The company in question is Biogen INC (BIIB)

1. What are differences between primary market and secondary market transactions? Give an example(s) by utilizing your companys stocks and/or bonds.
2. Find and analyze Total Liabilities in your companys Balance Sheet Items (in %)" -This is your companys common-size balance sheet. The information provides your companys total debt ratio. Discuss changes of your companys capital structure during the 5-year period(internal), then compare and analyze capital structure changes between your company and its competitors (external).
3. Find and analyze your companys % of long term debt ratio, and % of Other Long-Term Liabilities if available, then analyze Interest Coverage ratios. Discuss your companys ability to cover its interest expenses over time (internal) and its ability to cover its interest relative to its competitors (external).
4. Discuss the pros and cons of using debt financing, and the pros and cons of using equity financing.
   • From your companys managers point of view, what are the main differences between debt vs. equity financing? (Discuss different tax treatments of interest expenses vs. dividend payments).
   • Discuss the consequences if your company fails to fulfill its debt obligations.
   • Discuss financial distress costs and bankruptcy risks due to increase of financial leverage (increase of level of debt).
   • Based on your observation, should you recommend the management to increase/decrease borrowing in 2021? Explain.