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Biogen (HAM:IDP) Cyclically Adjusted FCF per Share

: €19.17 (As of Dec. 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 FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

Biogen's adjusted free cash flow per share for the three months ended in Dec. 2023 was €-0.331. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is €19.17 for the trailing ten years ended in Dec. 2023.

During the past 12 months, Biogen's average Cyclically Adjusted FCF Growth Rate was 11.20% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 11.30% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 14.60% per year. During the past 10 years, the average Cyclically Adjusted FCF Growth Rate was 21.70% 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 FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Biogen was 157.10% per year. The lowest was 11.30% per year. And the median was 25.70% per year.

As of today (2024-02-25), Biogen's current stock price is €205.60. Biogen's Cyclically Adjusted FCF per Share for the quarter that ended in Dec. 2023 was €19.17. Biogen's Cyclically Adjusted Price-to-FCF of today is 10.73.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Biogen was 107.99. The lowest was 10.18. And the median was 33.59.


Biogen Cyclically Adjusted FCF per Share Historical Data

The historical data trend for Biogen's Cyclically Adjusted FCF 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 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted FCF per Share
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 12.23 12.45 16.08 17.61 19.17

Biogen Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Cyclically Adjusted FCF per Share Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 17.61 17.72 19.56 20.54 19.17

Competitive Comparison

For the Drug Manufacturers - General subindustry, Biogen's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF 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 Price-to-FCF Distribution

For the Drug Manufacturers industry and Healthcare sector, Biogen's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Biogen's Cyclically Adjusted Price-to-FCF falls into.



Biogen Cyclically Adjusted FCF per Share Calculation

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 FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

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

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow 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 FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF 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 Free Cash Flow per Share data for the three months ended in Dec. 2023 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Dec. 2023 (Change)*Current CPI (Dec. 2023)
=-0.331/129.4194*129.4194
=-0.331

Current CPI (Dec. 2023) = 129.4194.

Biogen Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201403 0.153 99.695 0.199
201406 2.873 100.560 3.698
201409 2.788 100.428 3.593
201412 2.736 99.070 3.574
201503 2.491 99.621 3.236
201506 3.468 100.684 4.458
201509 2.528 100.392 3.259
201512 4.361 99.792 5.656
201603 3.523 100.470 4.538
201606 3.610 101.688 4.594
201609 2.886 101.861 3.667
201612 6.110 101.863 7.763
201703 -3.594 102.862 -4.522
201706 3.550 103.349 4.446
201709 5.344 104.136 6.642
201712 4.871 104.011 6.061
201803 4.798 105.290 5.898
201806 3.446 106.317 4.195
201809 6.559 106.507 7.970
201812 7.330 105.998 8.950
201903 5.986 107.251 7.223
201906 8.260 108.070 9.892
201909 7.911 108.329 9.451
201912 8.564 108.420 10.223
202003 6.303 108.902 7.491
202006 10.174 108.767 12.106
202009 5.925 109.815 6.983
202012 -2.497 109.897 -2.941
202103 3.731 111.754 4.321
202106 6.389 114.631 7.213
202109 4.252 115.734 4.755
202112 4.619 117.630 5.082
202203 0.639 121.301 0.682
202206 4.515 125.017 4.674
202209 4.198 125.227 4.339
202212 -1.704 125.222 -1.761
202303 2.468 127.348 2.508
202306 2.537 128.729 2.551
202309 3.267 129.860 3.256
202312 -0.331 129.419 -0.331

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


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

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF 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 Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

Biogen's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=205.60/19.17
=10.73

* 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.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Biogen was 107.99. The lowest was 10.18. And the median was 33.59.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


Biogen Cyclically Adjusted FCF per Share Related Terms

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


Biogen (HAM:IDP) Business Description

Industry
Address
225 Binney Street, Cambridge, MA, USA, 02142
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's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.

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