$BIIB
BIOGEN INC.

2023 Q4 Form 10-Q Financial Statement

#000087504523000038 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.386B $2.530B
YoY Change -6.2% 0.87%
Cost Of Revenue $618.3M $659.6M
YoY Change 8.3% 40.49%
Gross Profit $1.768B $1.871B
YoY Change -10.39% -8.25%
Gross Profit Margin 74.09% 73.93%
Selling, General & Admin $595.1M $788.2M
YoY Change -5.96% 39.93%
% of Gross Profit 33.66% 42.13%
Research & Development $568.1M $736.3M
YoY Change -5.57% 34.07%
% of Gross Profit 32.13% 39.36%
Depreciation & Amortization $76.60M $64.10M
YoY Change -36.06% -0.16%
% of Gross Profit 4.33% 3.43%
Operating Expenses $1.240B $1.525B
YoY Change 13.29% 37.03%
Operating Profit $528.2M $346.2M
YoY Change -39.89% -62.63%
Interest Expense -$55.80M $63.80M
YoY Change -61.89% 6.51%
% of Operating Profit -10.56% 18.43%
Other Income/Expense, Net -$65.80M -$3.400M
YoY Change -535.76% -300.0%
Pretax Income $291.6M -$141.2M
YoY Change -51.71% -110.3%
Income Tax $42.70M -$72.90M
% Of Pretax Income 14.64%
Net Earnings $249.7M -$68.10M
YoY Change -54.63% -106.0%
Net Earnings / Revenue 10.46% -2.69%
Basic Earnings Per Share -$0.47
Diluted Earnings Per Share $1.71 -$0.47
COMMON SHARES
Basic Shares Outstanding 144.9M shares 144.8M shares
Diluted Shares Outstanding 144.8M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.050B $2.288B
YoY Change -78.54% -53.41%
Cash & Equivalents $1.050B $2.288B
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $1.182B $974.1M
YoY Change -16.62% -34.86%
Inventory $2.527B $2.982B
Prepaid Expenses
Receivables $1.664B $2.210B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.859B $8.454B
YoY Change -29.94% -13.43%
LONG-TERM ASSETS
Property, Plant & Equipment $3.310B $3.302B
YoY Change 0.34% 1.08%
Goodwill $6.219B $6.808B
YoY Change 8.18% 18.57%
Intangibles $8.363B $7.345B
YoY Change 352.03% 265.6%
Long-Term Investments $745.0M $755.0M
YoY Change -66.67% -69.47%
Other Assets $745.0M $754.6M
YoY Change -51.28% -53.21%
Total Long-Term Assets $19.99B $19.74B
YoY Change 35.38% 30.82%
TOTAL ASSETS
Total Short-Term Assets $6.859B $8.454B
Total Long-Term Assets $19.99B $19.74B
Total Assets $26.84B $28.19B
YoY Change 9.33% 13.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $403.3M $440.1M
YoY Change -17.95% 14.85%
Accrued Expenses $2.624B $2.827B
YoY Change 75.3% 105.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $150.0M $500.0M
YoY Change
Total Short-Term Liabilities $3.434B $5.022B
YoY Change 4.93% 27.91%
LONG-TERM LIABILITIES
Long-Term Debt $6.788B $6.786B
YoY Change 8.08% 8.07%
Other Long-Term Liabilities $781.1M $747.9M
YoY Change -17.27% -37.58%
Total Long-Term Liabilities $781.1M $747.9M
YoY Change -17.27% -37.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.434B $5.022B
Total Long-Term Liabilities $781.1M $747.9M
Total Liabilities $12.05B $13.71B
YoY Change 7.88% 13.45%
SHAREHOLDERS EQUITY
Retained Earnings $17.63B $17.38B
YoY Change 7.05% 9.18%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.977B $2.977B
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $14.80B $14.48B
YoY Change
Total Liabilities & Shareholders Equity $26.84B $28.19B
YoY Change 9.33% 13.43%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $249.7M -$68.10M
YoY Change -54.63% -106.0%
Depreciation, Depletion And Amortization $76.60M $64.10M
YoY Change -36.06% -0.16%
Cash From Operating Activities $12.50M $592.4M
YoY Change -107.14% -10.38%
INVESTING ACTIVITIES
Capital Expenditures $65.20M $87.60M
YoY Change -25.4% -248.22%
Acquisitions
YoY Change
Other Investing Activities -$587.1M -$1.655B
YoY Change 993.3% -195.57%
Cash From Investing Activities -$652.3M -$1.742B
YoY Change 362.3% -204.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -646.1M 848.6M
YoY Change 8631.08% -167.78%
NET CHANGE
Cash From Operating Activities 12.50M 592.4M
Cash From Investing Activities -652.3M -1.742B
Cash From Financing Activities -646.1M 848.6M
Net Change In Cash -1.286B -301.2M
YoY Change 297.5% -127.86%
FREE CASH FLOW
Cash From Operating Activities $12.50M $592.4M
Capital Expenditures $65.20M $87.60M
Free Cash Flow -$52.70M $504.8M
YoY Change -79.92% -29.9%

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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our condensed consolidated financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenue and expense and related disclosure of contingent assets and liabilities. On an ongoing basis we evaluate our estimates, judgments and assumptions. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenue and expense. Actual results may differ from these estimates.</span></div><div style="margin-top:9pt"><span style="color:#2573ba;font-family:'Franklin Gothic Book',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Significant Accounting Policies</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no material changes to our significant accounting policies disclosed in </span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 1, Summary of Significant Accounting Policies</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, to our audited consolidated financial statements included in our 2022 Form 10-K.</span></div><div style="margin-top:9pt"><span style="color:#2573ba;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Business Combinations</span></div>Business combinations are recorded using the acquisition method of accounting. The results of operations of the acquired company are included in our results of operations beginning on the acquisition date, and assets acquired and liabilities assumed are recognized on the acquisition date at their respective fair values. Any excess of consideration transferred over the net carrying value of the assets acquired and liabilities assumed as of the acquisition date is recognized as goodwill. Transaction and restructuring costs related to business combinations are expensed as incurred. The fair value of assets acquired and liabilities assumed in certain cases may be subject to revision based on the final determination of fair value during a period of time not to exceed 12 months from the acquisition date. If we determine the assets acquired do not meet the definition of a business, the transaction will be accounted for as an asset acquisition rather than a business combination.
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