Biogen (BIIB) FY2012 results: revenue $5.5 billion, up 9.3% on the year
Biogen Inc. (BIIB) reported revenue of $5.5 billion for fiscal 2012, the year ended 31 December 2012, up 9.3% on the year before. Net income was $1.4 billion, up 11.8%, and diluted earnings per share $5.76. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2013.
Revenue
$5.5 billion
+9.3% on the year
FY2007FY2012
Operating margin
33.6%
34.2% a year earlier
FY2007FY2012
Net income
$1.4 billion
+11.8% on the year
FY2007FY2012
Diluted EPS
$5.76
+14.3% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
5,516
5,049
4,716
+9.3%
Cost of revenue
545
467
400
+16.9%
Gross profit
4,971
4,582
4,316
+8.5%
Gross margin
90.1%
90.8%
91.5%
Research and development
1,335
1,220
1,249
+9.5%
Selling, general and administrative
1,277
1,056
1,032
+21.0%
Operating income
1,856
1,725
1,249
+7.6%
Operating margin
33.6%
34.2%
26.5%
Interest expense
36.5
33.0
36.1
+10.6%
Pre-tax income
1,855
1,711
1,230
+8.4%
Income tax
471
445
331
+5.9%
Effective tax rate
25.4%
26.0%
26.9%
Net income
1,380
1,234
1,005
+11.8%
Net margin
25.0%
24.5%
21.3%
Diluted EPS
$5.76
$5.04
$3.94
+14.3%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,880
1,728
1,625
+8.8%
Capital expenditure
255
208
173
+22.4%
Free cash flow
1,625
1,520
1,452
+7.0%
Free cash flow margin
29.5%
30.1%
30.8%
Cash from investing
-950
-1,650
345
Cash from financing
-877
-320
-1,785
Depreciation and amortisation
366
359
356
+1.9%
Share-based compensation
119
113
168
+4.9%
Buybacks
985
498
2,078
+97.7%
Diluted shares, weighted
240m
245m
255m
-2.2%
Shares outstanding at period end
237m
242m
241m
-2.3%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,962
6,425
5,397
+8.3%
Non-controlling interest
2.3
1.5
52.9
+52.7%
Debt
1,141
1,064
1,204
+7.2%
Other liabilities
2,026
1,559
1,440
+30.0%
Total liabilities and equity
10,130
9,050
8,092
+11.9%
Fixed assets
1,742
1,571
1,642
+10.9%
Goodwill
1,201
1,146
1,146
+4.8%
Intangible assets
1,632
1,608
1,773
+1.5%
Investments
3,172
2,593
1,191
+22.3%
Cash and equivalents
571
515
760
+10.9%
Receivables
687
585
605
+17.5%
Inventory
447
327
289
+36.9%
Other assets
678
705
686
-3.7%
Total assets
10,130
9,050
8,092
+11.9%
10-K for the year ended 31 December 2012, filed 5 February 2013: the filing.