Biogen (BIIB) FY2020 results: revenue $13.4 billion, down 6.5% on the year
Biogen Inc. (BIIB) reported revenue of $13.4 billion for fiscal 2020, the year ended 31 December 2020, down 6.5% on the year before. Net income was $4.0 billion, down 32.1%, and diluted earnings per share $24.80. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2021.
Revenue
$13.4 billion
-6.5% on the year
FY2013FY2020
Operating margin
33.8%
49.0% a year earlier
FY2013FY2020
Net income
$4.0 billion
-32.1% on the year
FY2013FY2020
Diluted EPS
$24.80
-21.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
13,445
14,378
13,453
-6.5%
Cost of revenue
1,805
1,955
1,816
-7.7%
Gross profit
11,639
12,422
11,637
-6.3%
Gross margin
86.6%
86.4%
86.5%
Research and development
3,991
2,281
2,597
+75.0%
Selling, general and administrative
2,504
2,375
2,106
+5.5%
Operating income
4,550
7,043
5,889
-35.4%
Operating margin
33.8%
49.0%
43.8%
Interest expense
222
187
201
+18.7%
Pre-tax income
5,048
7,126
5,900
-29.2%
Income tax
992
1,158
1,426
-14.3%
Effective tax rate
19.7%
16.3%
24.2%
Net income
4,001
5,888
4,431
-32.1%
Net margin
29.8%
41.0%
32.9%
Diluted EPS
$24.80
$31.42
$21.58
-21.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
4,230
7,079
6,188
-40.2%
Capital expenditure
425
514
771
-17.4%
Free cash flow
3,805
6,564
5,417
-42.0%
Free cash flow margin
28.3%
45.7%
40.3%
Cash from investing
-609
470
-2,046
Cash from financing
-5,273
-5,860
-4,472
Depreciation and amortisation
457
465
650
-1.6%
Share-based compensation
198
182
158
+8.8%
Buybacks
6,679
5,868
4,353
+13.8%
Diluted shares, weighted
161m
187m
205m
-13.9%
Shares outstanding at period end
152m
174m
197m
-12.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,700
13,343
13,040
-19.8%
Non-controlling interest
-14.2
-4.1
-8.0
Debt
7,426
5,955
5,936
+24.7%
Operating lease liabilities
402
413
0.0
-2.6%
Other liabilities
6,105
7,528
6,321
-18.9%
Total liabilities and equity
24,619
27,234
25,289
-9.6%
Fixed assets
3,412
3,247
3,601
+5.1%
Goodwill
5,762
5,758
5,706
+0.1%
Intangible assets
3,084
3,527
3,120
-12.6%
Investments
2,051
2,970
3,689
-30.9%
Cash and equivalents
1,331
2,914
1,225
-54.3%
Receivables
1,914
1,880
1,958
+1.8%
Inventory
1,069
804
930
+32.9%
Other assets
5,996
6,133
5,059
-2.2%
Total assets
24,619
27,234
25,289
-9.6%
10-K for the year ended 31 December 2020, filed 3 February 2021: the filing.