Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Biogen Inc., historical price multiples (quarterly data)
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio shows a generally declining trend from 2017 through 2020, starting at 28.83 in late 2017 and falling to a low of 7.5 in mid-2020. Following this low, the ratio increases notably reaching 25.36 by late 2021, before declining again to around 14.62 by late 2022. This pattern indicates fluctuating investor sentiment and earnings performance, with periods of both undervaluation and potential overvaluation relative to earnings over the observed timeframe.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio mirrors the volatility seen in the P/E ratio, falling from 13.7 in early 2017 to a low of approximately 6.03 in mid-2020. Post this period, there is a sharp rise peaking at around 21.96 in late 2021, followed by a decline to values around 10.63-11.75 by late 2022. This suggests variations in operating profitability relative to market valuation, highlighting operational performance and market expectations shifting significantly during these years.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio demonstrates a declining trend from near 6.0 in early 2017 down to approximately 2.9 by late 2020, indicating that stock price growth lagged behind sales increases or sales declined in some periods. Subsequently, the ratio fluctuates without a clear directional trend, remaining between 2.78 and 4.16 through to late 2022. This relative stability after the decline points to a more balanced relationship between valuation and sales performance in recent periods.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio fluctuates moderately, starting around 5.3 in early 2017, decreasing to near 3.15 by early 2019, then experiencing mild oscillations with a low near 2.54 in late 2022. The overall movement suggests a gradual market revaluation of the company's equity value relative to its book value, potentially reflecting changes in asset base, equity market conditions, or prospects.
Price to Earnings (P/E)
Biogen Inc., historical P/E calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 144,001,404 | 145,113,047 | 146,452,013 | 146,962,793 | 146,892,712 | 149,033,443 | 150,554,750 | 152,335,731 | 153,881,597 | 158,313,471 | 163,187,486 | 174,064,011 | 180,441,878 | 184,447,218 | 193,893,397 | 196,708,784 | 201,482,595 | 201,442,850 | 211,007,945 | 211,562,686 | 211,476,936 | 211,431,746 | 212,115,203 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income attributable to Biogen Inc. (in thousands) | 1,134,700) | 1,058,000) | 303,800) | 368,200) | 329,200) | 448,500) | 410,200) | 357,900) | 701,500) | 1,542,100) | 1,399,100) | 1,439,700) | 1,545,900) | 1,494,100) | 1,408,800) | 946,800) | 1,444,400) | 866,600) | 1,172,900) | (297,400) | 1,226,100) | 862,800) | 747,600) | |||||||
| Earnings per share (EPS)2 | 19.89 | 14.19 | 9.90 | 10.59 | 10.52 | 12.87 | 20.00 | 26.26 | 33.03 | 37.44 | 36.02 | 33.83 | 29.90 | 28.70 | 24.07 | 22.52 | 15.82 | 14.73 | 14.05 | 12.00 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 273.56 | 207.49 | 205.70 | 220.17 | 266.57 | 326.36 | 259.00 | 263.25 | 268.91 | 280.81 | 292.25 | 337.24 | 281.87 | 241.24 | 224.40 | 333.24 | 316.15 | 372.84 | 262.15 | 346.00 | 315.73 | 282.96 | 286.89 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | 13.75 | 14.62 | 20.78 | 20.79 | 25.33 | 25.36 | 12.95 | 10.02 | 8.14 | 7.50 | 8.11 | 9.97 | 9.43 | 8.40 | 9.32 | 14.79 | 19.99 | 25.30 | 18.66 | 28.83 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | 19.16 | 19.44 | 21.64 | 22.07 | 27.34 | 30.62 | 39.63 | 40.17 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Amgen Inc. | 21.00 | 20.03 | 22.23 | 21.05 | 21.91 | 22.56 | 19.20 | 18.82 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 23.71 | 24.14 | 25.64 | 20.92 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 26.65 | 32.73 | 32.15 | 29.94 | 38.81 | 37.87 | 39.26 | 44.49 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Eli Lilly & Co. | 55.53 | 51.05 | 45.29 | 40.66 | 40.07 | 40.34 | 28.77 | 31.95 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Gilead Sciences Inc. | 29.30 | 18.66 | 17.25 | 12.36 | 11.44 | 16.83 | 277.25 | 641.48 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Johnson & Johnson | 23.52 | 24.98 | 23.95 | 20.93 | 23.98 | 25.51 | 28.35 | 28.92 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Merck & Co. Inc. | 16.41 | 13.36 | 15.70 | 14.78 | 28.65 | 34.23 | 28.00 | 26.72 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Pfizer Inc. | 8.81 | 9.56 | 11.11 | 11.76 | 14.03 | 20.05 | 20.15 | 19.62 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 14.98 | 11.67 | 9.15 | 8.37 | 9.96 | 10.38 | 13.27 | 15.09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 27.64 | 31.09 | 28.15 | 27.35 | 29.43 | 24.63 | 23.23 | 27.89 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 24.62 | 23.12 | 26.50 | 26.55 | 22.09 | 26.26 | 20.45 | 20.18 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net income attributable to Biogen Inc.Q3 2022
+ Net income attributable to Biogen Inc.Q2 2022
+ Net income attributable to Biogen Inc.Q1 2022
+ Net income attributable to Biogen Inc.Q4 2021)
÷ No. shares of common stock outstanding
= (1,134,700,000 + 1,058,000,000 + 303,800,000 + 368,200,000)
÷ 144,001,404 = 19.89
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= 273.56 ÷ 19.89 = 13.75
5 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends over the examined periods. The share price exhibited significant volatility from 2017 through 2022, experiencing periods of both appreciation and depreciation. Initially, the share price showed an upward trend, peaking at $346 in December 2017 before undergoing fluctuations throughout the subsequent years. Notably, after reaching a low around early 2022 at approximately $205.70, the share price rebounded in the later quarters of 2022, closing at $273.56. This pattern suggests market sensitivity to underlying company performance and external factors impacting investor sentiment.
Earnings per share (EPS) data, available from the first quarter of 2018 onwards, indicates consistent growth during the initial part of the period. EPS increased from $12 in March 2018 to a peak of $37.44 in the third quarter of 2020. This upward trajectory reflects improvements in profitability or operational efficiency. However, subsequent quarters saw a decline in EPS, dropping to a low of $9.9 by June 2022, before showing signs of recovery towards the end of the data series with EPS rising to $19.89 in September 2022. The EPS fluctuations greatly influence investor expectations and are likely correlated with changes in share price.
The price-to-earnings (P/E) ratio offers insight into market valuation relative to earnings. Initially high in early 2018 at 28.83, the P/E ratio trended downward until reaching a low near 7.5 in mid-2020, reflecting improved earnings relative to share price. The ratio then increased sharply in late 2021, peaking above 25, which could indicate either increased market optimism or a decline in earnings, as the EPS data suggests during that timeframe. Subsequently, the P/E ratio declined again towards the end of 2022, aligning with the recovery in EPS and share price.
- Share Price Trends
- Exhibited substantial volatility with an initial rise to a peak in late 2017, followed by fluctuations including a notable decline in early 2022 and a partial recovery by late 2022.
- Earnings per Share (EPS)
- Experienced steady growth from early 2018 through mid-2020, peaking at $37.44, followed by a marked decrease through early 2022, then a recovery towards the end of the period.
- Price-to-Earnings (P/E) Ratio
- Started high, decreased substantially as earnings improved, surged again around late 2021 possibly due to weaker earnings or higher valuations, and then declined towards the end of the dataset.
Overall, the financial data reflects a cycle of growth and contraction in the company's earnings and valuation, with share price movements generally aligned to these changes. The periods of earnings decline correspond with higher P/E ratios and lower share prices, indicating market adjustments to profitability challenges. Conversely, earnings recovery coincides with improved market valuations and share price appreciation. These patterns are important for understanding the company's financial health and market perception during the covered timeframe.
Price to Operating Profit (P/OP)
Biogen Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 144,001,404 | 145,113,047 | 146,452,013 | 146,962,793 | 146,892,712 | 149,033,443 | 150,554,750 | 152,335,731 | 153,881,597 | 158,313,471 | 163,187,486 | 174,064,011 | 180,441,878 | 184,447,218 | 193,893,397 | 196,708,784 | 201,482,595 | 201,442,850 | 211,007,945 | 211,562,686 | 211,476,936 | 211,431,746 | 212,115,203 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income from operations (in thousands) | 1,315,100) | 840,900) | 610,700) | 587,100) | 794,000) | 485,700) | 973,900) | (330,700) | 1,086,400) | 1,974,500) | 1,819,900) | 1,777,700) | 1,806,300) | 1,955,900) | 1,502,700) | 1,443,100) | 1,697,600) | 1,213,200) | 1,534,700) | 1,465,800) | 1,653,500) | 1,200,600) | 1,024,300) | |||||||
| Operating profit per share2 | 23.29 | 19.52 | 16.92 | 19.33 | 13.09 | 14.86 | 24.60 | 29.87 | 43.27 | 46.61 | 45.10 | 40.46 | 37.18 | 35.78 | 30.21 | 29.94 | 29.34 | 29.13 | 27.75 | 25.26 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 273.56 | 207.49 | 205.70 | 220.17 | 266.57 | 326.36 | 259.00 | 263.25 | 268.91 | 280.81 | 292.25 | 337.24 | 281.87 | 241.24 | 224.40 | 333.24 | 316.15 | 372.84 | 262.15 | 346.00 | 315.73 | 282.96 | 286.89 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | 11.75 | 10.63 | 12.16 | 11.39 | 20.36 | 21.96 | 10.53 | 8.81 | 6.21 | 6.03 | 6.48 | 8.34 | 7.58 | 6.74 | 7.43 | 11.13 | 10.78 | 12.80 | 9.45 | 13.70 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | 14.52 | 14.12 | 14.57 | 14.21 | 12.41 | 13.12 | 17.23 | 16.32 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Amgen Inc. | 14.89 | 14.08 | 15.88 | 16.24 | 16.73 | 17.48 | 15.26 | 14.96 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 17.79 | 18.62 | 20.32 | 19.84 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 20.71 | 25.91 | 26.48 | 25.14 | 32.12 | 30.83 | 32.62 | 36.91 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Eli Lilly & Co. | 46.48 | 39.20 | 36.49 | 35.70 | 37.21 | 42.01 | 31.17 | 32.66 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Gilead Sciences Inc. | 16.27 | 11.02 | 10.78 | 7.76 | 7.27 | 8.88 | 18.31 | 19.38 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Johnson & Johnson | 19.64 | 20.45 | 21.06 | 18.68 | 18.99 | 20.14 | 21.12 | 21.84 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Merck & Co. Inc. | 13.85 | 11.72 | 14.29 | 15.39 | 30.71 | 38.03 | 30.14 | 23.89 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Pfizer Inc. | 7.82 | 9.11 | 11.49 | 13.30 | 16.37 | 19.83 | 22.85 | 23.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 12.91 | 9.68 | 7.98 | 7.55 | 9.32 | 9.65 | 13.32 | 14.82 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 21.43 | 23.99 | 21.84 | 21.07 | 23.87 | 19.77 | 18.53 | 22.81 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 19.41 | 18.11 | 22.13 | 22.35 | 18.14 | 23.06 | 18.68 | 19.16 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Income from operationsQ3 2022
+ Income from operationsQ2 2022
+ Income from operationsQ1 2022
+ Income from operationsQ4 2021)
÷ No. shares of common stock outstanding
= (1,315,100,000 + 840,900,000 + 610,700,000 + 587,100,000)
÷ 144,001,404 = 23.29
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 273.56 ÷ 23.29 = 11.75
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed periods, with an initial range around the high 200s US dollars in early 2017, reaching a peak near 372.84 in mid-2018. Following this peak, the price entered a phase of volatility, declining to approximately 205.7 US dollars by the first quarter of 2022, before recovering toward the end of the period to about 273.56 US dollars. This represents a general downward trend with intermittent recoveries.
The operating profit per share, available from the first quarter of 2018, showed a steady increase reaching a high of 46.61 US dollars in the third quarter of 2020. After that peak, there was a marked decline in operating profit per share, bottoming near 13.09 US dollars around the end of 2021. Subsequently, a gradual recovery occurred, with values rising again to 23.29 US dollars by the third quarter of 2022.
The price-to-operating profit (P/OP) ratio mirrored some of the volatility observed in the share price and operating profit per share. Starting at 13.7 in the first quarter of 2018, it decreased significantly thereafter, reaching lows in the 6 to 8 range during 2019 and mid-2020. However, the ratio spiked sharply to above 20 in late 2021, indicating the share price was high relative to operating profit during that period. The ratio then declined back to the low double digits by the third quarter of 2022.
- Share Price Trends
- Initially stable with an uptrend peaking mid-2018, followed by volatility and a general decline until early 2022, then partial recovery.
- Operating Profit per Share Trends
- Gradual increase until mid-2020, followed by a sharp decline through late 2021, with recovery beginning thereafter.
- Price-to-Operating Profit Ratio (P/OP)
- Declined significantly post-2018, reached low stable values around 2019-2020, surged above 20 in late 2021 before normalizing towards the end of the period.
Overall, the data reveals a period of growth in profitability up to 2020, followed by profitability challenges, while share price movements have been more volatile and influenced by factors that momentarily decoupled price from operating profit. The elevated P/OP ratio during late 2021 suggests potential market optimism or valuation not fully supported by earnings at that time, which corrected in subsequent quarters.
Price to Sales (P/S)
Biogen Inc., historical P/S calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 144,001,404 | 145,113,047 | 146,452,013 | 146,962,793 | 146,892,712 | 149,033,443 | 150,554,750 | 152,335,731 | 153,881,597 | 158,313,471 | 163,187,486 | 174,064,011 | 180,441,878 | 184,447,218 | 193,893,397 | 196,708,784 | 201,482,595 | 201,442,850 | 211,007,945 | 211,562,686 | 211,476,936 | 211,431,746 | 212,115,203 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenue (in thousands) | 2,508,500) | 2,589,100) | 2,531,800) | 2,733,800) | 2,778,900) | 2,775,000) | 2,694,000) | 2,852,600) | 3,376,100) | 3,681,600) | 3,534,300) | 3,671,300) | 3,600,100) | 3,616,700) | 3,489,800) | 3,526,300) | 3,439,000) | 3,356,500) | 3,131,100) | 3,307,000) | 3,077,800) | 3,078,400) | 2,810,700) | |||||||
| Sales per share2 | 71.97 | 73.28 | 73.88 | 74.72 | 75.57 | 78.49 | 83.72 | 88.26 | 92.69 | 91.51 | 88.38 | 82.60 | 78.88 | 76.29 | 71.23 | 68.39 | 65.68 | 63.90 | 59.69 | 58.02 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 273.56 | 207.49 | 205.70 | 220.17 | 266.57 | 326.36 | 259.00 | 263.25 | 268.91 | 280.81 | 292.25 | 337.24 | 281.87 | 241.24 | 224.40 | 333.24 | 316.15 | 372.84 | 262.15 | 346.00 | 315.73 | 282.96 | 286.89 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | 3.80 | 2.83 | 2.78 | 2.95 | 3.53 | 4.16 | 3.09 | 2.98 | 2.90 | 3.07 | 3.31 | 4.08 | 3.57 | 3.16 | 3.15 | 4.87 | 4.81 | 5.83 | 4.39 | 5.96 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | 4.44 | 4.28 | 4.76 | 4.53 | 3.73 | 3.80 | 4.07 | 4.05 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Amgen Inc. | 5.85 | 5.35 | 5.21 | 5.10 | 5.04 | 5.37 | 5.68 | 5.64 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 3.39 | 3.39 | 3.41 | 3.16 | 2.85 | 3.44 | 3.28 | 3.16 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 5.66 | 6.59 | 6.68 | 6.37 | 7.91 | 7.72 | 7.27 | 7.01 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Eli Lilly & Co. | 11.46 | 9.99 | 9.47 | 8.01 | 8.62 | 9.16 | 6.88 | 8.06 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Gilead Sciences Inc. | 3.64 | 2.84 | 2.86 | 2.85 | 3.11 | 3.30 | 3.31 | 3.24 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Johnson & Johnson | 4.69 | 4.80 | 5.00 | 4.66 | 4.69 | 5.08 | 5.09 | 5.15 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Merck & Co. Inc. | 4.25 | 3.87 | 4.12 | 3.96 | 4.32 | 4.05 | 4.23 | 3.93 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Pfizer Inc. | 2.63 | 2.77 | 3.00 | 3.18 | 4.04 | 4.78 | 4.84 | 4.50 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 5.87 | 4.66 | 4.40 | 4.20 | 5.14 | 5.20 | 5.78 | 6.24 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 4.40 | 5.40 | 5.20 | 5.39 | 6.45 | 5.54 | 5.13 | 5.52 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 9.26 | 8.85 | 8.17 | 8.21 | 6.74 | 7.82 | 8.81 | 8.82 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (RevenueQ3 2022
+ RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021)
÷ No. shares of common stock outstanding
= (2,508,500,000 + 2,589,100,000 + 2,531,800,000 + 2,733,800,000)
÷ 144,001,404 = 71.97
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= 273.56 ÷ 71.97 = 3.80
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the analyzed periods. Initially, the price ranged around the high 200s to mid-300s US dollars between March 2017 and December 2018, reaching a peak at 372.84 in June 2018. Following this peak, a downward trend materialized with intermittent recoveries, particularly in late 2019 when the price ascended to 337.24. Subsequently, the share price generally declined from 292.25 in March 2020 to a low of 205.7 in March 2022, before recovering somewhat to 273.56 by September 2022. This pattern indicates phases of both investor optimism and caution, with a sustained decrease particularly evident in the 2020 to 2022 timeframe before a partial rebound.
- Sales per Share Patterns
- Sales per share data, available from the first quarter of 2018, show a consistent upward trajectory from 58.02 in March 2018 to a peak at 92.69 in December 2020. Post-2020, a gradual decline is observed, with sales per share decreasing to 71.97 by September 2022. This indicates a strong growth period through 2018 to 2020, potentially reflecting increasing revenue or operational efficiency, followed by a moderate contraction in subsequent quarters.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio varied significantly, reflecting the interaction between share price and sales per share. Initially, the P/S ratio fluctuated between approximately 4.4 to nearly 6, with a high of 5.96 in March 2018. It then experienced a general decline with some variability, reaching lows below 3 around mid-2020 and early 2022, indicative of lower market valuation relative to sales. Notably, the ratio surged again to 4.16 in March 2021 before falling and modestly recovering to 3.8 by September 2022. These trends suggest varying market sentiment toward the company’s sales performance over time, possibly influenced by broader market conditions or company-specific factors.
- Overall Observations
- The data reflect an environment of fluctuating investor sentiment, with the share price and P/S ratio experiencing significant movements in both directions. Sales per share demonstrated a period of steady growth followed by decline, hinting at evolving operational results. The volatility in valuation multiples, particularly the P/S ratio, points to changing expectations regarding future performance. The recovery of share price in mid to late 2022, alongside a modest increase in P/S ratio, may suggest improving confidence after a period of uncertainty.
Price to Book Value (P/BV)
Biogen Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 144,001,404 | 145,113,047 | 146,452,013 | 146,962,793 | 146,892,712 | 149,033,443 | 150,554,750 | 152,335,731 | 153,881,597 | 158,313,471 | 163,187,486 | 174,064,011 | 180,441,878 | 184,447,218 | 193,893,397 | 196,708,784 | 201,482,595 | 201,442,850 | 211,007,945 | 211,562,686 | 211,476,936 | 211,431,746 | 212,115,203 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total Biogen Inc. shareholders’ equity (in thousands) | 12,775,500) | 11,872,500) | 11,242,300) | 10,896,200) | 10,429,900) | 10,751,900) | 10,682,200) | 10,700,300) | 10,758,500) | 11,308,700) | 12,546,900) | 13,343,200) | 13,995,900) | 12,952,900) | 13,829,900) | 13,039,600) | 13,766,600) | 12,260,900) | 14,053,700) | 12,612,800) | 12,860,500) | 11,585,200) | 11,479,000) | |||||||
| Book value per share (BVPS)2 | 88.72 | 81.82 | 76.76 | 74.14 | 71.00 | 72.14 | 70.95 | 70.24 | 69.91 | 71.43 | 76.89 | 76.66 | 77.56 | 70.23 | 71.33 | 66.29 | 68.33 | 60.87 | 66.60 | 59.62 | 60.81 | 54.79 | 54.12 | |||||||
| Share price1, 3 | 273.56 | 207.49 | 205.70 | 220.17 | 266.57 | 326.36 | 259.00 | 263.25 | 268.91 | 280.81 | 292.25 | 337.24 | 281.87 | 241.24 | 224.40 | 333.24 | 316.15 | 372.84 | 262.15 | 346.00 | 315.73 | 282.96 | 286.89 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | 3.08 | 2.54 | 2.68 | 2.97 | 3.75 | 4.52 | 3.65 | 3.75 | 3.85 | 3.93 | 3.80 | 4.40 | 3.63 | 3.44 | 3.15 | 5.03 | 4.63 | 6.13 | 3.94 | 5.80 | 5.19 | 5.16 | 5.30 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | 16.06 | 16.76 | 16.59 | 16.53 | 15.20 | 16.23 | 14.91 | 14.18 | 10.93 | 11.31 | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Amgen Inc. | 39.30 | 54.46 | 138.87 | 18.51 | 14.95 | 15.72 | 14.57 | 14.53 | 11.57 | 13.67 | 14.33 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 4.85 | 4.90 | 5.07 | 4.07 | 3.48 | 4.15 | 3.73 | 3.55 | 2.87 | 2.82 | 2.77 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Danaher Corp. | 3.77 | 4.36 | 4.36 | 4.16 | 5.11 | 4.82 | 4.46 | 3.93 | 4.38 | 3.90 | 3.68 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Eli Lilly & Co. | 33.27 | 34.00 | 29.75 | 25.28 | 30.85 | 38.00 | 25.41 | 35.07 | 26.02 | 35.12 | 47.73 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Gilead Sciences Inc. | 4.63 | 3.82 | 3.91 | 3.65 | 3.94 | 4.41 | 4.40 | 4.33 | 4.30 | 4.79 | 4.40 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Johnson & Johnson | 6.04 | 6.01 | 6.36 | 5.90 | 6.10 | 6.51 | 6.51 | 6.72 | 5.93 | 6.19 | 6.46 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Merck & Co. Inc. | 5.63 | 5.12 | 5.44 | 5.05 | 5.76 | 5.73 | 7.30 | 7.46 | 6.97 | 7.47 | 7.43 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Pfizer Inc. | 2.83 | 3.21 | 3.37 | 3.35 | 3.69 | 3.78 | 3.27 | 2.98 | 3.10 | 3.31 | 3.16 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 3.75 | 3.21 | 3.65 | 3.60 | 4.04 | 4.26 | 4.44 | 4.81 | 6.21 | 7.34 | 5.33 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 4.46 | 5.47 | 5.23 | 5.18 | 6.51 | 5.75 | 5.25 | 5.15 | 5.89 | 5.48 | 4.56 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 6.18 | 6.19 | 5.95 | 6.16 | 5.04 | 5.69 | 6.29 | 6.30 | 6.66 | 9.42 | 10.23 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Total Biogen Inc. shareholders’ equity ÷ No. shares of common stock outstanding
= 12,775,500,000 ÷ 144,001,404 = 88.72
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= 273.56 ÷ 88.72 = 3.08
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited noticeable fluctuations over the analyzed period. Starting at $286.89 at the end of March 2017, the price generally increased until hitting a peak around December 2017 at $346. After this peak, the share price displayed a volatile behavior, with significant declines and rebounds. For instance, a substantial drop occurred by March 2019, falling to $224.40, followed by a rebound reaching $337.24 by December 2019. During 2020 and 2021, the share price displayed a downward trend with intermittent increases, falling to a low of $205.70 in March 2022 before partially recovering to $273.56 by September 2022. This pattern indicates periods of investor optimism followed by hesitancy or negative market reactions, reflecting external or internal factors affecting the company's valuation.
- Book Value Per Share (BVPS)
- The book value per share showed a generally upward trajectory across the period. Starting at $54.12 in March 2017, it increased steadily to $88.72 by September 2022. While there were some moderate declines, such as in mid-2018 and mid-2020, the overall trend was positive, indicating growth in net asset value on a per-share basis. This suggests an accumulation of shareholder equity or improved asset management, contributing to a strengthening fundamental value of the company over time.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited significant volatility throughout the timeline. Initially, it fluctuated around the 5.0 mark, peaking at 6.13 in June 2018, which indicates elevated market valuation relative to book value during that time. Following this, the ratio showed a downward trend, with values often falling below 4.0, reaching as low as 2.54 in June 2022. The fluctuations in P/BV reflect changing market perceptions of growth prospects or risk, with higher ratios suggesting investor confidence and lower ratios implying a more conservative or cautious outlook. The decline in P/BV toward the latter periods could imply increased market skepticism or risk aversion despite the rising book value per share.
- Overall Insights
- The juxtaposition of increasing book value per share against a fluctuating and generally declining P/BV ratio and volatile share prices suggests a complex market environment. While the company’s underlying net asset value strengthened, market valuation did not consistently reflect this growth, potentially due to broader economic conditions, sector dynamics, or company-specific challenges. The decoupling of share price from book value in certain periods points to external factors influencing investor sentiment beyond fundamental asset measures.