Biogen Inc. Financial Ratios — BIIB Stock

Profitability (USD)

	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	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	49.58	36.35	34.37	37.55	33.01	27.15	16.44	27.63	36	26.29	11.16	20.06	6.81	8.85	6.49
Return on Assets (%)	14.4	14.39	16.94	22.42	20.98	17.47	10.91	18.11	22.42	15.43	6.42	12.58	4.52	5.95	4.5
Return on Capital (%)	33.6	28.71	30	35.08	24.98	19.37	11.72	20.67	26.87	18.47	7.52	14.94	5.75	7.26	5.72
Return on Invested Capital (%)	18.61	17.59	21.54	28	27.41	24.22	15.36	24.18	30.37	18.59	14.57	12.26	7.76	8.44	8.4
Gross Margin (%)	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	75.69
EBITDA Margin (%)	42.36	39.96	43.59	47.46	52.17	55.35	53.86	49.44	52.17	36.47	30.01	33.62	23.82	30.53	32.85
Operating Margin (%)	35.25	33.33	35.92	40.37	46.59	49.39	45.05	44.61	48.93	33.07	25.57	28.52	18.79	23.57	24.96
Incremental Operating Margin (%)	63.44	12.55	46.02	51.49	103.55	93.36	-15.15	39.98	111.88	277.45	66.52	-11.62	312.08	-270.95	87.84
Pretax Margin (%)	33.89	33.63	35.78	40.67	44.29	43.09	41.79	43.85	49.56	37.54	15.89	35.31	13.18	19.7	15.74
Profit Margin (%)	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	13.07
Net Income to Common Margin (%)	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	13.07
Effective Tax Rate (%)	25.98	25.37	24.23	25.08	24.37	25.08	47.94	24.16	16.25	19.66	3.01	17.62	10.43	14.37	16.94
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	49.58	36.35	34.37	37.55	33.01	27.15	16.44	27.63	36	26.29	11.16	20.06	6.81	8.85	6.49

Credit (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	1,064	1,141	596	583	6,526	6,517	5,938	5,936	6,368	7,828	7,604	6,614	7,338	6,630	6,577
ST Debt	3	453	3	3	5	5	3	- -	1,496	- -	999	- -	150	1,749	- -
LT Debt	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	6,577
Total Debt/EBITDA	0.5	0.52	0.2	0.13	1.16	1.03	0.9	0.89	0.85	1.6	2.31	1.93	3.13	2.24	2.02
Net Debt/EBITDA	0.26	0.26	- -	-0.13	0.93	0.66	0.66	0.71	0.41	1.24	1.52	0.84	2.51	1.33	1.01
Total Debt/EBIT	0.6	0.62	0.24	0.15	1.3	1.15	1.07	0.99	0.91	1.76	2.71	2.28	3.97	2.91	2.66
Net Debt/EBIT	0.31	0.31	- -	-0.16	1.04	0.74	0.79	0.79	0.43	1.37	1.78	0.99	3.19	1.72	1.33
EBITDA to Interest Expense	64.81	60.39	94.72	156.1	58.8	24.37	26.36	33.16	40.02	22.04	13	13.87	9.49	11.8	12.15
EBITDA-CapEx/Interest Expense	58.51	53.41	-15.28	145.39	51.9	21.57	18.53	28.74	36.45	19.56	11.83	12.88	8.23	10.36	11.27
EBIT to Interest Expense	53.93	50.37	78.06	132.77	52.51	21.75	22.05	29.91	37.54	19.98	11.07	11.77	7.48	9.11	9.23
Interest Expense	33	36	32	30	96	260	251	201	187	222	254	247	247	250	268
Common Equity/Total Assets	34.33	44.29	53.52	64.86	62.59	65.88	66.84	64.29	60.42	56.77	58.26	67.06	65.67	68.66	69.81
Long-Term Debt/Equity (%)	16.51	9.87	6.87	5.37	69.56	53.7	47.11	45.55	36.52	73.26	60.26	49.4	48.57	29.2	36.03
Long-Term Debt/Capital (%)	25.42	12.21	8.53	5.88	34.81	30.18	27.31	26.76	21.35	35.92	30.61	28.67	28.79	18.86	24.24
Long-Term Debt/Total Assets (%)	11.72	6.79	4.99	4.05	33.44	28.47	25.09	23.47	17.89	31.8	27.66	26.94	26.78	17.4	22.34
Total Debt/Equity (%)	16.56	16.38	6.91	5.39	69.61	53.74	47.14	45.55	47.74	73.26	69.38	49.4	49.58	39.66	36.03
Total Debt/Capital (%)	25.5	20.26	8.58	5.91	34.83	30.2	27.32	26.76	27.9	35.92	35.24	28.67	29.39	25.61	24.24
Total Debt/Total Assets (%)	11.76	11.26	5.02	4.08	33.46	28.49	25.11	23.47	23.38	31.8	31.84	26.94	27.34	23.64	22.34
Net Debt to Equity	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	17.96
Net Debt/Capital (%)	15.02	11.27	-0.11	-7.17	29.94	21.77	21.65	22.48	15.28	29.79	25.94	14.56	24.62	16.67	13.59
EBITDA	2,139	2,204	3,022	4,605	5,615	6,337	6,610	6,651	7,500	4,904	3,296	3,420	2,342	2,954	3,249
EBITDA-CapEx	1,931	1,950	-487	4,289	4,957	5,609	4,648	5,765	6,831	4,352	3,001	3,177	2,031	2,594	3,014
Operating Income (Loss)	1,780	1,838	2,490	3,917	5,015	5,654	5,529	6,001	7,036	4,446	2,808	2,902	1,848	2,280	2,469

Liquidity (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.85	1.03	0.7	0.83	1.33	1.43	1.1	1.07	0.92	0.7	0.88	1.49	0.31	0.43	1.14
Current Ratio	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	2.68
Quick Ratio	2.74	1.61	1.31	1.54	1.93	1.94	1.78	1.83	1.43	1.32	1.34	2.15	0.92	0.77	1.7
CFO/Avg Current Liab	1.76	1.46	1.37	1.48	1.63	1.53	1.34	1.86	1.74	0.98	0.91	0.37	0.46	0.64	0.5
Common Equity/Total Assets	34.33	44.29	53.52	64.86	62.59	65.88	66.84	64.29	60.42	56.77	58.26	67.06	65.67	68.66	69.81
Long-Term Debt/Equity (%)	16.51	9.87	6.87	5.37	69.56	53.7	47.11	45.55	36.52	73.26	60.26	49.4	48.57	29.2	36.03
Long-Term Debt/Capital (%)	25.42	12.21	8.53	5.88	34.81	30.18	27.31	26.76	21.35	35.92	30.61	28.67	28.79	18.86	24.24
Long-Term Debt/Total Assets (%)	11.72	6.79	4.99	4.05	33.44	28.47	25.09	23.47	17.89	31.8	27.66	26.94	26.78	17.4	22.34
Total Debt/Equity (%)	16.56	16.38	6.91	5.39	69.61	53.74	47.14	45.55	47.74	73.26	69.38	49.4	49.58	39.66	36.03
Total Debt/Capital (%)	25.5	20.26	8.58	5.91	34.83	30.2	27.32	26.76	27.9	35.92	35.24	28.67	29.39	25.61	24.24
Total Debt/Total Assets (%)	11.76	11.26	5.02	4.08	33.46	28.49	25.11	23.47	23.38	31.8	31.84	26.94	27.34	23.64	22.34
CFO/Total Liabilities	65.88	59.37	72.32	84.04	38.69	42.68	41.17	50.48	50.94	30.36	28.18	12.4	12.84	25.37	19.71
CFO/CapEx	8.31	7.39	0.67	9.31	5.95	6.3	2.32	6.98	10.57	7.67	12.34	5.69	4.97	7.99	9.37
Altman's Z-Score	8.92	9.31	16.44	18.26	8.06	7.2	7.51	6.74	6.01	4.96	4.43	5.15	5.51	5.09	5.27

Working Capital (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	8.49	8.68	9.17	9.17	7.6	6.97	6.04	5.6	5.8	5.6	5.12	4.96	4.64	4.88	5.3
Days Sales Outstanding	43.01	42.06	39.79	39.81	48.05	52.34	60.39	65.18	62.91	65.13	71.28	73.52	78.61	74.86	68.93
Inventory Turnover	1.52	1.41	1.55	1.6	1.46	1.56	1.71	1.98	2.26	1.93	1.74	1.69	1.31	0.93	1.04
Days Inventory Outstanding	240.81	259.02	235.41	228.01	249.74	233.88	213.21	184.14	161.85	189.33	209.35	215.95	278.92	394	351.35
Accounts Payable Turnover	2.89	3.41	5.05	5.86	5.36	5.8	4.53	4.81	4.06	4.2	4.58	4.2	8.31	5.42	4.93
Accounts Payable Turnover Days	126.23	106.99	72.35	62.28	68.15	62.93	80.49	75.83	89.9	86.92	79.64	86.84	43.94	67.31	73.99
Cash Conversion Cycle	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	346.29
Inventory to Cash Days	-197.79	-216.96	-195.63	-188.2	-201.69	-181.54	-152.82	-118.95	-98.94	-124.21	-138.07	-142.44	-200.31	-319.14	-282.42
Inventories	327	447	659	804	893	1,002	903	930	804	1,069	1,352	1,344	2,527	2,460	2,168
Raw Materials	84	102	115	128	- -	- -	- -	- -	170	315	350	413	- -	- -	- -
Work In Process	169	245	435	512	- -	- -	- -	- -	460	544	814	752	- -	- -	- -
Finished Goods	74	101	109	164	- -	- -	- -	- -	174	209	188	200	- -	- -	- -
Other Inventory	- -	- -	- -	- -	893	1,002	903	930	- -	- -	- -	- -	2,527	2,460	2,168

Enterprise Value (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	26,676	34,827	66,236	80,232	70,675	61,934	67,728	61,659	55,518	39,398	35,772	40,236	37,444	22,265	25,783
- Cash & Cash Equivalents	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	3,008
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	1	2	1	5	2	-12	-15	-8	-4	-14	64	-10	- -	- -	- -
+ Total Debt	1,064	1,141	596	583	6,526	6,517	5,938	5,936	6,368	7,828	7,604	6,614	7,338	6,630	6,577
Enterprise Value	26,051	34,264	65,610	78,975	73,775	63,545	69,962	64,049	57,406	44,602	39,637	41,948	43,732	26,520	28,544
Total Capital	4,172	5,630	6,946	9,872	18,737	21,578	21,734	22,186	22,819	21,790	21,579	23,071	24,966	25,890	27,130
Total Debt/Capital (%)	25.5	20.26	8.58	5.91	34.83	30.2	27.32	26.76	27.9	35.92	35.24	28.67	29.39	25.61	24.24
Total Debt / EV	0.04	0.03	0.01	0.01	0.09	0.1	0.08	0.09	0.11	0.18	0.19	0.16	0.17	0.25	0.23
EV/Sales	5.16	6.21	9.46	8.14	6.85	5.55	5.7	4.76	3.99	3.32	3.61	4.12	4.45	2.74	2.89
EV/EBITDA	12.18	15.55	21.71	17.15	13.14	10.03	10.58	9.63	7.65	9.1	12.03	12.26	18.67	8.98	8.79
EV/EBIT	14.64	18.64	26.35	20.16	14.71	11.24	12.65	10.67	8.16	10.03	14.12	14.46	23.67	11.63	11.56
EV/Cash Flow to Firm	14.87	17.97	27.69	26.64	18.48	13.29	14.94	10.1	7.93	10.12	10.2	26.42	24.73	8.58	11.76
EV/Free Cash Flow to Firm	13.29	15.85	11.16	24.08	15.87	11.53	10.53	8.86	7.26	8.99	9.48	22.91	21.03	7.69	10.72
Diluted Market Cap	26,966	35,091	66,624	80,509	70,828	62,047	67,855	61,779	55,607	39,496	35,892	40,430	37,677	22,311	25,888
Diluted Enterprise Value	27,517	35,663	66,618	79,893	76,049	66,227	72,205	66,483	59,057	45,979	41,298	43,616	43,965	26,566	29,457
EV per Share	107.47	144.01	276.93	334.13	319.79	290.96	329.08	312.59	306.82	277.2	265.84	288.7	302.23	182.15	194.84
TTM Sales	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	9,891
TTM EBITDA	2,139	2,204	3,022	4,605	5,615	6,337	6,610	6,651	7,500	4,904	3,296	3,420	2,342	2,954	3,249
TTM Operating Income	1,780	1,838	2,490	3,917	5,015	5,654	5,529	6,001	7,036	4,446	2,808	2,902	1,848	2,280	2,469
TTM Cash Flow to Firm	1,752	1,907	2,369	2,964	3,992	4,782	4,682	6,340	7,236	4,409	3,886	1,587	1,768	3,090	2,427
TTM Free Cash Flow to Firm	1,960	2,162	5,878	3,280	4,650	5,510	6,644	7,226	7,905	4,960	4,181	1,831	2,080	3,450	2,662

Multiples (USD)

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	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	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	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	10.61
EV/EBIT	14.64	18.64	26.35	20.16	14.71	11.24	12.65	10.67	8.16	10.03	14.12	14.46	23.67	11.63	11.56
Enterprise Value	26,051	34,264	65,610	78,975	73,775	63,545	69,962	64,049	57,406	44,602	39,637	41,948	43,732	26,520	28,544
Low Price	64.28	111.44	139.72	270.62	254	223.02	244.28	249.17	215.78	223.25	221.72	187.16	220.86	145.07	110.04
EV/Sales	5.16	6.21	9.46	8.14	6.85	5.55	5.7	4.76	3.99	3.32	3.61	4.12	4.45	2.74	2.89
EV/EBITDA	12.18	15.55	21.71	17.15	13.14	10.03	10.58	9.63	7.65	9.1	12.03	12.26	18.67	8.98	8.79
Price/Earnings	21.61	25.24	35.57	27.34	19.93	16.73	26.67	13.92	9.43	9.85	22.99	13.21	32.25	13.64	19.94
Price/Earnings Average	18.06	23.54	27.39	25.61	22.93	16.53	24.37	14.5	8.37	11.48	27.74	10.93	33.87	18.46	16.05
Price/Earnings High	23.69	27.1	38.02	29.15	31.23	19.68	29.21	17.97	10.93	15.08	44.89	14.87	39.85	23.93	20.98
Price/Earnings Low	12.62	19.21	17.77	21.79	16.52	13.15	20.45	11.52	6.86	8.98	21.24	8.93	27.52	12.94	12.47
Price/Book Value	8.59	7.76	10.43	8.64	5.79	4.11	4.28	3.79	3.37	2.82	2.57	2.44	2.12	1.16	1.25
Price/Book Value Average	7.18	7.24	8.03	8.1	6.66	4.06	3.91	3.95	3	3.28	3.1	2.02	2.23	1.56	1.01
Price/Book Value High	9.41	8.34	11.15	9.21	9.07	4.83	4.69	4.9	3.91	4.32	5.02	2.75	2.62	2.03	1.32
Price/Book Value Low	5.02	5.91	5.21	6.89	4.8	3.23	3.28	3.14	2.45	2.57	2.38	1.65	1.81	1.1	0.78
Price/Tangible Book Value	7.26	8.43	22.74	15.97	26.91	13.32	16.58	14.66	13.7	21.42	12.01	6.95	172.39	40.79	9.97
Price/Tangible Book Value Average	6.07	7.86	17.51	14.96	30.98	13.16	15.14	15.28	12.16	24.95	14.5	5.75	181.06	55.21	8.02
Price/Tangible Book Value High	7.96	9.05	24.3	17.02	42.18	15.67	18.15	18.94	15.88	32.8	23.46	7.83	213.03	71.56	10.49
Price/Tangible Book Value Low	4.24	6.42	11.36	12.73	22.31	10.47	12.71	12.14	9.96	19.53	11.1	4.7	147.14	38.69	6.23
Price/Sales	5.28	6.31	9.55	8.27	6.57	5.41	5.52	4.58	3.86	2.93	3.26	3.96	3.81	2.3	2.61
Price/Sales Average	4.42	5.89	7.36	7.75	7.56	5.35	5.04	4.78	3.43	3.41	3.93	3.27	4	3.11	2.1
Price/Sales High	5.79	6.78	10.21	8.82	10.29	6.36	6.04	5.92	4.48	4.49	6.36	4.45	4.7	4.04	2.74
Price/Sales Low	3.09	4.81	4.78	6.59	5.44	4.25	4.23	3.8	2.81	2.67	3.01	2.67	3.25	2.18	1.63
Price/Cash Flow	15.44	18.53	28.24	27.27	18.03	13.5	14.88	9.96	7.84	9.31	9.83	29.07	24.2	7.74	11.69
Price/Cash Flow Average	12.9	17.28	21.75	25.55	20.75	13.34	13.6	10.39	6.97	10.85	11.86	24.06	25.42	10.48	9.41
Price/Cash Flow High	16.93	19.89	30.19	29.08	28.26	15.89	16.3	12.87	9.09	14.26	19.19	32.74	29.91	13.59	12.3
Price/Cash Flow Low	9.02	14.1	14.12	21.74	14.95	10.62	11.41	8.25	5.7	8.49	9.08	19.64	20.66	7.35	7.31
Price/Free Cash Flow Average	11.64	15.33	8.76	23.15	17.81	11.54	9.52	9.1	6.37	9.62	11.01	20.57	21.29	9.33	8.54
Price/Free Cash Flow High	15.27	17.65	12.16	26.35	24.25	13.74	11.41	11.28	8.32	12.65	17.81	27.98	25.05	12.1	11.16
Price/Free Cash Flow Low	8.14	12.52	5.69	19.7	12.83	9.18	7.99	7.23	5.22	7.53	8.43	16.79	17.3	6.54	6.63
EV/Sales Average	4.53	5.99	7.36	7.68	8.04	5.71	5.4	5.13	3.67	3.9	4.42	3.59	4.64	3.55	2.46
EV/Sales High	5.9	6.88	10.21	8.75	10.78	6.73	6.4	6.27	4.72	4.97	6.85	4.77	5.34	4.48	3.1
EV/Sales Low	3.2	4.91	4.77	6.53	5.93	4.62	4.59	4.14	3.05	3.15	3.5	2.99	3.89	2.62	1.99
EV/EBITDA Average	10.68	15	16.88	16.19	15.42	10.32	10.02	10.37	7.03	10.68	14.74	10.67	19.47	11.64	7.49
EV/EBITDA High	13.93	17.23	23.43	18.44	20.66	12.16	11.88	12.68	9.04	13.63	22.84	14.18	22.44	14.67	9.45
EV/EBITDA Low	7.54	12.29	10.95	13.76	11.37	8.35	8.51	8.38	5.84	8.65	11.67	8.88	16.33	8.59	6.06
EV/EBIT Average	12.84	17.98	20.48	19.03	17.26	11.56	11.98	11.49	7.5	11.78	17.3	12.58	24.69	15.08	9.85
EV/EBIT High	16.74	20.65	28.43	21.68	23.13	13.63	14.2	14.06	9.64	15.03	26.8	16.71	28.44	19	12.43
EV/EBIT Low	9.06	14.73	13.29	16.17	12.73	9.35	10.18	9.29	6.23	9.54	13.7	10.47	20.7	11.13	7.97
Last Price	110.05	146.37	279.57	339.45	306.35	283.58	318.57	300.92	296.73	244.86	239.92	276.92	258.77	152.92	175.99
High Price	120.66	157.18	298.82	361.93	480.18	333.65	348.84	388.67	344	374.99	468.55	311.88	319.76	268.3	185.17
Enterprise Value Average	22,846	33,054	50,998	74,542	86,562	65,375	66,228	68,970	52,760	52,390	48,579	36,496	45,615	34,393	24,319
Enterprise Value High	29,799	37,971	70,790	84,929	115,998	77,049	78,513	84,342	67,812	66,819	75,266	48,501	52,558	43,320	30,696
Enterprise Value Low	16,132	27,088	33,096	63,347	63,818	52,887	56,284	55,759	43,821	42,404	38,464	30,380	38,247	25,377	19,690

Shares Outstanding	242	237	236	235	219	216	212	197	174	152	147	144	145	146	147
Diluted Weighted Avg Shares	245	240	238	237	231	219	213	205	187	161	150	146	146	146	147
Basic Weighted Avg Shares	242	238	237	236	231	218	213	205	187	161	149	145	145	146	146
Revenue per Share	20.83	23.18	29.26	41.05	46.66	52.42	57.73	65.66	76.85	83.56	73.65	70.02	67.97	66.46	67.51
EBITDA per Share	8.82	9.26	12.75	19.48	24.34	29.02	31.09	32.46	40.09	30.48	22.1	23.54	16.19	20.29	22.18
Operating Income per Share	7.34	7.73	10.51	16.57	21.74	25.89	26.01	29.29	37.6	27.63	18.83	19.97	12.77	15.66	16.85
Basic EPS, GAAP	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	8.83
Basic EPS from Cont Ops	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	8.83
Diluted EPS, GAAP	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	8.79
Diluted EPS from Cont Ops	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	8.79
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	7.13	7.9	9.9	12.45	16.99	21	21.41	30.2	37.83	26.29	24.41	9.53	10.69	19.75	15.05
Free Cash Flow per Basic Share	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	13.44
Cash & Equivalents per Share	6.97	7.17	5.16	7.81	14.86	22.41	17.35	17.27	23.92	16.22	25.5	33.67	7.26	16.31	26.05
Book Value per Share	12.82	18.86	26.8	39.28	52.92	69.01	74.37	79.34	87.95	86.86	93.31	113.33	121.82	132.28	140.29
Tangible Book Value per Share	15.15	17.36	12.3	21.26	11.38	21.3	19.22	20.52	21.67	11.43	19.97	39.84	1.5	3.75	17.66

Biogen Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)