Biogen Inc. Financial Statements — BIIB Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	4,716	5,049	5,516	6,932	9,703	10,764	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676
- Cost of Revenue	400	467	545	858	1,171	1,240	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310
+ Cost of Goods & Services	400	467	545	858	1,171	1,240	1,479	1,630	1,816	1,955	1,805	2,110	2,278	2,533	2,310
+ Sales & Services Revenue	4,716	5,049	5,516	6,932	9,703	10,764	11,449	12,274	13,453	14,378	13,445	10,982	10,173	9,836	9,676
Gross Profit	4,316	4,582	4,971	6,074	8,532	9,523	9,970	10,644	11,637	12,422	11,639	8,872	7,895	7,302	7,366
- Operating Expenses	2,747	2,802	3,132	3,584	4,616	4,508	4,316	5,114	5,636	5,387	7,193	6,064	4,993	5,471	5,147
+ Research & Development	1,249	1,220	1,335	1,444	1,893	2,013	1,973	2,254	2,597	2,281	3,991	2,501	2,231	2,462	2,042
+ Other Operating Expense	467	526	520	428	490	383	396	927	932	732	698	888	358	459	701
+ Selling, General & Admin	1,032	1,056	1,277	1,712	2,232	2,113	1,947	1,934	2,106	2,375	2,504	2,674	2,404	2,550	2,404
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	1,569	1,780	1,838	2,490	3,917	5,015	5,654	5,529	6,001	7,036	4,446	2,808	2,902	1,831	2,219
- Non-Operating (Income) Loss	339	69	-17	9	-30	248	721	401	101	-90	-601	1,063	-690	534	313
+ Interest Expense, Net	14	14	7	24	17	73	197	172	88	67	180	243	157	-30	183
+ Interest Expense	36	33	36	32	30	96	260	251	201	187	222	254	247	247	250
- Interest Income	22	19	30	8	12	22	63	78	112	120	42	11	89	276	68
+ Other Non-Op (Income) Loss	325	55	-24	-14	-47	174	525	228	13	-158	-782	820	-847	564	130
Pretax Income	1,230	1,711	1,855	2,481	3,947	4,767	4,933	5,129	5,900	7,126	5,048	1,745	3,592	1,297	1,906
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	331	445	471	601	990	1,162	1,237	2,459	1,426	1,158	992	52	633	135	274
Income (Loss) from Cont Ops	899	1,267	1,380	1,862	2,942	3,593	3,696	2,670	4,474	5,888	4,060	1,728	2,962	1,162	1,632
- Net Extraordinary Losses (Gains)	-213	65	- -	- -	14	92	-14	262	87	- -	120	343	-171	1	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-213	65	- -	- -	14	92	-14	262	87	- -	120	343	-171	1	- -
Income (Loss) Incl. MI	1,112	1,202	1,380	1,862	2,928	3,501	3,710	2,408	4,387	5,888	3,941	1,385	3,132	1,161	1,632
- Minority Interest	107	-32	- -	- -	-7	-46	7	-131	-43	- -	-60	-172	85	- -	- -
Net Income, GAAP	1,005	1,234	1,380	1,862	2,935	3,547	3,703	2,539	4,431	5,888	4,001	1,556	3,047	1,161	1,632
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,005	1,234	1,380	1,862	2,935	3,547	3,703	2,539	4,431	5,888	4,001	1,556	3,047	1,161	1,632
Basic Weighted Avg Shares	252	242	238	237	236	231	218	213	205	187	161	149	145	145	146
Basic EPS, GAAP	3.98	5.09	5.8	7.86	12.42	15.37	16.95	11.94	21.62	31.47	24.86	10.44	20.97	8.02	11.21
Basic EPS from Cont Ops	3.56	5.23	5.8	7.86	12.45	15.58	16.92	12.56	21.84	31.47	25.24	11.59	20.38	8.03	11.21
Diluted Weighted Avg Shares	255	245	240	238	237	231	219	213	205	187	161	150	146	146	146
Diluted EPS, GAAP	3.94	5.04	5.76	7.81	12.37	15.34	16.92	11.92	21.58	31.42	24.8	10.4	20.87	7.97	11.19
Diluted EPS from Cont Ops	3.53	5.17	5.76	7.82	12.4	15.54	16.89	12.54	21.79	31.42	25.17	11.55	20.28	7.98	11.19
EBITDA	1,925	2,139	2,204	3,022	4,605	5,615	6,337	6,610	6,651	7,500	4,904	3,296	3,420	2,326	2,892
EBITDA Margin (%)	40.81	42.36	39.96	43.59	47.46	52.17	55.35	53.86	49.44	52.17	36.47	30.01	33.62	23.65	29.89
EBITA	1,569	1,780	1,838	2,490	3,917	5,015	5,654	5,529	6,001	7,036	4,446	2,808	2,902	1,831	2,219
EBIT	1,569	1,780	1,838	2,490	3,917	5,015	5,654	5,529	6,001	7,036	4,446	2,808	2,902	1,831	2,219
Gross Margin (%)	91.51	90.75	90.11	87.63	87.93	88.48	87.08	86.72	86.5	86.4	86.57	80.79	77.61	74.24	76.12
Operating Margin (%)	33.27	35.25	33.33	35.92	40.37	46.59	49.39	45.05	44.61	48.93	33.07	25.57	28.52	18.62	22.93
Profit Margin (%)	21.31	24.45	25.02	26.86	30.25	32.95	32.34	20.69	32.93	40.96	29.76	14.17	29.95	11.81	16.87
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	356	359	366	532	688	600	683	1,081	650	465	457	488	518	495	673

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	2,540	2,975	3,244	3,185	4,535	6,700	8,732	7,873	7,641	8,382	6,887	7,856	9,791	6,859	7,457
+ Accounts & Notes Receiv	840	813	955	1,077	1,576	1,542	1,742	2,320	2,485	2,471	2,327	1,962	2,136	2,100	1,869
+ Accounts Receivable, Net	605	585	687	824	1,292	1,542	1,742	2,320	2,485	2,471	2,327	1,962	2,136	2,100	1,869
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	235	229	268	253	283	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	1,208	1,691	1,706	1,223	1,845	3,428	4,895	3,689	3,538	4,476	2,610	3,802	4,893	1,050	2,375
+ Cash & Cash Equivalents	760	515	571	603	1,205	1,308	2,326	1,574	1,225	2,914	1,331	2,261	3,419	1,050	2,375
+ ST Investments	448	1,176	1,135	620	640	2,120	2,569	2,115	2,313	1,562	1,279	1,541	1,474	- -	- -
+ Inventories	289	327	447	659	804	893	1,002	903	930	804	1,069	1,352	1,344	2,527	2,460
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-21	- -	- -
+ Finished Goods	88	74	101	109	164	- -	- -	- -	- -	174	209	188	200	- -	- -
+ Work In Process	142	169	245	435	512	- -	- -	- -	- -	460	544	814	752	- -	- -
+ Raw Materials	59	84	102	115	128	- -	- -	- -	- -	170	315	350	413	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	893	1,002	903	930	- -	- -	- -	- -	2,527	2,460
+ Other ST Assets	204	145	136	226	310	837	1,093	962	688	631	881	741	1,418	1,182	752
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	5,552	6,074	6,886	8,678	9,780	12,804	14,145	15,779	17,648	18,852	17,732	16,021	14,763	19,986	20,592
+ LT Investments & Receivables	991	1,417	2,037	626	1,471	2,760	2,829	3,057	1,376	1,408	772	892	706	- -	- -
+ LT Investments	991	1,417	2,037	626	1,471	2,760	2,829	3,057	1,376	1,408	772	892	706	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	1,642	1,571	1,742	1,751	1,766	2,188	2,502	3,182	3,601	3,674	3,845	3,792	3,702	3,730	3,538
- Accumulated Depreciation	767	782	941	1,118	1,186	1,330	1,439	1,559	1,797	1,591	1,782	2,007	2,166	2,402	2,671
+ Property, Plant & Equip	2,409	2,353	2,683	2,869	2,952	3,518	3,941	4,742	5,399	5,265	5,627	5,798	5,868	6,132	6,208
+ Other LT Assets	2,919	3,086	3,107	6,302	6,543	7,856	8,813	9,540	12,671	13,770	13,115	11,337	10,355	16,256	17,055
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	2,919	2,755	2,833	5,708	5,789	6,749	7,478	8,512	8,826	9,285	8,846	7,982	7,599	14,582	16,170
+ Goodwill	1,146	1,146	1,201	1,233	1,760	2,664	3,669	4,632	5,706	5,758	5,762	5,761	5,749	6,219	6,479
+ Other Intangible Assets	1,773	1,608	1,632	4,475	4,028	4,085	3,808	3,880	3,120	3,527	3,084	2,221	1,850	8,363	9,691
+ Misc LT Assets	- -	332	274	594	755	1,108	1,336	1,028	3,844	4,485	4,268	3,355	2,756	1,674	885
Total Assets	8,092	9,050	10,130	11,863	14,315	19,505	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049
+ Payables & Accruals	712	664	807	1,239	1,700	2,302	3,132	3,067	2,974	3,052	3,227	2,954	2,130	2,949	3,404
+ Other Payables & Accruals	465	431	583	839	1,303	1,826	2,621	2,604	2,540	2,450	2,630	2,190	1,379	2,288	2,432
+ Accounts Payable	163	186	204	220	229	267	280	396	370	531	455	589	492	403	424
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	85	46	20	180	168	209	232	68	64	71	142	175	260	257	548
+ ST Debt	137	3	453	3	3	5	5	3	- -	1,496	- -	999	- -	150	1,749
+ ST Borrowings	137	3	453	3	3	5	5	3	- -	1,496	- -	999	- -	150	1,749
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	201	246	396	516	515	271	283	298	321	316	515	345	1,142	335	376
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	160	176	248	343	394	215	283	298	321	316	515	345	1,142	335	376
+ Deferred Revenue	41	70	148	173	121	56	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	1,050	913	1,657	1,758	2,218	2,578	3,420	3,368	3,295	4,864	3,742	4,298	3,273	3,434	5,529
+ LT Debt	1,066	1,061	687	592	580	6,522	6,513	5,935	5,936	4,872	7,828	6,604	6,614	7,188	4,882
+ LT Borrowings	1,066	1,061	687	592	580	6,522	6,513	5,935	5,936	4,459	7,426	6,274	6,281	6,788	4,547
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	413	402	330	333	400	334
+ Other LT Liabilities	527	649	822	892	702	1,031	816	1,751	3,026	4,160	2,362	2,015	1,279	1,423	923
+ Accrued Liabilities	201	249	217	233	52	125	93	123	1,636	2,811	1,033	694	335	642	190
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	326	400	604	659	650	906	722	1,629	1,389	1,349	1,330	1,320	944	781	732
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	1,593	1,710	1,509	1,484	1,283	7,552	7,328	7,686	8,962	9,031	10,191	8,619	7,893	8,611	5,804
Total Liabilities	2,643	2,623	3,166	3,242	3,501	10,130	10,748	11,054	12,257	13,895	13,933	12,918	11,166	12,045	11,333
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	3,895	4,185	3,855	4,024	4,196	- -	- -	98	- -	- -	- -	68	73	303	570
+ Additional Paid in Capital	3,895	4,185	3,855	4,024	4,196	- -	- -	98	- -	- -	- -	68	73	302	569
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	350	840	1,325	1,725	2,612	2,612	2,612	2,977	2,977	2,977	2,977	2,977	2,977	2,977	2,977
+ Retained Earnings	1,872	3,107	4,487	6,349	9,284	12,208	15,072	15,810	16,257	16,455	13,976	13,912	16,466	17,628	19,260
+ Other Equity	-22	-27	-55	-28	-60	-224	-320	-318	-240	-135	-299	-107	-165	-154	-136
Equity Before Minority Interest	5,397	6,425	6,962	8,620	10,809	9,373	12,140	12,613	13,040	13,343	10,700	10,896	13,398	14,799	16,716
+ Minority/Non Controlling Interest	53	1	2	1	5	2	-12	-15	-8	-4	-14	64	-10	- -	- -
Total Equity	5,449	6,427	6,964	8,621	10,814	9,375	12,129	12,598	13,032	13,339	10,686	10,960	13,388	14,799	16,716
Total Liabilities & Equity	8,092	9,050	10,130	11,863	14,315	19,505	22,877	23,653	25,289	27,234	24,619	23,877	24,554	26,845	28,049
Shares Outstanding	241	242	237	236	235	219	216	212	197	174	152	147	144	145	146
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	413	402	330	333	400	334
Net Debt	444	550	570	-7	-622	5,218	4,191	4,364	4,712	3,041	6,095	5,012	2,862	5,888	3,921
Net Debt to Equity	8.15	8.55	8.19	-0.08	-5.75	55.66	34.55	34.64	36.16	22.8	57.04	45.73	21.37	39.79	23.46
Tangible Common Equity Ratio	48.91	58.34	56.61	47.33	58.94	20.59	30.2	26.99	25.54	22.59	11.66	18.73	34.15	1.77	4.6
Current Ratio	2.42	3.26	1.96	1.81	2.04	2.6	2.55	2.34	2.32	1.72	1.84	1.83	2.99	2	1.35
Cash Conversion Cycle	180.84	157.59	194.1	202.85	205.54	229.63	223.29	193.11	173.49	134.86	167.54	200.99	202.63	313.58	401.54
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	899	1,267	1,380	1,862	2,942	3,593	3,696	2,670	4,474	5,888	4,060	1,728	2,962	1,162	1,632
+ Depreciation & Amortization	356	359	366	532	688	600	683	1,081	650	465	457	488	518	495	673
+ Non-Cash Items	367	287	30	-136	-203	176	84	564	663	526	-101	1,570	-1,205	540	725
+ Asset Impairment Charge	12	9	25	- -	- -	- -	- -	- -	366	216	210	629	120	- -	60
+ Deferred Income Taxes	-81	154	-117	-245	-308	-146	-175	92	108	67	149	-427	-169	-306	-158
+ Other Non-Cash Adj	269	12	4	-28	-50	160	104	345	31	61	-658	1,129	-1,410	581	532
+ Stock-Based Compensation	168	113	119	136	155	161	155	128	158	182	198	239	254	264	291
+ Chg in Non-Cash Work Cap	4	-185	104	88	-484	-450	125	235	400	199	-187	-146	-890	-649	-155
+ (Inc) Dec in Accts Receiv	-128	-73	4	-111	-543	-2	-228	-668	-200	6	180	326	-222	57	194
+ Inc (Dec) in Accts Payable	131	34	273	441	244	199	622	-227	466	240	154	-95	-113	-202	25
+ (Inc) Dec in Inventories	-5	-59	-140	-244	-186	-174	-166	-94	-52	-19	-316	-462	-320	-131	-274
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	5	-86	-33	2	- -	-473	-104	1,225	186	-27	-205	86	-234	-373	-100
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,625	1,728	1,880	2,345	2,942	3,919	4,587	4,551	6,188	7,079	4,230	3,640	1,384	1,547	2,876
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-173	-208	-255	-3,509	-316	-658	-728	-1,963	-886	-670	-552	-295	-243	-311	-360
+ Acq of Intangible Assets	- -	- -	- -	-3,263	-28	-15	-112	-1,095	-116	-155	-127	-37	-3	-34	-206
+ Acq of Fixed Prod Assets	-173	-208	-255	-246	-288	-643	-616	-867	-771	-514	-425	-258	-240	-277	-154
+ Disp in Fixed & Intang	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	583	- -	- -
+ Disp of Fixed Prod Assets	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	583	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	680	-1,420	-585	1,912	-864	-2,802	-534	211	1,016	1,234	977	-310	222	2,360	145
+ Dec in LT Investment	2,669	2,277	2,750	5,190	2,719	4,063	7,379	5,566	9,174	6,486	7,374	3,499	3,671	7,500	145
+ Inc in LT Investment	-1,988	-3,697	-3,334	-3,278	-3,583	-6,865	-7,913	-5,355	-8,158	-5,253	-6,398	-3,809	-3,448	-5,141	- -
+ Net Cash From Acq & Div	-157	-5	-72	-15	-375	-1,049	-1,200	-1,200	-2,177	-121	-1,006	28	990	-6,138	-668
+ Cash for Acq of Subs	-157	-5	-72	-15	-375	-1,049	-1,200	-1,200	-2,177	-1,044	-1,006	- -	- -	-6,926	-1,075
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	924	- -	28	990	788	407
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-4	-19	-39	7	12	-44	-23	-11	- -	27	-27	13	24	-11	84
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	345	-1,650	-950	-1,605	-1,543	-4,554	-2,485	-2,963	-2,046	470	-609	-564	1,577	-4,101	-799
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-18	-23	-2	-452	-3	5,928	-3	-561	-3	- -	1,467	-170	-1,002	187	-650
+ Cash From Debt	- -	- -	- -	- -	- -	5,930	- -	- -	- -	- -	2,967	- -	- -	997	- -
+ Repayments of Debt	-18	-23	-2	-452	-3	-2	-3	-561	-3	- -	-1,500	-170	-1,002	-810	-650
+ Cash (Repurchase) of Equity	-1,894	-183	-985	-400	-887	-5,000	-1,000	-1,365	-4,353	-5,868	-6,679	-1,800	-750	- -	- -
+ Decrease in Capital Stock	-2,078	-498	-985	-400	-887	-5,000	-1,000	-1,365	-4,353	-5,868	-6,679	-1,800	-750	- -	- -
+ Increase in Capital Stock	183	315	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	127	-114	110	136	134	-145	-50	-454	-116	8	-61	-116	5	-38	-34
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,785	-320	-877	-716	-756	783	-1,053	-2,380	-4,472	-5,860	-5,273	-2,086	-1,747	149	-684
Effect of Foreign Exchange Rates	-7	-3	4	8	-41	-46	-31	39	-19	- -	69	-60	-56	35	-68
Net Changes in Cash	185	-242	52	24	643	149	1,050	-792	-331	1,689	-1,652	990	1,214	-2,404	1,393
Capital Expenditures	-173	-208	-255	-3,509	-316	-658	-728	-1,963	-886	-670	-552	-295	-243	-311	-360
EBITDA	1,925	2,139	2,204	3,022	4,605	5,615	6,337	6,610	6,651	7,500	4,904	3,296	3,420	2,326	2,892
EBITDA Margin (%)	40.81	42.36	39.96	43.59	47.46	52.17	55.35	53.86	49.44	52.17	36.47	30.01	33.62	23.65	29.89
Net Cash Paid for Acquisitions	157	5	72	15	375	1,049	1,200	1,200	2,177	121	1,006	-28	-990	6,138	668
Free Cash Flow	1,452	1,520	1,625	-1,164	2,626	3,261	3,860	2,588	5,302	6,409	3,678	3,345	1,141	1,236	2,516
Free Cash Flow to Firm	1,478	1,544	1,653	-1,140	2,648	3,333	4,054	2,719	5,454	6,566	3,857	3,591	1,344	1,457	2,730
Free Cash Flow to Equity	1,434	1,499	1,623	1,646	2,652	9,205	3,968	3,123	5,414	6,564	5,272	3,212	724	1,458	2,072
Free Cash Flow per Basic Share	5.75	6.27	6.83	-4.91	11.11	14.14	17.67	12.17	25.87	34.25	22.86	22.43	7.85	8.54	17.28
Price/Free Cash Flow	9.51	13.93	16.44	11.38	24.71	15.47	11.67	10.42	8.73	7.18	8.26	9.12	24.84	20.27	6.9
Cash Flow to Net Income	1.62	1.4	1.36	1.26	1	1.1	1.24	1.79	1.4	1.2	1.06	2.34	0.45	1.33	1.76

Biogen Inc.

Income Statement

Balance Sheet

Cash Flow Statement