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Biogen E10

: $14.63 (As of Mar. 2020)
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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Biogen's adjusted earnings per share data for the three months ended in Mar. 2020 was $8.080. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $14.63 for the trailing ten years ended in Mar. 2020.

As of today (2020-07-12), Biogen's current stock price is $278.88. Biogen's E10 for the quarter that ended in Mar. 2020 was $14.63. Biogen's Shiller PE Ratio of today is 19.06.

During the past 13 years, the highest Shiller PE Ratio of Biogen was 111.21. The lowest was 16.56. And the median was 56.25.


Biogen E10 Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Biogen Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.07 7.85 8.98 10.97 14.01

Biogen Quarterly Data
Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20
E10 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 11.76 12.53 13.29 14.01 14.63

Competitive Comparison
* 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.


Biogen E10 Distribution

* The bar in red indicates where Biogen's E10 falls into.



Biogen E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

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 earnings per share data for the three months ended in Mar. 2020 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Mar. 2020 (Change)*Current CPI (Mar. 2020)
=8.08/108.1733*108.1733
=8.080

Current CPI (Mar. 2020) = 108.1733.

Biogen Quarterly Data

per share eps CPI Adj_EPS
201006 1.120 91.981 1.317
201009 1.050 92.277 1.231
201012 0.990 92.914 1.153
201103 1.200 94.890 1.368
201106 1.180 95.319 1.339
201109 1.430 95.529 1.619
201112 1.220 95.632 1.380
201203 1.250 97.075 1.393
201206 1.610 96.661 1.802
201209 1.670 97.595 1.851
201212 1.230 97.158 1.369
201303 1.790 98.107 1.974
201306 2.060 98.557 2.261
201309 2.050 98.536 2.251
201312 1.920 98.692 2.104
201403 2.020 100.023 2.185
201406 3.010 100.520 3.239
201409 3.620 100.176 3.909
201412 3.740 98.604 4.103
201503 3.490 99.824 3.782
201506 3.930 100.691 4.222
201509 4.150 100.346 4.474
201512 3.770 99.957 4.080
201603 4.430 100.947 4.747
201606 4.790 101.524 5.104
201609 4.710 101.988 4.996
201612 2.990 102.456 3.157
201703 3.460 103.167 3.628
201706 4.070 103.278 4.263
201709 5.790 104.070 6.018
201712 -1.410 104.578 -1.458
201803 5.540 105.708 5.669
201806 4.180 106.324 4.253
201809 7.150 106.695 7.249
201812 4.730 106.200 4.818
201903 7.150 107.818 7.174
201906 7.850 108.250 7.844
201909 8.390 108.577 8.359
201912 8.080 108.841 8.030
202003 8.080 108.173 8.080

Add all the adjusted EPS together and divide 10 will get our e10.


Biogen  (NAS:BIIB) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Biogen's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=278.88/14.63
=19.06

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

During the past 13 years, the highest Shiller P/E Ratio of Biogen was 111.21. The lowest was 16.56. And the median was 56.25.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


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