Biogen (BIIB) FY2017 results: revenue $12.3 billion, up 7.2% on the year
Biogen Inc. (BIIB) reported revenue of $12.3 billion for fiscal 2017, the year ended 31 December 2017, up 7.2% on the year before. Net income was $2.5 billion, down 31.4%, and diluted earnings per share $11.92. The figures are the company's own, from the 10-K it filed with the SEC on 1 February 2018.
Revenue
$12.3 billion
+7.2% on the year
FY2010FY2017
Operating margin
43.5%
45.0% a year earlier
FY2010FY2017
Net income
$2.5 billion
-31.4% on the year
FY2010FY2017
Diluted EPS
$11.92
-29.6% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
12,274
11,449
10,764
+7.2%
Cost of revenue
1,630
1,479
1,240
+10.2%
Gross profit
10,644
9,970
9,523
+6.8%
Gross margin
86.7%
87.1%
88.5%
Research and development
2,254
1,973
2,013
+14.2%
Selling, general and administrative
1,936
1,948
2,113
-0.6%
Operating income
5,344
5,150
4,891
+3.8%
Operating margin
43.5%
45.0%
45.4%
Interest expense
251
260
95.5
-3.5%
Pre-tax income
5,129
4,933
4,767
+4.0%
Income tax
2,459
1,237
1,162
+98.7%
Effective tax rate
47.9%
25.1%
24.4%
Net income
2,539
3,703
3,547
-31.4%
Net margin
20.7%
32.3%
33.0%
Diluted EPS
$11.92
$16.93
$15.34
-29.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
4,551
4,587
3,919
-0.8%
Capital expenditure
867
616
643
+40.8%
Free cash flow
3,684
3,971
3,276
-7.2%
Free cash flow margin
30.0%
34.7%
30.4%
Cash from investing
-2,963
-2,485
-4,554
Cash from financing
-2,380
-1,053
783
Depreciation and amortisation
1,081
683
600
+58.3%
Share-based compensation
128
155
161
-17.3%
Buybacks
1,365
1,000
5,000
+36.5%
Diluted shares, weighted
213m
219m
231m
-2.7%
Shares outstanding at period end
212m
216m
219m
-2.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
12,613
12,140
9,373
+3.9%
Non-controlling interest
-14.7
-11.5
2.1
Debt
5,935
6,513
6,522
-8.9%
Other liabilities
5,120
4,236
3,608
+20.9%
Total liabilities and equity
23,653
22,877
19,505
+3.4%
Fixed assets
3,182
2,502
2,188
+27.2%
Goodwill
4,632
3,669
2,664
+26.3%
Intangible assets
3,880
3,808
4,085
+1.9%
Investments
5,172
5,398
4,881
-4.2%
Cash and equivalents
1,574
2,326
1,308
-32.4%
Receivables
1,787
1,442
1,227
+24.0%
Inventory
903
1,002
893
-9.9%
Other assets
2,522
2,730
2,259
-7.6%
Total assets
23,653
22,877
19,505
+3.4%
10-K for the year ended 31 December 2017, filed 1 February 2018: the filing.