Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Biogen Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	1,727,600)	4,060,500)	5,888,500)	4,474,000)	2,670,100)
Depreciation and amortization	487,700)	457,200)	464,700)	650,500)	1,081,000)
Impairment of intangible assets	629,300)	209,700)	215,900)	366,100)	—)
Excess and obsolescence charges related to inventory	167,600)	26,600)	52,200)	—)	—)
Acquired in-process research and development	18,000)	75,000)	—)	112,500)	120,000)
Share-based compensation	238,600)	198,300)	182,300)	157,500)	128,000)
Contingent consideration	(50,700)	(86,300)	(63,700)	(12,300)	62,700)
(Gain) loss on divestiture of Hillerød, Denmark manufacturing operations	—)	(92,500)	55,300)	—)	—)
Deferred income taxes	(426,800)	149,000)	67,100)	108,300)	91,700)
(Gain) loss on strategic investments	826,800)	(681,800)	(147,300)	(124,800)	—)
(Gain) loss on equity method investment	(34,900)	(3,300)	77,400)	—)	—)
Other	202,200)	104,600)	86,900)	55,700)	162,100)
Accounts receivable	324,800)	2,800)	68,800)	(205,200)	(435,600)
Due from anti-CD20 therapeutic programs	1,200)	176,700)	(63,300)	5,700)	(232,000)
Inventory	(462,400)	(316,300)	(19,200)	(52,100)	(94,500)
Accrued expense and other current liabilities	(95,400)	154,200)	240,200)	465,500)	(227,400)
Income tax assets and liabilities	230,800)	(67,500)	16,100)	321,700)	1,303,900)
Other changes in operating assets and liabilities, net	(144,500)	(137,100)	(43,300)	(135,400)	(79,000)
Changes in operating assets and liabilities, net	(145,500)	(187,200)	199,300)	400,200)	235,400)
Adjustments to reconcile net income to net cash flows from operating activities	1,912,300)	169,300)	1,190,100)	1,713,700)	1,880,900)
Net cash flow provided by operating activities	3,639,900)	4,229,800)	7,078,600)	6,187,700)	4,551,000)
Purchases of property, plant and equipment	(258,100)	(424,800)	(514,500)	(770,600)	(867,400)
Proceeds from sales and maturities of marketable securities	3,405,400)	7,299,400)	6,007,000)	9,173,700)	5,565,900)
Purchases of marketable securities	(3,808,700)	(6,397,700)	(5,252,600)	(7,694,800)	(5,355,200)
Contingent consideration paid related to Fumapharm AG acquisition	—)	—)	(300,000)	(1,500,000)	(1,200,000)
Acquisition of Nightstar Therapeutics plc, net of cash acquired	—)	—)	(744,400)	—)	—)
Purchase of Ionis Pharmaceuticals, Inc. stock	—)	—)	—)	(462,900)	—)
Purchase of Sangamo Therapeutics, Inc. stock	—)	(141,800)	—)	—)	—)
Purchase of Denali Therapeutics Inc. stock	—)	(423,700)	—)	—)	—)
Purchase of Sage Therapeutics, Inc. stock	—)	(441,000)	—)	—)	—)
Proceeds from divestiture of Hillerød, Denmark manufacturing operations	28,100)	—)	923,700)	—)	—)
Acquired in-process research and development	(18,000)	(75,000)	—)	(112,500)	(120,000)
Acquisitions of intangible assets	(18,800)	(52,000)	(155,000)	(3,000)	(975,400)
Investment in Samsung Bioepis	—)	—)	—)	(676,600)	—)
Proceeds from sales of strategic investments	93,500)	74,900)	479,300)	—)	—)
Other	12,900)	(26,900)	27,000)	400)	(11,000)
Net cash flow (used in) provided by investing activities	(563,700)	(608,600)	470,500)	(2,046,300)	(2,963,100)
Purchase of treasury stock	(1,800,000)	(6,679,100)	(5,868,300)	(4,352,600)	(1,365,400)
Payments related to issuance of stock for share-based compensation arrangements, net	(700)	(4,600)	—)	—)	—)
Repayments of borrowings and premiums paid on debt exchange	(170,000)	—)	—)	—)	—)
Proceeds from borrowings	—)	2,967,400)	—)	—)	—)
Repayments of borrowings	—)	(1,500,000)	—)	(3,200)	(560,900)
Net contribution (distribution) to noncontrolling interests	(94,400)	(71,000)	4,300)	(36,400)	(134,100)
Net cash contribution to Bioverativ, Inc.	—)	—)	—)	—)	(302,700)
Contingent consideration payments	—)	—)	—)	(58,200)	(3,000)
Other	(21,100)	14,600)	3,600)	(21,600)	(13,900)
Net cash flow used in financing activities	(2,086,200)	(5,272,700)	(5,860,400)	(4,472,000)	(2,380,000)
Effect of exchange rate changes on cash and cash equivalents	(59,800)	69,000)	400)	(18,600)	39,400)
Net increase (decrease) in cash and cash equivalents	930,200)	(1,582,500)	1,689,100)	(349,200)	(752,700)
Cash and cash equivalents, beginning of the year	1,331,200)	2,913,700)	1,224,600)	1,573,800)	2,326,500)
Cash and cash equivalents, end of the year	2,261,400)	1,331,200)	2,913,700)	1,224,600)	1,573,800)

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).

Download chart

Cash flow statement item	Description	The company
Net cash flow provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Biogen Inc. net cash flow provided by operating activities decreased from 2019 to 2020 and from 2020 to 2021.
Net cash flow (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Biogen Inc. net cash flow (used in) provided by investing activities decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.
Net cash flow used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Biogen Inc. net cash flow used in financing activities increased from 2019 to 2020 and from 2020 to 2021.

Biogen Inc. (NASDAQ:BIIB)

Cash Flow Statement