Stock Analysis on Net
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.

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Biogen Inc., adjustment to net income attributable to Biogen Inc.

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income attributable to Biogen Inc. (as reported) 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Add: Unrealized gains (losses) on securities available for sale, net of tax (3,600) (2,800) 8,200 (3,900) 9,200
Net income attributable to Biogen Inc. (adjusted) 1,552,500 3,997,800 5,896,700 4,426,800 2,548,300

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).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Biogen Inc., adjusted profitability ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net Profit Margin
Reported net profit margin 14.17% 29.76% 40.96% 32.93% 20.69%
Adjusted net profit margin 14.14% 29.74% 41.01% 32.91% 20.76%
Return on Equity (ROE)
Reported ROE 14.28% 37.39% 44.13% 33.98% 20.13%
Adjusted ROE 14.25% 37.36% 44.19% 33.95% 20.20%
Return on Assets (ROA)
Reported ROA 6.52% 16.25% 21.62% 17.52% 10.73%
Adjusted ROA 6.50% 16.24% 21.65% 17.50% 10.77%

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).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Biogen Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Biogen Inc. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Biogen Inc. adjusted ROA deteriorated from 2019 to 2020 and from 2020 to 2021.

Biogen Inc., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Profitability Ratio
Net profit margin1 14.17% 29.76% 40.96% 32.93% 20.69%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 1,552,500 3,997,800 5,896,700 4,426,800 2,548,300
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Profitability Ratio
Adjusted net profit margin2 14.14% 29.74% 41.01% 32.91% 20.76%

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).

2021 Calculations

1 Net profit margin = 100 × Net income attributable to Biogen Inc. ÷ Revenue
= 100 × 1,556,100 ÷ 10,981,700 = 14.17%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Biogen Inc. ÷ Revenue
= 100 × 1,552,500 ÷ 10,981,700 = 14.14%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Biogen Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Total Biogen Inc. shareholders’ equity 10,896,200 10,700,300 13,343,200 13,039,600 12,612,800
Profitability Ratio
ROE1 14.28% 37.39% 44.13% 33.98% 20.13%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 1,552,500 3,997,800 5,896,700 4,426,800 2,548,300
Total Biogen Inc. shareholders’ equity 10,896,200 10,700,300 13,343,200 13,039,600 12,612,800
Profitability Ratio
Adjusted ROE2 14.25% 37.36% 44.19% 33.95% 20.20%

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).

2021 Calculations

1 ROE = 100 × Net income attributable to Biogen Inc. ÷ Total Biogen Inc. shareholders’ equity
= 100 × 1,556,100 ÷ 10,896,200 = 14.28%

2 Adjusted ROE = 100 × Adjusted net income attributable to Biogen Inc. ÷ Total Biogen Inc. shareholders’ equity
= 100 × 1,552,500 ÷ 10,896,200 = 14.25%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Biogen Inc. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc. 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Total assets 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Profitability Ratio
ROA1 6.52% 16.25% 21.62% 17.52% 10.73%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Biogen Inc. 1,552,500 3,997,800 5,896,700 4,426,800 2,548,300
Total assets 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Profitability Ratio
Adjusted ROA2 6.50% 16.24% 21.65% 17.50% 10.77%

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).

2021 Calculations

1 ROA = 100 × Net income attributable to Biogen Inc. ÷ Total assets
= 100 × 1,556,100 ÷ 23,877,300 = 6.52%

2 Adjusted ROA = 100 × Adjusted net income attributable to Biogen Inc. ÷ Total assets
= 100 × 1,552,500 ÷ 23,877,300 = 6.50%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Biogen Inc. adjusted ROA deteriorated from 2019 to 2020 and from 2020 to 2021.