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Biogen (BIIB) FY2023 results: revenue $9.8 billion, down 3.3% on the year

Biogen Inc. (BIIB) reported revenue of $9.8 billion for fiscal 2023, the year ended 31 December 2023, down 3.3% on the year before. Net income was $1.2 billion, down 61.9%, and diluted earnings per share $7.97. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue
$9.8 billion
-3.3% on the year
FY2016FY2023
Operating margin
13.2%
35.3% a year earlier
FY2016FY2023
Net income
$1.2 billion
-61.9% on the year
FY2016FY2023
Diluted EPS
$7.97
-61.8% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue9,83610,17310,982-3.3%
Cost of revenue2,5332,2782,110+11.2%
Gross profit7,3027,8958,872-7.5%
Gross margin74.2%77.6%80.8%
Research and development2,4452,2312,501+9.6%
Selling, general and administrative2,5502,4042,674+6.1%
Operating income1,2973,5922,841-63.9%
Operating margin13.2%35.3%25.9%
Interest expense247247254+0.1%
Pre-tax income1,2973,5921,745-63.9%
Income tax13563352.5-78.6%
Effective tax rate10.4%17.6%3.0%
Net income1,1613,0471,556-61.9%
Net margin11.8%29.9%14.2%
Diluted EPS$7.97$20.87$10.40-61.8%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow1,5471,3843,640+11.8%
Capital expenditure277240258+15.3%
Free cash flow1,2701,1443,382+11.0%
Free cash flow margin12.9%11.2%30.8%
Cash from investing-4,1011,577-564
Cash from financing149-1,747-2,086
Depreciation and amortisation495518488-4.6%
Share-based compensation264254239+4.0%
Buybacks0.07501,800
Diluted shares, weighted146m146m150m-0.3%
Shares outstanding at period end145m144m147m+0.6%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity14,79913,39810,896+10.5%
Non-controlling interest0.0-9.563.5
Debt6,9386,2817,273+10.5%
Operating lease liabilities400333330+20.1%
Other liabilities4,7074,5525,314+3.4%
Total liabilities and equity26,84524,55423,877+9.3%
Fixed assets3,3103,2993,416+0.3%
Goodwill6,2195,7495,761+8.2%
Intangible assets8,3631,8502,221+352.0%
Investments0.02,1792,433
Cash and equivalents1,0503,4192,261-69.3%
Receivables1,6641,7051,549-2.4%
Inventory2,5271,3441,352+88.0%
Other assets3,7125,0084,883-25.9%
Total assets26,84524,55423,877+9.3%

10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.