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 Goodwill and Intangible Assets

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Goodwill and Intangible Asset Disclosure

Biogen Inc., balance sheet: goodwill and intangible assets

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Completed technology 7,413,100 7,394,300 7,379,300 7,187,300 7,520,000
In-process research and development 132,700 762,500 965,500 476,000 680,600
Trademarks and trade names 64,000 64,000 64,000 64,000 64,000
Intangible assets, cost 7,609,800 8,220,800 8,408,800 7,727,300 8,264,600
Accumulated amortization (5,388,500) (5,136,500) (4,881,400) (4,607,300) (4,385,000)
Intangible assets, net 2,221,300 3,084,300 3,527,400 3,120,000 3,879,600
Goodwill 5,761,100 5,762,100 5,757,800 5,706,400 4,632,500
Intangible assets and goodwill 7,982,400 8,846,400 9,285,200 8,826,400 8,512,100

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).

Item Description The company
Intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Biogen Inc. intangible assets, net decreased from 2019 to 2020 and from 2020 to 2021.
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Biogen Inc. goodwill increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Intangible assets and goodwill Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Biogen Inc. intangible assets and goodwill decreased from 2019 to 2020 and from 2020 to 2021.

Adjustments to Financial Statements: Removal of Goodwill

Biogen Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Adjustment to Total Assets
Total assets (as reported) 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Less: Goodwill 5,761,100 5,762,100 5,757,800 5,706,400 4,632,500
Total assets (adjusted) 18,116,200 18,856,800 21,476,500 19,582,500 19,020,100
Adjustment to Total Biogen Inc. Shareholders’ Equity
Total Biogen Inc. shareholders’ equity (as reported) 10,896,200 10,700,300 13,343,200 13,039,600 12,612,800
Less: Goodwill 5,761,100 5,762,100 5,757,800 5,706,400 4,632,500
Total Biogen Inc. shareholders’ equity (adjusted) 5,135,100 4,938,200 7,585,400 7,333,200 7,980,300

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).

Biogen Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Biogen Inc., adjusted financial ratios

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Total Asset Turnover
Reported total asset turnover 0.46 0.55 0.53 0.53 0.52
Adjusted total asset turnover 0.61 0.71 0.67 0.69 0.65
Financial Leverage
Reported financial leverage 2.19 2.30 2.04 1.94 1.88
Adjusted financial leverage 3.53 3.82 2.83 2.67 2.38
Return on Equity (ROE)
Reported ROE 14.28% 37.39% 44.13% 33.98% 20.13%
Adjusted ROE 30.30% 81.01% 77.63% 60.42% 31.82%
Return on Assets (ROA)
Reported ROA 6.52% 16.25% 21.62% 17.52% 10.73%
Adjusted ROA 8.59% 21.22% 27.42% 22.63% 13.35%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Biogen Inc. adjusted total asset turnover ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Biogen Inc. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Biogen Inc. adjusted ROE improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Biogen Inc. adjusted ROA deteriorated from 2019 to 2020 and from 2020 to 2021.

Biogen Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Total assets 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Activity Ratio
Total asset turnover1 0.46 0.55 0.53 0.53 0.52
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Revenue 10,981,700 13,444,600 14,377,900 13,452,900 12,273,900
Adjusted total assets 18,116,200 18,856,800 21,476,500 19,582,500 19,020,100
Activity Ratio
Adjusted total asset turnover2 0.61 0.71 0.67 0.69 0.65

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 Total asset turnover = Revenue ÷ Total assets
= 10,981,700 ÷ 23,877,300 = 0.46

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 10,981,700 ÷ 18,116,200 = 0.61

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Biogen Inc. adjusted total asset turnover ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Adjusted Financial Leverage

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)
Total assets 23,877,300 24,618,900 27,234,300 25,288,900 23,652,600
Total Biogen Inc. shareholders’ equity 10,896,200 10,700,300 13,343,200 13,039,600 12,612,800
Solvency Ratio
Financial leverage1 2.19 2.30 2.04 1.94 1.88
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets 18,116,200 18,856,800 21,476,500 19,582,500 19,020,100
Adjusted total Biogen Inc. shareholders’ equity 5,135,100 4,938,200 7,585,400 7,333,200 7,980,300
Solvency Ratio
Adjusted financial leverage2 3.53 3.82 2.83 2.67 2.38

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 Financial leverage = Total assets ÷ Total Biogen Inc. shareholders’ equity
= 23,877,300 ÷ 10,896,200 = 2.19

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Biogen Inc. shareholders’ equity
= 18,116,200 ÷ 5,135,100 = 3.53

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Biogen Inc. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Adjusted Return on Equity (ROE)

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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 for Goodwill
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
Adjusted total Biogen Inc. shareholders’ equity 5,135,100 4,938,200 7,585,400 7,333,200 7,980,300
Profitability Ratio
Adjusted ROE2 30.30% 81.01% 77.63% 60.42% 31.82%

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 × Net income attributable to Biogen Inc. ÷ Adjusted total Biogen Inc. shareholders’ equity
= 100 × 1,556,100 ÷ 5,135,100 = 30.30%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Biogen Inc. adjusted ROE improved from 2019 to 2020 but then deteriorated significantly 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 for Goodwill
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
Adjusted total assets 18,116,200 18,856,800 21,476,500 19,582,500 19,020,100
Profitability Ratio
Adjusted ROA2 8.59% 21.22% 27.42% 22.63% 13.35%

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 × Net income attributable to Biogen Inc. ÷ Adjusted total assets
= 100 × 1,556,100 ÷ 18,116,200 = 8.59%

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