Stock Analysis on Net
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.

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Biogen Inc., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income attributable to Biogen Inc. 1,556,100 4,000,600 5,888,500 4,430,700 2,539,100
Net income attributable to noncontrolling interests, net of tax 171,500 59,900 — 43,300 131,000
Net noncash charges 2,057,800 356,500 990,800 1,313,500 1,645,500
Changes in operating assets and liabilities, net (145,500) (187,200) 199,300 400,200 235,400
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)
Acquisitions of intangible assets (18,800) (52,000) (155,000) (3,000) (975,400)
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)
Free cash flow to equity (FCFE) 3,193,000 5,220,400 6,409,100 5,410,900 2,147,300

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Biogen Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Biogen Inc. FCFE decreased from 2019 to 2020 and from 2020 to 2021.

Price to FCFE Ratio, Current

Biogen Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 144,001,404
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 3,193,000
FCFE per share 22.17
Current share price (P) 273.56
Valuation Ratio
P/FCFE 12.34
Benchmarks
P/FCFE, Competitors1
AbbVie Inc. 19.89
Amgen Inc. 5.24
Bristol-Myers Squibb Co. 8.55
Danaher Corp. 51.23
Eli Lilly & Co. 78.06
Gilead Sciences Inc. 15.96
Johnson & Johnson 24.50
Merck & Co. Inc. 19.12
Moderna Inc. —
Pfizer Inc. 3.81
Regeneron Pharmaceuticals Inc. 23.16
Thermo Fisher Scientific Inc. 31.21
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 18.94
P/FCFE, Industry
Health Care 19.55

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Biogen Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 146,962,793 152,335,731 174,064,011 196,708,784 211,562,686
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 3,193,000 5,220,400 6,409,100 5,410,900 2,147,300
FCFE per share3 21.73 34.27 36.82 27.51 10.15
Share price1, 4 220.17 263.25 337.24 333.24 346.00
Valuation Ratio
P/FCFE5 10.13 7.68 9.16 12.11 34.09
Benchmarks
P/FCFE, Competitors6
AbbVie Inc. 18.76 13.16 3.64 — —
Amgen Inc. 13.52 11.06 33.32 — —
Bristol-Myers Squibb Co. 16.17 7.80 5.80 — —
Danaher Corp. 20.75 44.62 6.88 — —
Eli Lilly & Co. 35.17 36.62 15.87 — —
Gilead Sciences Inc. 12.70 5.98 15.91 — —
Johnson & Johnson 23.28 15.60 23.06 — —
Merck & Co. Inc. 18.72 17.85 18.08 — —
Moderna Inc. 4.62 31.68 — — —
Pfizer Inc. 8.88 — 9.87 — —
Regeneron Pharmaceuticals Inc. 10.35 13.30 21.00 — —
Thermo Fisher Scientific Inc. 13.44 18.58 46.04 — —
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 15.27 17.30 11.46 — —
P/FCFE, Industry
Health Care 16.76 17.08 13.39 — —

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 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,193,000,000 ÷ 146,962,793 = 21.73

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

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 220.17 ÷ 21.73 = 10.13

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Biogen Inc. P/FCFE ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.