Biogen (BIIB) FY2010 results: revenue $4.7 billion, up 7.7% on the year
Biogen Inc. (BIIB) reported revenue of $4.7 billion for fiscal 2010, the year ended 31 December 2010, up 7.7% on the year before. Net income was $1.0 billion, up 3.6%, and diluted earnings per share $3.94. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2011.
Revenue
$4.7 billion
+7.7% on the year
FY2007FY2010
Operating margin
26.5%
29.6% a year earlier
FY2007FY2010
Net income
$1.0 billion
+3.6% on the year
FY2007FY2010
Diluted EPS
$3.94
+17.6% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
4,716
4,377
4,098
+7.7%
Cost of revenue
400
382
402
+4.8%
Gross profit
4,316
3,995
3,696
+8.0%
Gross margin
91.5%
91.3%
90.2%
Research and development
1,249
1,283
1,072
-2.7%
Selling, general and administrative
1,032
911
925
+13.2%
Operating income
1,249
1,295
1,214
-3.6%
Operating margin
26.5%
29.6%
29.6%
Interest expense
36.1
35.8
52.0
+0.8%
Pre-tax income
1,230
1,333
1,156
-7.7%
Income tax
331
356
366
-6.8%
Effective tax rate
26.9%
26.7%
31.6%
Net income
1,005
970
783
+3.6%
Net margin
21.3%
22.2%
19.1%
Diluted EPS
$3.94
$3.35
$2.65
+17.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
1,625
1,075
1,562
+51.1%
Capital expenditure
173
166
276
+4.5%
Free cash flow
1,452
909
1,286
+59.6%
Free cash flow margin
30.8%
20.8%
31.4%
Cash from investing
345
-395
-366
Cash from financing
-1,785
-724
-1,235
Depreciation and amortisation
356
428
462
-16.9%
Share-based compensation
168
161
146
+4.3%
Buybacks
2,078
751
739
+176.6%
Diluted shares, weighted
255m
289m
295m
-12.0%
Shares outstanding at period end
241m
275m
288m
-12.5%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
5,397
6,222
5,806
-13.3%
Non-controlling interest
52.9
40.4
27.9
+31.2%
Debt
1,204
1,080
1,085
+11.4%
Other liabilities
1,440
1,210
1,560
+19.0%
Total liabilities and equity
8,092
8,552
8,479
-5.4%
Fixed assets
1,642
1,637
1,595
+0.3%
Goodwill
1,146
1,139
1,139
+0.7%
Intangible assets
1,773
1,871
2,161
-5.3%
Investments
1,191
1,876
1,611
-36.5%
Cash and equivalents
760
582
622
+30.5%
Receivables
605
551
447
+9.8%
Inventory
289
294
264
-1.7%
Other assets
686
602
641
+14.0%
Total assets
8,092
8,552
8,479
-5.4%
10-K for the year ended 31 December 2010, filed 4 February 2011: the filing.