# Biogen Debt & dilution

NASDAQ: BIIB · Reporting currency: USD

[Interactive page](https://beanvest.com/stock/biib/capital) · [JSON with these options](https://beanvest.com/stock/biib/capital.json?range=5Y&deductSbc=false&limit=200&offset=0&frequency=quarterly&wacc=7.9) · [Raw filing inputs](https://beanvest.com/api/v2/financials/biib)

Frequency: quarterly. Newest first. Retrieved: 2026-09-28T18:23:16.063Z.
Coverage: 2009-06-30 to 2026-06-30. Rows 1–68 of 68.
Snapshot checked: 2026-10-18T16:48:35.628Z. Last validated: 2026-10-18T16:48:35.628Z.

## Definitions

- **Total debt** (`debt`, USD_millions): Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
- **Cash & equivalents** (`cash`, USD_millions): Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
- **Net debt** (`net_debt`, USD_millions): Total debt − cash and equivalents. Negative means net cash.
- **Debt / equity** (`debt_equity`, multiple): Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
- **Debt / assets** (`debt_assets`, percent): Total debt / total assets × 100.
- **Net debt / EBITDA** (`net_debt_ebitda`, multiple): Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
- **Debt / FCF** (`debt_fcf`, multiple): Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
- **Interest coverage** (`interest_coverage`, multiple): TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
- **Current ratio** (`current_ratio`, multiple): Current assets / positive current liabilities.
- **Diluted shares** (`diluted_shares`, shares_millions): Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
- **Basic shares** (`basic_shares`, shares_millions): Reported weighted average basic shares, normalized for subsequent recorded stock splits.
- **Share count growth** (`dilution`, percent): Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
- **Share repurchases** (`buybacks`, USD_millions): Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.

## Values

| Period | End date | Total debt (USD_millions) | Cash & equivalents (USD_millions) | Net debt (USD_millions) | Debt / equity (multiple) | Debt / assets (percent) | Net debt / EBITDA (multiple) | Debt / FCF (multiple) | Interest coverage (multiple) | Current ratio (multiple) | Diluted shares (shares_millions) | Basic shares (shares_millions) | Share count growth (percent) | Share repurchases (USD_millions) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026-Q2 | 2026-06-30 | 7290.3 | Unavailable | Unavailable | 0.38679435483870966 | 22.720699606689397 | Unavailable | 2.7035155380849956 | Unavailable | 1.8650787572438794 | 148.7 | 147.7 | 0.8191126279863514 | Unavailable |
| 2026-Q1 | 2026-03-31 | 6288.5 | Unavailable | Unavailable | 0.33715425403582516 | 21.329168235361955 | Unavailable | 2.595443476825292 | Unavailable | 3.0645903497949245 | 148.4 | 147.2 | 0.7529089664613187 | Unavailable |
| 2025-Q4 | 2025-12-31 | 6286.8 | Unavailable | Unavailable | 0.3443538845799921 | 21.35498225173661 | Unavailable | 3.065535400819193 | 6.961121495327102 | 2.67931569833403 | 147.99021739130436 | 146.7967391304348 | 0.6161250428381893 | Unavailable |
| 2025-Q3 | 2025-09-30 | 6285.1 | Unavailable | Unavailable | 0.34519291500755184 | 21.518787982538733 | Unavailable | 2.727434473181739 | Unavailable | 2.71629179331307 | 147.1 | 146.6 | 0.61770761839397 | Unavailable |
| 2025-Q2 | 2025-06-30 | 6283.7 | Unavailable | Unavailable | 0.3563400249517977 | 22.18021757700263 | Unavailable | 3.1756708950320918 | Unavailable | 2.5026541445487953 | 146.7 | 146.5 | 0.6181318681318659 | Unavailable |
| 2025-Q1 | 2025-03-31 | 4548.7 | Unavailable | Unavailable | 0.2679062590186528 | 16.22617548540832 | Unavailable | 1.8667460089465258 | Unavailable | 1.4395741307056293 | 146.6 | 146.1 | 0.6198347107438051 | Unavailable |
| 2024-Q4 | 2024-12-31 | 6295.8 | Unavailable | Unavailable | 0.37663316582914574 | 22.445479922850126 | Unavailable | 2.3131016239253435 | Unavailable | 1.3487194327883085 | 145.60217391304346 | 145.89782608695654 | 0.8277996454433723 | Unavailable |
| 2024-Q3 | 2024-09-30 | 4545.8 | Unavailable | Unavailable | 0.2778793195141483 | 16.055408784595173 | Unavailable | 2.3341720154043646 | Unavailable | 1.2590783410138249 | 146.1 | 145.7 | 0.6215469613259472 | Unavailable |
| 2024-Q2 | 2024-06-30 | 6292 | Unavailable | Unavailable | 0.39599473853144607 | 23.474020765479906 | Unavailable | 4.020190403169127 | Unavailable | 2.287014992600219 | 145.9 | 145.6 | 0.621976503109889 | Unavailable |
| 2024-Q1 | 2024-03-31 | 6290.1 | Unavailable | Unavailable | 0.4134687438375074 | 23.67583071109171 | Unavailable | 4.529161866359447 | Unavailable | 2.096375822266352 | 145.9 | 145.2 | 0.5540166204986097 | Unavailable |
| 2023-Q4 | 2023-12-31 | 6938.2 | Unavailable | Unavailable | 0.4688163033636499 | 25.845601382763146 | Unavailable | 5.462289403243584 | Unavailable | 1.997292024575605 | 145.89673913043478 | 144.7 | 0.6144613826514655 | 0 |
| 2023-Q3 | 2023-09-30 | 6786.4 | Unavailable | Unavailable | 0.4686837434477233 | 24.07105259424258 | Unavailable | 6.3932171455487525 | Unavailable | 1.6833124265774646 | 144.8 | 144.8 | 0.27700831024930483 | 0 |
| 2023-Q2 | 2023-06-30 | 6284.6 | Unavailable | Unavailable | 0.434604612565264 | 24.98171468549259 | Unavailable | 5.487775061124696 | Unavailable | 3.273717244625765 | 145.5 | 144.7 | Unavailable | Unavailable |
| 2023-Q1 | 2023-03-31 | 6282.7 | Unavailable | Unavailable | 0.45569739609777327 | 25.54109210355145 | Unavailable | Unavailable | Unavailable | 3.23808418189658 | 145.2 | 144.4 | -1.0281014393420107 | Unavailable |
| 2022-Q4 | 2022-12-31 | 6281 | Unavailable | Unavailable | 0.4691374622807804 | 25.580249326996306 | Unavailable | 5.490384615384615 | Unavailable | 2.991689073576143 | 145.40652173913043 | 143.8163043478261 | -1.983139242006693 | 0 |
| 2022-Q3 | 2022-09-30 | 6279.2 | Unavailable | Unavailable | 0.4918382053451139 | 25.264140467204736 | Unavailable | 2.8644678618676154 | Unavailable | 2.487214751426243 | 144.8 | 144.4 | -2.43243243243243 | 250 |
| 2022-Q1 | 2022-06-30 | 6277.4 | Unavailable | Unavailable | 0.5291400441694624 | 25.028108478793047 | Unavailable | Unavailable | Unavailable | 1.9411917098445595 | 146.2 | 145.9 | -3.9499670836076417 | 500 |
| 2021-Q4 | 2021-12-31 | 6274 | Unavailable | Unavailable | 0.57246092502532 | 26.276002730626995 | Unavailable | 1.8552250280915488 | 11.201498422712934 | 1.8278581731887769 | 147.52282608695654 | 146.72608695652175 | -4.537353964527158 | 0 |
| 2021-Q3 | 2021-09-30 | 6272.3 | Unavailable | Unavailable | 0.5764080979993934 | 26.34678472866882 | Unavailable | 2.928244631185808 | 7.900575184880855 | 1.7006125937885839 | 148.6 | 148 | -5.672402804333975 | 750 |
| 2021-Q2 | 2021-06-30 | 7269.2 | Unavailable | Unavailable | 0.6481791917822877 | 29.706093893029944 | Unavailable | 2.9362200589732192 | 9.491859468723222 | 2.146181883365201 | 150.1 | 149.7 | -6.787048567870491 | 450 |
| 2021-Q1 | 2021-03-31 | 7267.2 | Unavailable | Unavailable | 0.6815214944857078 | 30.464436777658072 | Unavailable | 2.296984638725583 | 15.243621399176956 | 2.122528270895192 | 152.3 | 151.9 | -12.094907407407407 | 600 |
| 2020-Q4 | 2020-12-31 | 7426.2 | Unavailable | Unavailable | 0.6949401559034634 | 30.16462961383327 | Unavailable | 1.951695137976347 | 20.44988764044944 | 1.8403880070546739 | 154 | 153.7 | -13.554555680539949 | 400 |
| 2020-Q3 | 2020-09-30 | 7425 | Unavailable | Unavailable | 0.6910512355158454 | 29.77849611576115 | Unavailable | 1.2156387629136036 | 31.31937911571025 | 2.061803364879075 | 157.2 | 156.9 | -14.728260869565213 | 1250 |
| 2020-Q2 | 2020-06-30 | 7423.8 | Unavailable | Unavailable | 0.6576019558516104 | 29.09947553681042 | Unavailable | 1.1221488277884426 | 36.50865907966353 | 2.4640422384032954 | 160.9 | 160.6 | -15.606936416184979 | 2808.9 |
| 2020-Q1 | 2020-03-31 | 4459.9 | Unavailable | Unavailable | 0.3557418500586269 | 17.07517841281509 | Unavailable | 0.6809735391568563 | 40.04243743199129 | 1.726210494545768 | 173.1 | 172.8 | -12.105798575788395 | 2220.2 |
| 2019-Q4 | 2019-12-31 | 4459 | 2913.7 | 1545.3000000000002 | 0.3342804237167425 | 16.372735851481405 | 0.20008545680546924 | 0.6793010466019713 | 37.58057630736393 | 1.723302767383527 | 178.2 | 177.8 | -11.011011011011007 | 2093.1 |
| 2019-Q3 | 2019-09-30 | 4458.2 | 2343.9 | 2114.2999999999997 | 0.31862948298288996 | 16.221074079464415 | 0.2780034975609114 | 0.6983614774898963 | 35.15723270440252 | 1.9060962952935339 | 184.2 | 184 | -8.639523336643496 | 717.9 |
| 2019-Q2 | 2019-06-30 | 5948.5 | 1723.4 | 4225.1 | 0.4593861979488447 | 22.62853969171777 | 0.5623269804088586 | 0.936520931404191 | 34.01701030927835 | 2.463421470615715 | 190.4 | 190.3 | -8.112023177209071 | 2401.5 |
| 2019-Q1 | 2019-03-31 | 5943.2 | 2243.2 | 3700 | 0.42998118940818986 | 22.47338866725908 | 0.5420927711196414 | 1.0831222321444842 | 29.578787878787875 | 2.8400927366849813 | 197 | 196.6 | -7.000946073793757 | 655.8 |
| 2018-Q4 | 2018-12-31 | 5936.5 | 1224.6 | 4711.9 | 0.45554651769544796 | 23.474726065586086 | 0.6823698082604412 | 1.0958815602444114 | 29.354935194416754 | 2.3187970381160476 | 200.3 | 199.8 | -5.531914893617018 | 1352.6 |
| 2018-Q3 | 2018-09-30 | 5931.1 | 2386.7 | 3544.4000000000005 | 0.4310455093824039 | 23.266332446787647 | 0.5300275152530208 | 1.1779039977757035 | 27.726547842401498 | 2.7462282276607137 | 201.9 | 201.4 | -4.730368968779564 | 0 |
| 2018-Q2 | 2018-06-30 | 5928.4 | 1250.2 | 4678.2 | 0.4838048915837665 | 24.75023901072521 | 0.722613531047266 | 1.2193837673289727 | 25.961061946902653 | 2.357600558304784 | 207.3 | 207.1 | -2.2652194431335593 | 2750 |
| 2018-Q1 | 2018-03-31 | 5929.4 | 4108 | 1821.3999999999996 | 0.42239715048975957 | 22.726628107979653 | 0.27628365566932117 | 1.2049666720858399 | 24.609499789827655 | 3.234478601567209 | 211.7 | 211.4 | -1.9480519480519431 | 250 |
| 2017-Q4 | 2017-12-31 | 3.2 | 1573.8 | -1570.6 | 0.0002540065565442408 | 0.013529168040722798 | -0.24444375272365063 | 0.0008687153871212945 | 21.308612440191386 | 2.3375393385190906 | 212 | 211.5 | -2.3545706371191133 | 0 |
| 2017-Q3 | 2017-09-30 | 5938.3 | 1548.1 | 4390.200000000001 | 0.4621640763022516 | 25.736785534732938 | 0.7398382204246715 | 1.56666842549599 | 18.78785488958991 | 2.1946409929242545 | 211.8 | 211.4 | -3.426222019186842 | 0 |
| 2017-Q2 | 2017-06-30 | 5954 | 1169.5 | 4784.5 | 0.5144466717356743 | 27.363389861666437 | 0.8381214308236696 | 1.8562743569758382 | 17.596586501163692 | 2.103352368553422 | 212.2 | 211.9 | -3.2861706983112637 | 781.8 |
| 2017-Q1 | 2017-03-31 | 5952.7 | 924 | 5028.7 | 0.5190976158501491 | 28.084204964167597 | 0.8608871312892677 | 1.9233279483037156 | 18.440215301807 | 2.292297410192147 | 215.9 | 215.6 | -1.5075376884422176 | 583.6 |
| 2016-Q4 | 2016-12-31 | 21.099999999999998 | 2326.5 | -2305.4 | 0.0017396896591527463 | 0.09223317946565952 | -0.39522723766093504 | 0.005401530860404987 | 19.80923076923077 | 2.5533495131436594 | 217 | 216.6 | -1.7241379310344862 | 651.1 |
| 2016-Q3 | 2016-09-30 | 6529.6 | 2084.8 | 4444.8 | 0.538977118895896 | 29.53915195273446 | 0.7293735129833507 | 1.9398231771080903 | 20.68696496572734 | 3.237108453014362 | 219.4 | 218.9 | -5.724166742035653 | 348.9 |
| 2016-Q2 | 2016-06-30 | 6538.3 | 1362 | 5176.3 | 0.5733490007629103 | 30.389778199193117 | 0.8610081395151554 | 2.0330338855564514 | 25.348393025447688 | 2.9598998489786186 | 219.4 | 219.1 | -6.879287335413076 | 0 |
| 2016-Q1 | 2016-03-31 | 6535.6 | 1130.7 | 5404.900000000001 | 0.6327979008723773 | 31.611583239418227 | 0.9393800984690168 | 1.9959729940785973 | 33.86932938856015 | 2.593567672693222 | 219.3 | 218.9 | -6.849081895359477 | 0 |
| 2015-Q4 | 2015-12-31 | 22.900000000000002 | 1308 | -1285.1 | 0.0024426927220557023 | 0.11740699725195851 | -0.234020468368722 | 0.007451758810321825 | 51.21465968586387 | 2.5993327384877993 | 220.8 | 220.4 | -6.411889596602971 | 2001.81 |
| 2015-Q3 | 2015-09-30 | 6529.275 | 4089.003 | 2440.2719999999995 | 0.617896301702394 | 31.499223672601723 | 0.44495531614927525 | 2.1444117911735012 | 137.5370704225352 | 3.519736382522491 | 232.612 | 232.191 | -1.7043650541663014 | 2955.997 |
| 2015-Q2 | 2015-06-30 | 576.207 | 1282.078 | -705.871 | 0.045828926402437985 | 3.4381593218423516 | -0.13346315280561133 | 0.17839104501455405 | 170.81728937728937 | 2.1984954410149022 | 235.718 | 235.286 | -0.580999826756412 | Unavailable |
| 2015-Q1 | 2015-03-31 | 580.672 | 1478.051 | -897.3789999999999 | 0.04975998028357444 | 3.8153274092487157 | -0.17720526888971605 | 0.17926119340551258 | 154.5084265734266 | 2.702092403214212 | 235.63 | 234.995 | -0.7563791778230078 | Unavailable |
| 2014-Q4 | 2014-12-31 | 3.136 | 1204.924 | -1201.788 | 0.0002899933789776994 | 0.021904704894521093 | -0.2578632114053149 | 0.001181450622446658 | 134.65810169491527 | 2.1050864393753046 | 236.3 | 235.5 | -0.33429824968147503 | 526.798 |
| 2014-Q3 | 2014-09-30 | 583.977 | 1186.281 | -602.304 | 0.055985374203627015 | 4.261317490726526 | -0.14480313347764667 | 0.22299837708830547 | 121.77463157894736 | 2.2529141054503987 | 236.972 | 236.217 | -0.35980933901378354 | 23.076 |
| 2014-Q2 | 2014-06-30 | 586.091 | 863.197 | -277.106 | 0.06127309485421463 | 4.537011075555206 | -0.0756398539972245 | 0.24844923499266847 | 108.39458483754511 | 2.0478784571204365 | 237.401 | 236.661 | -0.34654966229303863 | 336.905 |
| 2014-Q1 | 2014-03-31 | 591.012 | 828.601 | -237.58900000000006 | 0.06465462495991986 | 4.832425752430615 | -0.07196216843925127 | 0.2949946268144171 | 95.92587813620072 | 2.2110902513851367 | 237.849 | 236.786 | -0.021533797506301244 | 0 |
| 2013-Q4 | 2013-12-31 | 592.433 | 602.562 | -10.129000000000019 | 0.06872104544824993 | 4.9938149769858144 | -0.003323981729094019 | 0.28227265428719406 | 78.8560815047022 | 1.8113928449353034 | 237.71452173913045 | 236.28991304347824 | -0.2017296913951805 | 0.001 |
| 2013-Q3 | 2013-09-30 | 694.894 | 427.811 | 267.083 | 0.08551817396877655 | 6.176698844621128 | 0.09630432517236542 | 0.39769245957368876 | 59.35798969072166 | 1.7407340830480584 | 238.349 | 237.07 | 0.25203616465234724 | 359.3 |
| 2013-Q2 | 2013-06-30 | 726.388 | 392.507 | 333.88100000000003 | 0.09192288929145187 | 6.700013558896805 | 0.12987597480597238 | 0.44310837362998007 | 52.66036674816627 | 1.9348756282235515 | 238.743 | 237.484 | -0.6293203006008663 | 0 |
| 2013-Q1 | 2013-03-31 | Unavailable | 663.302 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 49.18731527093596 | 4.157756101062526 | 238.304 | 236.837 | -1.2166637470073516 | 41.023 |
| 2012-Q4 | 2012-12-31 | 1020.9 | 570.721 | 450.179 | 0.1466010989697428 | 10.077868786918375 | 0.20264668374524025 | 0.6281112548751069 | 50.84517808219178 | 1.9574988128918438 | 238.5576304347826 | 236.76754347826088 | -2.475617688871601 | 21.544 |
| 2012-Q3 | 2012-09-30 | Unavailable | 451.723 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 59.45901960784314 | 2.008679285224506 | 238.125 | 236.474 | -2.6387190540301364 | 53.22 |
| 2012-Q2 | 2012-06-30 | Unavailable | 456.811 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 59.48620805369127 | 2.0022256109263608 | 240.622 | 238.988 | -1.3974213512119693 | 446.78 |
| 2012-Q1 | 2012-03-31 | Unavailable | 298.139 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 53.77496794871794 | 2.002476596832917 | 241.828 | 239.754 | -0.7377782193958682 | 463.171 |
| 2011-Q4 | 2011-12-31 | 1023.7 | 514.542 | 509.158 | 0.15928147979760968 | 11.312097192319134 | 0.24436174664910754 | 0.6736104850824592 | 52.263363636363636 | 3.259352451393324 | 244.71548913043478 | 242.77779347826086 | 1.3222599431130577 | 111.4 |
| 2011-Q3 | 2011-09-30 | Unavailable | 575.14 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 47.736428571428576 | 3.204722221594721 | 245.366 | 242.883 | 1.2586298902711457 | 0 |
| 2011-Q2 | 2011-06-30 | Unavailable | 697.526 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 37.81365384615385 | 2.8172885689436566 | 244.966 | 242.375 | -6.756611191899598 | 191.288 |
| 2011-Q1 | 2011-03-31 | Unavailable | 790.675 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 36.796864864864865 | 2.6851159426508358 | 244.551 | 241.536 | -10.516371396181123 | 195.287 |
| 2010-Q4 | 2010-12-31 | 1035.2 | 759.598 | 275.6020000000001 | 0.18996436883549384 | 12.792102507842761 | 0.17192995589492144 | 0.713135273880594 | 34.595263157894735 | 2.4191665349359406 | 242.88170652173912 | 239.60953260869564 | -15.692953769885564 | 0 |
| 2010-Q3 | 2010-09-30 | Unavailable | 626.757 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 36.69775862068966 | 2.5848183097224915 | 242.313 | 239.864 | -16.978232502760303 | 468.245 |
| 2010-Q2 | 2010-06-30 | Unavailable | 720.962 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 43.150735294117645 | 2.9844599011722237 | 261.658 | 259.938 | -9.936074008627415 | 1031.754 |
| 2010-Q1 | 2010-03-31 | Unavailable | 639.559 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 37.730583090379014 | 3.5305673207978545 | 272.703 | 269.922 | Unavailable | 577.58 |
| 2009-Q4 | 2009-12-31 | Unavailable | 581.889 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 36.18511173184358 | 3.4696450900912237 | 286.82908695652173 | 284.2105652173913 | Unavailable | 693.539 |
| 2009-Q3 | 2009-09-30 | Unavailable | 585.788 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 3.56580691131295 | 291.037 | 288.917 | Unavailable | 115.262 |
| 2009-Q2 | 2009-06-30 | Unavailable | 786.804 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 3.413595281157718 | 290.359 | 288.615 | Unavailable | 115.262 |

## Unavailable values

- cash: Cash and cash equivalents is unavailable in the extracted statements for this period.
- net_debt: Cash and cash equivalents is unavailable in the extracted statements for this period.
- net_debt_ebitda: Cash and cash equivalents is unavailable in the extracted statements for this period.
- interest_coverage: Operating income is unavailable in the extracted statements for this period.
- buybacks: The reported inputs required for this metric are unavailable in the extracted statements for this period.
- dilution: The matching period one year earlier is unavailable.
- net_debt_ebitda: A complete trailing 12-month reporting basis is unavailable.
- debt_fcf: A complete trailing 12-month reporting basis is unavailable.
- interest_coverage: A complete trailing 12-month reporting basis is unavailable.
- debt: Reported borrowing balances are unavailable in the extracted statements for this period.
- net_debt: Reported borrowing balances are unavailable in the extracted statements for this period.
- debt_equity: Reported borrowing balances are unavailable in the extracted statements for this period.
- debt_assets: Reported borrowing balances are unavailable in the extracted statements for this period.
- net_debt_ebitda: Reported borrowing balances are unavailable in the extracted statements for this period.
- debt_fcf: Reported borrowing balances are unavailable in the extracted statements for this period.

## Sources

- [sec-0000875045-e49b5a3bbf14](https://data.sec.gov/api/xbrl/companyfacts/CIK0000875045.json) · Retrieved 2026-09-28T07:37:41.538Z · SHA-256 e49b5a3bbf14de0fb7d239cc7824bd2fd0df6e7d76ccea2ef08421f0f26763e0
- [inline-0000875045-6cb9ce01311f](https://www.sec.gov/Archives/edgar/data/875045/000087504526000075/biib-20260630.htm) · Retrieved 2026-09-28T07:37:41.538Z · SHA-256 6cb9ce01311f3212bc05b30a7897039216c1158c1bb142afa5406721dc8ff786
- [inline-0000875045-2d28ebc7a095](https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm) · Retrieved 2026-10-18T00:09:22.808Z · SHA-256 2d28ebc7a09516b9444c922a0b6a0f99db24cabada7b110bf34c0d7ed90dc442
- [inline-0000875045-0e41d664b52f](https://www.sec.gov/Archives/edgar/data/875045/000087504524000009/biib-20231231.htm) · Retrieved 2026-10-18T12:29:14.488Z · SHA-256 0e41d664b52f8cd5965fedc8a407e12521a7f0fbf60734f484f399d6956b49a1

## Data conventions

- Null means an unavailable input or undefined calculation, never zero. Values are unrounded; money and shares are in millions unless a column states otherwise.
- Fiscal periods use actual reporting start/end dates. Annual reported values are not constructed by adding quarterly EPS or weighted share counts. Partial years are labelled.
- FCF uses operating cash flow minus reported cash capital investment, preferring PPE purchases. The productive-assets fallback can also include software and intangibles. Acquisitions and noncash leases are excluded. Deduct SBC is an optional economic-cost scenario; missing SBC remains unavailable.
- SBC / FCF and SBC / OCF compare amounts from the same fiscal period. SBC / FCF always uses FCF before SBC deduction; nonpositive denominators are undefined and values above 100% remain valid.
- Capital allocation percentages describe available tracked cash uses, not all company spending or a fraction of OCF. Missing categories remain null, negative payments are excluded and SBC is noncash. Annual shares use reported annual amounts.
- Valuation uses completed, split-adjusted closes without dividend adjustment and a complete trailing year. Financial bases become eligible after publication; selected facts can contain later restatements. This is not a vintage-filings backtest.
- Mean and median use all valid observations in the selected date range before pagination. Historical pricing labels compare the latest positive value with its own median and do not estimate intrinsic fair value.
- Reporting currencies are retained without conversion. USD market capitalization, where available, is a separate dated Nasdaq snapshot.
- WACC is an editable US industry scenario across history, not a historical company cost of capital. Industry exclusions, missing inputs and pending filings remain explicit.