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Biogen Inc. (NASDAQ:BIIB)

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

Debt to Equity
since 2005

Microsoft Excel

Calculation

Biogen Inc., debt to equity, long-term trends, calculation

Microsoft Excel
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 structure from 2005 to 2021 is characterized by three distinct phases of leverage management, transitioning from a nearly debt-free position to a more leveraged capital framework. The debt-to-equity ratio has fluctuated significantly, reflecting strategic shifts in funding and capital allocation.

Initial Low-Leverage Phase (2005–2006)
During this period, the company maintained a conservative financial profile. Notes payable remained below 100 million USD, resulting in a minimal debt-to-equity ratio of 0.01. Shareholders' equity remained stable around 7 billion USD.
Period of Moderate Volatility and Deleveraging (2007–2014)
A sharp increase in notes payable occurred in 2007, raising the debt-to-equity ratio to 0.28. This was followed by a period of stabilization where the ratio fluctuated between 0.16 and 0.22. By 2014, the company achieved a significant deleveraging peak, with the ratio dropping to 0.05 as shareholders' equity grew to 10.8 billion USD while notes payable decreased to approximately 585 million USD.
Strategic Debt Expansion and Capital Shift (2015–2019)
A substantial shift in the capital structure occurred in 2015, as notes payable increased more than tenfold to 6.5 billion USD. This caused the debt-to-equity ratio to spike to 0.70. Between 2016 and 2019, a gradual downward trend in the ratio to 0.45 was observed, driven primarily by a steady increase in shareholders' equity, which peaked at 13.3 billion USD in 2019.
Recent Leverage Increase (2020–2021)
The final observed period shows a return to higher leverage. Notes payable increased to a peak of 7.4 billion USD in 2020, coinciding with a contraction in shareholders' equity to 10.7 billion USD. Consequently, the debt-to-equity ratio rose sharply to 0.69 in 2020 and remained elevated at 0.67 by the end of 2021.

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Comparison to Competitors

Biogen Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
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)

Microsoft Excel
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)

Microsoft Excel
Biogen Inc. Health Care
Dec 31, 2021 0.67 0.80
Dec 31, 2020 0.69 0.92
Dec 31, 2019 0.45 0.90
Dec 31, 2018 0.46 0.80
Dec 31, 2017 0.47 0.82
Dec 31, 2016 0.54 0.77
Dec 31, 2015 0.70 0.69
Dec 31, 2014 0.05 0.54
Dec 31, 2013 0.07 0.50
Dec 31, 2012 0.16 0.54
Dec 31, 2011 0.17 0.47
Dec 31, 2010 0.22 0.43
Dec 31, 2009 0.18 0.42
Dec 31, 2008 0.19 0.42
Dec 31, 2007 0.28 0.36
Dec 31, 2006 0.01 0.32
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).