Biogen Inc., current enterprise value calculation

Current share price (P)	$273.56
No. shares of common stock outstanding	144,001,404
US$ in thousands
Common equity (market value)¹	39,393,024)
Add: Preferred stock, par value $0.001 per share (per books)	—)
Add: Noncontrolling interests (per books)	63,500)
Total equity	39,456,524)
Add: Current portion of notes payable (per books)	999,100)
Add: Notes payable, excluding current portion (per books)	6,274,000)
Total equity and debt	46,729,624)
Less: Cash and cash equivalents	2,261,400)
Less: Marketable securities	1,541,100)
Enterprise value (EV)	42,927,124)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 273.56 × 144,001,404

Biogen Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$220.17	$263.25	$337.24	$333.24	$346.00
No. shares of common stock outstanding¹	146,962,793	152,335,731	174,064,011	196,708,784	211,562,686
US$ in thousands
Common equity (market value)³	32,356,798)	40,102,381)	58,701,347)	65,551,235)	73,200,689)
Add: Preferred stock, par value $0.001 per share (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	63,500)	(14,200)	(4,100)	(8,000)	(14,700)
Total equity	32,420,298)	40,088,181)	58,697,247)	65,543,235)	73,185,989)
Add: Current portion of notes payable (book value)	999,100)	—)	1,495,800)	—)	3,200)
Add: Notes payable, excluding current portion (book value)	6,274,000)	7,426,200)	4,459,000)	5,936,500)	5,935,000)
Total equity and debt	39,693,398)	47,514,381)	64,652,047)	71,479,735)	79,124,189)
Less: Cash and cash equivalents	2,261,400)	1,331,200)	2,913,700)	1,224,600)	1,573,800)
Less: Marketable securities	1,541,100)	1,278,900)	1,562,200)	2,313,400)	2,115,200)
Enterprise value (EV)	35,890,898)	44,904,281)	60,176,147)	67,941,735)	75,435,189)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Biogen Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 220.17 × 146,962,793

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Biogen Inc. EV decreased from 2019 to 2020 and from 2020 to 2021.

Biogen Inc. (NASDAQ:BIIB)

Enterprise Value (EV)