Biogen Inc (BIIB)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,296,400	1,608,700	3,120,600	3,688,900	3,679,700	3,886,400	2,818,800	1,583,500	1,608,500	1,168,300	1,807,300	3,756,100	4,992,800	6,337,400	7,152,300	6,906,300	7,046,500	6,747,100	6,804,100	6,192,200
Revenue (ttm)	US$ in thousands	9,835,600	9,993,300	9,971,500	10,104,600	10,173,400	10,363,200	10,633,600	10,819,500	10,981,700	11,100,500	11,697,700	12,604,300	13,444,600	14,263,300	14,487,300	14,422,400	14,377,900	14,232,900	14,071,800	13,811,600
Pretax margin		13.18%	16.10%	31.30%	36.51%	36.17%	37.50%	26.51%	14.64%	14.65%	10.52%	15.45%	29.80%	37.14%	44.43%	49.37%	47.89%	49.01%	47.40%	48.35%	44.83%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,296,400K ÷ $9,835,600K
= 13.18%

The pretax margin of Biogen Inc has exhibited variability over the past eight quarters. In Q1 2023 and Q2 2023, the pretax margin was relatively high at 36.50% and 31.30% respectively, indicating strong profitability before accounting for taxes. However, the pretax margin declined in Q3 2023 and Q4 2023 to 16.10% and 13.18% respectively, suggesting a decrease in profitability during those periods. Comparing the latest quarter to the same period last year, there is a noticeable decrease in pretax margin from 35.33% in Q4 2022 to 13.18% in Q4 2023. Overall, the downward trend in pretax margin over the past two quarters raises concerns about the company's ability to maintain profitability levels and manage costs effectively. Further analysis of the underlying factors influencing these fluctuations would be necessary to assess the long-term implications for Biogen Inc.