Biogen (BIIB) FY2013 results: revenue $6.9 billion, up 25.7% on the year
Biogen Inc. (BIIB) reported revenue of $6.9 billion for fiscal 2013, the year ended 31 December 2013, up 25.7% on the year before. Net income was $1.9 billion, up 34.9%, and diluted earnings per share $7.81. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2014.
Revenue
$6.9 billion
+25.7% on the year
FY2007FY2013
Operating margin
36.3%
33.6% a year earlier
FY2007FY2013
Net income
$1.9 billion
+34.9% on the year
FY2007FY2013
Diluted EPS
$7.81
+35.6% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
6,932
5,516
5,049
+25.7%
Cost of revenue
858
545
467
+57.2%
Gross profit
6,074
4,971
4,582
+22.2%
Gross margin
87.6%
90.1%
90.8%
Research and development
1,444
1,335
1,220
+8.2%
Selling, general and administrative
1,712
1,277
1,056
+34.0%
Operating income
2,516
1,856
1,725
+35.5%
Operating margin
36.3%
33.6%
34.2%
Interest expense
31.9
36.5
33.0
-12.6%
Pre-tax income
2,481
1,855
1,711
+33.7%
Income tax
601
471
445
+27.7%
Effective tax rate
24.2%
25.4%
26.0%
Net income
1,862
1,380
1,234
+34.9%
Net margin
26.9%
25.0%
24.5%
Diluted EPS
$7.81
$5.76
$5.04
+35.6%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,345
1,880
1,728
+24.7%
Capital expenditure
246
255
208
-3.2%
Free cash flow
2,099
1,625
1,520
+29.1%
Free cash flow margin
30.3%
29.5%
30.1%
Cash from investing
-1,605
-950
-1,650
Cash from financing
-717
-877
-320
Depreciation and amortisation
532
366
359
+45.4%
Share-based compensation
136
119
113
+15.0%
Buybacks
400
985
498
-59.3%
Diluted shares, weighted
238m
240m
245m
-0.6%
Shares outstanding at period end
236m
237m
242m
-0.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
8,620
6,962
6,425
+23.8%
Non-controlling interest
0.6
2.3
1.5
-73.8%
Debt
596
1,141
1,064
-47.8%
Other liabilities
2,647
2,026
1,559
+30.7%
Total liabilities and equity
11,863
10,130
9,050
+17.1%
Fixed assets
1,751
1,742
1,571
+0.5%
Goodwill
1,233
1,201
1,146
+2.6%
Intangible assets
4,475
1,632
1,608
+174.3%
Investments
1,246
3,172
2,593
-60.7%
Cash and equivalents
603
571
515
+5.6%
Receivables
824
687
585
+20.0%
Inventory
659
447
327
+47.3%
Other assets
1,073
678
705
+58.2%
Total assets
11,863
10,130
9,050
+17.1%
10-K for the year ended 31 December 2013, filed 6 February 2014: the filing.