Selected Financial Data
since 2005
Income Statement
Biogen Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Income from operations | Net income attributable to Biogen Inc. |
|---|---|---|---|
| Dec 31, 2021 | 10,981,700) | 2,840,700) | 1,556,100) |
| Dec 31, 2020 | 13,444,600) | 4,550,100) | 4,000,600) |
| Dec 31, 2019 | 14,377,900) | 7,042,600) | 5,888,500) |
| Dec 31, 2018 | 13,452,900) | 5,888,600) | 4,430,700) |
| Dec 31, 2017 | 12,273,900) | 5,344,200) | 2,539,100) |
| Dec 31, 2016 | 11,448,800) | 5,150,400) | 3,702,800) |
| Dec 31, 2015 | 10,763,800) | 4,891,000) | 3,547,000) |
| Dec 31, 2014 | 9,703,324) | 3,972,414) | 2,934,784) |
| Dec 31, 2013 | 6,932,199) | 2,515,509) | 1,862,341) |
| Dec 31, 2012 | 5,516,461) | 1,855,849) | 1,380,033) |
| Dec 31, 2011 | 5,048,634) | 1,724,691) | 1,234,428) |
| Dec 31, 2010 | 4,716,423) | 1,248,889) | 1,005,273) |
| Dec 31, 2009 | 4,377,348) | 1,295,427) | 970,132) |
| Dec 31, 2008 | 4,097,507) | 1,213,611) | 783,167) |
| Dec 31, 2007 | 3,171,617) | 779,772) | 638,172) |
| Dec 31, 2006 | 2,683,049) | 440,020) | 217,511) |
| Dec 31, 2005 | 2,422,500) | 236,040) | 160,711) |
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).
The financial performance from 2005 to 2021 is characterized by a prolonged period of substantial expansion followed by a significant contraction in the final two years of the observed period.
- Revenue Analysis
- Revenues exhibited a consistent upward trajectory for fourteen consecutive years, increasing from 2.4 billion in 2005 to a peak of 14.4 billion in 2019. A notable acceleration in growth occurred between 2013 and 2014, where revenues rose from 6.9 billion to 9.7 billion. This growth trend reversed after 2019, with a decline to 13.4 billion in 2020 and a further decrease to 11.0 billion by 2021.
- Operational Performance
- Income from operations followed a growth pattern similar to revenues, rising from 236 million in 2005 to a peak of 7.0 billion in 2019. The expansion of operating income outpaced revenue growth for much of the period, indicating an improvement in operational efficiency and margin expansion. However, a sharp decline is observed post-2019, with operating income falling to 4.6 billion in 2020 and 2.8 billion in 2021.
- Net Profitability
- Net income attributable to the company grew from 161 million in 2005 to a peak of 5.9 billion in 2019. Profitability showed significant volatility between 2016 and 2018, but generally maintained a strong upward trend until 2019. A severe contraction occurred in the final two years, with net income dropping to 4.0 billion in 2020 and further declining to 1.6 billion in 2021, representing a substantial reduction in the net profit margin.
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Balance Sheet: Assets
Biogen Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 7,856,500) | 23,877,300) |
| Dec 31, 2020 | 6,887,100) | 24,618,900) |
| Dec 31, 2019 | 8,381,800) | 27,234,300) |
| Dec 31, 2018 | 7,640,900) | 25,288,900) |
| Dec 31, 2017 | 7,873,300) | 23,652,600) |
| Dec 31, 2016 | 8,732,200) | 22,876,800) |
| Dec 31, 2015 | 6,700,300) | 19,504,800) |
| Dec 31, 2014 | 4,672,673) | 14,316,559) |
| Dec 31, 2013 | 3,184,934) | 11,863,335) |
| Dec 31, 2012 | 3,244,337) | 10,130,118) |
| Dec 31, 2011 | 2,975,427) | 9,049,604) |
| Dec 31, 2010 | 2,540,420) | 8,092,493) |
| Dec 31, 2009 | 2,480,595) | 8,551,854) |
| Dec 31, 2008 | 2,458,000) | 8,478,991) |
| Dec 31, 2007 | 2,368,407) | 8,628,815) |
| Dec 31, 2006 | 1,712,567) | 8,552,808) |
| Dec 31, 2005 | 1,618,081) | 8,366,947) |
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).
The asset trajectory from 2005 to 2021 is characterized by an initial period of stability, followed by a decade of aggressive expansion, and a subsequent moderate contraction in the final two years of the period.
- Total Asset Progression
- Total assets remained relatively stagnant between 2005 and 2010, fluctuating within a narrow range of approximately 8.1 billion to 9.0 billion US dollars. A significant growth phase commenced in 2011, with total assets increasing from 9.0 billion US dollars to a peak of 27.2 billion US dollars by December 31, 2019. This represents a growth of approximately 202% over nine years. Following this peak, a downward trend occurred, with assets declining to 23.9 billion US dollars by the end of 2021.
- Current Asset Dynamics
- Current assets exhibited a more volatile growth pattern than total assets. After a steady climb from 1.6 billion US dollars in 2005 to 2.5 billion US dollars in 2010, current assets experienced a sharp acceleration, reaching a peak of 8.7 billion US dollars in 2016. A subsequent period of volatility is noted between 2017 and 2021, featuring a notable dip to 6.9 billion US dollars in 2020 before recovering to 7.9 billion US dollars in 2021.
- Asset Composition and Liquidity Trends
- The composition of the balance sheet shifted toward greater liquidity over the long term. In 2005, current assets constituted approximately 19.4% of total assets. By 2016, this proportion increased to approximately 38% of total assets, indicating a significant increase in short-term asset holdings relative to long-term investments or fixed assets. By 2021, the ratio stabilized at approximately 33%, suggesting a sustained higher level of liquidity compared to the baseline established in 2005.
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Balance Sheet: Liabilities and Stockholders’ Equity
Biogen Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Notes payable | Total Biogen Inc. shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 4,298,200) | 12,917,600) | 7,273,100) | 10,896,200) |
| Dec 31, 2020 | 3,742,200) | 13,932,800) | 7,426,200) | 10,700,300) |
| Dec 31, 2019 | 4,863,800) | 13,895,200) | 5,954,800) | 13,343,200) |
| Dec 31, 2018 | 3,295,200) | 12,257,300) | 5,936,500) | 13,039,600) |
| Dec 31, 2017 | 3,368,200) | 11,054,500) | 5,938,200) | 12,612,800) |
| Dec 31, 2016 | 3,419,900) | 10,748,200) | 6,517,400) | 12,140,100) |
| Dec 31, 2015 | 2,577,700) | 10,129,900) | 6,526,300) | 9,372,800) |
| Dec 31, 2014 | 2,219,706) | 3,502,519) | 585,197) | 10,809,010) |
| Dec 31, 2013 | 1,758,279) | 3,242,497) | 595,927) | 8,620,242) |
| Dec 31, 2012 | 1,657,389) | 3,166,323) | 1,140,775) | 6,961,523) |
| Dec 31, 2011 | 912,889) | 2,622,617) | 1,064,100) | 6,425,499) |
| Dec 31, 2010 | 1,050,122) | 2,643,050) | 1,203,532) | 5,396,506) |
| Dec 31, 2009 | 714,942) | 2,289,972) | 1,099,969) | 6,221,530) |
| Dec 31, 2008 | 923,222) | 2,645,039) | 1,113,098) | 5,806,083) |
| Dec 31, 2007 | 2,189,175) | 3,074,792) | 1,562,978) | 5,534,295) |
| Dec 31, 2006 | 582,855) | 1,393,191) | 96,694) | 7,149,778) |
| Dec 31, 2005 | 583,036) | —) | 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).
The financial profile from 2005 to 2021 reveals a significant transformation in the capital structure, moving from a position of low leverage to a more debt-intensive balance sheet. This evolution is most prominent in the period between 2014 and 2015, where a fundamental shift in liability management occurred.
- Current Liabilities Trend
- Current liabilities exhibited a general upward trajectory over the analyzed period. Starting at approximately 583 million USD in 2005, these obligations grew steadily, with a notable peak of 4.86 billion USD in 2019. While there was a period of relative stability between 2008 and 2012, the latter half of the decade saw a marked increase in short-term obligations, ending at 4.30 billion USD in 2021.
- Long-term Debt and Total Liabilities
- A substantial escalation in total liabilities is observed beginning in 2015, when total liabilities jumped from 3.50 billion USD to 10.13 billion USD. This increase is primarily driven by notes payable, which surged from 585 million USD in 2014 to 6.53 billion USD in 2015. Total liabilities continued to climb, peaking at 13.93 billion USD in 2019 and 2020, before slightly retreating to 12.92 billion USD by the end of 2021.
- Shareholders' Equity Dynamics
- Total shareholders' equity demonstrated long-term growth for the majority of the period, rising from 6.91 billion USD in 2005 to a peak of 13.34 billion USD in 2019. However, a contraction occurred in 2020, where equity fell to 10.70 billion USD, subsequently stabilizing at 10.90 billion USD in 2021. This suggests a period of equity erosion or significant capital redistribution toward the end of the timeline.
- Capital Structure and Leverage Shift
- The relationship between liabilities and equity shifted dramatically. From 2005 through 2014, the organization maintained a conservative leverage profile where equity consistently exceeded total liabilities. By 2020, this dynamic reversed, with total liabilities (13.93 billion USD) exceeding total shareholders' equity (10.70 billion USD), indicating a higher reliance on borrowed capital to fund operations or strategic initiatives.
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Cash Flow Statement
Biogen Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash flow provided by operating activities | Net cash flow (used in) provided by investing activities | Net cash flow provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 3,639,900) | (563,700) | (2,086,200) |
| Dec 31, 2020 | 4,229,800) | (608,600) | (5,272,700) |
| Dec 31, 2019 | 7,078,600) | 470,500) | (5,860,400) |
| Dec 31, 2018 | 6,187,700) | (2,046,300) | (4,472,000) |
| Dec 31, 2017 | 4,551,000) | (2,963,100) | (2,380,000) |
| Dec 31, 2016 | 4,522,400) | (2,484,800) | (987,800) |
| Dec 31, 2015 | 3,716,100) | (4,553,600) | 986,400) |
| Dec 31, 2014 | 2,942,115) | (1,542,976) | (755,873) |
| Dec 31, 2013 | 2,345,078) | (1,604,668) | (716,528) |
| Dec 31, 2012 | 1,879,897) | (950,342) | (877,478) |
| Dec 31, 2011 | 1,727,741) | (1,650,294) | (319,862) |
| Dec 31, 2010 | 1,624,673) | 345,325) | (1,784,919) |
| Dec 31, 2009 | 1,074,898) | (395,031) | (724,151) |
| Dec 31, 2008 | 1,564,492) | (365,873) | (1,236,672) |
| Dec 31, 2007 | 1,020,635) | (286,572) | (735,220) |
| Dec 31, 2006 | 841,268) | (599,773) | (148,410) |
| Dec 31, 2005 | 889,503) | 417,741) | (948,523) |
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).
The cash flow profile exhibits three distinct phases: a period of steady growth from 2005 to 2013, a phase of rapid expansion peaking in 2019, and a subsequent contraction in 2020 and 2021. Operating cash flows served as the primary liquidity engine, funding both strategic investments and significant capital returns to shareholders.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrated a consistent upward trajectory for over a decade. Starting at 889,503 thousand USD in 2005, the figure grew steadily to 2,345,078 thousand USD by 2013. This growth accelerated sharply between 2014 and 2019, reaching a peak of 7,078,600 thousand USD. However, a significant reversal occurred in 2020, with cash flows dropping to 4,229,800 thousand USD, further declining to 3,639,900 thousand USD by 2021, representing a nearly 50% decrease from the 2019 peak.
- Investing Cash Flow Patterns
- Investing activities were characterized by predominantly negative cash flows, reflecting consistent capital deployment. Notable spikes in outflows occurred in 2011 (-1,650,294 thousand USD), 2013 (-1,604,668 thousand USD), and most significantly in 2015, where outflows reached 4,553,600 thousand USD. Occasional positive cash flows, such as in 2010 and 2019, suggest periods of asset divestiture or the realization of short-term investments. From 2016 onward, investing outflows remained substantial but generally stabilized compared to the 2015 peak.
- Financing Cash Flow Dynamics
- Financing activities remained almost exclusively negative throughout the analyzed period, indicating a persistent net outflow of cash to creditors or shareholders. Outflows were relatively moderate until 2017, after which they escalated sharply, peaking at 5,860,400 thousand USD in 2019. This suggests an aggressive strategy of debt repayment or share buybacks during the peak years of operating cash generation. A singular exception occurred in 2015, which saw a positive cash flow of 986,400 thousand USD, indicating a temporary reliance on external financing.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a strategic shift over time. Between 2014 and 2019, the surge in operating cash flows provided the necessary liquidity to simultaneously fund heavy investing activities and massive financing outflows. In the 2020-2021 period, the contraction in operating cash flows coincided with a reduction in financing outflows, suggesting a necessary adjustment in capital allocation as the primary source of cash diminished.
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Per Share Data
Biogen Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 10.44 | 10.40 | 0.00 |
| Dec 31, 2020 | 24.86 | 24.80 | 0.00 |
| Dec 31, 2019 | 31.47 | 31.42 | 0.00 |
| Dec 31, 2018 | 21.63 | 21.58 | 0.00 |
| Dec 31, 2017 | 11.94 | 11.92 | 0.00 |
| Dec 31, 2016 | 16.96 | 16.93 | 0.00 |
| Dec 31, 2015 | 15.38 | 15.34 | 0.00 |
| Dec 31, 2014 | 12.42 | 12.37 | 0.00 |
| Dec 31, 2013 | 7.86 | 7.81 | 0.00 |
| Dec 31, 2012 | 5.80 | 5.76 | 0.00 |
| Dec 31, 2011 | 5.09 | 5.04 | 0.00 |
| Dec 31, 2010 | 3.98 | 3.94 | 0.00 |
| Dec 31, 2009 | 3.37 | 3.35 | 0.00 |
| Dec 31, 2008 | 2.67 | 2.65 | 0.00 |
| Dec 31, 2007 | 2.02 | 1.99 | 0.00 |
| Dec 31, 2006 | 0.64 | 0.63 | 0.00 |
| Dec 31, 2005 | 0.48 | 0.47 | 0.00 |
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).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings performance from 2005 through 2021 exhibits a sustained period of expansion followed by a period of high volatility and a subsequent sharp contraction.
- Earnings Growth Trends
- A consistent upward trajectory in basic earnings per share is observed from 2005, starting at 0.48 US$, and continuing through 2016, where it reached 16.96 US$. This represents a period of steady growth spanning over a decade.
- Peak Performance and Volatility
- Following a temporary decline to 11.94 US$ in 2017, earnings experienced a significant surge, culminating in a peak basic earnings per share of 31.47 US$ in 2019. This represents the highest point of profitability per share within the analyzed timeframe.
- Recent Earnings Contraction
- A downward trend emerged after 2019, with basic earnings per share falling to 24.86 US$ in 2020 and experiencing a substantial reduction to 10.44 US$ by the end of 2021.
- Dilution Analysis
- The variance between basic and diluted earnings per share remains consistently narrow throughout the entire period, typically differing by only a small fraction of a dollar. This indicates that dilutive securities had a minimal impact on the earnings available to common shareholders.
- Dividend Distribution
- No dividend payments per share were recorded from 2005 to 2021, indicating that the company did not distribute profits to shareholders via dividends during this period.
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