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Biogen (NAS:BIIB) Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Biogen has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Biogen's Piotroski F-Score or its related term are showing as below:

BIIB' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of Biogen was 9. The lowest was 2. And the median was 6.


Biogen (NAS:BIIB) Piotroski F-Score Historical Data

The historical data trend for Biogen's Piotroski F-Score 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 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 6.00 5.00

Biogen Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22
Piotroski F-Score 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 5.00 5.00 5.00 6.00 5.00

Biogen (NAS:BIIB) Piotroski F-Score Competitive Comparison

For the Drug Manufacturers - General subindustry, Biogen's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 (NAS:BIIB) Piotroski F-Score Distribution

For the Drug Manufacturers industry and Healthcare sector, Biogen's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Biogen's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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.

This Year (Sep22) TTM:Last Year (Sep21) TTM:
Net Income was 368.2 + 303.8 + 1058 + 1134.7 = $2,865 Mil.
Cash Flow from Operations was 838.3 + 161.8 + 736.5 + 661 = $2,398 Mil.
Revenue was 2733.8 + 2531.8 + 2589.1 + 2508.5 = $10,363 Mil.
Gross Profit was 2073.7 + 1777.9 + 2105.1 + 2039 = $7,996 Mil.
Average Total Assets from the begining of this year (Sep21)
to the end of this year (Sep22) was
(23806.7 + 23877.3 + 23614.4 + 25081.4 + 24854.2) / 5 = $24246.8 Mil.
Total Assets at the begining of this year (Sep21) was $23,807 Mil.
Long-Term Debt & Capital Lease Obligation was $6,634 Mil.
Total Current Assets was $9,766 Mil.
Total Current Liabilities was $3,926 Mil.
Net Income was 357.9 + 410.2 + 448.5 + 329.2 = $1,546 Mil.

Revenue was 2852.6 + 2694 + 2775 + 2778.9 = $11,101 Mil.
Gross Profit was 2362 + 2215.9 + 2315.3 + 2267.1 = $9,160 Mil.
Average Total Assets from the begining of last year (Sep20)
to the end of last year (Sep21) was
(24934.1 + 24618.9 + 23854.7 + 24470.4 + 23806.7) / 5 = $24336.96 Mil.
Total Assets at the begining of last year (Sep20) was $24,934 Mil.
Long-Term Debt & Capital Lease Obligation was $6,621 Mil.
Total Current Assets was $7,162 Mil.
Total Current Liabilities was $4,212 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Biogen's current Net Income (TTM) was 2,865. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Biogen's current Cash Flow from Operations (TTM) was 2,398. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep21)
=2864.7/23806.7
=0.12033167

ROA (Last Year)=Net Income/Total Assets (Sep20)
=1545.8/24934.1
=0.06199542

Biogen's return on assets of this year was 0.12033167. Biogen's return on assets of last year was 0.06199542. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Biogen's current Net Income (TTM) was 2,865. Biogen's current Cash Flow from Operations (TTM) was 2,398. ==> 2,398 <= 2,865 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep21 to Sep22
=6634/24246.8
=0.27360311

Gearing (Last Year: Sep21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep20 to Sep21
=6620.5/24336.96
=0.2720348

Biogen's gearing of this year was 0.27360311. Biogen's gearing of last year was 0.2720348. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep22)=Total Current Assets/Total Current Liabilities
=9765.8/3926.4
=2.48721475

Current Ratio (Last Year: Sep21)=Total Current Assets/Total Current Liabilities
=7162.3/4211.6
=1.70061259

Biogen's current ratio of this year was 2.48721475. Biogen's current ratio of last year was 1.70061259. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Biogen's number of shares in issue this year was 144.8. Biogen's number of shares in issue last year was 148.6. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=7995.7/10363.2
=0.7715474

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=9160.3/11100.5
=0.82521508

Biogen's gross margin of this year was 0.7715474. Biogen's gross margin of last year was 0.82521508. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep21)
=10363.2/23806.7
=0.43530603

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep20)
=11100.5/24934.1
=0.44519353

Biogen's asset turnover of this year was 0.43530603. Biogen's asset turnover of last year was 0.44519353. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+0+1+1+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Biogen has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Biogen  (NAS:BIIB) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Biogen Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Biogen's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Biogen (NAS:BIIB) Business Description

Biogen logo
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 MS drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is co-promoted 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.
Executives
Murphy Nicole officer: Head of Pharm Ops and Tech BIOGEN INC. 225 BINNEY STREET CAMBRIDGE MA 02142
Izzar Rachid officer: Head of Alzheimer's Disease BIOGEN INC. 225 BINNEY STREET CAMBRIDGE MA 02142
Jones William D /ca/ director
Freire Maria C director C/O ALEXANDRIA REAL ESTATE EQUITIES, INC 26 NORTH EUCLID AVENUE PASADENA CA 91101
Mcdonnell Michael R officer: EVP, Chief Financial Officer C/O IQVIA HOLDINGS INC. 83 WOOSTER HEIGHTS ROAD DANBURY CT 06810
Galdes Alphonse officer: EVP Pharmaceutical Oper & Tech BIOGEN INC. 225 BINNEY ST. CAMBRIDGE MA 02142
Hawkins William A director MEDTRONIC INC 710 MEDTRONIC PKWY, MS LC310 MINNEAPOLIS MN 55432-5604
Mantas Jesus B director BIOGEN INC. 225 BINNEY STREET CAMBRIDGE MA 02142
Kramer Robin officer: VP, Chief Accounting Officer 999 VANDERBILT BEACH ROAD 3RD FLOOR NAPLES FL 34109
Karp Daniel officer: EVP, Corporate Development 225 BINNEY STREET CAMBRIDGE MA 02142
Capello Jeffrey D officer: EVP & Chief Financial Officer BOSTON SCIENTIFIC CORPORATION ONE BOSTON SCIENTIFIC PLACE NATICK MA 01760
Guindo Chirfi officer: EVP Glob. Mkt Acc & Cust Innov C/O BIOGEN INC. 225 BINNEY ST. CAMBRIDGE MA 02142
Gregory Ginger officer: EVP, Human Resources C/O BIOGEN INC. 225 BINNEY ST. CAMBRIDGE MA 02142
Kress Jean-paul officer: EVP Pres Int'l & Global Hd GTO 215 FIRST STREET, SUITE 415 CAMBRIDGE MA 02142
Mckenzie Paul officer: EVP Pharmaceutical Oper & Tech BIOGEN INC. 225 BINNEY ST. CAMBRIDGE MA 02142

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