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 Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Biogen Inc., solvency ratios (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Debt Ratios
Debt to equity 0.49 0.61 0.65 0.67 0.70 0.68 0.68 0.69 0.69 0.66 0.48 0.45 0.43 0.46 0.43 0.46 0.43 0.48 0.42 0.47 0.51 0.56 0.57
Debt to equity (including operating lease liability) 0.52 0.64 0.67 0.70 0.73 0.71 0.72 0.73 0.73 0.69 0.51 0.48 0.45 0.49 0.46 0.46 0.43 0.48 0.42 0.47 0.51 0.56 0.57
Debt to capital 0.33 0.38 0.39 0.40 0.41 0.40 0.40 0.41 0.41 0.40 0.32 0.31 0.30 0.31 0.30 0.31 0.30 0.33 0.30 0.32 0.34 0.36 0.36
Debt to capital (including operating lease liability) 0.34 0.39 0.40 0.41 0.42 0.42 0.42 0.42 0.42 0.41 0.34 0.32 0.31 0.33 0.32 0.31 0.30 0.33 0.30 0.32 0.34 0.36 0.36
Debt to assets 0.25 0.29 0.31 0.30 0.31 0.30 0.30 0.30 0.30 0.29 0.23 0.22 0.22 0.23 0.22 0.23 0.23 0.25 0.23 0.25 0.28 0.30 0.31
Debt to assets (including operating lease liability) 0.27 0.30 0.32 0.32 0.32 0.31 0.32 0.32 0.31 0.31 0.24 0.23 0.23 0.24 0.24 0.23 0.23 0.25 0.23 0.25 0.28 0.30 0.31
Financial leverage 1.95 2.11 2.10 2.19 2.28 2.28 2.23 2.30 2.32 2.26 2.08 2.04 1.96 2.03 1.91 1.94 1.85 1.95 1.86 1.88 1.79 1.88 1.85

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

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 improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to equity (including operating lease liability) ratio 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) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Biogen Inc. debt to capital ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to capital (including operating lease liability) ratio 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) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Biogen Inc. debt to assets ratio improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Debt to assets (including operating lease liability) ratio 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) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Biogen Inc. financial leverage ratio increased from Q1 2022 to Q2 2022 but then decreased significantly from Q2 2022 to Q3 2022.

Debt to Equity

Biogen Inc., debt to equity calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of notes payable 999,800 999,500 999,100 998,800 1,501,800 1,495,800 1,495,300 3,300 3,200 573,200 559,900 561,500
Notes payable, excluding current portion 6,279,200 6,277,400 6,275,700 6,274,000 6,272,300 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 4,459,900 4,459,000 4,458,200 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,929,400 5,935,000 5,938,300 5,954,000 5,952,700
Total debt 6,279,200 7,277,200 7,275,200 7,273,100 7,271,100 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 5,961,700 5,954,800 5,953,500 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
 
Total Biogen Inc. shareholders’ equity 12,775,500 11,872,500 11,242,300 10,896,200 10,429,900 10,751,900 10,682,200 10,700,300 10,758,500 11,308,700 12,546,900 13,343,200 13,995,900 12,952,900 13,829,900 13,039,600 13,766,600 12,260,900 14,053,700 12,612,800 12,860,500 11,585,200 11,479,000
Solvency Ratio
Debt to equity1 0.49 0.61 0.65 0.67 0.70 0.68 0.68 0.69 0.69 0.66 0.48 0.45 0.43 0.46 0.43 0.46 0.43 0.48 0.42 0.47 0.51 0.56 0.57
Benchmarks
Debt to Equity, Competitors2
AbbVie Inc. 4.35 4.98 4.51 4.98 5.96 6.53 6.24 6.58 5.70 5.94
Amgen Inc. 10.60 15.10 40.23 4.97 4.57 3.98 3.50 3.51 3.13 3.21 3.36 3.09 2.73 2.84 3.05
Bristol-Myers Squibb Co. 1.20 1.29 1.42 1.24 1.20 1.23 1.23 1.34 0.90 0.95 0.94 0.91 1.41 1.56 0.40
Danaher Corp. 0.41 0.43 0.47 0.49 0.54 0.48 0.50 0.53 0.57 0.62 0.84 0.72 0.54 0.32 0.30
Eli Lilly & Co. 1.58 1.97 1.77 1.88 2.20 2.56 2.35 2.94 3.51 3.99 5.60 5.88 4.50 5.68 6.44
Gilead Sciences Inc. 1.20 1.30 1.32 1.27 1.29 1.53 1.59 1.73 1.68 1.34 1.09 1.09 1.19 1.15 1.21
Johnson & Johnson 0.43 0.43 0.44 0.46 0.48 0.48 0.51 0.56 0.59 0.48 0.45 0.47 0.50 0.48 0.50
Merck & Co. Inc. 0.68 0.73 0.78 0.87 0.74 0.80 1.16 1.26 0.98 1.12 1.07 1.02 0.97 0.96 0.94
Moderna Inc. 0.05 0.04 0.04 0.04 0.02 0.05 0.04 0.04 0.04 0.02 0.02 0.03 0.04 0.03 0.03
Pfizer Inc. 0.40 0.46 0.44 0.50 0.53 0.56 0.58 0.63 0.97 0.99 0.80 0.83 0.81 0.78 0.77
Regeneron Pharmaceuticals Inc. 0.13 0.13 0.14 0.14 0.16 0.18 0.23 0.24 0.27 0.24 0.06 0.06 0.07 0.07 0.08
Thermo Fisher Scientific Inc. 0.67 0.72 0.81 0.85 0.56 0.51 0.53 0.63 0.66 0.71 0.70 0.60 0.58 0.66 0.66

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to equity = Total debt ÷ Total Biogen Inc. shareholders’ equity
= 6,279,200 ÷ 12,775,500 = 0.49

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 improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Equity (including Operating Lease Liability)

Biogen Inc., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of notes payable 999,800 999,500 999,100 998,800 1,501,800 1,495,800 1,495,300 3,300 3,200 573,200 559,900 561,500
Notes payable, excluding current portion 6,279,200 6,277,400 6,275,700 6,274,000 6,272,300 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 4,459,900 4,459,000 4,458,200 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,929,400 5,935,000 5,938,300 5,954,000 5,952,700
Total debt 6,279,200 7,277,200 7,275,200 7,273,100 7,271,100 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 5,961,700 5,954,800 5,953,500 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
Long-term operating lease liabilities 354,800 274,200 312,300 330,400 348,200 363,900 380,000 402,000 409,100 414,800 403,700 412,700 410,500 423,000 436,100
Total debt (including operating lease liability) 6,634,000 7,551,400 7,587,500 7,603,500 7,619,300 7,633,100 7,647,200 7,828,200 7,834,100 7,838,600 6,365,400 6,367,500 6,364,000 6,371,500 6,379,300 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
 
Total Biogen Inc. shareholders’ equity 12,775,500 11,872,500 11,242,300 10,896,200 10,429,900 10,751,900 10,682,200 10,700,300 10,758,500 11,308,700 12,546,900 13,343,200 13,995,900 12,952,900 13,829,900 13,039,600 13,766,600 12,260,900 14,053,700 12,612,800 12,860,500 11,585,200 11,479,000
Solvency Ratio
Debt to equity (including operating lease liability)1 0.52 0.64 0.67 0.70 0.73 0.71 0.72 0.73 0.73 0.69 0.51 0.48 0.45 0.49 0.46 0.46 0.43 0.48 0.42 0.47 0.51 0.56 0.57
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Moderna Inc. 0.06 0.04 0.04 0.05 0.03 0.06 0.06 0.08 0.08 0.06 0.09 0.11 0.04 0.03 0.03

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Biogen Inc. shareholders’ equity
= 6,634,000 ÷ 12,775,500 = 0.52

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio 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) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Capital

Biogen Inc., debt to capital calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of notes payable 999,800 999,500 999,100 998,800 1,501,800 1,495,800 1,495,300 3,300 3,200 573,200 559,900 561,500
Notes payable, excluding current portion 6,279,200 6,277,400 6,275,700 6,274,000 6,272,300 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 4,459,900 4,459,000 4,458,200 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,929,400 5,935,000 5,938,300 5,954,000 5,952,700
Total debt 6,279,200 7,277,200 7,275,200 7,273,100 7,271,100 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 5,961,700 5,954,800 5,953,500 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
Total Biogen Inc. shareholders’ equity 12,775,500 11,872,500 11,242,300 10,896,200 10,429,900 10,751,900 10,682,200 10,700,300 10,758,500 11,308,700 12,546,900 13,343,200 13,995,900 12,952,900 13,829,900 13,039,600 13,766,600 12,260,900 14,053,700 12,612,800 12,860,500 11,585,200 11,479,000
Total capital 19,054,700 19,149,700 18,517,500 18,169,300 17,701,000 18,021,100 17,949,400 18,126,500 18,183,500 18,732,500 18,508,600 19,298,000 19,949,400 18,901,400 19,773,100 18,976,100 19,697,700 18,189,300 19,986,400 18,551,000 19,372,000 18,099,100 17,993,200
Solvency Ratio
Debt to capital1 0.33 0.38 0.39 0.40 0.41 0.40 0.40 0.41 0.41 0.40 0.32 0.31 0.30 0.31 0.30 0.31 0.30 0.33 0.30 0.32 0.34 0.36 0.36
Benchmarks
Debt to Capital, Competitors2
AbbVie Inc. 0.81 0.83 0.82 0.83 0.86 0.87 0.86 0.87 0.85 0.86 1.12 1.14 1.27 1.30 1.27
Amgen Inc. 0.91 0.94 0.98 0.83 0.82 0.80 0.78 0.78 0.76 0.76 0.77 0.76 0.73 0.74 0.75
Bristol-Myers Squibb Co. 0.54 0.56 0.59 0.55 0.55 0.55 0.55 0.57 0.47 0.49 0.48 0.48 0.59 0.61 0.28
Danaher Corp. 0.29 0.30 0.32 0.33 0.35 0.32 0.33 0.35 0.37 0.38 0.46 0.42 0.35 0.24 0.23
Eli Lilly & Co. 0.61 0.66 0.64 0.65 0.69 0.72 0.70 0.75 0.78 0.80 0.85 0.85 0.82 0.85 0.87
Gilead Sciences Inc. 0.54 0.56 0.57 0.56 0.56 0.60 0.61 0.63 0.63 0.57 0.52 0.52 0.54 0.54 0.55
Johnson & Johnson 0.30 0.30 0.31 0.31 0.33 0.32 0.34 0.36 0.37 0.33 0.31 0.32 0.33 0.33 0.33
Merck & Co. Inc. 0.41 0.42 0.44 0.46 0.42 0.44 0.54 0.56 0.50 0.53 0.52 0.50 0.49 0.49 0.48
Moderna Inc. 0.05 0.03 0.04 0.04 0.02 0.05 0.03 0.04 0.04 0.02 0.02 0.03 0.04 0.03 0.03
Pfizer Inc. 0.28 0.32 0.31 0.33 0.35 0.36 0.37 0.39 0.49 0.50 0.45 0.45 0.45 0.44 0.43
Regeneron Pharmaceuticals Inc. 0.11 0.12 0.12 0.13 0.14 0.15 0.18 0.20 0.21 0.20 0.06 0.06 0.06 0.07 0.07
Thermo Fisher Scientific Inc. 0.40 0.42 0.45 0.46 0.36 0.34 0.35 0.39 0.40 0.42 0.41 0.37 0.37 0.40 0.40

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 6,279,200 ÷ 19,054,700 = 0.33

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 improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Capital (including Operating Lease Liability)

Biogen Inc., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of notes payable 999,800 999,500 999,100 998,800 1,501,800 1,495,800 1,495,300 3,300 3,200 573,200 559,900 561,500
Notes payable, excluding current portion 6,279,200 6,277,400 6,275,700 6,274,000 6,272,300 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 4,459,900 4,459,000 4,458,200 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,929,400 5,935,000 5,938,300 5,954,000 5,952,700
Total debt 6,279,200 7,277,200 7,275,200 7,273,100 7,271,100 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 5,961,700 5,954,800 5,953,500 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
Long-term operating lease liabilities 354,800 274,200 312,300 330,400 348,200 363,900 380,000 402,000 409,100 414,800 403,700 412,700 410,500 423,000 436,100
Total debt (including operating lease liability) 6,634,000 7,551,400 7,587,500 7,603,500 7,619,300 7,633,100 7,647,200 7,828,200 7,834,100 7,838,600 6,365,400 6,367,500 6,364,000 6,371,500 6,379,300 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
Total Biogen Inc. shareholders’ equity 12,775,500 11,872,500 11,242,300 10,896,200 10,429,900 10,751,900 10,682,200 10,700,300 10,758,500 11,308,700 12,546,900 13,343,200 13,995,900 12,952,900 13,829,900 13,039,600 13,766,600 12,260,900 14,053,700 12,612,800 12,860,500 11,585,200 11,479,000
Total capital (including operating lease liability) 19,409,500 19,423,900 18,829,800 18,499,700 18,049,200 18,385,000 18,329,400 18,528,500 18,592,600 19,147,300 18,912,300 19,710,700 20,359,900 19,324,400 20,209,200 18,976,100 19,697,700 18,189,300 19,986,400 18,551,000 19,372,000 18,099,100 17,993,200
Solvency Ratio
Debt to capital (including operating lease liability)1 0.34 0.39 0.40 0.41 0.42 0.42 0.42 0.42 0.42 0.41 0.34 0.32 0.31 0.33 0.32 0.31 0.30 0.33 0.30 0.32 0.34 0.36 0.36
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Moderna Inc. 0.05 0.04 0.04 0.05 0.03 0.06 0.06 0.07 0.07 0.05 0.08 0.10 0.04 0.03 0.03

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 6,634,000 ÷ 19,409,500 = 0.34

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio 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) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Assets

Biogen Inc., debt to assets calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of notes payable 999,800 999,500 999,100 998,800 1,501,800 1,495,800 1,495,300 3,300 3,200 573,200 559,900 561,500
Notes payable, excluding current portion 6,279,200 6,277,400 6,275,700 6,274,000 6,272,300 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 4,459,900 4,459,000 4,458,200 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,929,400 5,935,000 5,938,300 5,954,000 5,952,700
Total debt 6,279,200 7,277,200 7,275,200 7,273,100 7,271,100 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 5,961,700 5,954,800 5,953,500 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
 
Total assets 24,854,200 25,081,400 23,614,400 23,877,300 23,806,700 24,470,400 23,854,700 24,618,900 24,934,100 25,511,800 26,119,200 27,234,300 27,484,000 26,287,600 26,445,500 25,288,900 25,492,200 23,952,900 26,090,100 23,652,600 23,073,200 21,759,000 21,195,900
Solvency Ratio
Debt to assets1 0.25 0.29 0.31 0.30 0.31 0.30 0.30 0.30 0.30 0.29 0.23 0.22 0.22 0.23 0.22 0.23 0.23 0.25 0.23 0.25 0.28 0.30 0.31
Benchmarks
Debt to Assets, Competitors2
AbbVie Inc. 0.49 0.51 0.51 0.52 0.54 0.56 0.57 0.57 0.58 0.58 0.74 0.75 0.65 0.65 0.65
Amgen Inc. 0.61 0.62 0.62 0.54 0.58 0.55 0.52 0.52 0.53 0.53 0.52 0.50 0.50 0.52 0.52
Bristol-Myers Squibb Co. 0.40 0.42 0.44 0.41 0.40 0.41 0.41 0.43 0.36 0.36 0.36 0.36 0.43 0.45 0.17
Danaher Corp. 0.24 0.25 0.26 0.27 0.29 0.26 0.27 0.28 0.30 0.31 0.38 0.35 0.29 0.19 0.18
Eli Lilly & Co. 0.33 0.36 0.35 0.35 0.35 0.35 0.35 0.36 0.39 0.39 0.42 0.39 0.40 0.41 0.42
Gilead Sciences Inc. 0.40 0.42 0.42 0.39 0.41 0.44 0.45 0.46 0.48 0.43 0.40 0.40 0.42 0.41 0.42
Johnson & Johnson 0.18 0.18 0.19 0.19 0.19 0.19 0.19 0.20 0.22 0.19 0.18 0.18 0.19 0.19 0.20
Merck & Co. Inc. 0.28 0.30 0.30 0.31 0.28 0.29 0.34 0.35 0.32 0.34 0.33 0.31 0.31 0.32 0.31
Moderna Inc. 0.04 0.02 0.02 0.02 0.01 0.02 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.03 0.02
Pfizer Inc. 0.19 0.21 0.20 0.21 0.22 0.23 0.25 0.26 0.35 0.36 0.31 0.31 0.31 0.30 0.29
Regeneron Pharmaceuticals Inc. 0.10 0.10 0.10 0.11 0.11 0.13 0.15 0.16 0.17 0.15 0.05 0.05 0.05 0.05 0.06
Thermo Fisher Scientific Inc. 0.32 0.33 0.36 0.37 0.29 0.28 0.28 0.31 0.33 0.35 0.34 0.30 0.30 0.33 0.33

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 6,279,200 ÷ 24,854,200 = 0.25

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 improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Debt to Assets (including Operating Lease Liability)

Biogen Inc., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of notes payable 999,800 999,500 999,100 998,800 1,501,800 1,495,800 1,495,300 3,300 3,200 573,200 559,900 561,500
Notes payable, excluding current portion 6,279,200 6,277,400 6,275,700 6,274,000 6,272,300 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 4,459,900 4,459,000 4,458,200 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,929,400 5,935,000 5,938,300 5,954,000 5,952,700
Total debt 6,279,200 7,277,200 7,275,200 7,273,100 7,271,100 7,269,200 7,267,200 7,426,200 7,425,000 7,423,800 5,961,700 5,954,800 5,953,500 5,948,500 5,943,200 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
Long-term operating lease liabilities 354,800 274,200 312,300 330,400 348,200 363,900 380,000 402,000 409,100 414,800 403,700 412,700 410,500 423,000 436,100
Total debt (including operating lease liability) 6,634,000 7,551,400 7,587,500 7,603,500 7,619,300 7,633,100 7,647,200 7,828,200 7,834,100 7,838,600 6,365,400 6,367,500 6,364,000 6,371,500 6,379,300 5,936,500 5,931,100 5,928,400 5,932,700 5,938,200 6,511,500 6,513,900 6,514,200
 
Total assets 24,854,200 25,081,400 23,614,400 23,877,300 23,806,700 24,470,400 23,854,700 24,618,900 24,934,100 25,511,800 26,119,200 27,234,300 27,484,000 26,287,600 26,445,500 25,288,900 25,492,200 23,952,900 26,090,100 23,652,600 23,073,200 21,759,000 21,195,900
Solvency Ratio
Debt to assets (including operating lease liability)1 0.27 0.30 0.32 0.32 0.32 0.31 0.32 0.32 0.31 0.31 0.24 0.23 0.23 0.24 0.24 0.23 0.23 0.25 0.23 0.25 0.28 0.30 0.31
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Moderna Inc. 0.04 0.03 0.03 0.03 0.02 0.03 0.02 0.03 0.04 0.05 0.07 0.08 0.03 0.03 0.02

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 6,634,000 ÷ 24,854,200 = 0.27

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio 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) improved from Q1 2022 to Q2 2022 and from Q2 2022 to Q3 2022.

Financial Leverage

Biogen Inc., financial leverage calculation (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Total assets 24,854,200 25,081,400 23,614,400 23,877,300 23,806,700 24,470,400 23,854,700 24,618,900 24,934,100 25,511,800 26,119,200 27,234,300 27,484,000 26,287,600 26,445,500 25,288,900 25,492,200 23,952,900 26,090,100 23,652,600 23,073,200 21,759,000 21,195,900
Total Biogen Inc. shareholders’ equity 12,775,500 11,872,500 11,242,300 10,896,200 10,429,900 10,751,900 10,682,200 10,700,300 10,758,500 11,308,700 12,546,900 13,343,200 13,995,900 12,952,900 13,829,900 13,039,600 13,766,600 12,260,900 14,053,700 12,612,800 12,860,500 11,585,200 11,479,000
Solvency Ratio
Financial leverage1 1.95 2.11 2.10 2.19 2.28 2.28 2.23 2.30 2.32 2.26 2.08 2.04 1.96 2.03 1.91 1.94 1.85 1.95 1.86 1.88 1.79 1.88 1.85
Benchmarks
Financial Leverage, Competitors2
AbbVie Inc. 8.84 9.77 8.80 9.51 10.99 11.77 10.98 11.51 9.80 10.17
Amgen Inc. 17.44 24.51 64.62 9.13 7.91 7.25 6.70 6.69 5.90 6.10 6.50 6.17 5.45 5.50 5.91
Bristol-Myers Squibb Co. 3.01 3.08 3.26 3.04 2.98 3.01 2.99 3.13 2.50 2.61 2.59 2.52 3.25 3.44 2.29
Danaher Corp. 1.72 1.76 1.80 1.84 1.90 1.82 1.87 1.92 1.92 1.97 2.22 2.05 1.89 1.66 1.64
Eli Lilly & Co. 4.71 5.51 5.03 5.44 6.21 7.42 6.79 8.27 9.10 10.25 13.35 15.07 11.20 13.91 15.32
Gilead Sciences Inc. 2.97 3.11 3.17 3.23 3.13 3.45 3.56 3.76 3.49 3.10 2.71 2.74 2.87 2.79 2.86
Johnson & Johnson 2.35 2.33 2.39 2.46 2.55 2.54 2.62 2.76 2.65 2.51 2.53 2.65 2.67 2.55 2.54
Merck & Co. Inc. 2.41 2.48 2.61 2.77 2.61 2.72 3.37 3.62 3.08 3.28 3.24 3.26 3.10 3.04 2.99
Moderna Inc. 1.45 1.45 1.62 1.74 2.07 2.41 3.31 2.86 1.69 1.18 1.26 1.35 1.27 1.26 1.25
Pfizer Inc. 2.10 2.24 2.23 2.35 2.37 2.43 2.31 2.44 2.74 2.77 2.56 2.65 2.62 2.62 2.64
Regeneron Pharmaceuticals Inc. 1.29 1.32 1.32 1.36 1.37 1.42 1.48 1.56 1.59 1.59 1.30 1.34 1.33 1.35 1.36
Thermo Fisher Scientific Inc. 2.08 2.14 2.26 2.33 1.90 1.84 1.88 2.00 2.01 2.06 2.05 1.97 1.93 2.02 2.01

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q3 2022 Calculation
Financial leverage = Total assets ÷ Total Biogen Inc. shareholders’ equity
= 24,854,200 ÷ 12,775,500 = 1.95

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 Q1 2022 to Q2 2022 but then decreased significantly from Q2 2022 to Q3 2022.