Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin17.6%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin3.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt85.7 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$3.9B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$3.4B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book1.58x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$308M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income144.5%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$474M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Biogen Inc.
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
Biogen Inc. discovers, develops, manufactures, and delivers therapies in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, and TYSABRI for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; SKYCLARYS to treat Friedreich's Ataxia; QALSODY for treating amyotrophic lateral sclerosis; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE. It offers LEQEMBI for the treatment of Alzheimer's disease; ZURZUVAE for the treatment of postpartum depression; RITUXAN to treat non-Hodgkin's lymphoma, chronic lymphocytic leukemia (CLL), rheumatoid arthritis, two forms of ANCA-associated vasculitis, and pemphigus vulgaris; RITUXAN HYCELA for non-Hodgkin's lymphoma and CLL; GAZYVA to treat CLL and follicular lymphoma; OCREVUS for relapsing MS and primary progressive MS; LUNSUMIO to treat relapsed or refractory follicular lymphoma; glofitamab for aRelapsed or refractory diffuse large B-cell lymphoma; and other anti-CD20 therapies. Biogen Inc. has collaboration and license agreements with Merz Therapeutics; Alkermes Pharma Ireland Limited; Denali Therapeutics Inc.; UCB; Eisai Co., Ltd.; Genentech, Inc.; Neurimmune SubOne AG; Ionis Pharmaceuticals, Inc.; Samsung Bioepis; and Sage Therapeutics, Inc., as well as collaborations with Stoke Therapeutics, Inc. for the development and commercialization of zorevunersen, a disease modifying medicine for the treatment of Dravet syndrome; Dayra Therapeutics, Inc. to develop oral macrocyclic peptides; Vanqua Bio, Inc. for developing Vanqua's preclinical oral C5aR1 antagonist compound; City Therapeutics, Inc. to develop select novel RNAi therapies; and ALTEOGEN Inc. to develop subcutaneous (SC) formulations of biologics utilizing ALT-B4. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Biogen Inc. at $201.82.
The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.
At $201.82, the stock trades at a 364% premium to its Graham Number of $43.52. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Gross Profit %
71.6%▼
78.3%•
N/A
Operating Margin %
17.6%▲
16.9%•
N/A
Net Income %
3.6%▲
-2.1%•
N/A
Diluted EPS
0.66▲
-0.33•
N/A
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Total Assets
$32.1B
$29.4B
N/A
Total Debt
$8.4B▲
$6.6B•
N/A
Working Capital
$3.4B▼
$5.6B•
N/A
Years to Pay Debt
85.69
-134.50
N/A
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Free Cash Flow
$308M▼
$402M•
N/A
Owner Earnings
$474M
$262M
N/A
CapEx % of Net Income
144.5%
N/A
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
-78,130
-53,744
Tax Rate For Calcs
0
0
Normalized EBITDA
747,200
635,600
Total Unusual Items
-296,400
-423,900
Total Unusual Items Excluding Goodwill
-296,400
-423,900
Net Income From Continuing Operation Net Minority Interest
97,500
-48,900
Reconciled Depreciation
236,100
200,200
Reconciled Cost Of Revenue
709,000
431,900
EBITDA
450,800
211,700
EBIT
214,700
11,500
Net Interest Income
-57,000
-30,300
Interest Expense
82,300
67,500
Interest Income
25,300
37,200
Normalized Income
315,770
321,256
Net Income From Continuing And Discontinued Operation
97,500
-48,900
Total Expenses
2,253,200
1,893,900
Diluted Average Shares
148,700
146,700
Basic Average Shares
147,700
146,700
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
97,500
-48,900
Net Income Common Stockholders
97,500
-48,900
Net Income
97,500
-48,900
Net Income Including Noncontrolling Interests
97,500
-48,900
Net Income Continuous Operations
97,500
-48,900
Tax Provision
34,900
-7,100
Pretax Income
132,400
-56,000
Other Income Expense
-293,400
-411,200
Other Non Operating Income Expenses
3,000
12,700
Special Income Charges
-331,500
-426,600
Gain On Sale Of Ppe
-88,600
Other Special Charges
163,600
361,900
Restructuring And Mergern Acquisition
167,900
11,800
Gain On Sale Of Security
35,100
2,700
Net Non Operating Interest Income Expense
-57,000
-30,300
Interest Expense Non Operating
82,300
67,500
Interest Income Non Operating
25,300
37,200
Operating Income
482,800
385,500
Operating Expense
1,476,300
1,398,400
Other Operating Expenses
68,800
69,900
Depreciation Amortization Depletion Income Statement
168,200
136,600
Depreciation And Amortization In Income Statement
168,200
136,600
Amortization
168,200
136,600
Amortization Of Intangibles Income Statement
168,200
136,600
Research And Development
529,600
509,400
Selling General And Administration
709,700
682,500
Gross Profit
1,959,100
1,783,900
Cost Of Revenue
776,900
495,500
Total Revenue
2,736,000
2,279,400
Operating Revenue
2,736,000
2,279,400
Balance Sheet
2026
2025
2024
Treasury Shares Number
23,800
Preferred Shares Number
8
8
Ordinary Shares Number
147,700
146,800
Share Issued
147,700
170,600
Net Debt
6,805,300
3,278,300
Total Debt
8,355,100
6,577,200
Tangible Book Value
-1,659,200
2,587,200
Invested Capital
26,938,300
24,543,600
Working Capital
3,388,600
5,624,700
Net Tangible Assets
-1,659,200
2,587,200
Capital Lease Obligations
264,800
290,400
Common Stock Equity
18,848,000
18,256,800
Total Capitalization
26,138,300
24,543,600
Total Equity Gross Minority Interest
18,848,000
18,256,800
Stockholders Equity
18,848,000
18,256,800
Gains Losses Not Affecting Retained Earnings
-127,700
-182,000
Other Equity Adjustments
-127,700
-182,000
Treasury Stock
2,977,100
2,977,100
Retained Earnings
20,969,700
20,552,700
Additional Paid In Capital
983,000
863,100
Capital Stock
100
100
Common Stock
100
100
Total Liabilities Net Minority Interest
13,238,600
11,182,700
Total Non Current Liabilities Net Minority Interest
9,321,500
7,833,300
Other Non Current Liabilities
643,400
748,500
Tradeand Other Payables Non Current
177,500
Non Current Deferred Liabilities
945,500
507,600
Non Current Deferred Taxes Liabilities
945,500
507,600
Long Term Debt And Capital Lease Obligation
7,555,100
6,577,200
Long Term Capital Lease Obligation
264,800
290,400
Long Term Debt
7,290,300
6,286,800
Current Liabilities
3,917,100
3,349,400
Other Current Liabilities
Current Debt And Capital Lease Obligation
800,000
1,748,600
Current Debt
800,000
1,748,600
Other Current Borrowings
800,000
1,748,600
Pensionand Other Post Retirement Benefit Plans Current
391,300
375,800
Payables And Accrued Expenses
2,725,800
2,973,600
Current Accrued Expenses
2,235,000
2,426,800
Payables
490,800
546,800
Total Tax Payable
86,900
114,800
Accounts Payable
403,900
432,000
Total Assets
32,086,600
29,439,500
Total Non Current Assets
24,780,900
20,465,400
Other Non Current Assets
831,800
750,600
Non Current Deferred Assets
202,100
292,500
Non Current Deferred Taxes Assets
202,100
292,500
Investments And Advances
0
431,900
0
Investmentin Financial Assets
0
431,900
0
Available For Sale Securities
431,900
Goodwill And Other Intangible Assets
20,507,200
15,669,600
Other Intangible Assets
13,516,400
9,178,500
Goodwill
6,990,800
6,491,100
Net PPE
3,239,800
3,320,800
Accumulated Depreciation
-2,931,200
-2,670,800
Gross PPE
3,239,800
6,252,000
Leases
143,500
137,800
Construction In Progress
163,100
308,400
Other Properties
3,239,800
265,400
Machinery Furniture Equipment
3,323,000
3,239,800
Buildings And Improvements
2,140,300
1,963,700
Land And Improvements
216,700
202,400
Current Assets
7,305,700
8,974,100
Other Current Assets
1,238,000
1,123,300
Inventory
2,384,300
2,168,100
Receivables
2,398,400
1,867,000
Accounts Receivable
2,398,400
1,867,000
Allowance For Doubtful Accounts Receivable
-2,900
-3,000
Gross Accounts Receivable
2,401,300
1,870,000
Cash Cash Equivalents And Short Term Investments
1,285,000
3,815,700
Other Short Term Investments
0
807,200
0
Cash And Cash Equivalents
1,285,000
3,008,500
Cash Flow
2026
2025
2024
Free Cash Flow
308,000
401,700
Repayment Of Debt
0
0
Issuance Of Debt
0
0
Capital Expenditure
-140,900
-110,200
End Cash Position
1,285,000
3,008,500
Beginning Cash Position
3,382,700
3,862,800
Effect Of Exchange Rate Changes
-3,400
2,500
Changes In Cash
-2,094,300
-856,800
Financing Cash Flow
1,296,000
-137,000
Cash Flow From Continuing Financing Activities
1,296,000
-137,000
Net Other Financing Charges
-13,300
-140,000
Proceeds From Stock Option Exercised
6,000
3,000
Net Issuance Payments Of Debt
0
0
Net Long Term Debt Issuance
0
0
Long Term Debt Payments
0
0
Long Term Debt Issuance
0
0
Investing Cash Flow
-3,839,200
-1,231,700
Cash Flow From Continuing Investing Activities
-3,839,200
-1,231,700
Net Other Investing Changes
-600
22,700
Net Investment Purchase And Sale
1,367,400
-1,144,200
Sale Of Investment
1,515,200
23,100
Purchase Of Investment
-147,800
-1,167,300
Net Intangibles Purchase And Sale
-100,000
-66,300
Purchase Of Intangibles
-100,000
-66,300
Net PPE Purchase And Sale
-40,900
-43,900
Purchase Of PPE
-40,900
-43,900
Operating Cash Flow
448,900
511,900
Cash Flow From Continuing Operating Activities
448,900
511,900
Change In Working Capital
-238,100
-108,700
Change In Other Working Capital
-40,200
-262,100
Change In Payables And Accrued Expense
-49,700
203,800
Change In Accrued Expense
-49,700
203,800
Change In Inventory
75,700
-29,400
Change In Receivables
-223,900
-21,000
Changes In Account Receivables
-132,300
27,800
Other Non Cash Items
346,400
199,900
Stock Based Compensation
77,400
59,600
Asset Impairment Charge
57,300
40,000
Deferred Tax
-27,600
166,900
Deferred Income Tax
-27,600
166,900
Depreciation Amortization Depletion
236,100
200,200
Depreciation And Amortization
236,100
200,200
Amortization Cash Flow
132,200
Amortization Of Intangibles
132,200
Depreciation
68,000
Operating Gains Losses
-42,800
-14,400
Gain Loss On Investment Securities
-42,800
-14,400
Net Income From Continuing Operations
97,500
-48,900
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $2.6B▲ $2.7B+3.4%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 77.1%▼ 71.6%-5.5pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 18.2%▼ 17.6%-0.6pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 24.0%▼ 3.6%-20.4pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$2.7B/qtr (≈$10.9B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.87x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$308M
vs Positive
Operating Cash Flow
$449M
Latest quarter · Buffett's cash reality check
ROIC
1.4%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.6x
Net Assets: $18.8B
⚠️Net margin compressed 20.4pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
Peers & Industry
No auto-detected peers for Drug Manufacturers - General. You can manually compare BIIB against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.19%
Low — management has little skin in the game
Return on Equity (ROE)
0.5%
Weak — poor returns on equity
Return on Assets (ROA)
0.3%
Poor — assets are not generating adequate returns
Debt Trend YoY
+27.3% YoY
Debt is growing — management is leveraging up
Leadership Team
Christopher Viehbacher
President, CEO & Director
Age 64
Pay: $5,277,129
5.412% of net income
Robin Kramer
Executive VP & CFO
Age 59
Pay: $1,632,803
1.675% of net income
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
10.81%
15,974,601
Primecap Management Company
9.99%
14,757,607
FMR, LLC
8.67%
12,807,541
Vanguard Capital Management LLC
6.45%
9,537,417
State Street Corporation
4.85%
7,167,922
Vanguard Portfolio Management LLC
4.42%
6,531,727
Geode Capital Management, LLC
2.94%
4,342,602
Wellington Management Group, LLP
2.00%
2,961,641
Risk Analysis
Beta (Market Risk)
0.16
Low volatility — more stable than the market
Short Interest
4.5% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.44x
Conservative balance sheet — low financial risk
Current Ratio
1.86x
Adequate liquidity
52-Week Price Range
Low: $127.00Current: $201.82High: $219.72
Currently at 81% of 52-week range
Biogen Inc. (BIIB) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $43.52. Margin of safety: 0%. Gross profit margin: 71.6%. Operating margin: 17.6%. Net margin: 3.6%. Market cap: $29.8B. Sector: Healthcare. Industry: Drug Manufacturers - General. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.