Biogen Inc. — Earnings Quality Grade C
BIIB · Healthcare
Some red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 69 days, change -2 days YoY
AR growth -0.1% vs revenue growth 2.2%
Revenue 2.2%, CFFO -23.3%. Cash follows revenue
Expense Quality
Inventory -11.9% vs COGS 4.1%. Normal
CapEx growth -34.6% vs revenue 2.2%. Normal
SG&A/Gross Profit = 32.5%. Normal
Gross margin 75.7%, change -0.4pp. Stable
Cash Flow Quality
CFFO/NI = 1.71. Profits backed by cash
FCF $2.0B, FCF/NI = 1.52
Accruals ratio = -3.1%. Low accruals
Cash $3.8B covers 58% of debt $6.6B
Balance Sheet Health
Goodwill+Intangibles $15.7B = 86% of equity. Over 50%
Debt/EBITDA = 2.5x. Healthy
Other assets grew 33.9% vs revenue 2.2%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = -2.63 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09