.60 | 0.10 | 0.59 | 0.86 |
| Dec 31, 2014 | 0.05 | 8.62 | 1.19 | 0.53 | 0.15 | 0.52 | 0.80 | 0.27 | 0.44 | 0.51 | 0.18 | 0.71 | 0.75 |
| Dec 31, 2013 | 0.07 | 3.28 | 1.45 | 0.55 | 0.16 | 0.30 | 0.58 | 0.25 | 0.50 | 0.48 | 0.26 | 0.62 | 0.36 |
| Dec 31, 2012 | 0.16 | 4.66 | 1.39 | 0.54 | 0.28 | 0.37 | 0.88 | 0.25 | 0.39 | 0.46 | 0.37 | 0.46 | 0.68 |
| Dec 31, 2011 | 0.17 | — | 1.13 | 0.34 | 0.31 | 0.52 | 1.13 | 0.34 | 0.32 | 0.47 | 0.90 | 0.47 | 0.58 |
| Dec 31, 2010 | 0.22 | — | 0.56 | 0.35 | 0.21 | 0.56 | 0.59 | 0.30 | 0.33 | 0.50 | 0.31 | 0.14 | 1.07 |
| Dec 31, 2009 | 0.18 | — | 0.47 | 0.43 | 0.25 | 0.70 | 0.18 | 0.29 | 0.30 | 0.54 | 0.27 | 0.14 | 0.14 |
| Dec 31, 2008 | 0.19 | — | 0.50 | 0.55 | 0.27 | 1.55 | 0.31 | 0.28 | 0.33 | 0.30 | 0.00 | 0.14 | 1.20 |
| Dec 31, 2007 | 0.28 | — | 0.63 | 0.59 | 0.41 | 0.37 | 0.38 | 0.22 | 0.32 | 0.20 | 0.43 | 0.15 | 0.07 |
| Dec 31, 2006 | 0.01 | — | 0.48 | 0.74 | 0.37 | 0.34 | 0.77 | 0.17 | 0.39 | 0.11 | 0.92 | 0.19 | 0.24 |
| Dec 31, 2005 | 0.01 | — | 0.19 | 0.77 | 0.21 | 0.60 | 0.10 | 0.07 | 0.45 | 0.27 | 1.75 | 0.21 | 0.75 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Biogen Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Biogen Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2021 | 0.67 | 0.93 |
| Dec 31, 2020 | 0.69 | 1.12 |
| Dec 31, 2019 | 0.45 | 1.09 |
| Dec 31, 2018 | 0.46 | 0.93 |
| Dec 31, 2017 | 0.47 | 0.87 |
| Dec 31, 2016 | 0.54 | 0.79 |
| Dec 31, 2015 | 0.70 | 0.68 |
| Dec 31, 2014 | 0.05 | 0.55 |
| Dec 31, 2013 | 0.07 | 0.52 |
| Dec 31, 2012 | 0.16 | 0.51 |
| Dec 31, 2011 | 0.17 | 0.46 |
| Dec 31, 2010 | 0.22 | 0.40 |
| Dec 31, 2009 | 0.18 | 0.39 |
| Dec 31, 2008 | 0.19 | 0.37 |
| Dec 31, 2007 | 0.28 | 0.30 |
| Dec 31, 2006 | 0.01 | 0.25 |
| Dec 31, 2005 | 0.01 | 0.29 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Biogen Inc., debt to equity, long-term trends, comparison to industry (health care)
| Biogen Inc. | Health Care | |
|---|---|---|
| Dec 31, 2021 | 0.67 | 0.79 |
| Dec 31, 2020 | 0.69 | 0.92 |
| Dec 31, 2019 | 0.45 | 0.92 |
| Dec 31, 2018 | 0.46 | 0.86 |
| Dec 31, 2017 | 0.47 | 0.81 |
| Dec 31, 2016 | 0.54 | 0.76 |
| Dec 31, 2015 | 0.70 | 0.69 |
| Dec 31, 2014 | 0.05 | 0.52 |
| Dec 31, 2013 | 0.07 | 0.49 |
| Dec 31, 2012 | 0.16 | 0.51 |
| Dec 31, 2011 | 0.17 | 0.45 |
| Dec 31, 2010 | 0.22 | 0.42 |
| Dec 31, 2009 | 0.18 | 0.41 |
| Dec 31, 2008 | 0.19 | 0.41 |
| Dec 31, 2007 | 0.28 | 0.36 |
| Dec 31, 2006 | 0.01 | 0.33 |
| Dec 31, 2005 | 0.01 | 0.30 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).