Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Biogen Inc. (NASDAQ:BIIB)

This company was transferred to the archive: financial data is no longer updated!

Analysis of Short-term (Operating) Activity Ratios

Beginner level

Short-term Activity Ratios (Summary)

Biogen Inc., short-term (operating) activity ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Turnover Ratios
Inventory turnover 2.43 1.95 1.81 1.48 1.39
Receivables turnover 6.05 5.56 5.79 6.81 7.49
Payables turnover 3.68 4.90 4.12 5.28 4.64
Working capital turnover 3.23 2.51 2.30 1.85 2.23
Average No. Days
Average inventory processing period 150 187 202 247 263
Add: Average receivable collection period 60 66 63 54 49
Operating cycle 210 253 265 301 312
Less: Average payables payment period 99 74 89 69 79
Cash conversion cycle 111 179 176 232 233

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Biogen Inc.’s inventory turnover ratio improved from 2017 to 2018 and from 2018 to 2019.
Receivables turnover An activity ratio equal to revenue divided by receivables. Biogen Inc.’s receivables turnover ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Biogen Inc.’s payables turnover ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Biogen Inc.’s working capital turnover ratio improved from 2017 to 2018 and from 2018 to 2019.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Biogen Inc.’s number of days of inventory outstanding improved from 2017 to 2018 and from 2018 to 2019.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Biogen Inc.’s number of days of receivables outstanding deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Biogen Inc.’s operating cycle improved from 2017 to 2018 and from 2018 to 2019.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Biogen Inc.’s number of days of payables outstanding decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Biogen Inc.’s cash conversion cycle deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Inventory Turnover

Biogen Inc., inventory turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in thousands)
Cost of sales, excluding amortization and impairment of acquired intangible assets 1,955,400  1,816,300  1,630,000  1,478,700  1,240,400 
Inventory 804,200  929,900  902,700  1,001,600  893,400 
Short-term Activity Ratio
Inventory turnover1 2.43 1.95 1.81 1.48 1.39
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 3.07 3.35 3.43 3.71
AbbVie Inc. 4.10 4.81 4.39 4.04
Amgen Inc. 1.22 1.39 1.44 1.52
Bristol-Myers Squibb Co. 1.88 5.48 5.20 3.99
Eli Lilly & Co. 1.48 1.56 1.36 1.59
Gilead Sciences Inc. 5.07 5.96 5.46 2.68 2.05
Illumina Inc. 3.00 2.68 2.78 2.44
Johnson & Johnson 3.05 3.15 2.89 2.66
Merck & Co. Inc. 2.36 2.48 2.51 2.85 3.18
Pfizer Inc. 1.23 1.50 1.48 1.82 1.28
Regeneron Pharmaceuticals Inc. 0.26 0.16 0.28 0.49
Vertex Pharmaceuticals Inc. 3.27 3.29 2.46 2.71
Zoetis Inc. 1.41 1.37 1.24 1.11
Inventory Turnover, Sector
Pharmaceuticals & Biotechnology 2.20 2.50 2.40 2.41
Inventory Turnover, Industry
Health Care 5.37 5.80 5.50 5.59

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Inventory turnover = Cost of sales, excluding amortization and impairment of acquired intangible assets ÷ Inventory
= 1,955,400 ÷ 804,200 = 2.43

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Biogen Inc.’s inventory turnover ratio improved from 2017 to 2018 and from 2018 to 2019.

Receivables Turnover

Biogen Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in thousands)
Product, net 11,379,800  10,886,800  10,354,700  9,817,900  9,188,500 
Accounts receivable, net 1,880,500  1,958,500  1,787,000  1,441,600  1,227,000 
Short-term Activity Ratio
Receivables turnover1 6.05 5.56 5.79 6.81 7.49
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 5.88 5.90 5.22 6.42
AbbVie Inc. 6.13 6.08 5.55 5.39
Amgen Inc. 5.47 6.29 6.73 6.92
Bristol-Myers Squibb Co. 3.89 4.66 4.43 4.69
Eli Lilly & Co. 4.91 4.68 5.03 5.27
Gilead Sciences Inc. 6.18 6.52 6.66 6.64 5.49
Illumina Inc. 6.18 6.48 6.70 6.29
Johnson & Johnson 5.67 5.79 5.67 6.14
Merck & Co. Inc. 6.91 5.98 5.84 5.67 6.09
Pfizer Inc. 5.93 6.68 6.39 6.42 5.97
Regeneron Pharmaceuticals Inc. 2.30 2.38 2.42 2.49
Vertex Pharmaceuticals Inc. 6.57 7.44 8.85 8.47
Zoetis Inc. 5.76 5.62 5.32 5.35
Receivables Turnover, Sector
Pharmaceuticals & Biotechnology 5.58 5.77 5.65 5.90
Receivables Turnover, Industry
Health Care 7.39 7.49 7.32 7.59

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Receivables turnover = Product, net ÷ Accounts receivable, net
= 11,379,800 ÷ 1,880,500 = 6.05

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Biogen Inc.’s receivables turnover ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Payables Turnover

Biogen Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in thousands)
Cost of sales, excluding amortization and impairment of acquired intangible assets 1,955,400  1,816,300  1,630,000  1,478,700  1,240,400 
Accounts payable 530,800  370,500  395,500  279,800  267,400 
Short-term Activity Ratio
Payables turnover1 3.68 4.90 4.12 5.28 4.64
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 4.07 4.27 5.14 7.66
AbbVie Inc. 5.12 4.99 4.78 4.15
Amgen Inc. 3.18 3.40 3.01 4.54
Bristol-Myers Squibb Co. 3.30 3.46 2.70 2.97
Eli Lilly & Co. 3.36 4.55 4.30 4.19
Gilead Sciences Inc. 6.56 6.14 5.37 3.53 3.40
Illumina Inc. 7.22 5.61 5.79 5.31
Johnson & Johnson 3.23 3.59 3.47 3.13
Merck & Co. Inc. 3.78 4.07 4.12 4.95 5.90
Pfizer Inc. 2.42 2.41 2.41 2.72 2.67
Regeneron Pharmaceuticals Inc. 0.87 0.82 1.14 1.44
Vertex Pharmaceuticals Inc. 6.25 3.69 3.72 3.42
Zoetis Inc. 6.62 6.11 6.80 6.29
Payables Turnover, Sector
Pharmaceuticals & Biotechnology 3.50 3.73 3.64 3.75
Payables Turnover, Industry
Health Care 5.78 5.99 5.81 5.96

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Payables turnover = Cost of sales, excluding amortization and impairment of acquired intangible assets ÷ Accounts payable
= 1,955,400 ÷ 530,800 = 3.68

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Biogen Inc.’s payables turnover ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

Working Capital Turnover

Biogen Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in thousands)
Current assets 8,381,800  7,640,900  7,873,300  8,732,200  6,700,300 
Less: Current liabilities 4,863,800  3,295,200  3,368,200  3,419,900  2,577,700 
Working capital 3,518,000  4,345,700  4,505,100  5,312,300  4,122,600 
 
Product, net 11,379,800  10,886,800  10,354,700  9,817,900  9,188,500 
Short-term Activity Ratio
Working capital turnover1 3.23 2.51 2.30 1.85 2.23
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 6.64 5.44 2.44 1.04
AbbVie Inc. 0.98 6.16 4.00
Amgen Inc. 3.96 0.93 0.54 0.63
Bristol-Myers Squibb Co. 2.28 3.32 3.64 3.64
Eli Lilly & Co. 11.54 2.84 4.90 5.16
Gilead Sciences Inc. 1.08 0.86 1.27 2.67 2.16
Illumina Inc. 0.94 1.24 1.23 1.49
Johnson & Johnson 8.81 5.51 6.09 1.86
Merck & Co. Inc. 8.90 11.53 6.52 2.97 3.74
Pfizer Inc. 2.97 4.90 6.74 3.39
Regeneron Pharmaceuticals Inc. 0.86 0.82 1.16 1.72
Vertex Pharmaceuticals Inc. 1.19 1.12 1.35 1.64
Zoetis Inc. 2.13 1.83 1.70 2.15
Working Capital Turnover, Sector
Pharmaceuticals & Biotechnology 3.44 2.90 2.60 2.12
Working Capital Turnover, Industry
Health Care 5.24 5.18 4.28 3.70

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Working capital turnover = Product, net ÷ Working capital
= 11,379,800 ÷ 3,518,000 = 3.23

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Biogen Inc.’s working capital turnover ratio improved from 2017 to 2018 and from 2018 to 2019.

Average Inventory Processing Period

Biogen Inc., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Inventory turnover 2.43 1.95 1.81 1.48 1.39
Short-term Activity Ratio (no. days)
Average inventory processing period1 150 187 202 247 263
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 119 109 107 98
AbbVie Inc. 89 76 83 90
Amgen Inc. 300 262 254 241
Bristol-Myers Squibb Co. 194 67 70 92
Eli Lilly & Co. 247 233 268 230
Gilead Sciences Inc. 72 61 67 136 178
Illumina Inc. 122 136 131 150
Johnson & Johnson 119 116 126 137
Merck & Co. Inc. 155 147 146 128 115
Pfizer Inc. 296 244 246 201 284
Regeneron Pharmaceuticals Inc. 1,426 2,334 1,309 749
Vertex Pharmaceuticals Inc. 112 111 148 135
Zoetis Inc. 258 266 293 329
Average Inventory Processing Period, Sector
Pharmaceuticals & Biotechnology 166 146 152 151
Average Inventory Processing Period, Industry
Health Care 68 63 66 65

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 2.43 = 150

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Biogen Inc.’s number of days of inventory outstanding improved from 2017 to 2018 and from 2018 to 2019.

Average Receivable Collection Period

Biogen Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Receivables turnover 6.05 5.56 5.79 6.81 7.49
Short-term Activity Ratio (no. days)
Average receivable collection period1 60 66 63 54 49
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 62 62 70 57
AbbVie Inc. 60 60 66 68
Amgen Inc. 67 58 54 53
Bristol-Myers Squibb Co. 94 78 82 78
Eli Lilly & Co. 74 78 73 69
Gilead Sciences Inc. 59 56 55 55 66
Illumina Inc. 59 56 55 58
Johnson & Johnson 64 63 64 59
Merck & Co. Inc. 53 61 63 64 60
Pfizer Inc. 62 55 57 57 61
Regeneron Pharmaceuticals Inc. 159 153 151 147
Vertex Pharmaceuticals Inc. 56 49 41 43
Zoetis Inc. 63 65 69 68
Average Receivable Collection Period, Sector
Pharmaceuticals & Biotechnology 65 63 65 62
Average Receivable Collection Period, Industry
Health Care 49 49 50 48

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.05 = 60

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Biogen Inc.’s number of days of receivables outstanding deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Operating Cycle

Biogen Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Average inventory processing period 150 187 202 247 263
Average receivable collection period 60 66 63 54 49
Short-term Activity Ratio
Operating cycle1 210 253 265 301 312
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 181 171 177 155
AbbVie Inc. 149 136 149 158
Amgen Inc. 367 320 308 294
Bristol-Myers Squibb Co. 288 145 152 170
Eli Lilly & Co. 321 311 341 299
Gilead Sciences Inc. 131 117 122 191 244
Illumina Inc. 181 192 186 208
Johnson & Johnson 183 179 190 196
Merck & Co. Inc. 208 208 209 192 175
Pfizer Inc. 358 299 303 258 345
Regeneron Pharmaceuticals Inc. 1,585 2,487 1,460 896
Vertex Pharmaceuticals Inc. 168 160 189 178
Zoetis Inc. 321 331 362 397
Operating Cycle, Sector
Pharmaceuticals & Biotechnology 231 209 217 213
Operating Cycle, Industry
Health Care 117 112 116 113

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 150 + 60 = 210

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Biogen Inc.’s operating cycle improved from 2017 to 2018 and from 2018 to 2019.

Average Payables Payment Period

Biogen Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Payables turnover 3.68 4.90 4.12 5.28 4.64
Short-term Activity Ratio (no. days)
Average payables payment period1 99 74 89 69 79
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 90 85 71 48
AbbVie Inc. 71 73 76 88
Amgen Inc. 115 107 121 80
Bristol-Myers Squibb Co. 110 105 135 123
Eli Lilly & Co. 109 80 85 87
Gilead Sciences Inc. 56 59 68 103 107
Illumina Inc. 51 65 63 69
Johnson & Johnson 113 102 105 116
Merck & Co. Inc. 97 90 89 74 62
Pfizer Inc. 151 152 151 134 137
Regeneron Pharmaceuticals Inc. 421 442 321 253
Vertex Pharmaceuticals Inc. 58 99 98 107
Zoetis Inc. 55 60 54 58
Average Payables Payment Period, Sector
Pharmaceuticals & Biotechnology 104 98 100 97
Average Payables Payment Period, Industry
Health Care 63 61 63 61

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 3.68 = 99

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Biogen Inc.’s number of days of payables outstanding decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Cash Conversion Cycle

Biogen Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data
Average inventory processing period 150 187 202 247 263
Average receivable collection period 60 66 63 54 49
Average payables payment period 99 74 89 69 79
Short-term Activity Ratio
Cash conversion cycle1 111 179 176 232 233
Benchmarks
Cash Conversion Cycle, Competitors2
Abbott Laboratories 91 86 106 107
AbbVie Inc. 78 63 73 70
Amgen Inc. 252 213 187 214
Bristol-Myers Squibb Co. 178 40 17 47
Eli Lilly & Co. 212 231 256 212
Gilead Sciences Inc. 75 58 54 88 137
Illumina Inc. 130 127 123 139
Johnson & Johnson 70 77 85 80
Merck & Co. Inc. 111 118 120 118 113
Pfizer Inc. 207 147 152 124 208
Regeneron Pharmaceuticals Inc. 1,164 2,045 1,139 643
Vertex Pharmaceuticals Inc. 110 61 91 71
Zoetis Inc. 266 271 308 339
Cash Conversion Cycle, Sector
Pharmaceuticals & Biotechnology 127 111 117 116
Cash Conversion Cycle, Industry
Health Care 54 51 53 52

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

1 2019 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 150 + 6099 = 111

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Biogen Inc.’s cash conversion cycle deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.