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Biogen (BIIB) FY2021 results: revenue $11.0 billion, down 18.3% on the year

Biogen Inc. (BIIB) reported revenue of $11.0 billion for fiscal 2021, the year ended 31 December 2021, down 18.3% on the year before. Net income was $1.6 billion, down 61.1%, and diluted earnings per share $10.40. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2022.

Revenue
$11.0 billion
-18.3% on the year
FY2014FY2021
Operating margin
25.9%
33.8% a year earlier
FY2014FY2021
Net income
$1.6 billion
-61.1% on the year
FY2014FY2021
Diluted EPS
$10.40
-58.1% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue10,98213,44514,378-18.3%
Cost of revenue2,1101,8051,955+16.9%
Gross profit8,87211,63912,422-23.8%
Gross margin80.8%86.6%86.4%
Research and development2,5013,9912,281-37.3%
Selling, general and administrative2,6742,5042,375+6.8%
Operating income2,8414,5507,043-37.6%
Operating margin25.9%33.8%49.0%
Interest expense254222187+14.0%
Pre-tax income1,7455,0487,126-65.4%
Income tax52.59921,158-94.7%
Effective tax rate3.0%19.7%16.3%
Net income1,5564,0015,888-61.1%
Net margin14.2%29.8%41.0%
Diluted EPS$10.40$24.80$31.42-58.1%
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow3,6404,2307,079-13.9%
Capital expenditure258425514-39.2%
Free cash flow3,3823,8056,564-11.1%
Free cash flow margin30.8%28.3%45.7%
Cash from investing-564-609470
Cash from financing-2,086-5,273-5,860
Depreciation and amortisation488457465+6.7%
Share-based compensation239198182+20.3%
Buybacks1,8006,6795,868-73.1%
Diluted shares, weighted150m161m187m-7.3%
Shares outstanding at period end147m152m174m-3.5%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity10,89610,70013,343+1.8%
Non-controlling interest63.5-14.2-4.1
Debt7,2737,4265,955-2.1%
Operating lease liabilities330402413-17.8%
Other liabilities5,3146,1057,528-12.9%
Total liabilities and equity23,87724,61927,234-3.0%
Fixed assets3,4163,4123,247+0.1%
Goodwill5,7615,7625,758-0.0%
Intangible assets2,2213,0843,527-28.0%
Investments2,4332,0512,970+18.6%
Cash and equivalents2,2611,3312,914+69.9%
Receivables1,5491,9141,880-19.0%
Inventory1,3521,069804+26.5%
Other assets4,8835,9966,133-18.6%
Total assets23,87724,61927,234-3.0%

10-K for the year ended 31 December 2021, filed 3 February 2022: the filing.