Price to Book Value (P/BV)
since 2005
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 | 2.97 | = | 220.17 | ÷ | 74.14 | 74.14 | = | 10,896,200 | ÷ | 146,962,793 | |
| Feb 3, 2021 | 3.75 | = | 263.25 | ÷ | 70.24 | 70.24 | = | 10,700,300 | ÷ | 152,335,731 | |
| Feb 6, 2020 | 4.40 | = | 337.24 | ÷ | 76.66 | 76.66 | = | 13,343,200 | ÷ | 174,064,011 | |
| Feb 6, 2019 | 5.03 | = | 333.24 | ÷ | 66.29 | 66.29 | = | 13,039,600 | ÷ | 196,708,784 | |
| Feb 1, 2018 | 5.80 | = | 346.00 | ÷ | 59.62 | 59.62 | = | 12,612,800 | ÷ | 211,562,686 | |
| Feb 2, 2017 | 4.70 | = | 264.23 | ÷ | 56.22 | 56.22 | = | 12,140,100 | ÷ | 215,951,945 | |
| Feb 3, 2016 | 6.31 | = | 270.43 | ÷ | 42.86 | 42.86 | = | 9,372,800 | ÷ | 218,672,717 | |
| Feb 4, 2015 | 8.49 | = | 391.12 | ÷ | 46.07 | 46.07 | = | 10,809,010 | ÷ | 234,614,474 | |
| Feb 6, 2014 | 8.25 | = | 301.01 | ÷ | 36.47 | 36.47 | = | 8,620,242 | ÷ | 236,393,930 | |
| Feb 5, 2013 | 5.34 | = | 157.36 | ÷ | 29.46 | 29.46 | = | 6,961,523 | ÷ | 236,312,191 | |
| Feb 3, 2012 | 4.53 | = | 121.88 | ÷ | 26.92 | 26.92 | = | 6,425,499 | ÷ | 238,725,065 | |
| Feb 4, 2011 | 2.94 | = | 65.93 | ÷ | 22.40 | 22.40 | = | 5,396,506 | ÷ | 240,911,883 | |
| Feb 9, 2010 | 2.34 | = | 54.09 | ÷ | 23.08 | 23.08 | = | 6,221,530 | ÷ | 269,601,262 | |
| Feb 6, 2009 | 2.69 | = | 52.48 | ÷ | 19.53 | 19.53 | = | 5,806,083 | ÷ | 297,252,825 | |
| Feb 14, 2008 | 3.38 | = | 62.87 | ÷ | 18.59 | 18.59 | = | 5,534,295 | ÷ | 297,750,601 | |
| Feb 21, 2007 | 2.25 | = | 47.02 | ÷ | 20.88 | 20.88 | = | 7,149,778 | ÷ | 342,436,836 | |
| Mar 3, 2006 | 2.27 | = | 45.50 | ÷ | 20.07 | 20.07 | = | 6,905,876 | ÷ | 344,098,779 |
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 financial data reveals a significant cyclical expansion and subsequent contraction in the Price to Book Value (P/BV) ratio between 2006 and 2022. While the underlying book value per share exhibited consistent long-term growth, the market valuation experienced extreme volatility, leading to a dramatic shift in the premium the market was willing to pay over the company's accounting value.
- P/BV Ratio Dynamics
- The P/BV ratio remained relatively stable between 2.25 and 3.38 from 2006 to 2011. A period of aggressive valuation expansion followed, with the ratio climbing sharply from 4.53 in 2012 to a peak of 8.49 in February 2015. This indicates a phase where share price growth significantly outpaced the growth of book value. Following this peak, a sustained downward trend occurred, with the ratio contracting to 2.97 by February 2022, effectively returning the valuation multiple to levels seen a decade prior.
- Book Value per Share (BVPS) Progression
- A steady and nearly uninterrupted increase in Book Value per Share is observed over the analyzed period. BVPS rose from 20.07 USD in March 2006 to 74.14 USD in February 2022. This consistent growth suggests a steady accumulation of net assets and retained earnings, providing a strengthening equity base despite the volatility observed in the market price.
- Share Price Influence
- The fluctuations in the P/BV ratio were primarily driven by share price volatility rather than changes in book value. The share price experienced a massive surge from 65.93 USD in 2011 to 391.12 USD in 2015, which created the spike in the P/BV ratio. The subsequent decline in the ratio was fueled by a reduction in share price to 220.17 USD by 2022, even as the book value continued to increase, thereby compressing the multiple.
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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 | 2.97 | 16.53 | 18.51 | 4.07 | 4.16 | 25.28 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 3, 2021 | 3.75 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 6, 2020 | 4.40 | — | 13.84 | 2.80 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 6, 2019 | 5.03 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 1, 2018 | 5.80 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 2, 2017 | 4.70 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 3, 2016 | 6.31 | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 4, 2015 | 8.49 | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 6, 2014 | 8.25 | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 5, 2013 | 5.34 | 18.06 | 3.57 | 4.40 | 2.23 | 4.15 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 3, 2012 | 4.53 | — | 2.83 | 3.50 | 2.17 | 3.35 | 5.08 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Feb 4, 2011 | 2.94 | — | 2.04 | 2.76 | 2.39 | 3.21 | 5.29 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Feb 9, 2010 | 2.34 | — | 2.46 | 2.88 | 2.07 | 4.17 | 6.74 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 6, 2009 | 2.69 | — | 2.48 | 3.29 | 1.69 | 5.01 | 9.83 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 14, 2008 | 3.38 | — | 2.77 | 4.22 | 2.62 | 4.16 | 11.76 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 21, 2007 | 2.25 | — | 3.96 | 5.50 | 3.32 | 5.43 | 18.07 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 3, 2006 | 2.27 | — | 4.26 | 4.00 | 3.78 | 5.85 | 9.18 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
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 | 2.97 | 5.72 |
| Feb 3, 2021 | 3.75 | 5.99 |
| Feb 6, 2020 | 4.40 | 5.82 |
| Feb 6, 2019 | 5.03 | 6.02 |
| Feb 1, 2018 | 5.80 | 5.14 |
| Feb 2, 2017 | 4.70 | 4.58 |
| Feb 3, 2016 | 6.31 | 4.15 |
| Feb 4, 2015 | 8.49 | 4.47 |
| Feb 6, 2014 | 8.25 | 3.97 |
| Feb 5, 2013 | 5.34 | 3.21 |
| Feb 3, 2012 | 4.53 | 2.55 |
| Feb 4, 2011 | 2.94 | 2.25 |
| Feb 9, 2010 | 2.34 | 2.37 |
| Feb 6, 2009 | 2.69 | 2.60 |
| Feb 14, 2008 | 3.38 | 3.42 |
| Feb 21, 2007 | 2.25 | 3.82 |
| Mar 3, 2006 | 2.27 | 4.00 |
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 | 2.97 | 5.48 |
| Feb 3, 2021 | 3.75 | 5.37 |
| Feb 6, 2020 | 4.40 | 5.14 |
| Feb 6, 2019 | 5.03 | 5.17 |
| Feb 1, 2018 | 5.80 | 4.55 |
| Feb 2, 2017 | 4.70 | 4.06 |
| Feb 3, 2016 | 6.31 | 3.62 |
| Feb 4, 2015 | 8.49 | 4.10 |
| Feb 6, 2014 | 8.25 | 3.51 |
| Feb 5, 2013 | 5.34 | 2.87 |
| Feb 3, 2012 | 4.53 | 2.51 |
| Feb 4, 2011 | 2.94 | 2.24 |
| Feb 9, 2010 | 2.34 | 2.36 |
| Feb 6, 2009 | 2.69 | 2.65 |
| Feb 14, 2008 | 3.38 | 3.45 |
| Feb 21, 2007 | 2.25 | 3.81 |
| Mar 3, 2006 | 2.27 | 3.97 |
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).