Stock Analysis on Net
Stock Analysis on Net

Biogen Inc. (NASDAQ:BIIB)

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

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Biogen Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2022 22.42% = 11.53% × 1.95
Jun 30, 2022 17.34% = 8.21% × 2.11
Mar 31, 2022 12.90% = 6.14% × 2.10
Dec 31, 2021 14.28% = 6.52% × 2.19
Sep 30, 2021 14.82% = 6.49% × 2.28
Jun 30, 2021 17.84% = 7.84% × 2.28
Mar 31, 2021 28.19% = 12.63% × 2.23
Dec 31, 2020 37.39% = 16.25% × 2.30
Sep 30, 2020 47.24% = 20.38% × 2.32
Jun 30, 2020 52.41% = 23.23% × 2.26
Mar 31, 2020 46.85% = 22.51% × 2.08
Dec 31, 2019 44.13% = 21.62% × 2.04
Sep 30, 2019 38.55% = 19.63% × 1.96
Jun 30, 2019 40.87% = 20.14% × 2.03
Mar 31, 2019 33.74% = 17.65% × 1.91
Dec 31, 2018 33.98% = 17.52% × 1.94
Sep 30, 2018 23.15% = 12.50% × 1.85
Jun 30, 2018 24.21% = 12.39% × 1.95
Mar 31, 2018 21.09% = 11.36% × 1.86
Dec 31, 2017 20.13% = 10.73% × 1.88
Sep 30, 2017 — = — × 1.79
Jun 30, 2017 — = — × 1.88
Mar 31, 2017 — = — × 1.85

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2022 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Biogen Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2022 22.42% = 27.64% × 0.42 × 1.95
Jun 30, 2022 17.34% = 19.37% × 0.42 × 2.11
Mar 31, 2022 12.90% = 13.40% × 0.46 × 2.10
Dec 31, 2021 14.28% = 14.17% × 0.46 × 2.19
Sep 30, 2021 14.82% = 13.93% × 0.47 × 2.28
Jun 30, 2021 17.84% = 16.40% × 0.48 × 2.28
Mar 31, 2021 28.19% = 23.89% × 0.53 × 2.23
Dec 31, 2020 37.39% = 29.76% × 0.55 × 2.30
Sep 30, 2020 47.24% = 35.63% × 0.57 × 2.32
Jun 30, 2020 52.41% = 40.91% × 0.57 × 2.26
Mar 31, 2020 46.85% = 40.76% × 0.55 × 2.08
Dec 31, 2019 44.13% = 40.96% × 0.53 × 2.04
Sep 30, 2019 38.55% = 37.91% × 0.52 × 1.96
Jun 30, 2019 40.87% = 37.62% × 0.54 × 2.03
Mar 31, 2019 33.74% = 33.79% × 0.52 × 1.91
Dec 31, 2018 33.98% = 32.93% × 0.53 × 1.94
Sep 30, 2018 23.15% = 24.08% × 0.52 × 1.85
Jun 30, 2018 24.21% = 23.06% × 0.54 × 1.95
Mar 31, 2018 21.09% = 23.54% × 0.48 × 1.86
Dec 31, 2017 20.13% = 20.69% × 0.52 × 1.88
Sep 30, 2017 — = — × — × 1.79
Jun 30, 2017 — = — × — × 1.88
Mar 31, 2017 — = — × — × 1.85

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q3 2022 is the increase in profitability measured by net profit margin ratio.

Two-Component Disaggregation of ROA

Biogen Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2022 11.53% = 27.64% × 0.42
Jun 30, 2022 8.21% = 19.37% × 0.42
Mar 31, 2022 6.14% = 13.40% × 0.46
Dec 31, 2021 6.52% = 14.17% × 0.46
Sep 30, 2021 6.49% = 13.93% × 0.47
Jun 30, 2021 7.84% = 16.40% × 0.48
Mar 31, 2021 12.63% = 23.89% × 0.53
Dec 31, 2020 16.25% = 29.76% × 0.55
Sep 30, 2020 20.38% = 35.63% × 0.57
Jun 30, 2020 23.23% = 40.91% × 0.57
Mar 31, 2020 22.51% = 40.76% × 0.55
Dec 31, 2019 21.62% = 40.96% × 0.53
Sep 30, 2019 19.63% = 37.91% × 0.52
Jun 30, 2019 20.14% = 37.62% × 0.54
Mar 31, 2019 17.65% = 33.79% × 0.52
Dec 31, 2018 17.52% = 32.93% × 0.53
Sep 30, 2018 12.50% = 24.08% × 0.52
Jun 30, 2018 12.39% = 23.06% × 0.54
Mar 31, 2018 11.36% = 23.54% × 0.48
Dec 31, 2017 10.73% = 20.69% × 0.52
Sep 30, 2017 — = — × —
Jun 30, 2017 — = — × —
Mar 31, 2017 — = — × —

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2022 is the increase in profitability measured by net profit margin ratio.