Biogen (HAM:IDP) Cyclically Adjusted Book per Share

: €72.62 (As of Sep. 2023)

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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

Biogen's adjusted book value per share for the three months ended in Sep. 2023 was €93.660. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €72.62 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Biogen's average Cyclically Adjusted Book Growth Rate was 11.90% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 13.60% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 13.40% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 12.10% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of Biogen was 61.50% per year. The lowest was 3.70% per year. And the median was 13.20% per year.

As of today (2023-12-02), Biogen's current stock price is €213.60. Biogen's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was €72.62. Biogen's Cyclically Adjusted PB Ratio of today is 2.94.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Biogen was 16.44. The lowest was 2.92. And the median was 7.57.

Biogen Cyclically Adjusted Book per Share Historical Data

The historical data trend for Biogen's Cyclically Adjusted Book per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Biogen Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

35.68

42.95

42.97

54.63

64.73

Biogen Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Cyclically Adjusted Book per Share																72.33	64.73	65.75	67.98	72.62

Competitive Comparison

For the Drug Manufacturers - General subindustry, Biogen's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Biogen Cyclically Adjusted PB Ratio Distribution

For the Drug Manufacturers industry and Healthcare sector, Biogen's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Biogen's Cyclically Adjusted PB Ratio falls into.

Biogen Cyclically Adjusted Book per Share Calculation

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Biogen's adjusted Book Value per Share data for the three months ended in Sep. 2023 was:

Adj_Book	=	Book Value per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	93.66	/	129.8595	*	129.8595
	=	93.660

Current CPI (Sep. 2023) = 129.8595.

Biogen Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	26.627	98.326	35.166
201403	27.849	99.695	36.275
201406	29.800	100.560	38.483
201409	34.265	100.428	44.307
201412	37.372	99.070	48.987
201503	45.828	99.621	59.738
201506	47.635	100.684	61.438
201509	42.262	100.392	54.667
201512	39.361	99.792	51.220
201603	42.335	100.470	54.719
201606	46.319	101.688	59.151
201609	49.623	101.861	63.263
201612	53.282	101.863	67.926
201703	50.154	102.862	63.317
201706	48.767	103.349	61.276
201709	51.022	104.136	63.626
201712	50.392	104.011	62.915
201803	54.015	105.290	66.620
201806	52.101	106.317	63.638
201809	58.556	106.507	71.395
201812	58.123	105.998	71.207
201903	62.702	107.251	75.920
201906	62.031	108.070	74.538
201909	69.864	108.329	83.749
201912	68.937	108.420	82.569
202003	67.872	108.902	80.934
202006	63.437	108.767	75.739
202009	59.350	109.815	70.183
202012	57.714	109.897	68.198
202103	59.582	111.754	69.235
202106	59.853	114.631	67.804
202109	60.350	115.734	67.716
202112	65.600	117.630	72.420
202203	69.207	121.301	74.090
202206	77.351	125.017	80.347
202209	89.606	125.227	92.921
202212	87.831	125.222	91.084
202303	88.992	127.348	90.747
202306	92.216	128.729	93.026
202309	93.660	129.860	93.660

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Biogen (HAM:IDP) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Biogen's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	213.60	/	72.62
	=	2.94

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Biogen was 16.44. The lowest was 2.92. And the median was 7.57.

Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.

Biogen Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of Biogen's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.

Biogen (HAM:IDP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Biogen Inc (HAM:IDP) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

BIIB:USA BIIB:Mexico IDP:Germany IDP:Germany IDP:Germany BIIB34:Brazil BIIB:Austria BIIB:Argentina

Address

225 Binney Street, Cambridge, MA, USA, 02142

Website

https://www.biogen.com

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis. Aduhelm was approved as the firm's first Alzheimer's disease therapy in June 2021, followed by Leqembi in January 2023.

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