Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Biogen Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Biogen Inc. debt to equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Biogen Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Biogen Inc. debt to capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Biogen Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Biogen Inc. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Biogen Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Biogen Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Biogen Inc. interest coverage ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Biogen Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity
Biogen Inc., debt to equity 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) | ||||||
| Current portion of notes payable | 999,100) | —) | 1,495,800) | —) | 3,200) | |
| Notes payable, excluding current portion | 6,274,000) | 7,426,200) | 4,459,000) | 5,936,500) | 5,935,000) | |
| Total debt | 7,273,100) | 7,426,200) | 5,954,800) | 5,936,500) | 5,938,200) | |
| Total Biogen Inc. shareholders’ equity | 10,896,200) | 10,700,300) | 13,343,200) | 13,039,600) | 12,612,800) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.67 | 0.69 | 0.45 | 0.46 | 0.47 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| AbbVie Inc. | 4.98 | 6.58 | — | — | — | |
| Amgen Inc. | 4.97 | 3.51 | 3.09 | — | — | |
| Bristol-Myers Squibb Co. | 1.24 | 1.34 | 0.91 | — | — | |
| Danaher Corp. | 0.49 | 0.53 | 0.72 | — | — | |
| Eli Lilly & Co. | 1.88 | 2.94 | 5.88 | — | — | |
| Gilead Sciences Inc. | 1.27 | 1.73 | 1.09 | — | — | |
| Johnson & Johnson | 0.46 | 0.56 | 0.47 | — | — | |
| Merck & Co. Inc. | 0.87 | 1.26 | 1.02 | — | — | |
| Pfizer Inc. | 0.50 | 0.63 | 0.83 | — | — | |
| Regeneron Pharmaceuticals Inc. | 0.14 | 0.24 | 0.06 | — | — | |
| Thermo Fisher Scientific Inc. | 0.85 | 0.63 | 0.60 | — | — | |
| Vertex Pharmaceuticals Inc. | 0.06 | 0.07 | 0.09 | — | — | |
| Debt to Equity, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.93 | 1.12 | — | — | — | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.79 | 0.90 | — | — | — | |
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 2021 Calculation
Debt to equity = Total debt ÷ Total Biogen Inc. shareholders’ equity
= 7,273,100 ÷ 10,896,200 = 0.67
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Biogen Inc. debt to equity ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Debt to Equity (including Operating Lease Liability)
Biogen Inc., debt to equity (including operating lease liability) 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) | ||||||
| Current portion of notes payable | 999,100) | —) | 1,495,800) | —) | 3,200) | |
| Notes payable, excluding current portion | 6,274,000) | 7,426,200) | 4,459,000) | 5,936,500) | 5,935,000) | |
| Total debt | 7,273,100) | 7,426,200) | 5,954,800) | 5,936,500) | 5,938,200) | |
| Current operating lease liabilities (included in Accrued expenses and other) | 89,100) | 83,200) | 73,600) | —) | —) | |
| Long-term operating lease liabilities | 330,400) | 402,000) | 412,700) | —) | —) | |
| Total debt (including operating lease liability) | 7,692,600) | 7,911,400) | 6,441,100) | 5,936,500) | 5,938,200) | |
| Total Biogen Inc. shareholders’ equity | 10,896,200) | 10,700,300) | 13,343,200) | 13,039,600) | 12,612,800) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.71 | 0.74 | 0.48 | 0.46 | 0.47 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 5.03 | 6.66 | — | — | — | |
| Amgen Inc. | 5.07 | 3.55 | 3.15 | — | — | |
| Bristol-Myers Squibb Co. | 1.27 | 1.37 | 0.92 | — | — | |
| Danaher Corp. | 0.52 | 0.56 | 0.74 | — | — | |
| Eli Lilly & Co. | 1.96 | 3.06 | 6.11 | — | — | |
| Gilead Sciences Inc. | 1.30 | 1.76 | 1.12 | — | — | |
| Johnson & Johnson | 0.47 | 0.57 | 0.48 | — | — | |
| Merck & Co. Inc. | 0.91 | 1.32 | 1.06 | — | — | |
| Pfizer Inc. | 0.54 | 0.65 | 0.85 | — | — | |
| Regeneron Pharmaceuticals Inc. | 0.15 | 0.25 | 0.07 | — | — | |
| Thermo Fisher Scientific Inc. | 0.89 | 0.65 | 0.62 | — | — | |
| Vertex Pharmaceuticals Inc. | 0.10 | 0.11 | 0.11 | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.96 | 1.15 | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.84 | 0.96 | — | — | — | |
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 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Biogen Inc. shareholders’ equity
= 7,692,600 ÷ 10,896,200 = 0.71
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Biogen Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Debt to Capital
Biogen Inc., debt to capital 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) | ||||||
| Current portion of notes payable | 999,100) | —) | 1,495,800) | —) | 3,200) | |
| Notes payable, excluding current portion | 6,274,000) | 7,426,200) | 4,459,000) | 5,936,500) | 5,935,000) | |
| Total debt | 7,273,100) | 7,426,200) | 5,954,800) | 5,936,500) | 5,938,200) | |
| Total Biogen Inc. shareholders’ equity | 10,896,200) | 10,700,300) | 13,343,200) | 13,039,600) | 12,612,800) | |
| Total capital | 18,169,300) | 18,126,500) | 19,298,000) | 18,976,100) | 18,551,000) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.40 | 0.41 | 0.31 | 0.31 | 0.32 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| AbbVie Inc. | 0.83 | 0.87 | 1.14 | — | — | |
| Amgen Inc. | 0.83 | 0.78 | 0.76 | — | — | |
| Bristol-Myers Squibb Co. | 0.55 | 0.57 | 0.48 | — | — | |
| Danaher Corp. | 0.33 | 0.35 | 0.42 | — | — | |
| Eli Lilly & Co. | 0.65 | 0.75 | 0.85 | — | — | |
| Gilead Sciences Inc. | 0.56 | 0.63 | 0.52 | — | — | |
| Johnson & Johnson | 0.31 | 0.36 | 0.32 | — | — | |
| Merck & Co. Inc. | 0.46 | 0.56 | 0.50 | — | — | |
| Pfizer Inc. | 0.33 | 0.39 | 0.45 | — | — | |
| Regeneron Pharmaceuticals Inc. | 0.13 | 0.20 | 0.06 | — | — | |
| Thermo Fisher Scientific Inc. | 0.46 | 0.39 | 0.37 | — | — | |
| Vertex Pharmaceuticals Inc. | 0.05 | 0.06 | 0.09 | — | — | |
| Debt to Capital, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.48 | 0.53 | — | — | — | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.44 | 0.47 | — | — | — | |
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 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,273,100 ÷ 18,169,300 = 0.40
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Biogen Inc. debt to capital ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Debt to Capital (including Operating Lease Liability)
Biogen Inc., debt to capital (including operating lease liability) 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) | ||||||
| Current portion of notes payable | 999,100) | —) | 1,495,800) | —) | 3,200) | |
| Notes payable, excluding current portion | 6,274,000) | 7,426,200) | 4,459,000) | 5,936,500) | 5,935,000) | |
| Total debt | 7,273,100) | 7,426,200) | 5,954,800) | 5,936,500) | 5,938,200) | |
| Current operating lease liabilities (included in Accrued expenses and other) | 89,100) | 83,200) | 73,600) | —) | —) | |
| Long-term operating lease liabilities | 330,400) | 402,000) | 412,700) | —) | —) | |
| Total debt (including operating lease liability) | 7,692,600) | 7,911,400) | 6,441,100) | 5,936,500) | 5,938,200) | |
| Total Biogen Inc. shareholders’ equity | 10,896,200) | 10,700,300) | 13,343,200) | 13,039,600) | 12,612,800) | |
| Total capital (including operating lease liability) | 18,588,800) | 18,611,700) | 19,784,300) | 18,976,100) | 18,551,000) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.41 | 0.43 | 0.33 | 0.31 | 0.32 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.83 | 0.87 | 1.14 | — | — | |
| Amgen Inc. | 0.84 | 0.78 | 0.76 | — | — | |
| Bristol-Myers Squibb Co. | 0.56 | 0.58 | 0.48 | — | — | |
| Danaher Corp. | 0.34 | 0.36 | 0.43 | — | — | |
| Eli Lilly & Co. | 0.66 | 0.75 | 0.86 | — | — | |
| Gilead Sciences Inc. | 0.56 | 0.64 | 0.53 | — | — | |
| Johnson & Johnson | 0.32 | 0.36 | 0.33 | — | — | |
| Merck & Co. Inc. | 0.48 | 0.57 | 0.51 | — | — | |
| Pfizer Inc. | 0.35 | 0.39 | 0.46 | — | — | |
| Regeneron Pharmaceuticals Inc. | 0.13 | 0.20 | 0.07 | — | — | |
| Thermo Fisher Scientific Inc. | 0.47 | 0.40 | 0.38 | — | — | |
| Vertex Pharmaceuticals Inc. | 0.09 | 0.10 | 0.10 | — | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.49 | 0.54 | — | — | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.46 | 0.49 | — | — | — | |
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 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 7,692,600 ÷ 18,588,800 = 0.41
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Biogen Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Debt to Assets
Biogen Inc., debt to assets 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) | ||||||
| Current portion of notes payable | 999,100) | —) | 1,495,800) | —) | 3,200) | |
| Notes payable, excluding current portion | 6,274,000) | 7,426,200) | 4,459,000) | 5,936,500) | 5,935,000) | |
| Total debt | 7,273,100) | 7,426,200) | 5,954,800) | 5,936,500) | 5,938,200) | |
| Total assets | 23,877,300) | 24,618,900) | 27,234,300) | 25,288,900) | 23,652,600) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.30 | 0.30 | 0.22 | 0.23 | 0.25 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| AbbVie Inc. | 0.52 | 0.57 | 0.75 | — | — | |
| Amgen Inc. | 0.54 | 0.52 | 0.50 | — | — | |
| Bristol-Myers Squibb Co. | 0.41 | 0.43 | 0.36 | — | — | |
| Danaher Corp. | 0.27 | 0.28 | 0.35 | — | — | |
| Eli Lilly & Co. | 0.35 | 0.36 | 0.39 | — | — | |
| Gilead Sciences Inc. | 0.39 | 0.46 | 0.40 | — | — | |
| Johnson & Johnson | 0.19 | 0.20 | 0.18 | — | — | |
| Merck & Co. Inc. | 0.31 | 0.35 | 0.31 | — | — | |
| Pfizer Inc. | 0.21 | 0.26 | 0.31 | — | — | |
| Regeneron Pharmaceuticals Inc. | 0.11 | 0.16 | 0.05 | — | — | |
| Thermo Fisher Scientific Inc. | 0.37 | 0.31 | 0.30 | — | — | |
| Vertex Pharmaceuticals Inc. | 0.04 | 0.05 | 0.07 | — | — | |
| Debt to Assets, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.32 | 0.36 | — | — | — | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.28 | 0.31 | — | — | — | |
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 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 7,273,100 ÷ 23,877,300 = 0.30
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Biogen Inc. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Debt to Assets (including Operating Lease Liability)
Biogen Inc., debt to assets (including operating lease liability) 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) | ||||||
| Current portion of notes payable | 999,100) | —) | 1,495,800) | —) | 3,200) | |
| Notes payable, excluding current portion | 6,274,000) | 7,426,200) | 4,459,000) | 5,936,500) | 5,935,000) | |
| Total debt | 7,273,100) | 7,426,200) | 5,954,800) | 5,936,500) | 5,938,200) | |
| Current operating lease liabilities (included in Accrued expenses and other) | 89,100) | 83,200) | 73,600) | —) | —) | |
| Long-term operating lease liabilities | 330,400) | 402,000) | 412,700) | —) | —) | |
| Total debt (including operating lease liability) | 7,692,600) | 7,911,400) | 6,441,100) | 5,936,500) | 5,938,200) | |
| Total assets | 23,877,300) | 24,618,900) | 27,234,300) | 25,288,900) | 23,652,600) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.32 | 0.32 | 0.24 | 0.23 | 0.25 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.53 | 0.58 | 0.75 | — | — | |
| Amgen Inc. | 0.56 | 0.53 | 0.51 | — | — | |
| Bristol-Myers Squibb Co. | 0.42 | 0.44 | 0.37 | — | — | |
| Danaher Corp. | 0.28 | 0.29 | 0.36 | — | — | |
| Eli Lilly & Co. | 0.36 | 0.37 | 0.41 | — | — | |
| Gilead Sciences Inc. | 0.40 | 0.47 | 0.41 | — | — | |
| Johnson & Johnson | 0.19 | 0.21 | 0.18 | — | — | |
| Merck & Co. Inc. | 0.33 | 0.37 | 0.32 | — | — | |
| Pfizer Inc. | 0.23 | 0.27 | 0.32 | — | — | |
| Regeneron Pharmaceuticals Inc. | 0.11 | 0.16 | 0.05 | — | — | |
| Thermo Fisher Scientific Inc. | 0.38 | 0.33 | 0.32 | — | — | |
| Vertex Pharmaceuticals Inc. | 0.07 | 0.08 | 0.08 | — | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.34 | 0.37 | — | — | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.30 | 0.33 | — | — | — | |
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 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 7,692,600 ÷ 23,877,300 = 0.32
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Biogen Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021. |
Financial Leverage
Biogen Inc., financial leverage 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) | ||||||
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| AbbVie Inc. | 9.51 | 11.51 | — | — | — | |
| Amgen Inc. | 9.13 | 6.69 | 6.17 | — | — | |
| Bristol-Myers Squibb Co. | 3.04 | 3.13 | 2.52 | — | — | |
| Danaher Corp. | 1.84 | 1.92 | 2.05 | — | — | |
| Eli Lilly & Co. | 5.44 | 8.27 | 15.07 | — | — | |
| Gilead Sciences Inc. | 3.23 | 3.76 | 2.74 | — | — | |
| Johnson & Johnson | 2.46 | 2.76 | 2.65 | — | — | |
| Merck & Co. Inc. | 2.77 | 3.62 | 3.26 | — | — | |
| Pfizer Inc. | 2.35 | 2.44 | 2.65 | — | — | |
| Regeneron Pharmaceuticals Inc. | 1.36 | 1.56 | 1.34 | — | — | |
| Thermo Fisher Scientific Inc. | 2.33 | 2.00 | 1.97 | — | — | |
| Vertex Pharmaceuticals Inc. | 1.33 | 1.35 | 1.37 | — | — | |
| Financial Leverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 2.86 | 3.16 | — | — | — | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.77 | 2.94 | — | — | — | |
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 2021 Calculation
Financial leverage = Total assets ÷ Total Biogen Inc. shareholders’ equity
= 23,877,300 ÷ 10,896,200 = 2.19
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Biogen Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021. |
Interest Coverage
Biogen Inc., interest coverage 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) | ||||||
| Net income attributable to Biogen Inc. | 1,556,100) | 4,000,600) | 5,888,500) | 4,430,700) | 2,539,100) | |
| Add: Net income attributable to noncontrolling interest | 171,500) | 59,900) | —) | 43,300) | 131,000) | |
| Add: Income tax expense | 52,500) | 992,300) | 1,158,000) | 1,425,600) | 2,458,700) | |
| Add: Interest expense | 253,600) | 222,500) | 187,400) | 200,600) | 250,800) | |
| Earnings before interest and tax (EBIT) | 2,033,700) | 5,275,300) | 7,233,900) | 6,100,200) | 5,379,600) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 8.02 | 23.71 | 38.60 | 30.41 | 21.45 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| AbbVie Inc. | 6.36 | 2.38 | 5.72 | — | — | |
| Amgen Inc. | 6.60 | 7.44 | 8.09 | — | — | |
| Bristol-Myers Squibb Co. | 7.07 | -3.84 | 8.58 | — | — | |
| Danaher Corp. | 32.92 | 17.35 | 31.44 | — | — | |
| Eli Lilly & Co. | 19.12 | 21.11 | 14.15 | — | — | |
| Gilead Sciences Inc. | 9.27 | 2.70 | 6.19 | — | — | |
| Johnson & Johnson | 125.46 | 83.07 | 55.49 | — | — | |
| Merck & Co. Inc. | 18.22 | 11.58 | 13.84 | — | — | |
| Pfizer Inc. | 19.83 | 6.17 | 12.23 | — | — | |
| Regeneron Pharmaceuticals Inc. | 163.75 | 67.97 | 81.43 | — | — | |
| Thermo Fisher Scientific Inc. | 17.49 | 14.07 | 7.02 | — | — | |
| Vertex Pharmaceuticals Inc. | 45.40 | 54.60 | 24.84 | — | — | |
| Interest Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 14.91 | 7.56 | — | — | — | |
| Interest Coverage, Industry | ||||||
| Health Care | 12.24 | 7.71 | — | — | — | |
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 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 2,033,700 ÷ 253,600 = 8.02
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Biogen Inc. interest coverage ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Fixed Charge Coverage
Biogen Inc., fixed charge coverage 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) | ||||||
| Net income attributable to Biogen Inc. | 1,556,100) | 4,000,600) | 5,888,500) | 4,430,700) | 2,539,100) | |
| Add: Net income attributable to noncontrolling interest | 171,500) | 59,900) | —) | 43,300) | 131,000) | |
| Add: Income tax expense | 52,500) | 992,300) | 1,158,000) | 1,425,600) | 2,458,700) | |
| Add: Interest expense | 253,600) | 222,500) | 187,400) | 200,600) | 250,800) | |
| Earnings before interest and tax (EBIT) | 2,033,700) | 5,275,300) | 7,233,900) | 6,100,200) | 5,379,600) | |
| Add: Operating lease cost | 99,300) | 98,300) | 91,300) | 64,500) | 65,300) | |
| Earnings before fixed charges and tax | 2,133,000) | 5,373,600) | 7,325,200) | 6,164,700) | 5,444,900) | |
| Interest expense | 253,600) | 222,500) | 187,400) | 200,600) | 250,800) | |
| Operating lease cost | 99,300) | 98,300) | 91,300) | 64,500) | 65,300) | |
| Fixed charges | 352,900) | 320,800) | 278,700) | 265,100) | 316,100) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 6.04 | 16.75 | 26.28 | 23.25 | 17.23 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| AbbVie Inc. | 5.90 | 2.28 | 5.42 | — | — | |
| Amgen Inc. | 5.67 | 6.48 | 7.12 | — | — | |
| Bristol-Myers Squibb Co. | 6.01 | -3.08 | 7.10 | — | — | |
| Danaher Corp. | 10.85 | 7.10 | 8.38 | — | — | |
| Eli Lilly & Co. | 13.33 | 15.06 | 10.18 | — | — | |
| Gilead Sciences Inc. | 8.15 | 2.45 | 5.46 | — | — | |
| Johnson & Johnson | 48.16 | 33.93 | 28.72 | — | — | |
| Merck & Co. Inc. | 13.08 | 8.47 | 10.31 | — | — | |
| Pfizer Inc. | 14.22 | 4.98 | 9.88 | — | — | |
| Regeneron Pharmaceuticals Inc. | 138.96 | 57.70 | 60.98 | — | — | |
| Thermo Fisher Scientific Inc. | 12.19 | 10.30 | 5.61 | — | — | |
| Vertex Pharmaceuticals Inc. | 29.62 | 39.35 | 20.79 | — | — | |
| Fixed Charge Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 11.49 | 6.11 | — | — | — | |
| Fixed Charge Coverage, Industry | ||||||
| Health Care | 8.67 | 5.70 | — | — | — | |
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 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,133,000 ÷ 352,900 = 6.04
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Biogen Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |