Intrinsic value of Biogen - BIIB

Previous Close

$335.95

  Intrinsic Value

$304.61

stock screener

  Rating & Target

hold

-9%

Previous close

$335.95

 
Intrinsic value

$304.61

 
Up/down potential

-9%

 
Rating

hold

We calculate the intrinsic value of BIIB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.36
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  11,449
  11,918
  12,418
  12,948
  13,511
  14,106
  14,737
  15,403
  16,107
  16,850
  17,634
  18,460
  19,331
  20,248
  21,214
  22,231
  23,302
  24,428
  25,613
  26,859
  28,169
  29,547
  30,995
  32,517
  34,117
  35,798
  37,565
  39,422
  41,372
  43,421
  45,574
Variable operating expenses, $m
 
  6,492
  6,749
  7,022
  7,311
  7,617
  7,941
  8,283
  8,645
  9,027
  9,430
  9,488
  9,935
  10,407
  10,903
  11,426
  11,976
  12,555
  13,164
  13,804
  14,478
  15,186
  15,930
  16,712
  17,535
  18,399
  19,307
  20,261
  21,263
  22,316
  23,423
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,298
  6,492
  6,749
  7,022
  7,311
  7,617
  7,941
  8,283
  8,645
  9,027
  9,430
  9,488
  9,935
  10,407
  10,903
  11,426
  11,976
  12,555
  13,164
  13,804
  14,478
  15,186
  15,930
  16,712
  17,535
  18,399
  19,307
  20,261
  21,263
  22,316
  23,423
Operating income, $m
  5,150
  5,426
  5,669
  5,927
  6,200
  6,489
  6,796
  7,120
  7,462
  7,823
  8,204
  8,972
  9,396
  9,842
  10,311
  10,805
  11,326
  11,873
  12,449
  13,055
  13,691
  14,361
  15,065
  15,805
  16,582
  17,400
  18,258
  19,161
  20,109
  21,105
  22,151
EBITDA, $m
  5,833
  6,268
  6,531
  6,809
  7,105
  7,419
  7,750
  8,100
  8,471
  8,861
  9,274
  9,708
  10,166
  10,649
  11,157
  11,691
  12,254
  12,847
  13,470
  14,125
  14,814
  15,539
  16,300
  17,101
  17,942
  18,826
  19,756
  20,732
  21,758
  22,835
  23,967
Interest expense (income), $m
  281
  280
  299
  319
  340
  363
  387
  412
  439
  468
  498
  529
  562
  598
  635
  673
  714
  758
  803
  851
  901
  954
  1,009
  1,068
  1,129
  1,193
  1,261
  1,332
  1,407
  1,486
  1,568
Earnings before tax, $m
  4,933
  5,146
  5,370
  5,608
  5,860
  6,126
  6,409
  6,707
  7,023
  7,355
  7,706
  8,443
  8,833
  9,244
  9,677
  10,132
  10,611
  11,116
  11,646
  12,204
  12,790
  13,407
  14,056
  14,737
  15,453
  16,206
  16,997
  17,828
  18,702
  19,619
  20,583
Tax expense, $m
  1,237
  1,389
  1,450
  1,514
  1,582
  1,654
  1,730
  1,811
  1,896
  1,986
  2,081
  2,280
  2,385
  2,496
  2,613
  2,736
  2,865
  3,001
  3,144
  3,295
  3,453
  3,620
  3,795
  3,979
  4,172
  4,376
  4,589
  4,814
  5,049
  5,297
  5,557
Net income, $m
  3,703
  3,757
  3,920
  4,093
  4,277
  4,472
  4,678
  4,896
  5,126
  5,369
  5,626
  6,164
  6,448
  6,748
  7,064
  7,396
  7,746
  8,114
  8,502
  8,909
  9,337
  9,787
  10,261
  10,758
  11,281
  11,831
  12,408
  13,015
  13,652
  14,322
  15,025

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,895
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  22,877
  18,710
  19,494
  20,327
  21,210
  22,145
  23,135
  24,181
  25,286
  26,452
  27,682
  28,979
  30,347
  31,787
  33,303
  34,900
  36,580
  38,348
  40,208
  42,164
  44,221
  46,384
  48,658
  51,047
  53,559
  56,198
  58,972
  61,886
  64,948
  68,165
  71,544
Adjusted assets (=assets-cash), $m
  17,982
  18,710
  19,494
  20,327
  21,210
  22,145
  23,135
  24,181
  25,286
  26,452
  27,682
  28,979
  30,347
  31,787
  33,303
  34,900
  36,580
  38,348
  40,208
  42,164
  44,221
  46,384
  48,658
  51,047
  53,559
  56,198
  58,972
  61,886
  64,948
  68,165
  71,544
Revenue / Adjusted assets
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
Average production assets, $m
  6,292
  6,555
  6,830
  7,121
  7,431
  7,758
  8,105
  8,472
  8,859
  9,267
  9,698
  10,153
  10,632
  11,137
  11,668
  12,227
  12,816
  13,435
  14,087
  14,772
  15,493
  16,251
  17,047
  17,884
  18,764
  19,689
  20,661
  21,682
  22,755
  23,882
  25,066
Working capital, $m
  5,312
  441
  459
  479
  500
  522
  545
  570
  596
  623
  652
  683
  715
  749
  785
  823
  862
  904
  948
  994
  1,042
  1,093
  1,147
  1,203
  1,262
  1,325
  1,390
  1,459
  1,531
  1,607
  1,686
Total debt, $m
  6,517
  6,950
  7,418
  7,915
  8,442
  9,001
  9,591
  10,216
  10,875
  11,572
  12,306
  13,081
  13,897
  14,757
  15,662
  16,615
  17,618
  18,674
  19,784
  20,952
  22,180
  23,471
  24,829
  26,255
  27,755
  29,330
  30,986
  32,726
  34,554
  36,475
  38,492
Total liabilities, $m
  10,737
  11,170
  11,638
  12,135
  12,662
  13,221
  13,811
  14,436
  15,095
  15,792
  16,526
  17,301
  18,117
  18,977
  19,882
  20,835
  21,838
  22,894
  24,004
  25,172
  26,400
  27,691
  29,049
  30,475
  31,975
  33,550
  35,206
  36,946
  38,774
  40,695
  42,712
Total equity, $m
  12,140
  7,540
  7,856
  8,192
  8,548
  8,924
  9,323
  9,745
  10,190
  10,660
  11,156
  11,679
  12,230
  12,810
  13,421
  14,065
  14,742
  15,454
  16,204
  16,992
  17,821
  18,693
  19,609
  20,572
  21,584
  22,648
  23,766
  24,940
  26,174
  27,471
  28,832
Total liabilities and equity, $m
  22,877
  18,710
  19,494
  20,327
  21,210
  22,145
  23,134
  24,181
  25,285
  26,452
  27,682
  28,980
  30,347
  31,787
  33,303
  34,900
  36,580
  38,348
  40,208
  42,164
  44,221
  46,384
  48,658
  51,047
  53,559
  56,198
  58,972
  61,886
  64,948
  68,166
  71,544
Debt-to-equity ratio
  0.537
  0.920
  0.940
  0.970
  0.990
  1.010
  1.030
  1.050
  1.070
  1.090
  1.100
  1.120
  1.140
  1.150
  1.170
  1.180
  1.200
  1.210
  1.220
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.300
  1.300
  1.310
  1.320
  1.330
  1.340
Adjusted equity ratio
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403
  0.403

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,703
  3,757
  3,920
  4,093
  4,277
  4,472
  4,678
  4,896
  5,126
  5,369
  5,626
  6,164
  6,448
  6,748
  7,064
  7,396
  7,746
  8,114
  8,502
  8,909
  9,337
  9,787
  10,261
  10,758
  11,281
  11,831
  12,408
  13,015
  13,652
  14,322
  15,025
Depreciation, amort., depletion, $m
  683
  842
  862
  883
  905
  929
  954
  981
  1,009
  1,038
  1,070
  736
  770
  807
  845
  886
  929
  974
  1,021
  1,070
  1,123
  1,178
  1,235
  1,296
  1,360
  1,427
  1,497
  1,571
  1,649
  1,731
  1,816
Funds from operations, $m
  4,595
  4,598
  4,782
  4,976
  5,183
  5,401
  5,633
  5,877
  6,135
  6,408
  6,695
  6,899
  7,219
  7,555
  7,909
  8,282
  8,675
  9,088
  9,522
  9,979
  10,460
  10,965
  11,496
  12,054
  12,641
  13,257
  13,905
  14,586
  15,301
  16,052
  16,842
Change in working capital, $m
  73
  17
  18
  20
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  48
  51
  54
  56
  59
  62
  65
  69
  72
  76
  80
Cash from operations, $m
  4,522
  4,581
  4,763
  4,957
  5,162
  5,379
  5,609
  5,852
  6,109
  6,380
  6,666
  6,869
  7,186
  7,521
  7,874
  8,245
  8,635
  9,046
  9,479
  9,933
  10,411
  10,914
  11,442
  11,998
  12,582
  13,195
  13,840
  14,517
  15,229
  15,977
  16,762
Maintenance CAPEX, $m
  0
  -456
  -475
  -495
  -516
  -538
  -562
  -587
  -614
  -642
  -672
  -703
  -736
  -770
  -807
  -845
  -886
  -929
  -974
  -1,021
  -1,070
  -1,123
  -1,178
  -1,235
  -1,296
  -1,360
  -1,427
  -1,497
  -1,571
  -1,649
  -1,731
New CAPEX, $m
  -728
  -264
  -275
  -292
  -309
  -328
  -347
  -366
  -387
  -409
  -431
  -454
  -479
  -505
  -531
  -559
  -589
  -619
  -652
  -685
  -721
  -758
  -797
  -837
  -880
  -925
  -972
  -1,021
  -1,073
  -1,127
  -1,184
Cash from investing activities, $m
  -2,485
  -720
  -750
  -787
  -825
  -866
  -909
  -953
  -1,001
  -1,051
  -1,103
  -1,157
  -1,215
  -1,275
  -1,338
  -1,404
  -1,475
  -1,548
  -1,626
  -1,706
  -1,791
  -1,881
  -1,975
  -2,072
  -2,176
  -2,285
  -2,399
  -2,518
  -2,644
  -2,776
  -2,915
Free cash flow, $m
  2,037
  3,862
  4,014
  4,170
  4,337
  4,513
  4,700
  4,899
  5,108
  5,330
  5,564
  5,711
  5,972
  6,246
  6,535
  6,840
  7,161
  7,498
  7,853
  8,227
  8,620
  9,034
  9,468
  9,925
  10,406
  10,911
  11,441
  11,999
  12,585
  13,201
  13,847
Issuance/(repayment) of debt, $m
  -3
  438
  468
  497
  527
  558
  591
  625
  660
  696
  735
  774
  816
  860
  905
  953
  1,003
  1,056
  1,110
  1,168
  1,228
  1,291
  1,357
  1,427
  1,499
  1,576
  1,656
  1,740
  1,828
  1,920
  2,017
Issuance/(repurchase) of shares, $m
  -956
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -988
  438
  468
  497
  527
  558
  591
  625
  660
  696
  735
  774
  816
  860
  905
  953
  1,003
  1,056
  1,110
  1,168
  1,228
  1,291
  1,357
  1,427
  1,499
  1,576
  1,656
  1,740
  1,828
  1,920
  2,017
Total cash flow (excl. dividends), $m
  1,019
  4,300
  4,482
  4,667
  4,864
  5,072
  5,291
  5,523
  5,768
  6,026
  6,298
  6,486
  6,788
  7,106
  7,441
  7,793
  8,164
  8,554
  8,964
  9,395
  9,848
  10,325
  10,826
  11,352
  11,905
  12,486
  13,097
  13,739
  14,413
  15,121
  15,865
Retained Cash Flow (-), $m
  -2,767
  -290
  -316
  -336
  -356
  -377
  -399
  -422
  -445
  -470
  -496
  -523
  -551
  -580
  -611
  -643
  -677
  -713
  -750
  -788
  -829
  -872
  -916
  -963
  -1,012
  -1,064
  -1,118
  -1,174
  -1,234
  -1,296
  -1,362
Prev. year cash balance distribution, $m
 
  4,890
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  8,899
  4,166
  4,332
  4,508
  4,695
  4,892
  5,102
  5,323
  5,556
  5,802
  5,963
  6,237
  6,526
  6,830
  7,150
  7,487
  7,841
  8,214
  8,607
  9,019
  9,453
  9,909
  10,389
  10,893
  11,423
  11,979
  12,564
  13,179
  13,825
  14,503
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  8,532
  3,814
  3,770
  3,712
  3,639
  3,551
  3,447
  3,327
  3,192
  3,042
  2,832
  2,662
  2,481
  2,293
  2,099
  1,902
  1,706
  1,513
  1,325
  1,146
  978
  822
  681
  555
  444
  349
  270
  204
  151
  109
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Biogen Inc. is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA). It also has a collaboration agreement with Genentech, Inc. (Genentech), a member of the Roche Group, with respect to RITUXAN for the treatment of non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL) and other conditions, GAZYVA indicated for the treatment of CLL and follicular lymphoma, and other anti-CD20 therapies. The Company's product candidate includes OCREVUS; Biosimilar adalimumab; Aducanumab; E2609; BIIB074; BAN2401; Opicinumab; CIRARA; BIIB061; BIIB054; BIIB067, and BIIB068.

FINANCIAL RATIOS  of  Biogen (BIIB)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 6.3
Price to Book 6
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate 6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.2%
Cap. Spend. - 3 Yr. Gr. Rate -27%
Financial Strength
Quick Ratio 979
Current Ratio 0.1
LT Debt to Equity 53.6%
Total Debt to Equity 53.7%
Interest Coverage 19
Management Effectiveness
Return On Assets 18.5%
Ret/ On Assets - 3 Yr. Avg. 20.8%
Return On Total Capital 21.4%
Ret/ On T. Cap. - 3 Yr. Avg. 25.3%
Return On Equity 34.4%
Return On Equity - 3 Yr. Avg. 33.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 87.1%
Gross Margin - 3 Yr. Avg. 87.8%
EBITDA Margin 51.5%
EBITDA Margin - 3 Yr. Avg. 50%
Operating Margin 45%
Oper. Margin - 3 Yr. Avg. 43.8%
Pre-Tax Margin 43.1%
Pre-Tax Margin - 3 Yr. Avg. 42.7%
Net Profit Margin 32.3%
Net Profit Margin - 3 Yr. Avg. 31.8%
Effective Tax Rate 25.1%
Eff/ Tax Rate - 3 Yr. Avg. 24.8%
Payout Ratio 0%

BIIB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BIIB stock intrinsic value calculation we used $11449 million for the last fiscal year's total revenue generated by Biogen. The default revenue input number comes from 2016 income statement of Biogen. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BIIB stock valuation model: a) initial revenue growth rate of 4.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BIIB is calculated based on our internal credit rating of Biogen, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Biogen.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BIIB stock the variable cost ratio is equal to 54.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BIIB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for Biogen.

Corporate tax rate of 27% is the nominal tax rate for Biogen. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BIIB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BIIB are equal to 55%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Biogen operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BIIB is equal to 3.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $12140 million for Biogen - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 212.638 million for Biogen is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Biogen at the current share price and the inputted number of shares is $71.4 billion.

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COMPANY NEWS

▶ Will 2018 Be Biogen Inc.'s Best Year Yet?   [Jan-14-18 08:18AM  Motley Fool]
▶ Developments for Ionis Pharmaceuticals Post-3Q17   [Jan-11-18 10:33AM  Market Realist]
▶ Biogen Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ How will tax reform affect Biogen? Its CFO offered a few hints at J.P. Morgan   [Jan-10-18 06:25PM  American City Business Journals]
▶ Exploring Ioniss 3Q17 Quarterly Revenue Trend   [04:10PM  Market Realist]
▶ Biogen: S&P 500s Top Loser on January 8   [Jan-09-18 10:36AM  Market Realist]
▶ Despite Setbacks, Drugmakers Have Plans to Fight Alzheimers   [12:57AM  The Wall Street Journal]
▶ Drug Industry Isn't Giving Up on Alzheimer's   [Jan-08-18 07:27PM  The Wall Street Journal]
▶ The Biggest Loser: Biogen Slides 3.7%   [05:20PM  Barrons.com]
▶ Biogen Unlikely To See Spinraza Rival In 2018 As AveXis Delayed   [Jan-05-18 04:31PM  Investor's Business Daily]
▶ Can Biogen, Ionis' Spinraza Keep Up With Expectations After Q4?   [Jan-04-18 04:35PM  Investor's Business Daily]
▶ Biogen completes Eisai deal with $15.6M RTP building buy   [Jan-03-18 08:50AM  American City Business Journals]
▶ Stocks Generating Improved Relative Strength: Biogen   [03:00AM  Investor's Business Daily]
▶ Biogen Shares Drop After Alzheimer's Drug Misses In Testing   [Dec-21-17 04:19PM  Investor's Business Daily]
▶ Biogen's market cap takes a $1.5B hit as Alzheimers drug misses mark   [10:35AM  American City Business Journals]
▶ 7 Hot Investing Bets to Make in Biotech   [03:48PM  TheStreet.com]
▶ Gilead Sciences Valuation in December 2017   [03:21PM  Market Realist]
▶ Biotech Celgene May Rise 35% In 2018   [Dec-15-17 11:15AM  Investopedia]
▶ Biogen, Ionis Sink As Competitor Plans Rival Drug To Spinraza   [Dec-14-17 03:15PM  Investor's Business Daily]
▶ 5 Biotech Buyout Candidates for 2018   [Dec-13-17 07:31AM  Motley Fool]
▶ Biogen Sees RS Rating Rise To 72   [Dec-12-17 03:00AM  Investor's Business Daily]
▶ These 5 Top Stocks Are Near Buys In This Bullish Pattern: Action Plan   [Dec-11-17 04:26PM  Investor's Business Daily]
▶ Biogen vet launches cancer drug startup with $50M from GV, others   [06:45AM  American City Business Journals]
▶ Biogen Seeks to Drive Neuroscience Innovation With CIO Hire   [Dec-05-17 04:49PM  The Wall Street Journal]
▶ Primecap Management Buys Alkermes Biopharma   [04:31PM  GuruFocus.com]
▶ [$$] Icahn Protege's Big Biotech Buys: Biogen, Medicines   [Dec-04-17 01:00PM  Barrons.com]
▶ Biogen's Next Big Drug Is   [03:17PM  Barrons.com]
▶ Is Biogen's Multiple Sclerosis Franchise Getting A New Lease On Life?   [Nov-27-17 04:21PM  Investor's Business Daily]
▶ Biogen: If You Can't Beat 'em   [02:27PM  Barrons.com]
▶ Biogen Inc (BIIB): Immense Growth Potential?   [Nov-23-17 08:21AM  Simply Wall St.]
▶ Biogen taps former Boston Scientific exec as next CFO   [Nov-21-17 10:00AM  American City Business Journals]
▶ Better Buy: Biogen Inc. vs. Gilead Sciences   [Nov-18-17 09:37AM  Motley Fool]
▶ Why Its Time to Put Pfizer Inc. Stock on Your Watchlist   [Nov-17-17 10:12AM  InvestorPlace]
▶ Ionis Pharmaceuticals Inc. Sets Itself Up for Growth   [Nov-14-17 03:44PM  Motley Fool]
Financial statements of BIIB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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