Biogen (BIIB) FY2014 results: revenue $9.7 billion, up 40.0% on the year
Biogen Inc. (BIIB) reported revenue of $9.7 billion for fiscal 2014, the year ended 31 December 2014, up 40.0% on the year before. Net income was $2.9 billion, up 57.6%, and diluted earnings per share $12.37. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2015.
Revenue
$9.7 billion
+40.0% on the year
FY2007FY2014
Operating margin
40.9%
36.3% a year earlier
FY2007FY2014
Net income
$2.9 billion
+57.6% on the year
FY2007FY2014
Diluted EPS
$12.37
+58.4% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
9,703
6,932
5,516
+40.0%
Cost of revenue
1,171
858
545
+36.5%
Gross profit
8,532
6,074
4,971
+40.5%
Gross margin
87.9%
87.6%
90.1%
Research and development
1,893
1,444
1,335
+31.1%
Selling, general and administrative
2,232
1,712
1,277
+30.4%
Operating income
3,972
2,516
1,856
+57.9%
Operating margin
40.9%
36.3%
33.6%
Interest expense
29.5
31.9
36.5
-7.5%
Pre-tax income
3,947
2,481
1,855
+59.1%
Income tax
990
601
471
+64.7%
Effective tax rate
25.1%
24.2%
25.4%
Net income
2,935
1,862
1,380
+57.6%
Net margin
30.2%
26.9%
25.0%
Diluted EPS
$12.37
$7.81
$5.76
+58.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,942
2,345
1,880
+25.5%
Capital expenditure
288
246
255
+16.8%
Free cash flow
2,654
2,099
1,625
+26.5%
Free cash flow margin
27.4%
30.3%
29.5%
Cash from investing
-1,543
-1,605
-950
Cash from financing
-756
-717
-877
Depreciation and amortisation
688
532
366
+29.4%
Share-based compensation
155
136
119
+13.9%
Buybacks
887
400
985
+121.5%
Diluted shares, weighted
237m
238m
240m
-0.5%
Shares outstanding at period end
235m
236m
237m
-0.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
10,809
8,620
6,962
+25.4%
Non-controlling interest
5.0
0.6
2.3
+738.9%
Debt
583
596
1,141
-2.1%
Other liabilities
2,919
2,647
2,026
+10.3%
Total liabilities and equity
14,317
11,863
10,130
+20.7%
Fixed assets
1,766
1,751
1,742
+0.9%
Goodwill
1,760
1,233
1,201
+42.8%
Intangible assets
4,029
4,475
1,632
-10.0%
Investments
2,111
1,246
3,172
+69.4%
Cash and equivalents
1,205
603
571
+100.0%
Receivables
1,292
824
687
+56.8%
Inventory
804
659
447
+22.0%
Other assets
1,350
1,073
678
+25.8%
Total assets
14,317
11,863
10,130
+20.7%
10-K for the year ended 31 December 2014, filed 4 February 2015: the filing.