Biogen Inc (BIIB)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	6,788,200	—	—	—	6,567,300	—	—	—	7,567,300	—	—	—	7,500,000	—	—	—	6,000,000	—	—	—
Total stockholders’ equity	US$ in thousands	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	13,343,200	13,995,900	12,952,900	13,829,900
Debt-to-capital ratio		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	0.31	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $6,788,200K ÷ ($6,788,200K + $14,799,400K)
= 0.31

The debt-to-capital ratio reflects the proportion of a company's capital structure that is comprised of debt. Looking at the data for Biogen Inc's debt-to-capital ratio over the past eight quarters, we observe fluctuations ranging from 0.30 to 0.39. These changes indicate variability in the company's leverage and financing strategies during this period.

The ratio was relatively stable around 0.32 in the most recent quarters of Q4 2023, Q1 2023, and Q4 2022, suggesting that Biogen maintained a consistent mix of debt and equity in its capital structure during those periods. However, there was a slight decrease to 0.30 in Q2 2023, followed by a subsequent increase to 0.33 in Q3 2023, indicating potential adjustments in the company's debt levels or capital allocation decisions.

The highest debt-to-capital ratio of 0.39 was recorded in Q1 2022, indicating a greater reliance on debt financing relative to capital in that quarter. Conversely, the lowest ratio of 0.30 in Q2 2023 suggests a reduced proportion of debt in the capital structure during that particular period.

Overall, the trend in Biogen Inc's debt-to-capital ratio indicates some variability over the past eight quarters, reflecting potential changes in the company's debt management and capital structure decisions that may impact its financial risk and funding strategies.