Biogen (BIIB) FY2019 results: revenue $14.4 billion, up 6.9% on the year
Biogen Inc. (BIIB) reported revenue of $14.4 billion for fiscal 2019, the year ended 31 December 2019, up 6.9% on the year before. Net income was $5.9 billion, up 32.9%, and diluted earnings per share $31.42. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2020.
Revenue
$14.4 billion
+6.9% on the year
FY2012FY2019
Operating margin
49.0%
43.8% a year earlier
FY2012FY2019
Net income
$5.9 billion
+32.9% on the year
FY2012FY2019
Diluted EPS
$31.42
+45.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,378
13,453
12,274
+6.9%
Cost of revenue
1,955
1,816
1,630
+7.7%
Gross profit
12,422
11,637
10,644
+6.8%
Gross margin
86.4%
86.5%
86.7%
Research and development
2,281
2,597
2,254
-12.2%
Selling, general and administrative
2,375
2,106
1,936
+12.7%
Operating income
7,043
5,889
5,344
+19.6%
Operating margin
49.0%
43.8%
43.5%
Interest expense
187
201
251
-6.6%
Pre-tax income
7,126
5,900
5,129
+20.8%
Income tax
1,158
1,426
2,459
-18.8%
Effective tax rate
16.3%
24.2%
47.9%
Net income
5,888
4,431
2,539
+32.9%
Net margin
41.0%
32.9%
20.7%
Diluted EPS
$31.42
$21.58
$11.92
+45.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
7,079
6,188
4,551
+14.4%
Capital expenditure
514
771
867
-33.2%
Free cash flow
6,564
5,417
3,684
+21.2%
Free cash flow margin
45.7%
40.3%
30.0%
Cash from investing
470
-2,046
-2,963
Cash from financing
-5,860
-4,472
-2,380
Depreciation and amortisation
465
650
1,081
-28.6%
Share-based compensation
182
158
128
+15.7%
Buybacks
5,868
4,353
1,365
+34.8%
Diluted shares, weighted
187m
205m
213m
-8.7%
Shares outstanding at period end
174m
197m
212m
-11.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
13,343
13,040
12,613
+2.3%
Non-controlling interest
-4.1
-8.0
-14.7
Debt
5,955
5,936
5,935
+0.3%
Operating lease liabilities
413
0.0
n/a
Other liabilities
7,528
6,321
5,120
+19.1%
Total liabilities and equity
27,234
25,289
23,653
+7.7%
Fixed assets
3,247
3,601
3,182
-9.8%
Goodwill
5,758
5,706
4,632
+0.9%
Intangible assets
3,527
3,120
3,880
+13.1%
Investments
2,970
3,689
5,172
-19.5%
Cash and equivalents
2,914
1,225
1,574
+137.9%
Receivables
1,880
1,958
1,787
-4.0%
Inventory
804
930
903
-13.5%
Other assets
6,133
5,059
2,522
+21.2%
Total assets
27,234
25,289
23,653
+7.7%
10-K for the year ended 31 December 2019, filed 6 February 2020: the filing.