beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

Condensed Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Product	$ 956,703	$ 859,235	$ 1,863,805	$ 1,683,455
Unconsolidated joint business	216,458	306,371	472,583	561,300
Other	35,486	47,096	75,602	76,807
Total revenues	1,208,647	1,212,702	2,411,990	2,321,562
Cost and expenses:
Cost of sales, excluding amortization of acquired intangible assets	100,503	106,985	203,616	204,040
Research and development	285,644	331,675	579,277	638,705
Selling, general and administrative	266,301	262,322	510,819	510,987
Collaboration profit sharing	88,050	62,692	162,844	126,249
Amortization of acquired intangible assets	55,136	53,148	108,352	102,037
Acquired in-process research and development				39,976
Restructuring charge			16,587
Fair value adjustment of contingent consideration	2,200		3,400
Total cost and expenses	797,834	816,822	1,584,895	1,621,994
Income from operations	410,813	395,880	827,095	699,568
Other income (expense), net	(11,728)	1,012	(1,777)	(7,373)
Income before income tax expense	399,085	396,892	825,318	692,195
Income tax expense	95,036	102,243	212,504	177,553
Net income	304,049	294,649	612,814	514,642
Net income attributable to noncontrolling interests, net of tax	16,015	1,211	30,450	3,762
Net income attributable to Biogen Idec Inc.	$ 288,034	$ 293,438	$ 582,364	$ 510,880
Net income per share:
Basic earnings per share attributable to Biogen Idec Inc.	$ 1.19	$ 1.13	$ 2.40	$ 1.92
Diluted earnings per share attributable to Biogen Idec Inc.	$ 1.18	$ 1.12	$ 2.38	$ 1.91
Weighted-average shares used in calculating:
Basic earnings per share attributable to Biogen Idec Inc.	242,375	259,938	241,932	265,018
Diluted earnings per share attributable to Biogen Idec Inc.	244,966	261,658	244,899	267,272

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 612,814	$ 514,642
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization of property, plant and equipment and intangible assets	182,845	169,961
Acquired in-process research and development		39,976
Share-based compensation	57,399	95,370
Fair value adjustment of contingent consideration	3,400
Excess tax benefit from share-based compensation	(37,827)	(5,598)
Deferred income taxes	48,626	(30,317)
Write-down of inventory to net realizable value	7,296	5,654
Impairment of marketable securities, investments and other assets	6,137	17,231
Non-cash interest (income) expense, foreign exchange remeasurement loss (gain), net and other	9,748	6,858
Realized gain on sale of marketable securities and strategic investments	(15,539)	(11,300)
Changes in operating assets and liabilities, net:
Accounts receivable	(54,909)	(22,955)
Due from unconsolidated joint business	37,588	(56,354)
Inventory	(24,708)	21,447
Other assets	(30,354)	3,637
Accrued expenses and other current liabilities	(67,488)	(23,732)
Other liabilities and taxes payable	(51,784)	40,856
Net cash flows provided by operating activities	683,244	765,376
Cash flows from investing activities:
Proceeds from sales and maturities of marketable securities	1,169,836	2,002,543
Purchases of marketable securities	(1,778,568)	(941,268)
Acquisitions		(39,976)
Purchases of property, plant and equipment	(86,229)	(85,260)
Purchases of intangible assets	(14,505)
Purchases of other investments	(3,954)	(2,338)
Proceeds from the sale of strategic investments	39,835
Net cash flows (used in) provided by investing activities	(673,585)	933,701
Cash flows from financing activities:
Purchase of treasury stock	(386,575)	(1,609,334)
Proceeds from the issuance of stock for share-based compensation arrangements	285,883	63,193
Excess tax benefit from share-based compensation	37,827	5,598
Change in cash overdraft	4,485	2,912
Net contributions (to) from noncontrolling interests	(9,930)	2,187
Repayments of borrowings	(7,248)	(14,142)
Repayments on financing arrangement for the sale of the San Diego facility	(2,367)
Net cash flows used in financing activities	(77,925)	(1,549,586)
Net increase in cash and cash equivalents	(68,266)	149,491
Effect of exchange rate changes on cash and cash equivalents	6,194	(10,418)
Cash and cash equivalents, beginning of the period	759,598	581,889
Cash and cash equivalents, end of the period	$ 697,526	$ 720,962

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 697,526	$ 759,598
Marketable securities	629,218	448,146
Accounts receivable, net	666,960	605,329
Due from unconsolidated joint business	184,871	222,459
Inventory	308,254	289,066
Other current assets	201,794	215,822
Total current assets	2,688,623	2,540,420
Marketable securities	1,183,559	743,101
Property, plant and equipment, net	1,712,869	1,641,634
Intangible assets, net	1,678,867	1,772,826
Goodwill	1,146,314	1,146,314
Investments and other assets	211,747	248,198
Total assets	8,621,979	8,092,493
Current liabilities:
Current portion of notes payable, line of credit and other financing arrangements	131,981	137,153
Taxes payable	10,330	84,517
Accounts payable	170,746	162,529
Accrued expenses and other	641,273	665,923
Total current liabilities	954,330	1,050,122
Notes payable and line of credit	1,062,986	1,066,379
Long-term deferred tax liability	196,784	200,950
Other long-term liabilities	351,685	325,599
Total liabilities	2,565,785	2,643,050
Commitments and contingencies (Notes 2, 11, 16, 18 and 20)
Biogen Idec Inc. shareholders' equity
Preferred stock, par value $0.001 per share	0	0
Common stock, par value $0.0005 per share	127	124
Additional paid-in capital	4,224,865	3,895,103
Accumulated other comprehensive income (loss)	25,713	(21,610)
Retained earnings	2,454,848	1,872,481
Treasury stock, at cost	(728,503)	(349,592)
Total Biogen Idec Inc. shareholders' equity	5,977,050	5,396,506
Noncontrolling interests	79,144	52,937
Total equity	6,056,194	5,449,443
Total liabilities and equity	$ 8,621,979	$ 8,092,493