Biogen (BIIB) FY2011 results: revenue $5.0 billion, up 7.0% on the year
Biogen Inc. (BIIB) reported revenue of $5.0 billion for fiscal 2011, the year ended 31 December 2011, up 7.0% on the year before. Net income was $1.2 billion, up 22.8%, and diluted earnings per share $5.04. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2012.
Revenue
$5.0 billion
+7.0% on the year
FY2007FY2011
Operating margin
34.2%
26.5% a year earlier
FY2007FY2011
Net income
$1.2 billion
+22.8% on the year
FY2007FY2011
Diluted EPS
$5.04
+27.9% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
5,049
4,716
4,377
+7.0%
Cost of revenue
467
400
382
+16.6%
Gross profit
4,582
4,316
3,995
+6.2%
Gross margin
90.8%
91.5%
91.3%
Research and development
1,220
1,249
1,283
-2.3%
Selling, general and administrative
1,056
1,032
911
+2.4%
Operating income
1,725
1,249
1,295
+38.1%
Operating margin
34.2%
26.5%
29.6%
Interest expense
33.0
36.1
35.8
-8.6%
Pre-tax income
1,711
1,230
1,333
+39.1%
Income tax
445
331
356
+34.2%
Effective tax rate
26.0%
26.9%
26.7%
Net income
1,234
1,005
970
+22.8%
Net margin
24.5%
21.3%
22.2%
Diluted EPS
$5.04
$3.94
$3.35
+27.9%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,728
1,625
1,075
+6.3%
Capital expenditure
208
173
166
+20.2%
Free cash flow
1,520
1,452
909
+4.7%
Free cash flow margin
30.1%
30.8%
20.8%
Cash from investing
-1,650
345
-395
Cash from financing
-320
-1,785
-724
Depreciation and amortisation
359
356
428
+0.9%
Share-based compensation
113
168
161
-32.7%
Buybacks
498
2,078
751
-76.0%
Diluted shares, weighted
245m
255m
289m
-3.9%
Shares outstanding at period end
242m
241m
275m
+0.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,425
5,397
6,222
+19.1%
Non-controlling interest
1.5
52.9
40.4
-97.2%
Debt
1,064
1,204
1,080
-11.6%
Other liabilities
1,559
1,440
1,210
+8.3%
Total liabilities and equity
9,050
8,092
8,552
+11.8%
Fixed assets
1,571
1,642
1,637
-4.3%
Goodwill
1,146
1,146
1,139
0.0%
Intangible assets
1,608
1,773
1,871
-9.3%
Investments
2,593
1,191
1,876
+117.7%
Cash and equivalents
515
760
582
-32.3%
Receivables
585
605
551
-3.4%
Inventory
327
289
294
+13.1%
Other assets
705
686
602
+2.7%
Total assets
9,050
8,092
8,552
+11.8%
10-K for the year ended 31 December 2011, filed 3 February 2012: the filing.