Biogen Inc (BIIB)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	4,547,200	—	—	—	6,788,200	—	—	—	6,567,300	—	—	—	7,567,300	—	—	—	7,500,000	—	—	—
Total stockholders’ equity	US$ in thousands	16,716,000	16,358,900	15,889,100	15,213,000	14,799,400	14,483,800	14,466,900	13,796,600	13,397,900	12,775,500	11,872,500	11,242,300	10,896,200	10,429,900	10,751,900	10,682,200	10,700,300	10,758,500	11,308,700	12,546,900
Debt-to-capital ratio		0.21	0.00	0.00	0.00	0.31	0.00	0.00	0.00	0.33	0.00	0.00	0.00	0.41	0.00	0.00	0.00	0.41	0.00	0.00	0.00

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $4,547,200K ÷ ($4,547,200K + $16,716,000K)
= 0.21

The debt-to-capital ratio of Biogen Inc has displayed fluctuations over the years. As of December 31, 2020, and December 31, 2021, the debt-to-capital ratio stood at 0.41, indicating that 41% of the company's capital structure was financed by debt. Subsequently, this ratio decreased to 0.33 by December 31, 2022, and further to 0.31 by December 31, 2023. The trend suggests a gradual reduction in the company's reliance on debt to fund its operations and investments. As of December 31, 2024, the debt-to-capital ratio decreased to 0.21, reflecting a continued conservative approach towards debt utilization in the capital structure of Biogen Inc.