Price to Book Value (P/BV)
since 2005
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Biogen Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Calculation
Biogen Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Biogen Inc. shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 1, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 2, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 3, 2006 | = | ÷ | = | ÷ |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Biogen Inc. Annual Report.
The share price exhibited an overall upward trend from 2006 to 2015, increasing significantly from $45.5 to a peak of $391.12 in February 2015. Following this peak, the share price experienced a decline, falling to $220.17 by February 2022. The most pronounced growth occurred between 2011 and 2015, where the share price rose from approximately $65.93 to $391.12. After 2015, the share price showed volatility with a downward bias.
The book value per share (BVPS) generally increased over the entire period, starting at $20.07 in 2006 and rising to $74.14 in 2022. There were modest fluctuations in BVPS during some years, such as a decrease from 46.07 in 2010 to 42.86 in 2011, but the overall trajectory was upward, reflecting a consistent build-up of shareholder equity on a per-share basis.
The price-to-book value ratio (P/BV) showed notable variations corresponding to changes in both share price and BVPS. Initially, the P/BV ratio hovered around 2.2 to 2.3 in the mid-2000s, then increased sharply, reaching as high as 8.49 in 2014 and 2015. This sharp rise indicates that the market price was substantially higher than the book value per share during those years, which could suggest heightened investor optimism or overvaluation. From 2015 onward, the P/BV ratio trended downward to 2.97 by 2022, signaling a correction or market reassessment of the stock’s valuation relative to its book value.
- Share Price Trend
- Gradual increase from 2006 to 2011, sharp growth up to 2015, followed by marked decline and volatility through 2022.
- Book Value Per Share Trend
- Steady growth through the entire period with minor fluctuations, indicating an accumulation of equity value.
- Price-to-Book Ratio Development
- Moderate and stable ratio in early years, significant increase peaking in 2014-2015, followed by a steady decrease toward 2022.
In summary, the data reveals a period of strong market valuation growth exceeding fundamental book value increases until 2015, after which the market adjusted with declining share prices and P/BV ratios, despite continued growth in book value per share. This pattern suggests shifting market perceptions of the company's value relative to its net asset base over the analyzed period.
Comparison to Competitors
Biogen Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 3, 2022 | |||||||||||||
| Feb 3, 2021 | |||||||||||||
| Feb 6, 2020 | |||||||||||||
| Feb 6, 2019 | |||||||||||||
| Feb 1, 2018 | |||||||||||||
| Feb 2, 2017 | |||||||||||||
| Feb 3, 2016 | |||||||||||||
| Feb 4, 2015 | |||||||||||||
| Feb 6, 2014 | |||||||||||||
| Feb 5, 2013 | |||||||||||||
| Feb 3, 2012 | |||||||||||||
| Feb 4, 2011 | |||||||||||||
| Feb 9, 2010 | |||||||||||||
| Feb 6, 2009 | |||||||||||||
| Feb 14, 2008 | |||||||||||||
| Feb 21, 2007 | |||||||||||||
| Mar 3, 2006 |
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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Biogen Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 3, 2022 | ||
| Feb 3, 2021 | ||
| Feb 6, 2020 | ||
| Feb 6, 2019 | ||
| Feb 1, 2018 | ||
| Feb 2, 2017 | ||
| Feb 3, 2016 | ||
| Feb 4, 2015 | ||
| Feb 6, 2014 | ||
| Feb 5, 2013 | ||
| Feb 3, 2012 | ||
| Feb 4, 2011 | ||
| Feb 9, 2010 | ||
| Feb 6, 2009 | ||
| Feb 14, 2008 | ||
| Feb 21, 2007 | ||
| Mar 3, 2006 |
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., P/BV, long-term trends, comparison to industry (health care)
| Biogen Inc. | Health Care | |
|---|---|---|
| Feb 3, 2022 | ||
| Feb 3, 2021 | ||
| Feb 6, 2020 | ||
| Feb 6, 2019 | ||
| Feb 1, 2018 | ||
| Feb 2, 2017 | ||
| Feb 3, 2016 | ||
| Feb 4, 2015 | ||
| Feb 6, 2014 | ||
| Feb 5, 2013 | ||
| Feb 3, 2012 | ||
| Feb 4, 2011 | ||
| Feb 9, 2010 | ||
| Feb 6, 2009 | ||
| Feb 14, 2008 | ||
| Feb 21, 2007 | ||
| Mar 3, 2006 |
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).