Market Value Added (MVA)
Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.
MVA
Biogen Inc., MVA calculation
US$ in thousands
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).
1 Fair value of debt. See details »
2 Invested capital. See details »
| Item | Description | The company |
|---|---|---|
| MVA | Biogen Inc. market (fair) value less invested capital. | Biogen Inc. MVA decreased from 2019 to 2020 and from 2020 to 2021. |
MVA Spread Ratio
Biogen Inc., MVA spread ratio calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 23,538,398) | 32,438,581) | 48,286,947) | 54,613,835) | 62,517,289) | |
| Invested capital2 | 13,824,500) | 12,625,400) | 14,142,400) | 13,170,435) | 12,476,129) | |
| Performance Ratio | ||||||
| MVA spread ratio3 | 170.27% | 256.93% | 341.43% | 414.67% | 501.10% | |
| Benchmarks | ||||||
| MVA Spread Ratio, Competitors4 | ||||||
| AbbVie Inc. | 253.64% | 172.70% | 236.51% | — | — | |
| Amgen Inc. | 303.88% | 343.98% | 341.92% | — | — | |
| Bristol-Myers Squibb Co. | 138.81% | 109.83% | 90.05% | — | — | |
| Danaher Corp. | 187.44% | 172.97% | 135.15% | — | — | |
| Eli Lilly & Co. | 833.40% | 778.02% | 601.09% | — | — | |
| Gilead Sciences Inc. | 119.58% | 125.56% | 226.14% | — | — | |
| Johnson & Johnson | 366.17% | 363.07% | 335.85% | — | — | |
| Merck & Co. Inc. | 223.02% | 292.93% | 328.56% | — | — | |
| Pfizer Inc. | 210.66% | 116.68% | 95.96% | — | — | |
| Regeneron Pharmaceuticals Inc. | 461.61% | 508.24% | 460.29% | — | — | |
| Thermo Fisher Scientific Inc. | 211.22% | 232.26% | 171.11% | — | — | |
| Vertex Pharmaceuticals Inc. | 564.91% | 575.24% | 1,177.50% | — | — | |
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).
1 MVA. See details »
2 Invested capital. See details »
3 2021 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 23,538,398 ÷ 13,824,500 = 170.27%
4 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| MVA spread ratio | The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. | Biogen Inc. MVA spread ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
MVA Margin
Biogen Inc., MVA margin calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Market value added (MVA)1 | 23,538,398) | 32,438,581) | 48,286,947) | 54,613,835) | 62,517,289) | |
| Revenue | 10,981,700) | 13,444,600) | 14,377,900) | 13,452,900) | 12,273,900) | |
| Performance Ratio | ||||||
| MVA margin2 | 214.34% | 241.28% | 335.84% | 405.96% | 509.35% | |
| Benchmarks | ||||||
| MVA Margin, Competitors3 | ||||||
| AbbVie Inc. | 432.93% | 391.08% | 446.12% | — | — | |
| Amgen Inc. | 503.37% | 550.26% | 575.79% | — | — | |
| Bristol-Myers Squibb Co. | 240.26% | 232.86% | 345.41% | — | — | |
| Danaher Corp. | 468.46% | 507.10% | 438.18% | — | — | |
| Eli Lilly & Co. | 769.29% | 778.57% | 578.77% | — | — | |
| Gilead Sciences Inc. | 211.56% | 259.24% | 321.38% | — | — | |
| Johnson & Johnson | 383.46% | 432.99% | 396.88% | — | — | |
| Merck & Co. Inc. | 323.90% | 349.01% | 376.50% | — | — | |
| Pfizer Inc. | 227.20% | 289.28% | 224.34% | — | — | |
| Regeneron Pharmaceuticals Inc. | 312.14% | 495.20% | 382.11% | — | — | |
| Thermo Fisher Scientific Inc. | 431.35% | 441.03% | 352.63% | — | — | |
| Vertex Pharmaceuticals Inc. | 700.10% | 754.94% | 1,377.71% | — | — | |
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).
1 MVA. See details »
2 2021 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × 23,538,398 ÷ 10,981,700 = 214.34%
3 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| MVA margin | The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. | Biogen Inc. MVA margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |