Biogen Beneish M-Score Historical Data
The historical data trend for Biogen's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Biogen Beneish M-Score Chart
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Biogen Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.84 |
-2.91 |
-2.22 |
-2.31 |
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Biogen Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.37 |
-2.24 |
-2.18 |
-2.31 |
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Competitive Comparison of Biogen's Beneish M-Score
For the Drug Manufacturers - General subindustry, Biogen's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Biogen's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Biogen's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Biogen's Beneish M-Score falls into.
Biogen Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Biogen for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.031 | + | 0.528 * 1.0443 | + | 0.404 * 1.3393 | + | 0.892 * 0.9563 | + | 0.115 * 0.9301 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1129 | + | 4.679 * 0.001558 | - | 0.327 * 0.9542 |
| = | -2.34 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $2,000 Mil.
Revenue was 2290.5 + 2386.3 + 2530.3 + 2456 = $9,663 Mil.
Gross Profit was 1748.3 + 1768 + 1870.7 + 1863.3 = $7,250 Mil.
Total Current Assets was $6,756 Mil.
Total Assets was $26,568 Mil.
Property, Plant and Equipment(Net PPE) was $3,703 Mil.
Depreciation, Depletion and Amortization(DDA) was $530 Mil.
Selling, General, & Admin. Expense(SGA) was $2,526 Mil.
Total Current Liabilities was $3,223 Mil.
Long-Term Debt & Capital Lease Obligation was $6,697 Mil.
Net Income was 393.4 + 249.7 + -68.1 + 591.6 = $1,167 Mil.
Non Operating Income was -53.4 + -118.4 + -408.1 + 60 = $-520 Mil.
Cash Flow from Operations was 553.2 + 12.5 + 592.4 + 487 = $1,645 Mil.
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Total Receivables was $2,028 Mil.
Revenue was 2463 + 2544 + 2508.5 + 2589.1 = $10,105 Mil.
Gross Profit was 1800.2 + 1973.1 + 2039 + 2105.1 = $7,917 Mil.
Total Current Assets was $9,763 Mil.
Total Assets was $24,598 Mil.
Property, Plant and Equipment(Net PPE) was $3,700 Mil.
Depreciation, Depletion and Amortization(DDA) was $488 Mil.
Selling, General, & Admin. Expense(SGA) was $2,374 Mil.
Total Current Liabilities was $3,015 Mil.
Long-Term Debt & Capital Lease Obligation was $6,610 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1999.7 / 9663.1) | / | (2028.2 / 10104.6) |
| = | 0.206942 | / | 0.20072 |
| | = | 1.031 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (7917.4 / 10104.6) | / | (7250.3 / 9663.1) |
| = | 0.783544 | / | 0.750308 |
| | = | 1.0443 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (6756.2 + 3703.4) / 26567.6) | / | (1 - (9762.5 + 3700) / 24598.4) |
| = | 0.606302 | / | 0.452708 |
| | = | 1.3393 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 9663.1 | / | 10104.6 |
| | = | 0.9563 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (487.6 / (487.6 + 3700)) | / | (530 / (530 + 3703.4)) |
| = | 0.116439 | / | 0.125195 |
| | = | 0.9301 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (2526.2 / 9663.1) | / | (2373.7 / 10104.6) |
| = | 0.261427 | / | 0.234913 |
| | = | 1.1129 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((6696.6 + 3222.8) / 26567.6) | / | ((6609.7 + 3014.9) / 24598.4) |
| = | 0.373365 | / | 0.391269 |
| | = | 0.9542 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (1166.6 - -519.9 | - | 1645.1) | / | 26567.6 |
| | = | 0.001558 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Biogen has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.
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