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Biogen (BIIB) FY2022 results: revenue $10.2 billion, down 7.4% on the year

Biogen Inc. (BIIB) reported revenue of $10.2 billion for fiscal 2022, the year ended 31 December 2022, down 7.4% on the year before. Net income was $3.0 billion, up 95.8%, and diluted earnings per share $20.87. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2023.

Revenue
$10.2 billion
-7.4% on the year
FY2015FY2022
Operating margin
35.3%
25.9% a year earlier
FY2015FY2022
Net income
$3.0 billion
+95.8% on the year
FY2015FY2022
Diluted EPS
$20.87
+100.7% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue10,17310,98213,445-7.4%
Cost of revenue2,2782,1101,805+8.0%
Gross profit7,8958,87211,639-11.0%
Gross margin77.6%80.8%86.6%
Research and development2,2312,5013,991-10.8%
Selling, general and administrative2,4042,6742,504-10.1%
Operating income3,5922,8414,550+26.4%
Operating margin35.3%25.9%33.8%
Interest expense247254222-2.8%
Pre-tax income3,5921,7455,048+105.8%
Income tax63352.5992+1,105.3%
Effective tax rate17.6%3.0%19.7%
Net income3,0471,5564,001+95.8%
Net margin29.9%14.2%29.8%
Diluted EPS$20.87$10.40$24.80+100.7%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow1,3843,6404,230-62.0%
Capital expenditure240258425-6.9%
Free cash flow1,1443,3823,805-66.2%
Free cash flow margin11.2%30.8%28.3%
Cash from investing1,577-564-609
Cash from financing-1,747-2,086-5,273
Depreciation and amortisation518488457+6.3%
Share-based compensation254239198+6.5%
Buybacks7501,8006,679-58.3%
Diluted shares, weighted146m150m161m-2.4%
Shares outstanding at period end144m147m152m-2.0%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity13,39810,89610,700+23.0%
Non-controlling interest-9.563.5-14.2
Debt6,2817,2737,426-13.6%
Operating lease liabilities333330402+0.8%
Other liabilities4,5525,3146,105-14.3%
Total liabilities and equity24,55423,87724,619+2.8%
Fixed assets3,2993,4163,412-3.4%
Goodwill5,7495,7615,762-0.2%
Intangible assets1,8502,2213,084-16.7%
Investments2,1792,4332,051-10.4%
Cash and equivalents3,4192,2611,331+51.2%
Receivables1,7051,5491,914+10.0%
Inventory1,3441,3521,069-0.5%
Other assets5,0084,8835,996+2.6%
Total assets24,55423,87724,619+2.8%

10-K for the year ended 31 December 2022, filed 15 February 2023: the filing.