Biogen (BIIB) FY2018 results: revenue $13.5 billion, up 9.6% on the year
Biogen Inc. (BIIB) reported revenue of $13.5 billion for fiscal 2018, the year ended 31 December 2018, up 9.6% on the year before. Net income was $4.4 billion, up 74.5%, and diluted earnings per share $21.58. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2019.
Revenue
$13.5 billion
+9.6% on the year
FY2011FY2018
Operating margin
43.8%
43.5% a year earlier
FY2011FY2018
Net income
$4.4 billion
+74.5% on the year
FY2011FY2018
Diluted EPS
$21.58
+81.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
13,453
12,274
11,449
+9.6%
Cost of revenue
1,816
1,630
1,479
+11.4%
Gross profit
11,637
10,644
9,970
+9.3%
Gross margin
86.5%
86.7%
87.1%
Research and development
2,597
2,254
1,973
+15.2%
Selling, general and administrative
2,106
1,936
1,948
+8.8%
Operating income
5,889
5,344
5,150
+10.2%
Operating margin
43.8%
43.5%
45.0%
Interest expense
201
251
260
-20.0%
Pre-tax income
5,900
5,129
4,933
+15.0%
Income tax
1,426
2,459
1,237
-42.0%
Effective tax rate
24.2%
47.9%
25.1%
Net income
4,431
2,539
3,703
+74.5%
Net margin
32.9%
20.7%
32.3%
Diluted EPS
$21.58
$11.92
$16.93
+81.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,188
4,551
4,587
+36.0%
Capital expenditure
771
867
616
-11.2%
Free cash flow
5,417
3,684
3,971
+47.1%
Free cash flow margin
40.3%
30.0%
34.7%
Cash from investing
-2,046
-2,963
-2,485
Cash from financing
-4,472
-2,380
-1,053
Depreciation and amortisation
650
1,081
683
-39.8%
Share-based compensation
158
128
155
+23.0%
Buybacks
4,353
1,365
1,000
+218.8%
Diluted shares, weighted
205m
213m
219m
-3.6%
Shares outstanding at period end
197m
212m
216m
-6.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
13,040
12,613
12,140
+3.4%
Non-controlling interest
-8.0
-14.7
-11.5
Debt
5,936
5,935
6,513
+0.0%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
6,321
5,120
4,236
+23.5%
Total liabilities and equity
25,289
23,653
22,877
+6.9%
Fixed assets
3,601
3,182
2,502
+13.2%
Goodwill
5,706
4,632
3,669
+23.2%
Intangible assets
3,120
3,880
3,808
-19.6%
Investments
3,689
5,172
5,398
-28.7%
Cash and equivalents
1,225
1,574
2,326
-22.2%
Receivables
1,958
1,787
1,442
+9.6%
Inventory
930
903
1,002
+3.0%
Other assets
5,059
2,522
2,730
+100.6%
Total assets
25,289
23,653
22,877
+6.9%
10-K for the year ended 31 December 2018, filed 6 February 2019: the filing.