Biogen’s “capital intensity” and changes in CAPEX can vary a lot year to year based on (1) major factory/portfolio programs, (2) manufacturing expansions for specific products, and (3) general spending cycle and operating cash flow needs.
However, to answer precisely for “capital intensity / CAPEX changes”, I need one clarification:
- Do you mean Biogen’s CAPEX in absolute dollars (e.g., $/year), or
- capital intensity as a ratio like CAPEX / revenue or CAPEX / operating cash flow, or
- Capex as % of revenue specifically?
If you tell me which metric you want and the time window (e.g., last 3 years, 2019–2023, etc.), I can help you compute the trend.
What I can do immediately
If you want, paste (or tell me) the figures you’re using—e.g., from Biogen’s annual report / 10-K:
- Revenue for each year
- Net cash used in investing activities for “capital expenditures” (or “Additions to property, plant & equipment”)
- Optionally operating cash flow
…and I’ll calculate:
- YoY CAPEX change (% and $)
- Capital intensity (CAPEX / revenue)
- Any notable inflection points and likely drivers at a high level.
Quick guidance (how to interpret the trend)
When you see CAPEX up and revenue flat/down, capital intensity typically rises—often reflecting manufacturing buildout, GMP/plant upgrades, or restructuring of supply chains. When CAPEX down while revenue is steady/up, intensity falls.
Reply with either:
- the years you care about (and which metric), or
- your CAPEX and revenue numbers for those years,
and I’ll produce a clear summary of the changes.