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.

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

Biogen Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $273.56
No. shares of common stock outstanding 144,001,404
US$ in thousands
Common equity (market value)1 39,393,024
Add: Preferred stock, par value $0.001 per share (per books)
Add: Noncontrolling interests (per books) 63,500
Total equity 39,456,524
Add: Current portion of notes payable (per books) 999,100
Add: Notes payable, excluding current portion (per books) 6,274,000
Total equity and debt 46,729,624
Less: Cash and cash equivalents 2,261,400
Less: Marketable securities 1,541,100
Enterprise value (EV) 42,927,124

Based on: 10-K (reporting date: 2021-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 273.56 × 144,001,404


Historical Enterprise Value (EV)

Biogen Inc., EV calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Share price1, 2 $220.17 $263.25 $337.24 $333.24 $346.00
No. shares of common stock outstanding1 146,962,793 152,335,731 174,064,011 196,708,784 211,562,686
US$ in thousands
Common equity (market value)3 32,356,798 40,102,381 58,701,347 65,551,235 73,200,689
Add: Preferred stock, par value $0.001 per share (book value)
Add: Noncontrolling interests (book value) 63,500 (14,200) (4,100) (8,000) (14,700)
Total equity 32,420,298 40,088,181 58,697,247 65,543,235 73,185,989
Add: Current portion of notes payable (book value) 999,100 1,495,800 3,200
Add: Notes payable, excluding current portion (book value) 6,274,000 7,426,200 4,459,000 5,936,500 5,935,000
Total equity and debt 39,693,398 47,514,381 64,652,047 71,479,735 79,124,189
Less: Cash and cash equivalents 2,261,400 1,331,200 2,913,700 1,224,600 1,573,800
Less: Marketable securities 1,541,100 1,278,900 1,562,200 2,313,400 2,115,200
Enterprise value (EV) 35,890,898 44,904,281 60,176,147 67,941,735 75,435,189

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Biogen Inc. Annual Report.

3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 220.17 × 146,962,793


Common Equity (Market Value)
There is a consistent downward trend observed in the common equity market value over the five-year period. The value decreased from approximately 73.2 billion US dollars in 2017 to around 32.4 billion US dollars by the end of 2021, reflecting a significant decline of more than 55%. This steady decrease indicates a reduction in market valuation of the company's common equity.
Total Equity
Total equity follows a very similar declining pattern as common equity, starting at approximately 73.2 billion US dollars in 2017 and dropping to approximately 32.4 billion US dollars by 2021. The close alignment between total equity and common equity values throughout the years suggests limited issuance of preferred shares or other components of equity beyond common stock.
Total Equity and Debt
The combined total of equity and debt also shows a marked downward trend, decreasing from approximately 79.1 billion US dollars in 2017 to around 39.7 billion US dollars in 2021. This indicates a contraction in the overall capital base of the company, implying either a reduction in debt levels, equity, or both. The rate of decline in total equity and debt is slightly less steep than the decline observed in total equity alone, suggesting some offsetting effect from debt variations.
Enterprise Value (EV)
The enterprise value exhibits a decreasing trajectory from about 75.4 billion US dollars in 2017 to roughly 35.9 billion US dollars by the end of 2021. This decline mirrors the decrease in total equity and total capital, indicating a diminishing overall valuation of the business, factoring in equity and debt components. The pattern shows the company's enterprise value nearly halved over the period analyzed, consistent with the reductions in equity and total capitalization.