Biogen Inc.

Health Care
Biotechnology: Biological Products (No Diagnostic Substances)
www.biogen.com

Earnings Score
Moat Score
Safety Score

Market Cap $22.84B
PE 14
Debt $6.29B
Cash $1.70B
EV $27.43B
FCF $1.95B

Earnings

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Sales & Net Margins

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Earnings	$1.62B
EBIT	$1.98B
ROE	10%
ROA	7%
FCF	$1.95B
Equity	$16.36B
Growth Stability	33%
PE	14.14
PEG	-0.55
PB	1.4
P/FCF	11.73
P/S	2.38
Price/Cash	0.07
Debt/Equity	0.38
Debt/FCF	3.23
Net Margins	19%
Gross Margins	76%
Op. Margins	21%
Earnings CAGR	-11%
Sales Growth YoY	-3%
Sales Growth QoQ	0%
Sales CAGR	-2%
FCF CAGR	-11%
Equity CAGR	2%
Earnings Stability	0.38
Earnings Growth YoY	-670%
Earnings Growth QoQ	-33%

Earnings CAGR 5Y	-26%
Sales CAGR 5Y	-9%
FCF CAGR 5Y	-31%
Equity CAGR 5Y	8%
Earnings CAGR 3Y	-5%
Sales CAGR 3Y	-5%
FCF CAGR 3Y	-22%
Equity CAGR 3Y	15%
Market Cap	$22.84B
Revenue	$9.61B
Assets	$28.31B
Total Debt	$6.29B
Cash	$1.70B
Shares Outstanding	145.5M
EV	27.43B
Earnings Score	3%
Moat Score	88%
Safety Score	62%
Final Score	51%
Working Capital	1.41B
Current Ratio	1.26
Gross Profit	$7.26B
Shares Growth 3y	5%
Equity Growth QoQ	3%
Equity Growth YoY	13%

Assets & ROA

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Stockholders Equity & ROE

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Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel MS drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is co-promoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with SOBI) were spun off as part of Bioverativ in 2017. Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis. Aduhelm was approved as the firm's first Alzheimer's disease therapy in June 2021.

SEC Filings

Direct access to Biogen Inc. (BIIB) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Biogen Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Biogen Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -11%

Stability 38%

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Biogen Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Biogen Inc..

Years

Calculation mode

= $9.8B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.9B	$1.7B	$1.6B	$1.4B	$1.2B	$1.1B	$994M	$889M	$795M	$710M	$635M	$6.4B
DCF		$1.6B	$1.3B	$1B	$850M	$691M	$561M	$456M	$371M	$301M	$245M	$2.4B
Value	$9.8B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	30%	33%	32%	21%	33%	41%	30%	14%	29%	12%	19%
ROA	-	25%	23%	23%	24%	27%	21%	12%	16%	6%	7%
ROE	-	38%	30%	20%	34%	44%	37%	14%	22%	8%	10%

Good Net Margins (18.91%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	2.28	1.96	1.77	1.27	0.91	1.95	2.15	5.49	5.8	3.23
Debt over Equity	0.05	0.7	0.54	0.47	0.46	0.45	0.69	0.66	0.47	0.5	0.38
Growth Stability	-	-	-	75%	100%	100%	93%	33%	78%	41%	33%

Neutral Debt/FCF ratio (3.23)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.38)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (33%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	11%	6%	7%	10%	7%	-6%	-18%	-7%	-3%	-9%
Earnings YoY growth	-	21%	4%	-31%	74%	33%	-32%	-61%	90%	-61%	-26%
Equity YoY growth	-	-13%	29%	4%	3%	2%	-20%	2%	22%	10%	8%
FCF YoY growth	-	12%	16%	1%	40%	40%	-42%	-11%	-66%	11%	-31%