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BIIB (Biogen) Beneish M-Score : -2.78 (As of Mar. 17, 2025)


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What is Biogen Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BIIB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95   Med: -2.65   Max: -2.22
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Biogen was -2.22. The lowest was -2.95. And the median was -2.65.


Biogen Beneish M-Score Historical Data

The historical data trend for Biogen's Beneish M-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 Beneish M-Score Chart

Biogen Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.84 -2.91 -2.22 -2.31 -2.78

Biogen Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial 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 -2.31 -2.34 -2.37 -2.56 -2.78

Competitive Comparison of Biogen's Beneish M-Score

For the Drug Manufacturers - General subindustry, Biogen's Beneish M-Score, along with its competitors' market caps and Beneish M-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's Beneish M-Score Distribution in the Drug Manufacturers Industry

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

* The bar in red indicates where Biogen's Beneish M-Score falls into.



Biogen Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Biogen for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9046+0.528 * 0.9753+0.404 * 1.0041+0.892 * 0.9838+0.115 * 0.7326
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9583+4.679 * -0.039684-0.327 * 0.938
=-2.78

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was $1,869 Mil.
Revenue was 2454.7 + 2465.8 + 2464.9 + 2290.5 = $9,676 Mil.
Gross Profit was 1871.2 + 1827.1 + 1918.9 + 1748.3 = $7,366 Mil.
Total Current Assets was $7,457 Mil.
Total Assets was $28,049 Mil.
Property, Plant and Equipment(Net PPE) was $3,538 Mil.
Depreciation, Depletion and Amortization(DDA) was $673 Mil.
Selling, General, & Admin. Expense(SGA) was $2,404 Mil.
Total Current Liabilities was $5,529 Mil.
Long-Term Debt & Capital Lease Obligation was $4,882 Mil.
Net Income was 266.7 + 388.5 + 583.6 + 393.4 = $1,632 Mil.
Non Operating Income was -117.6 + 2.8 + 38 + -53.4 = $-130 Mil.
Cash Flow from Operations was 760.9 + 935.6 + 625.8 + 553.2 = $2,876 Mil.
Total Receivables was $2,100 Mil.
Revenue was 2386.3 + 2530.3 + 2456 + 2463 = $9,836 Mil.
Gross Profit was 1768 + 1870.7 + 1863.3 + 1800.2 = $7,302 Mil.
Total Current Assets was $6,859 Mil.
Total Assets was $26,845 Mil.
Property, Plant and Equipment(Net PPE) was $3,730 Mil.
Depreciation, Depletion and Amortization(DDA) was $495 Mil.
Selling, General, & Admin. Expense(SGA) was $2,550 Mil.
Total Current Liabilities was $3,434 Mil.
Long-Term Debt & Capital Lease Obligation was $7,188 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1868.8 / 9675.9) / (2100 / 9835.6)
=0.19314 / 0.21351
=0.9046

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(7302.2 / 9835.6) / (7365.5 / 9675.9)
=0.742425 / 0.761221
=0.9753

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (7456.8 + 3537.7) / 28049.3) / (1 - (6859.3 + 3729.7) / 26844.8)
=0.608029 / 0.605547
=1.0041

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=9675.9 / 9835.6
=0.9838

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(494.8 / (494.8 + 3729.7)) / (673.2 / (673.2 + 3537.7))
=0.117126 / 0.159871
=0.7326

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(2403.7 / 9675.9) / (2549.7 / 9835.6)
=0.248421 / 0.259232
=0.9583

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((4881.7 + 5528.8) / 28049.3) / ((7188.2 + 3434.3) / 26844.8)
=0.37115 / 0.3957
=0.938

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(1632.2 - -130.2 - 2875.5) / 28049.3
=-0.039684

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Biogen has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.


Biogen Business Description

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 (oncology) and Ocrevus (multiple sclerosis) are marketed via a collaboration with Roche. Biogen markets several multiple sclerosis drugs including Plegridy, Tysabri, Tecfidera, and Vumerity. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (postpartum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology, immunology, and rare diseases.
Executives
Priya Singhal officer: Head of Development C/O ZAFGEN, INC., 175 PORTLAND STREET 4TH FL, BOSTON MA 02114
Eric K Rowinsky director IMCLONE SYSTEMS INCORPORATED, 180 VARICK STREET, 6TH FLOOR, NEW YORK NY 10014
Jane Grogan officer: Head of Research BIOGEN INC., 225 BINNEY STREET, CAMBRIDGE MA 02142
Susan Langer director BIOGEN INC., 225 BINNEY STREET, CAMBRIDGE MA 02142
Ginger Gregory officer: EVP, Human Resources C/O BIOGEN INC., 225 BINNEY ST., CAMBRIDGE MA 02142
Adam Keeney officer: Head of Corporate Development BIOGEN INC., 225 BINNEY STREET, CAMBRIDGE MA 02142
Christopher Viehbacher director, officer: President and CEO C/O AXCELLA HEALTH, INC., 840 MEMORIAL DRIVE, CAMBRIDGE MA 02139
Susan H Alexander officer: EVP, General Counsel C/O BIOGEN IDEC INC., 14 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Nicole Murphy officer: Head of Pharm Ops and Tech BIOGEN INC., 225 BINNEY STREET, CAMBRIDGE MA 02142
Rachid Izzar officer: Head of Alzheimer's Disease BIOGEN INC., 225 BINNEY STREET, CAMBRIDGE MA 02142
Alfred Sandrock officer: Grp SVP, Chief Medical Officer 14 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Chirfi Guindo officer: EVP Glob. Mkt Acc & Cust Innov C/O BIOGEN INC., 225 BINNEY ST., CAMBRIDGE MA 02142
Brian S Posner director 14 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Jones William D /ca/ director
Maria C Freire director C/O ALEXANDRIA REAL ESTATE EQUITIES, INC, 26 NORTH EUCLID AVENUE, PASADENA CA 91101