GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB
Biogen Inc (NAS:BIIB)
[1]
Modestly Undervalued[5]$ 223.92
Drug Manufacturers - Drug Manufacturers - General
Market Cap: $ 32,892 Mil
Biogen Inc is a biopharmaceutical company. It is engaged in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurological, rare and autoimmune diseases.
Valuation Rank
Score: 9 /10CurrentIndustry MedianHistorical Median
PE Ratio21.9122.7719.73
Forward P/E11.7516.92N/A
PB Ratio3.152.244.85
PS Ratio3.052.995.14
P/FCF15.8826.5917.05
Shiller P/E12.9125.5738.23
PEG Ratio2.112.030.83
Valuation Analysis
% of Price
NCAV-42.3-19
Tangible Book16.227
Graham Number61.0727
DCF (FCF Based)208.1793
Price223.92
Median PS Value392.42175
DCF (Earnings Based)430.47192
Dividend & Ownership
Dividend Yield(ttm) %N/A
Dividend Yield(forward) %N/A
PayoutN/A
Dividend Growth(5y) %N/A
Yield on Cost(5y) %N/A
Continuous Div. sinceN/A
Insider Ownership %1.39
Institution Ownership %67.4
Financial Strength
Score: 5 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.391.091.65
Equity-to-Asset0.440.600.76
Interest Coverage7.1319.7543.96
Piotroski F-Score556
Profitability Rank
Score: 9 /10CurrentIndustry MedianHistorical Median
Operating Margin %15.645.5942.49
Net Margin %13.933.3030.01
ROE %14.493.9031.75
ROA %6.351.3517.21
ROC (Joel Greenblatt) %42.237.39150.21
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)17.312.7-14.1
EBITDA Growth (%)20.810.4-51.7
Oprt. Income Growth (%)20.37.2-70.8
EPS w/o NRI Growth (%)21.714.9-66.2
Free Cash Flow Growth (%)N/A15.8-59.6
Book Value Growth (%)13.110.51.6
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue33762853269427752779
Net Income702358410449329
EPS4.462.322.692.992.22
Revenue (YoY) %-6.22-22.3-23.78-24.63-17.69
Net Income (YoY) %-54.62-75.14-70.68-70.92-53.07
EPS (YoY) %-46.84-71.29-66.71-68.82-50.22
Warning Signs
SEVEREOperating Margin %: Declined
Good Signs
GOODAltman Z-Score: Strong
GOODBeneish M-Score: Unlikely manipulator
Insider Trades
InsiderPositionDateTradesCur. Shares
Sandrock AlfredHead of Researc06/07/21-767210169
Guindo ChirfiHead of Glob Pr06/07/21-30872919
Posner Brian SDirector06/04/21-3607400
Mantas Jesus BDirector02/09/218982943
As of 12-05-2021
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W-7.81-1.21
1M-19.91-2.43
3M-32.880.40
6M-17.848.98
YTD-8.5522.46
1Y-8.2625.39
3Y-12.3219.60
5Y-3.9417.70
10Y7.9415.98
438.43
189.24
59.95
4M
2M
2011201220132014201520162017201820192020CurrentPerformance
109.35143.75272.54332.21438.43304.06344.58383.83338.96355.63468.55Highest Stock Price
59.95104.54131.55251.94235.84206.88246.54257.52216.71236.26221.72Lowest Stock Price
2454331896608587334161685563956737859341516903731732892Market Cap
245239.7238.3237.2231.2218.8213205.3187.4161.3148.6Shares Outstanding-Diluted
20.1123.4132.9725.2818.415.4326.7313.949.449.8721.91PE Ratio
3.824.587.066.796.584.655.344.553.873.493.15PB Ratio
4.925.868.857.646.064.995.534.593.872.943.05PS Ratio
11.3713.8819.7915.4511.869.8710.779.026.877.4112.23EV-to-EBITDA
2011201220132014201520162017201820192020TTMPer Share Data
20.623.0129.0940.9146.5652.3357.6265.5376.7283.3573.39Revenue per Share
5.045.767.8112.3715.3416.9311.9221.5831.4224.810.22Earnings per Share
6.26.78-4.8811.0714.1117.6412.1525.8234.222.814.1Free Cash Flow per Share
----------------------Dividends per Share
15.1617.4512.3221.41221.619.3921.3723.312.1716.22Tangible Book per Share
132.27132.11167.73235.89266.15284.32308.26351.11411.16445.48392.42Median PS Value
41.4747.5646.5477.1864.3690.772.11101.85128.3382.3961.07Graham Number
2011201220132014201520162017201820192020TTMIncome Statement
5048.65516.56932.29703.310764114491227413453143781344511101Revenue
4581.949716074.58532.39523.49970.1106441163712423116399160.3Gross Profit
90.890.187.687.988.587.186.786.586.486.682.5Gross Margin %
2802.13132.53584.54615.54508.54315.75114.55635.85386.87193.17423.7Total Operating Expense
1779.81838.524903916.85014.95654.45529.46000.87035.74446.31736.6Operating Income
35.333.335.940.446.649.445.144.648.933.115.6Operating Margin %
1234.413801862.32934.835473702.82539.14430.75888.54000.61545.8Net Income
24.52526.930.33332.320.732.94129.813.9Net Margin %
1744.21891.62512.53976.14862.851935379.66100.27313.352701936.5EBIT
2103.12257.33044.24664.25463.25875.76460.66847.57803.25734.83069.9EBITDA
20.920.623.930.235.234.420.534.544.633.314.5ROE %
14.414.416.922.42117.510.918.122.415.46.4ROA %
2011201220132014201520162017201820192020Sep21Balance Sheet
514.5570.7602.61204.913082326.51573.81224.62913.71331.21541.8Cash & Equivalents
813.3955.21077.11575.81541.51742.22319.62485.42470.72327.32123Total Receivables
9049.610130118631431519505228772365325289272342461923807Total Assets
3.3453.43.53.14.84.73.2--1495.8--998.8Short-Term Debt & CLO
1060.8687.4592.4580.36521.56512.759355936.54871.77828.26620.5Long-Term Debt & CLO
2622.63166.33242.53500.710130107481105512257138951393312925Total Liabilities
6425.56961.58620.2108099372.8121401261313040133431070010430Total Stockholders Equity
64276963.88620.8108149374.9121291259813032133391068610882Total Equity
2011201220132014201520162017201820192020TTMCashflow Statement
1727.71879.92345.12942.13919.44587.245516187.77078.64229.82434.5Cash Flow from Operations
-1650.3-950.3-1604.7-1543-4553.6-2484.8-2963.1-2046.3470.5-608.6-617.4Cash Flow from Investing
-498-984.7-400.3-886.8-5000-1000-1365.4-4352.6-5868.3-6679.1-2200Repurchase of Stock
-11.5-2.4-452.4-2.75928.4-2.7-560.9-3.2--1467.4-169.9Net Issuance of Debt
-319.9-877.5-716.5-755.9783.1-1052.6-2380-4472-5860.4-5272.7-2497.1Cash Flow from Financing
-245.156.231.9602.3103.11018.5-752.7-349.21689.1-1582.5-683Net Change in Cash
-208-254.5-3509-316-658.4-727.7-1962.8-886.1-669.5-551.8-327.4Capital Expenditure
1519.71625.3-1163.92626.132613859.52588.25301.66409.136782107.1Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
TSE:4519Chugai Pharmaceutical Co Ltd9853,56923.586.8128.8820.8725.49
SHSE:600276Jiangsu Hengrui Pharmaceuticals Co Ltd9949,36350.2611.0622.0117.5019.87
XTER:BAYNBayer AG6649,188At Loss1.04-6.43-2.26-8.25
NAS:BIIBBiogen Inc5932,89221.913.0513.936.3514.49
NAS:HZNPHorizon Therapeutics PLC5422,64643.037.9118.667.5613.66
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Fair (5/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.39

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.44

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.73

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 5

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 2.33% vs ROIC : 11.62%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 0.00%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Profitability[3] (Annual data, as of Dec. 2020) : Good (9/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $2,779 Mil vs Net Income : $329 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $1,542 Mil vs Long-Term Debt* : $6,621 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 28.01%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $2.22

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $5.00

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $223.92)


PE Ratio without NRI : 27.69

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 3.99

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 3.86

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 20.06

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 24.11

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Operating Margin % : Declined

Biogen Inc operating margin has been in 5-year decline. The average rate of decline per year is -4.9%.

Good Signs

Altman Z-Score : Strong

Altman Z-score of 3.21 is strong.

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Price : Close to 5-year low

Biogen Inc stock Price is close to 5-year low

PB Ratio : Close to 10-year low

Biogen Inc stock PB Ratio (=3.15) is close to 10-year low of 2.86

PS Ratio : Close to 10-year low

Biogen Inc stock PS Ratio (=3.05) is close to 10-year low of 2.85

Medium Warning Signs

Revenue per Share : Declined

Biogen Inc revenue per share is in decline over the past 12 months.

Tax Rate : Tax Rate is too low

Company seems to be paying lower tax, which may boast earnings, and may not be sustainable.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NAS:BIIBBiogen Inc5/100.390.440.737.1353.21-2.912.3311.62
NYSE:LLYEli Lilly and Co5/100.220.162.2021.5264.95-2.283.1019.05
NAS:HZNPHorizon Therapeutics PLC5/100.420.520.587.8854.06-2.335.6612.22
NYSE:MRKMerck & Co Inc5/100.380.380.7412.8973.79-2.774.0012.66
NAS:AMGNAmgen Inc4/100.340.134.577.5051.67-2.494.3817.65
NYSE:BMYBristol-Myers Squibb Co4/100.350.341.232.9751.74-3.033.825.21
NAS:GILDGilead Sciences Inc4/100.210.321.2911.5272.49-2.102.4217.99
NYSE:ABBVAbbVie Inc3/100.150.095.967.0651.54-2.574.7713.88

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NAS:AMGNAmgen Inc9/1034.3421.7760.758.9114.91143.6511.508.0066.00
NAS:BIIBBiogen Inc9/1015.6413.9314.496.3515.8842.2313.105.4027.70
NYSE:ABBVAbbVie Inc8/1031.6513.6654.865.049.74188.2515.904.40-6.20
NYSE:LLYEli Lilly and Co8/1026.9421.5294.5912.7948.4678.5212.3035.900.00
NYSE:MRKMerck & Co Inc8/1019.2013.3123.907.8822.8262.279.006.2047.30
NYSE:BMYBristol-Myers Squibb Co7/108.93-11.89-13.54-4.678.71-42.5214.40-16.100.00
NAS:GILDGilead Sciences Inc7/1043.1926.9038.6011.149.27203.32-0.40-35.30-69.50
NAS:HZNPHorizon Therapeutics PLC4/1018.7918.6613.667.5632.11105.8716.400.000.00

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NYSE:BMYBristol-Myers Squibb CoAt Loss3.362.791.050.000.620.000.00-1.848.65
NAS:GILDGilead Sciences Inc11.874.073.210.730.000.780.000.009.49-14.38
NAS:AMGNAmgen Inc20.8513.924.540.981.000.833.930.005.5012.71
NAS:BIIBBiogen Inc21.913.153.050.600.520.570.003.675.1613.69
NYSE:MRKMerck & Co Inc25.925.173.451.300.000.892.637.945.7714.27
NYSE:ABBVAbbVie Inc28.3015.513.831.191.880.003.330.003.4815.57
NYSE:LLYEli Lilly and Co38.0630.288.073.740.001.971.710.002.8721.64
NAS:HZNPHorizon Therapeutics PLC43.035.087.912.960.001.830.000.002.290.00
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Per Share Data



Per Share Data

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
4.95
7.77
9.91
13.89
15.12
18.51
20.6
23.01
29.09
40.91
46.56
52.33
57.62
65.53
76.72
83.35
73.39
Revenue per Share
1.93
2.52
4.16
5.66
6.21
6.36
8.58
9.42
12.78
19.66
23.63
26.85
30.33
33.35
41.64
35.55
20.31
EBITDA per Share
0.77
1.43
2.97
4.1
4.73
4.97
7.12
7.89
10.54
16.76
21.03
23.73
25.26
29.71
39.03
32.67
12.8
EBIT per Share
0.47
0.63
1.99
2.65
3.35
3.94
5.04
5.76
7.81
12.37
15.34
16.93
11.92
21.58
31.42
24.8
10.22
Earnings per Share (Diluted)
0.47
0.63
1.99
2.65
3.35
3.94
5.04
5.76
7.81
12.37
15.34
16.93
11.92
21.58
31.42
24.8
10.22
EPS without NRI
0.87
0.29
1.88
3.53
2.48
4.62
5.69
6.54
6.03
8.53
11.97
15.35
12.34
23.84
32.09
22.93
0.08
Owner Earnings per Share (TTM)
1.65
1.86
2.3
4.36
3.14
5.7
6.2
6.78
-4.88
11.07
14.11
17.64
12.15
25.82
34.2
22.8
14.1
Free Cash Flow per Share
2.57
2.44
3.19
5.3
3.71
6.38
7.05
7.84
9.84
12.4
16.95
20.97
21.37
30.14
37.77
26.22
16.26
Operating Cash Flow per Share
2.5
2.67
4
4.66
4.6
5.02
6.98
7.21
5.17
7.87
15.68
22.67
17.44
17.94
25.69
17.13
20.12
Cash per Share
20.31
21.14
18.72
20.16
22.64
22.44
26.54
29.43
36.48
46.08
42.88
56.23
59.64
66.12
76.6
70.21
71
Book Value per Share
8.24
9.6
6.44
8.7
11.69
10.3
15.16
17.45
12.32
21.4
12
21.6
19.39
21.37
23.3
12.17
16.22
Tangible Book per Share
0.13
0.29
5.29
3.86
4
5
4.4
4.82
2.52
2.49
29.86
30.19
28.08
30.1
36.55
51.37
51.87
Total Debt per Share
41.71
45.31
52.43
43.87
49.28
61.76
101
135
258
313
282
261
319
301
297
245
224
Month End Stock Price

Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
2.34
3.09
10.06
13.81
16.13
17.31
20.88
20.62
23.9
30.21
35.15
34.42
20.52
34.54
44.64
33.28
14.49
ROE %
1.14
1.44
3.59
6.33
7.4
6.29
5.47
4.5
3.39
4.45
5.34
7.4
3.84
7.59
11.53
9.54
4.6
ROE % Adjusted to Book Value
1.83
2.57
7.43
9.16
11.39
12.08
14.4
14.39
16.94
22.42
20.98
17.47
10.91
18.11
22.42
15.43
6.35
ROA %
6.2
7.19
24.77
35.51
33.93
35.34
40.15
35.39
52.9
73.99
92.8
102
57.95
107
142
135
73.96
Return-on-Tangible-Equity
3.57
4.87
13.23
15.39
18.1
18.76
21.53
20.31
27.69
39.98
33.33
26.3
16.63
28.04
34.22
23.73
9.81
Return-on-Tangible-Asset
13.94
38.58
59.89
70.11
76.94
67.06
98.42
107
141
214
201
179
155
145
170
123
42.23
ROC (Joel Greenblatt) %
3.39
6.26
13.2
17.26
17.78
17.02
22.98
22.78
27.05
35.82
33.51
28.55
27.07
28.86
32.97
24.37
9.36
ROCE %
-2.82
4.62
8.16
11.86
14.44
17.73
20.48
19.02
22.02
29.1
30.91
29.6
18.14
25.52
29.88
18.11
11.62
ROIC %
8.95
10.23
9.35
5.97
7.24
6.99
7.41
8.61
11.43
7.12
4.39
4.42
5.53
12.47
9.72
3.2
2.33
WACC %
2.16
1.28
4.88
3.89
3.24
3.13
2.91
3.31
3.67
5
2.69
3.99
4.03
3.38
3.05
3.13
3.16
Effective Interest Rate on Debt %
78.2
89.77
89.43
90.19
91.27
91.51
90.75
90.11
87.63
87.93
88.48
87.08
86.72
86.5
86.4
86.57
82.52
Gross Margin %
-20.7
28.1
27.24
30
29.59
33.27
35.25
33.33
35.92
40.37
46.59
49.39
45.05
44.61
48.93
33.07
15.64
Operating Margin %
9.38
8.11
20.12
19.11
22.16
21.31
24.45
25.02
26.86
30.25
32.95
32.34
20.69
32.93
40.96
29.76
13.93
Net Margin %
33.33
23.96
23.22
31.4
20.77
30.78
30.1
29.46
-16.79
27.06
30.3
33.71
21.09
39.41
44.58
27.36
18.98
FCF Margin %
0.01
0.01
0.28
0.19
0.18
0.22
0.17
0.16
0.07
0.05
0.7
0.54
0.47
0.46
0.48
0.73
0.73
Debt-to-Equity
0.82
0.84
0.64
0.69
0.73
0.67
0.71
0.69
0.73
0.76
0.48
0.53
0.53
0.52
0.49
0.44
0.44
Equity-to-Asset
0.01
0.01
0.18
0.13
0.13
0.15
0.12
0.11
0.05
0.04
0.34
0.29
0.25
0.24
0.23
0.32
0.32
Debt-to-Asset
0.18
0.16
0.36
0.31
0.27
0.33
0.29
0.31
0.27
0.25
0.52
0.47
0.47
0.49
0.51
0.57
0.54
Liabilities-to-Assets
15.27
28.45
33.02
43.2
46.92
51.86
53.46
51.84
55.24
65.19
56.32
47.05
45.75
47.55
47.3
44.89
37.64
Gross-Profit-to-Asset %
0.2
0.32
0.37
0.48
0.51
0.57
0.59
0.58
0.63
0.74
0.64
0.54
0.53
0.55
0.55
0.52
0.46
Asset Turnover
59.55
40.67
40.85
37.38
41.6
44.75
43.01
42.06
39.79
39.81
48.05
52.34
60.39
65.18
62.91
65.13
74.55
Days Sales Outstanding
108
133
104
89.93
108
128
136
131
90.2
69.99
73.06
67.53
75.61
76.97
84.12
99.65
78.52
Days Payable
212
234
219
226
266
266
241
259
235
228
250
234
213
184
162
189
221
Days Inventory
163
142
156
173
200
182
147
170
185
198
225
219
198
172
141
155
217
Cash Conversion Cycle
1.72
1.56
1.66
1.62
1.37
1.37
1.52
1.41
1.55
1.6
1.46
1.56
1.71
1.98
2.26
1.93
1.65
Inventory Turnover
0.22
0.1
0.11
0.1
0.09
0.08
0.09
0.1
0.12
0.12
0.12
0.13
0.13
0.14
0.14
0.13
0.17
COGS-to-Revenue
0.13
0.07
0.06
0.06
0.06
0.06
0.06
0.07
0.08
0.08
0.08
0.08
0.08
0.07
0.06
0.07
0.11
Inventory-to-Revenue
0.19
0.07
0.09
0.07
0.04
0.04
0.04
0.05
0.51
0.03
0.06
0.06
0.16
0.07
0.05
0.04
0.03
Capex-to-Revenue
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Financial Satement



Income Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
1714
2683
3172
4098
4377
4716
5049
5516
6932
9703
10764
11449
12274
13453
14378
13445
11101
Revenue
374
274
335
402
382
400
467
545
858
1171
1240
1479
1630
1816
1955
1805
1940
Cost of Goods Sold
1340
2409
2836
3696
3995
4316
4582
4971
6075
8532
9523
9970
10644
11637
12423
11639
9160
Gross Profit
78.2
89.77
89.43
90.19
91.27
91.51
90.75
90.11
87.63
87.93
88.48
87.08
86.72
86.5
86.4
86.57
82.52
Gross Margin %
645
685
776
1061
1127
1032
1056
1277
1712
2232
2113
1947
1934
2106
2375
2505
2693
Selling, General, & Admin. Expense
748
718
925
1072
1283
1249
1220
1335
1444
1893
2013
1973
2254
2597
2281
3991
3528
Research & Development
302
251
271
333
290
467
526
520
428
490
383
396
927
932
732
698
1203
Other Operating Expense
1695
1655
1972
2466
2700
2747
2802
3132
3585
4616
4509
4316
5115
5636
5387
7193
7424
Total Operating Expense
-355
754
864
1229
1295
1569
1780
1838
2490
3917
5015
5654
5529
6001
7036
4446
1737
Operating Income
-20.7
28.1
27.24
30
29.59
33.27
35.25
33.33
35.92
40.37
46.59
49.39
45.05
44.61
48.93
33.07
15.64
Operating Margin %
62.75
101
104
72.1
48.5
22.3
19.2
29.5
8.2
12.2
22.1
63.4
78.5
113
120
42
12.2
  Interest Income
-9.65
-0.9
-40.5
-52
-35.8
-36.1
-33
-36.5
-31.9
-29.5
-95.5
-260
-251
-201
-187
-223
-243
  Interest Expense
53.1
100
63.1
20.1
12.7
-13.8
-13.8
-7
-23.7
-17.3
-73.4
-197
-172
-88.1
-67.4
-181
-231
Net Interest Income
558
-362
-16.45
-93.59
24.55
-325
-54.77
23.62
14.3
47.1
-174
-525
-228
-13.1
158
782
188
Other Income (Expense)
256
492
911
1156
1333
1230
1711
1855
2481
3947
4767
4933
5129
5900
7126
5048
1693
Pre-Tax Income
-95.48
-278
-272
-366
-356
-331
-445
-471
-601
-990
-1162
-1237
-2459
-1426
-1158
-992
378
Tax Provision
37.27
56.57
29.92
31.64
26.68
26.94
25.98
25.37
24.23
25.08
24.37
25.08
47.94
24.16
16.25
19.66
-22.3
Tax Rate %
161
214
638
790
977
899
1267
1380
1862
2942
3593
3696
2670
4474
5889
4061
2106
Net Income (Continuing Operations)
--
3.78
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Net Income (Discontinued Operations)
--
--
--
-6.94
-6.93
107
-32.26
--
--
-6.8
-46.2
7.1
-131
-43.3
--
-59.9
-560
  Other Income (Minority Interest)
161
218
638
783
970
1005
1234
1380
1862
2935
3547
3703
2539
4431
5889
4001
1546
Net Income
9.38
8.11
20.12
19.11
22.16
21.31
24.45
25.02
26.86
30.25
32.95
32.34
20.69
32.93
40.96
29.76
13.93
Net Margin %
0.48
0.64
2.02
2.67
3.37
3.98
5.09
5.8
7.86
12.42
15.38
16.96
11.94
21.63
31.47
24.86
10.25
EPS (Basic)
0.47
0.63
1.99
2.65
3.35
3.94
5.04
5.76
7.81
12.37
15.34
16.93
11.92
21.58
31.42
24.8
10.22
EPS (Diluted)
346
345
320
295
289
255
245
240
238
237
231
219
213
205
187
161
149
Shares Outstanding (Diluted Average)
266
493
951
1208
1368
1266
1744
1892
2513
3976
4863
5193
5380
6100
7313
5270
1937
EBIT
402
376
380
462
428
356
359
366
532
688
600
683
1081
651
465
457
463
Depreciation, Depletion and Amortization
668
869
1331
1670
1796
1622
2103
2257
3044
4664
5463
5876
6461
6848
7803
5735
3070
EBITDA

Cashflow Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
161
214
638
790
977
899
1267
1380
1862
2942
3593
3696
2670
4474
5889
4061
2106
Net Income From Continuing Operations
402
376
380
462
428
356
359
366
532
688
600
683
1081
651
465
457
463
Depreciation, Depletion and Amortization
-12.13
-64.66
-68.68
-97.8
-87.31
-128
-73.37
3.57
-111
-543
-2.1
-228
-668
-200
5.5
180
424
  Change In Receivables
-15.85
-36.64
-83.19
-54.2
-42.77
-4.53
-59.22
-140
-244
-186
-174
-166
-94.5
-52.1
-19.2
-316
-368
  Change In Inventory
129
13.81
32.46
518
-48.94
131
33.72
273
441
244
199
622
-227
466
240
154
-462
  Change In Payables And Accrued Expense
39.07
-15.8
41.53
-192
-172
5.11
-85.74
-32.91
1.5
0.3
-473
-104
1225
186
-27.2
-205
50
  Change In Other Working Capital
140
-103
-77.88
174
-351
3.56
-185
104
87.5
-484
-450
125
235
400
199
-187
-357
Change In Working Capital
-116
-106
-81.56
-140
-137
-81.41
154
-117
-245
-308
-146
-175
91.7
108
67.1
149
-813
Deferred Tax
38.15
127
123
146
161
168
113
119
136
155
161
155
128
158
182
198
229
Stock Based Compensation
37.6
34.42
-0.36
61.64
33.11
11.81
8.62
24.82
--
--
--
--
--
366
216
210
-- Asset Impairment Charge
227
300
38.83
67.63
-35.3
269
11.53
4
-27.6
-50.3
160
104
345
31.1
60.8
-658
807
Cash Flow from Others
890
841
1021
1562
1075
1625
1728
1880
2345
2942
3919
4587
4551
6188
7079
4230
2435
Cash Flow from Operations
-318
-198
-284
-276
-166
-173
-208
-255
-246
-288
-643
-616
-867
-771
-515
-425
-293
Purchase Of Property, Plant, Equipment
408
134
16.67
--
--
--
2.21
--
--
--
--
--
--
--
--
--
-- Sale Of Property, Plant, Equipment
--
-363
-95.79
-25
--
-157
-5
-72.4
-15
-375
-1049
-1200
-1200
-2177
-1044
-566
-- Purchase Of Business
--
59.8
--
--
--
--
--
--
--
--
--
--
--
--
924
--
28.1
Sale Of Business
-1454
-1959
-2969
-3184
-3592
-1988
-3697
-3334
-3278
-3583
-6865
-7913
-5355
-8158
-5253
-6839
-4562
Purchase Of Investment
1782
1787
3254
2941
3333
2669
2277
2750
5190
2719
4063
7379
5566
9174
6486
7374
4252
Sale Of Investment
--
--
--
--
--
--
--
--
-3263
-28.2
-15.4
-112
-1095
-116
-155
-127
-- Net Intangibles Purchase And Sale
--
-59.8
-208
178
29.99
-4.49
-19.21
-38.52
7.3
12.2
-44.5
-22.8
-11
0.4
27
-26.9
-43.2
Cash From Other Investing Activities
418
-600
-287
-366
-395
345
-1650
-950
-1605
-1543
-4554
-2485
-2963
-2046
471
-609
-617
Cash Flow from Investing
120
147
489
178
47.81
183
315
--
--
--
--
--
--
--
--
--
-- Issuance of Stock
-323
-320
-2991
-739
-751
-2078
-498
-985
-400
-887
-5000
-1000
-1365
-4353
-5868
-6679
-2200
Repurchase of Stock
10.5
17.69
1513
987
23.14
--
11.46
--
--
--
5931
--
--
--
--
2967
0.1
  Issuance of Debt
-757
-12.62
-18.61
-1512
-21.73
-18.07
-22.92
-2.43
-452
-2.7
-2.1
-2.7
-561
-3.2
--
-1500
-170
  Payments of Debt
-746
5.08
1494
-525
1.41
-18.07
-11.46
-2.43
-452
-2.7
5928
-2.7
-561
-3.2
--
1467
-170
Net Issuance of Debt
0.86
19.82
272
-149
-22.2
127
-125
110
136
134
-145
-49.9
-454
-116
7.9
-61
-127
Other Financing
-949
-148
-735
-1235
-724
-1785
-320
-877
-717
-756
783
-1053
-2380
-4472
-5860
-5273
-2497
Cash Flow from Financing
--
0.12
-0.56
0.78
3.79
-7.37
-2.64
4.1
8
-40.9
-45.8
-31.3
39.4
-18.6
0.4
69
-3
Effect of Exchange Rate Changes
359
93.21
-1.72
-37.28
-40.5
178
-245
56.18
31.9
602
103
1019
-753
-349
1689
-1583
-683
Net Change in Cash
-318
-198
-284
-276
-166
-173
-208
-255
-3509
-316
-658
-728
-1963
-886
-670
-552
-327
Capital Expenditure
571
643
737
1286
909
1452
1520
1625
-1164
2626
3261
3860
2588
5302
6409
3678
2107
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Financial Satement


Balance Sheet

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
568
661
660
622
582
760
515
571
603
1205
1308
2327
1574
1225
2914
1331
1542
  Cash And Cash Equivalents
283
241
524
720
682
448
1176
1135
620
641
2121
2569
2115
2313
1562
1279
1413
  Marketable Securities
851
903
1184
1342
1264
1208
1691
1706
1223
1845
3429
4895
3689
3538
4476
2610
2955
Cash, Cash Equivalents, Marketable Securities
281
317
393
447
551
605
585
687
824
1292
1542
1742
2320
2485
2471
2327
2123
  Accounts Receivable
141
169
167
207
210
235
229
268
253
283
--
--
--
--
--
--
--   Other Current Receivables
422
486
559
654
761
840
813
955
1077
1576
1542
1742
2320
2485
2471
2327
2123
Total Receivables
44.42
45.7
46.4
29.8
49.2
59
83.8
102
115
--
--
--
--
--
170
315
366
  Inventories, Raw Materials & Components
108
105
155
180
174
142
169
245
435
--
--
--
--
--
460
545
781
  Inventories, Work In Process
30.41
18.1
32.19
53.8
70.75
87.87
73.6
101
109
--
--
--
--
--
175
209
201
  Inventories, Finished Goods
--
--
-0
-0
--
--
0.04
-0.03
0
804
893
1002
903
930
--
--
0
  Inventories, Other
183
169
234
264
294
289
327
447
659
804
893
1002
903
930
804
1069
1348
Total Inventories
178
155
392
199
162
204
145
136
226
310
837
1093
962
688
631
881
736
Other Current Assets
1633
1713
2368
2458
2481
2540
2975
3244
3185
4535
6700
8732
7873
7641
8382
6887
7162
Total Current Assets
1468
1658
1133
1127
1424
991
1748
2311
1220
2225
3868
4165
3489
3067
2661
3671
2987
Investments And Advances
88.42
79.9
105
109
111
108
51.9
55.7
59.7
56.9
74.7
138
141
145
118
120
--   Land And Improvements
445
496
610
676
670
670
598
903
962
948
1036
1108
1214
1283
835
1025
--   Buildings And Improvements
563
628
739
847
919
1023
1047
1406
1564
1623
1800
1913
2030
2118
1701
1993
--   Machinery, Furniture, Equipment
230
314
388
420
507
507
554
212
144
169
441
659
1276
1759
2084
1951
--   Construction In Progress
62.2
71.5
75.6
80.1
73.1
101
103
107
140
156
167
124
80.6
94.4
526
538
5744
  Other Gross PPE
1389
1589
1918
2132
2280
2409
2353
2683
2869
2952
3518
3941
4742
5399
5265
5627
5744
Gross Property, Plant and Equipment
-215
-309
-420
-537
-643
-767
-782
-941
-1118
-1186
-1330
-1439
-1559
-1797
-1591
-1782
-1944
  Accumulated Depreciation
1174
1280
1497
1595
1637
1642
1571
1742
1751
1766
2188
2502
3182
3601
3674
3845
3800
Property, Plant and Equipment
4106
3902
3630
3300
3010
2919
2755
2833
5708
5789
6749
7478
8512
8826
9285
8846
8047
Intangible Assets
1130
1155
1137
1139
1139
1146
1146
1201
1233
1760
2664
3669
4633
5706
5758
5762
5761
  Goodwill
--
0
0
--
-0
0
-0.01
0.05
-0.04
0
0
-0
596
2154
3232
1370
1810
Other Long Term Assets
6749
6840
6260
6021
6071
5552
6074
6886
8678
9780
12805
14145
15779
17648
18853
17732
16644
Total Long-Term Assets
8382
8553
8629
8479
8552
8092
9050
10130
11863
14315
19505
22877
23653
25289
27234
24619
23807
Total Assets
99.78
100
90.67
107
119
163
186
204
220
229
267
280
396
371
531
455
428
  Accounts Payable
200
146
11.27
223
75.89
84.52
45.94
20.07
180
168
209
232
68.2
63.5
71.4
142
234
  Total Tax Payable
--
--
208
29.99
--
--
--
--
--
0
0
-0
--
--
0
--
0
  Other Current Payables
109
337
368
379
335
465
431
583
839
1303
1826
2621
2604
2540
2450
2630
2224
  Current Accrued Expense
409
583
678
740
529
712
664
807
1239
1700
2302
3132
3067
2974
3052
3227
2886
Accounts Payable & Accrued Expense
--
--
1511
27.67
19.76
137
3.3
453
3.49
3.1
4.8
4.7
3.2
--
1496
--
999
  Short-Term Debt
--
--
1511
27.67
19.76
137
3.3
453
3.49
3.1
4.8
4.7
3.2
--
1496
--
999
Short-Term Debt & Capital Lease Obligation
--
--
--
--
38.7
41.3
69.6
148
173
121
--
--
--
--
--
--
--   Current Deferred Revenue
--
--
--
--
38.7
41.3
69.6
148
173
121
--
--
--
--
--
--
-- DeferredTaxAndRevenue
189
--
--
156
127
160
176
249
343
394
271
283
298
321
316
515
327
Other Current Liabilities
598
583
2189
923
715
1050
913
1657
1758
2218
2578
3420
3368
3295
4864
3742
4212
Total Current Liabilities
43.44
96.69
51.84
1085
1080
1066
1061
687
592
580
6522
6513
5935
5937
4459
7426
6272
  Long-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
--
413
402
348
  Long-Term Capital Lease Obligation
43.44
96.69
51.84
1085
1080
1066
1061
687
592
580
6522
6513
5935
5937
4872
7828
6621
Long-Term Debt & Capital Lease Obligation
0.01
0.01
0.28
0.19
0.18
0.22
0.17
0.16
0.07
0.05
0.7
0.54
0.47
0.46
0.48
0.73
0.73
Debt-to-Equity
--
--
--
--
--
--
--
--
162
--
--
--
--
--
--
--
-- PensionAndRetirementBenefit
762
644
522
356
241
201
249
217
233
52.2
125
93.1
123
1636
2811
1033
775
NonCurrent Deferred Liabilities
72.31
79.84
332
280
254
326
400
604
498
650
906
723
1629
1389
1349
1330
1318
Other Long-Term Liabilities
878
820
905
1722
1575
1593
1710
1509
1484
1283
7552
7328
7686
8962
9031
10191
8713
Total Long-Term Liabilities
1476
1403
3095
2645
2290
2643
2623
3166
3242
3501
10130
10748
11055
12257
13895
13933
12925
Total Liabilities
0.17
0.17
0.15
0.15
0.14
0.12
0.13
0.13
0.13
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Common Stock
-1022
-861
-352
270
1069
1872
3107
4487
6349
9284
12208
15072
15810
16257
16455
13976
13544
Retained Earnings
-13.91
21.86
79.25
-11.11
50.5
-21.61
-26.54
-55.31
-27.75
-59.5
-224
-320
-318
-240
-135
-299
-137
Accumulated other comprehensive income (loss)
8207
8308
5807
6074
5782
3895
4185
3855
4024
4196
--
--
97.8
--
--
--
-- Additional Paid-In Capital
-223
-320
--
-527
-680
-350
-840
-1325
-1725
-2612
-2612
-2612
-2977
-2977
-2977
-2977
-2977
Treasury Stock
-42.89
--
--
-0
-0
--
--
0
--
--
--
--
--
--
0
--
-- Other Stockholders Equity
6906
7150
5534
5806
6222
5397
6425
6962
8620
10809
9373
12140
12613
13040
13343
10700
10430
Total Stockholders Equity
--
--
--
27.87
40.35
52.94
1.49
2.27
0.6
5
2.1
-11.5
-14.7
-8
-4.1
-14.2
452
Minority Interest
6906
7150
5534
5834
6262
5449
6427
6964
8621
10814
9375
12129
12598
13032
13339
10686
10882
Total Equity
0.82
0.84
0.64
0.69
0.73
0.67
0.71
0.69
0.73
0.76
0.48
0.53
0.53
0.52
0.49
0.44
0.44
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Valuation Ratios



Valuation Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
88.74
71.92
26.35
16.55
14.71
15.68
20.11
23.41
32.97
25.28
18.4
15.43
26.73
13.94
9.44
9.87
21.91
PE Ratio
88.74
71.92
26.35
16.55
14.71
15.68
20.11
23.41
32.97
25.28
18.4
15.43
26.73
13.94
9.44
9.87
21.91
PE Ratio without NRI
47.78
156
27.87
12.44
19.89
13.37
17.81
20.61
42.73
36.65
23.57
17.01
25.82
12.62
9.25
10.68
2834
Price-to-Owner-Earnings
2.05
2.14
2.8
2.18
2.18
2.75
3.82
4.58
7.06
6.79
6.58
4.65
5.34
4.55
3.87
3.49
3.15
PB Ratio
5.06
4.72
8.14
5.04
4.22
6
6.69
7.73
20.9
14.61
23.51
12.1
16.43
14.08
12.74
20.13
13.81
Price-to-Tangible-Book
25.28
24.33
22.8
10.06
15.69
10.84
16.34
19.88
--
28.24
20.01
14.81
26.22
11.65
8.68
10.74
15.88
Price-to-Free-Cash-Flow
16.23
18.6
16.45
8.28
13.27
9.69
14.38
17.19
26.17
25.21
16.65
12.46
14.91
9.98
7.86
9.34
13.77
Price-to-Operating-Cash-Flow
8.43
5.83
5.29
3.16
3.26
3.34
4.92
5.86
8.85
7.64
6.06
4.99
5.53
4.59
3.87
2.94
3.05
PS Ratio
--
--
--
--
0.4
0.51
0.85
1.49
1.95
1.04
0.61
0.48
1
0.75
0.65
0.75
2.11
PEG Ratio
7.8
5.41
5.01
3.03
3.07
3.16
4.74
5.68
8.69
7.43
6.02
5.07
5.67
4.59
3.73
3.16
3.38
EV-to-Revenue
20.02
16.71
11.93
7.45
7.47
9.19
11.37
13.88
19.79
15.45
11.86
9.87
10.77
9.02
6.87
7.41
12.23
EV-to-EBITDA
50.3
29.44
16.7
10.3
9.81
11.77
13.71
16.56
23.97
18.13
13.32
11.17
12.94
10.12
7.33
8.07
19.39
EV-to-EBIT
1.99
3.4
5.99
9.71
10.19
8.5
7.29
6.04
4.17
5.52
7.51
8.95
7.73
9.88
13.64
12.39
5.16
Earnings Yield (Joel Greenblatt) %
0.05
0.47
19.76
40.8
25.2
25.53
24.19
19.54
18.28
21.57
22.36
23.39
23.12
23.96
21.5
22.32
13.69
Forward Rate of Return (Yacktman) %
2171
632
211
93.72
65.1
57.47
73.28
71.96
77.74
68.59
46.53
33.43
35.63
27.45
21.24
15.16
12.91
Shiller PE Ratio

Valuation and Quality

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
14180
15323
15503
12637
13545
14856
24543
31896
60858
73341
61685
56395
67378
59341
51690
37317
32892
Market Cap
13372
14517
15883
12436
13421
14904
23918
31333
60232
72084
64784
58006
69612
61732
53578
42521
37556
Enterprise Value
41.71
45.31
52.43
43.87
49.28
61.76
101
135
258
313
282
261
319
301
297
245
224
Month End Stock Price
-1.84
-1.48
-6.46
-4.62
-3.88
-6.19
-3.86
-6.18
-8.55
-7.08
-30.67
-27.06
-34.76
-44.17
-54.05
-74.2
-70.94
Net Cash per Share
0.46
0.92
-2.46
-0.75
0.55
-0.65
1.45
0.32
-0.25
4.39
-15.7
-9.28
-14.97
-23.37
-31.63
-46.14
-42.3
Net Current Asset Value
-0.95
-0.53
-5.07
-3
-1.84
-3.7
-1.37
-3.06
-4.54
-1.23
-23.33
-18.69
-24.4
-32.36
-41.1
-59.24
-55.52
Net-Net Working Capital
21.57
24.16
25.83
33.86
40.55
53.15
62.83
100
87.71
110
137
177
196
253
392
442
372
Intrinsic Value: Projected FCF
61.43
85.6
94.46
121
122
136
132
132
168
236
266
284
308
351
411
445
392
Median PS Value
--
--
--
--
83.75
99
119
90.55
132
301
384
423
298
402
459
323
-- Peter Lynch Fair Value
9.33
11.67
16.98
22.78
29.68
30.22
41.47
47.56
46.54
77.18
64.36
90.7
72.11
102
128
82.39
61.07
Graham Number
32.06
48.37
87.27
107
60.16
41.32
50.02
59.37
41.39
63.81
71.42
103
109
174
228
242
263
Earnings Power Value (EPV)
6.05
7.07
3.71
4.08
5.01
5.02
7.65
8.01
13.44
15.27
6.16
5.6
6.09
5.34
4.65
3.81
3.21
Altman Z-Score
9
8
7
8
9
7
8
5
7
9
7
5
5
7
6
6
5
Piotroski F-Score
-3.11
-2.4
-3.32
-2.73
-2.31
-2.63
-2.41
-2.59
-2.41
-2.05
-2.77
-2.41
-2.5
-2.62
-2.67
-2.84
-2.91
Beneish M-Score
0.67
0.76
0.69
0.65
0.72
0.64
0.72
0.71
0.79
0.81
0.87
0.71
0.65
0.65
0.6
0.58
0.64
Scaled Net Operating Assets
-13.68
-0.28
-1.11
-4.88
3.39
-11.92
12.78
4.45
9.46
10.73
21.44
7
4.02
1.14
-6.1
1.54
-1.14
Sloan Ratio %
2.73
2.94
1.08
2.66
3.47
2.42
3.26
1.96
1.81
2.04
2.6
2.55
2.34
2.32
1.72
1.84
1.7
Current Ratio
2.43
2.65
0.97
2.38
3.06
2.14
2.9
1.69
1.44
1.68
2.25
2.26
2.07
2.04
1.56
1.55
1.38
Quick Ratio
1.42
1.55
0.54
1.45
1.77
1.15
1.85
1.03
0.7
0.83
1.33
1.43
1.1
1.07
0.92
0.7
0.7
Cash Ratio
--
838
21.33
23.64
36.19
43.46
53.93
50.37
78.06
133
52.51
21.75
22.05
29.91
37.54
19.98
7.13
Interest Coverage
62.45
48.14
76
65.75
49.46
62.84
109
144
273
332
438
304
345
384
339
356
469
Highest Stock Price
30.72
37.52
39.73
35.94
38.81
42.57
59.95
105
132
252
236
207
247
258
217
236
222
Lowest Stock Price
1.35
0.53
12.56
2.59
4.58
12.49
-0.66
2.29
0.11
0.75
6.81
1.24
2.04
6.76
11.66
12.51
4.55
Shares Buyback Ratio %
1.43
1.13
16.14
4.44
5.19
12.75
0.75
3.09
0.66
1.21
8.11
1.77
2.03
7.33
11.35
17.9
6.69
Buyback Yield %
6.54
56.99
27.47
40.23
8.86
22.37
11.34
11.68
26.42
40.63
13.81
12.39
10.13
13.72
17.08
8.64
-14.05
YoY Rev. per Sh. Growth
571
34.04
216
33.17
26.42
17.61
27.92
14.29
35.59
58.39
24.01
10.37
-29.59
81.04
45.6
-21.07
-66.17
YoY EPS Growth
26.89
30.41
65.2
36.15
9.63
2.53
34.89
9.69
35.69
53.93
20.17
13.64
12.95
9.97
24.84
-14.61
-51.73
YoY EBITDA Growth
--
--
--
--
36.69
30.92
23.75
15.72
16.93
24.26
30.26
31.93
26.66
18.61
14.58
13.19
10.4
5-Year EBITDA Growth Rate
336
339
316
292
287
252
242
238
237
236
231
218
213
205
187
161
148
Shares Outstanding (Basic Average)
340
338
296
288
275
241
242
237
236
235
219
216
212
197
174
152
147
Shares Outstanding (EOP)
0.81
0.94
0.89
0.65
0.63
0.67
0.92
1.18
1.42
0.83
0.36
0.34
0.57
1.81
1.45
0.39
0.14
Beta
03/03/06
02/21/07
02/14/08
02/06/09
02/09/10
09/15/11
02/03/12
02/05/13
02/06/14
02/04/15
02/03/16
02/02/17
02/01/18
02/06/19
02/06/20
02/03/21
  Filing Date
02/21/07
02/14/08
02/06/09
02/09/10
09/15/11
02/05/13
02/06/14
02/04/15
02/03/16
02/02/17
02/01/18
02/06/19
02/06/20
02/03/21
02/03/21
02/03/21
  Restated Filing Date
02/01/11
01/31/12
01/28/13
01/29/14
01/29/15
01/27/16
01/26/17
01/25/18
01/29/19
01/30/20
02/03/21
  Earnings Release Date
4856
5155
2912
1121
1097
1052
972
901
867
816
742
700
665
600
540
505
505
Number of Shareholders
3340
3750
4300
4700
4750
4850
5000
5950
6850
7550
7350
7400
7300
7800
7400
9100
9100
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Biogen Inc (NAS:BIIB)
www.gurufocus.com/stock/NAS:BIIB

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

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