Stock Analysis on Net
Stock Analysis on Net
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Biogen Inc. (NASDAQ:BIIB)

This company was transferred to the archive: financial data is no longer updated!

Enterprise Value to EBITDA (EV/EBITDA)

Intermediate level

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Biogen Inc., EBITDA calculation

US$ in thousands

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income attributable to Biogen Inc. 5,888,500  4,430,700  2,539,100  3,702,800  3,547,000 
Add: Net income attributable to noncontrolling interest —  43,300  131,000  (7,100) 46,200 
Add: Income tax expense 1,158,000  1,425,600  2,458,700  1,237,300  1,161,600 
Earnings before tax (EBT) 7,046,500  5,899,600  5,128,800  4,933,000  4,754,800 
Add: Interest expense 187,400  200,600  250,800  260,000  95,500 
Earnings before interest and tax (EBIT) 7,233,900  6,100,200  5,379,600  5,193,000  4,850,300 
Add: Depreciation, amortization and impairments 680,600  1,016,600  1,081,000  682,700  600,400 
Earnings before interest, tax, depreciation and amortization (EBITDA) 7,914,500  7,116,800  6,460,600  5,875,700  5,450,700 

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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Biogen Inc.’s EBITDA increased from 2017 to 2018 and from 2018 to 2019.

Enterprise Value to EBITDA Ratio, Current

Biogen Inc., current EV/EBITDA calculation, comparison to benchmarks

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Selected Financial Data (US$ in thousands)
Enterprise value (EV) 43,466,011 
Earnings before interest, tax, depreciation and amortization (EBITDA) 7,914,500 
Valuation Ratio
EV/EBITDA 5.49
Benchmarks
EV/EBITDA, Competitors1
Abbott Laboratories 25.34
AbbVie Inc. 21.74
Amgen Inc. 11.71
Bristol-Myers Squibb Co. 34.96
Eli Lilly & Co. 23.50
Gilead Sciences Inc. 10.23
Illumina Inc. 56.61
Johnson & Johnson 17.83
Merck & Co. Inc. 12.48
Pfizer Inc. 9.06
Regeneron Pharmaceuticals Inc. 11.55
Vertex Pharmaceuticals Inc. 14.97
Zoetis Inc. 29.00
EV/EBITDA, Sector
Pharmaceuticals & Biotechnology 16.68
EV/EBITDA, Industry
Health Care 18.41

Based on: 10-K (filing date: 2020-02-06).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Biogen Inc., historical EV/EBITDA calculation, comparison to benchmarks

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1 60,176,147  67,941,735  75,435,189  58,671,782  62,235,563 
Earnings before interest, tax, depreciation and amortization (EBITDA)2 7,914,500  7,116,800  6,460,600  5,875,700  5,450,700 
Valuation Ratio
EV/EBITDA3 7.60 9.55 11.68 9.99 11.42
Benchmarks
EV/EBITDA, Competitors4
Abbott Laboratories 21.70 21.41 20.08 25.22
AbbVie Inc. 13.68 17.98 20.80 12.73
Amgen Inc. 12.26 9.49 9.37 9.60
Bristol-Myers Squibb Co. 23.84 11.97 17.25 14.26
Eli Lilly & Co. 21.40 23.29 22.72 18.40
Gilead Sciences Inc. 11.77 7.83 7.11 5.57 5.56
Illumina Inc. 30.37 36.75 25.56 32.43
Johnson & Johnson 16.28 14.42 15.04 13.07
Merck & Co. Inc. 13.66 16.05 13.74 17.75 12.35
Pfizer Inc. 9.17 13.48 11.92 14.86 13.02
Regeneron Pharmaceuticals Inc. 14.80 15.50 15.13 26.10
Vertex Pharmaceuticals Inc. 37.82 60.10 342.33 276.52
Zoetis Inc. 30.11 20.74 21.37 18.19
EV/EBITDA, Sector
Pharmaceuticals & Biotechnology 15.33 14.94 14.37 13.26
EV/EBITDA, Industry
Health Care 16.46 15.84 15.22 13.93

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 See details »

2 See details »

3 2019 Calculation
EV/EBITDA = EV ÷ EBITDA
= 60,176,147 ÷ 7,914,500 = 7.60

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Biogen Inc.’s EV/EBITDA ratio decreased from 2017 to 2018 and from 2018 to 2019.