Biogen (BIIB) FY2016 results: revenue $11.4 billion, up 6.4% on the year
Biogen Inc. (BIIB) reported revenue of $11.4 billion for fiscal 2016, the year ended 31 December 2016, up 6.4% on the year before. Net income was $3.7 billion, up 4.4%, and diluted earnings per share $16.93. The figures are the company's own, from the 10-K it filed with the SEC on 2 February 2017.
Revenue
$11.4 billion
+6.4% on the year
FY2009FY2016
Operating margin
45.0%
45.4% a year earlier
FY2009FY2016
Net income
$3.7 billion
+4.4% on the year
FY2009FY2016
Diluted EPS
$16.93
+10.4% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
11,449
10,764
9,703
+6.4%
Cost of revenue
1,479
1,240
1,171
+19.2%
Gross profit
9,970
9,523
8,532
+4.7%
Gross margin
87.1%
88.5%
87.9%
Research and development
1,973
2,013
1,893
-2.0%
Selling, general and administrative
1,948
2,113
2,232
-7.8%
Operating income
5,150
4,891
3,972
+5.3%
Operating margin
45.0%
45.4%
40.9%
Interest expense
260
95.5
29.5
+172.3%
Pre-tax income
4,933
4,767
3,947
+3.5%
Income tax
1,237
1,162
990
+6.5%
Effective tax rate
25.1%
24.4%
25.1%
Net income
3,703
3,547
2,935
+4.4%
Net margin
32.3%
33.0%
30.2%
Diluted EPS
$16.93
$15.34
$12.37
+10.4%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
4,587
3,919
2,942
+17.0%
Capital expenditure
616
643
288
-4.2%
Free cash flow
3,971
3,276
2,654
+21.2%
Free cash flow margin
34.7%
30.4%
27.4%
Cash from investing
-2,485
-4,554
-1,543
Cash from financing
-1,053
783
-756
Depreciation and amortisation
683
600
688
+13.7%
Share-based compensation
155
161
155
-4.1%
Buybacks
1,000
5,000
887
-80.0%
Diluted shares, weighted
219m
231m
237m
-5.4%
Shares outstanding at period end
216m
219m
235m
-1.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
12,140
9,373
10,809
+29.5%
Non-controlling interest
-11.5
2.1
5.0
Debt
6,513
6,522
583
-0.1%
Other liabilities
4,236
3,608
2,919
+17.4%
Total liabilities and equity
22,877
19,505
14,317
+17.3%
Fixed assets
2,502
2,188
1,766
+14.4%
Goodwill
3,669
2,664
1,760
+37.7%
Intangible assets
3,808
4,085
4,029
-6.8%
Investments
5,398
4,881
2,111
+10.6%
Cash and equivalents
2,326
1,308
1,205
+77.9%
Receivables
1,442
1,227
1,292
+17.5%
Inventory
1,002
893
804
+12.1%
Other assets
2,730
2,259
1,350
+20.8%
Total assets
22,877
19,505
14,317
+17.3%
10-K for the year ended 31 December 2016, filed 2 February 2017: the filing.