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Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer s disease and launched the first approved tr…
15.74% operating margin is respectable but not wide. ROIC at 5.16%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.2%, essentially flat. Margins also contracted 4.0pp. This is a business that needs a catalyst.
Free cash flow declined 25% versus the prior year, cash generation momentum has weakened. Operating margin contracted 4.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$9.94B
▲ +2.2% YoY
Net Income (TTM)
$1.37B
▼ -20.8% YoY
Op. Margin
16.33%
▼ -4.0pp YoY
ROIC
5.53%
▼ -1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.42B
▼ -24.7% YoY
Op. Cash Flow (TTM)
$2.59B
▼ -23.3% YoY
Net Debt
$2.28B
Cash & Equiv.
$4.28B
5Y CAGR: -6.0%
5Y CAGR: -11.6%
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