Indefinite until commercializationIndefinitefalse--12-31Q3201900008750450.00050.00050.0520.04050.03625P18YP23YP28YP4YP13YP15Y0.0010.001 0000875045 2019-01-01 2019-09-30 0000875045 2019-10-21 0000875045 2018-01-01 2018-09-30 0000875045 2019-07-01 2019-09-30 0000875045 2018-07-01 2018-09-30 0000875045 us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0000875045 biib:Revenuesfromanticd20therapeuticprogramsMember 2019-01-01 2019-09-30 0000875045 us-gaap:ProductMember 2019-07-01 2019-09-30 0000875045 biib:Revenuesfromanticd20therapeuticprogramsMember 2018-07-01 2018-09-30 0000875045 us-gaap:ProductMember 2018-01-01 2018-09-30 0000875045 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0000875045 biib:Revenuesfromanticd20therapeuticprogramsMember 2019-07-01 2019-09-30 0000875045 us-gaap:ProductMember 2019-01-01 2019-09-30 0000875045 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0000875045 biib:Revenuesfromanticd20therapeuticprogramsMember 2018-01-01 2018-09-30 0000875045 us-gaap:ProductMember 2018-07-01 2018-09-30 0000875045 us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0000875045 2018-12-31 0000875045 2019-09-30 0000875045 2017-12-31 0000875045 2018-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000875045 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000875045 us-gaap:RetainedEarningsMember 2018-06-30 0000875045 us-gaap:RetainedEarningsMember 2018-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000875045 us-gaap:TreasuryStockMember 2018-09-30 0000875045 us-gaap:CommonStockMember 2018-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000875045 us-gaap:CommonStockMember 2018-06-30 0000875045 us-gaap:PreferredStockMember 2018-09-30 0000875045 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0000875045 us-gaap:NoncontrollingInterestMember 2018-06-30 0000875045 us-gaap:TreasuryStockMember 2018-06-30 0000875045 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000875045 us-gaap:ParentMember 2018-07-01 2018-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000875045 us-gaap:PreferredStockMember 2018-06-30 0000875045 2018-06-30 0000875045 us-gaap:NoncontrollingInterestMember 2018-09-30 0000875045 us-gaap:TreasuryStockMember 2018-12-31 0000875045 biib:A2018ShareRepurchaseProgramMember us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000875045 us-gaap:ParentMember 2019-01-01 2019-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000875045 biib:A2018ShareRepurchaseProgramMember 2019-01-01 2019-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:TreasuryStockMember 2019-01-01 2019-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember 2019-01-01 2019-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0000875045 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0000875045 us-gaap:CommonStockMember 2019-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000875045 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000875045 us-gaap:RetainedEarningsMember 2018-12-31 0000875045 biib:A2018ShareRepurchaseProgramMember us-gaap:TreasuryStockMember 2019-01-01 2019-09-30 0000875045 us-gaap:TreasuryStockMember 2019-09-30 0000875045 us-gaap:CommonStockMember 2018-12-31 0000875045 us-gaap:NoncontrollingInterestMember 2018-12-31 0000875045 biib:A2018ShareRepurchaseProgramMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000875045 us-gaap:PreferredStockMember 2018-12-31 0000875045 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000875045 us-gaap:PreferredStockMember 2019-09-30 0000875045 us-gaap:NoncontrollingInterestMember 2019-09-30 0000875045 biib:A2018ShareRepurchaseProgramMember us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000875045 us-gaap:RetainedEarningsMember 2019-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000875045 2019-06-30 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:TreasuryStockMember 2019-07-01 2019-09-30 0000875045 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember 2019-07-01 2019-09-30 0000875045 us-gaap:CommonStockMember 2019-06-30 0000875045 us-gaap:TreasuryStockMember 2019-06-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000875045 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000875045 us-gaap:NoncontrollingInterestMember 2019-06-30 0000875045 us-gaap:RetainedEarningsMember 2019-06-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000875045 us-gaap:ParentMember 2019-07-01 2019-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000875045 us-gaap:PreferredStockMember 2019-06-30 0000875045 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000875045 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0000875045 us-gaap:CommonStockMember 2017-12-31 0000875045 biib:A2016ShareRepurchaseProgramMember us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000875045 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000875045 biib:A2016ShareRepurchaseProgramMember 2018-01-01 2018-09-30 0000875045 biib:A2016ShareRepurchaseProgramMember us-gaap:TreasuryStockMember 2018-01-01 2018-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000875045 us-gaap:NoncontrollingInterestMember 2017-12-31 0000875045 us-gaap:ParentMember 2018-01-01 2018-09-30 0000875045 us-gaap:PreferredStockMember 2017-12-31 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000875045 us-gaap:TreasuryStockMember 2017-12-31 0000875045 us-gaap:AccountingStandardsUpdate201616Member us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000875045 biib:A2016ShareRepurchaseProgramMember us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000875045 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000875045 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000875045 biib:A2016ShareRepurchaseProgramMember us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000875045 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000875045 us-gaap:RetainedEarningsMember 2017-12-31 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000875045 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0000875045 biib:NightstarMember 2019-06-07 0000875045 biib:NightstarMember biib:PostacquisitionequitycompensationMember 2019-04-01 2019-06-30 0000875045 biib:NightstarMember us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-04-01 2019-06-30 0000875045 biib:NightstarMember 2019-04-01 2019-06-30 0000875045 biib:NightstarMember 2019-06-30 0000875045 biib:BIIB112Member biib:NightstarMember 2019-06-07 0000875045 biib:BIIB111Member biib:NightstarMember 2019-06-07 0000875045 biib:NightstarMember us-gaap:ResearchAndDevelopmentExpenseMember 2019-04-01 2019-06-30 0000875045 2019-08-01 0000875045 biib:DenmarkManufacturingOperationsMember 2019-01-01 2019-09-30 0000875045 biib:DenmarkManufacturingOperationsMember 2019-07-01 2019-09-30 0000875045 biib:DenmarkManufacturingOperationsMember 2019-09-30 0000875045 biib:DenmarkManufacturingOperationsMember 2019-08-01 0000875045 biib:RocheGroupGenentechMember 2019-01-01 2019-09-30 0000875045 biib:RocheGroupGenentechMember 2018-01-01 2018-09-30 0000875045 biib:RocheGroupGenentechMember 2019-07-01 2019-09-30 0000875045 biib:RocheGroupGenentechMember 2018-07-01 2018-09-30 0000875045 biib:BiosimilarsMember 2019-01-01 2019-09-30 0000875045 biib:IMRALDIMember 2019-01-01 2019-09-30 0000875045 biib:BiosimilarsMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:IMRALDIMember country:US 2018-01-01 2018-09-30 0000875045 biib:FLIXABIMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:FLIXABIMember 2018-01-01 2018-09-30 0000875045 biib:FUMADERMMember 2019-01-01 2019-09-30 0000875045 biib:TysabriProductMember 2018-01-01 2018-09-30 0000875045 biib:ZINBRYTAMember country:US 2019-01-01 2019-09-30 0000875045 biib:FLIXABIMember country:US 2018-01-01 2018-09-30 0000875045 biib:FAMPYRAMember 2018-01-01 2018-09-30 0000875045 biib:InterferonMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:IMRALDIMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:TysabriProductMember 2019-01-01 2019-09-30 0000875045 biib:FUMADERMMember country:US 2019-01-01 2019-09-30 0000875045 biib:ZINBRYTAMember 2018-01-01 2018-09-30 0000875045 biib:InterferonMember country:US 2018-01-01 2018-09-30 0000875045 biib:FUMADERMMember 2018-01-01 2018-09-30 0000875045 biib:TysabriProductMember country:US 2018-01-01 2018-09-30 0000875045 biib:FLIXABIMember country:US 2019-01-01 2019-09-30 0000875045 us-gaap:ProductMember country:US 2019-01-01 2019-09-30 0000875045 biib:IMRALDIMember 2018-01-01 2018-09-30 0000875045 biib:BiosimilarsMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:TecfideraMember 2018-01-01 2018-09-30 0000875045 us-gaap:ProductMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:TecfideraMember 2019-01-01 2019-09-30 0000875045 biib:FUMADERMMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:BiosimilarsMember country:US 2019-01-01 2019-09-30 0000875045 biib:TecfideraMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:ZINBRYTAMember country:US 2018-01-01 2018-09-30 0000875045 biib:IMRALDIMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:BiosimilarsMember 2018-01-01 2018-09-30 0000875045 biib:SPINRAZAMember 2018-01-01 2018-09-30 0000875045 biib:MSProductRevenuesMember 2019-01-01 2019-09-30 0000875045 biib:BENEPALIMember country:US 2018-01-01 2018-09-30 0000875045 biib:MSProductRevenuesMember 2018-01-01 2018-09-30 0000875045 biib:InterferonMember country:US 2019-01-01 2019-09-30 0000875045 biib:SPINRAZAMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:FAMPYRAMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:FAMPYRAMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:TecfideraMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:BiosimilarsMember country:US 2018-01-01 2018-09-30 0000875045 biib:TysabriProductMember country:US 2019-01-01 2019-09-30 0000875045 us-gaap:ProductMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:ZINBRYTAMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:IMRALDIMember country:US 2019-01-01 2019-09-30 0000875045 biib:SPINRAZAMember country:US 2019-01-01 2019-09-30 0000875045 us-gaap:ProductMember country:US 2018-01-01 2018-09-30 0000875045 biib:FLIXABIMember 2019-01-01 2019-09-30 0000875045 biib:BENEPALIMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:TecfideraMember country:US 2018-01-01 2018-09-30 0000875045 biib:FUMADERMMember country:US 2018-01-01 2018-09-30 0000875045 biib:InterferonMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:ZINBRYTAMember 2019-01-01 2019-09-30 0000875045 biib:InterferonMember 2019-01-01 2019-09-30 0000875045 biib:FUMADERMMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:TysabriProductMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:BENEPALIMember country:US 2019-01-01 2019-09-30 0000875045 biib:SPINRAZAMember 2019-01-01 2019-09-30 0000875045 biib:FLIXABIMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:InterferonMember 2018-01-01 2018-09-30 0000875045 biib:FAMPYRAMember country:US 2019-01-01 2019-09-30 0000875045 biib:FAMPYRAMember country:US 2018-01-01 2018-09-30 0000875045 biib:MSProductRevenuesMember country:US 2018-01-01 2018-09-30 0000875045 biib:ZINBRYTAMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:MSProductRevenuesMember us-gaap:NonUsMember 2018-01-01 2018-09-30 0000875045 biib:MSProductRevenuesMember country:US 2019-01-01 2019-09-30 0000875045 biib:TysabriProductMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:BENEPALIMember 2018-01-01 2018-09-30 0000875045 biib:BENEPALIMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:TecfideraMember country:US 2019-01-01 2019-09-30 0000875045 biib:SPINRAZAMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:BENEPALIMember 2019-01-01 2019-09-30 0000875045 biib:MSProductRevenuesMember us-gaap:NonUsMember 2019-01-01 2019-09-30 0000875045 biib:FAMPYRAMember 2019-01-01 2019-09-30 0000875045 biib:SPINRAZAMember country:US 2018-01-01 2018-09-30 0000875045 us-gaap:OtherCurrentLiabilitiesMember 2019-09-30 0000875045 us-gaap:AccountsReceivableMember 2018-12-31 0000875045 us-gaap:OtherCurrentLiabilitiesMember 2018-12-31 0000875045 us-gaap:AccountsReceivableMember 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2018-07-01 2018-09-30 0000875045 biib:AbbVieMember us-gaap:CollaborativeArrangementMember 2018-01-01 2018-09-30 0000875045 us-gaap:RoyaltyMember 2019-07-01 2019-09-30 0000875045 biib:OthercorporaterevenuesMember 2019-07-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2018-01-01 2018-09-30 0000875045 biib:OthercorporaterevenuesMember 2018-01-01 2018-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-09-30 0000875045 us-gaap:RoyaltyMember 2019-01-01 2019-09-30 0000875045 biib:AbbVieMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2019-07-01 2019-09-30 0000875045 us-gaap:RoyaltyMember 2018-07-01 2018-09-30 0000875045 biib:OthercorporaterevenuesMember 2018-07-01 2018-09-30 0000875045 biib:AbbVieMember us-gaap:CollaborativeArrangementMember 2019-07-01 2019-09-30 0000875045 biib:OthercorporaterevenuesMember 2019-01-01 2019-09-30 0000875045 biib:AbbVieMember us-gaap:CollaborativeArrangementMember 2018-07-01 2018-09-30 0000875045 us-gaap:RoyaltyMember 2018-01-01 2018-09-30 0000875045 biib:ContractualAdjustmentsMember 2019-01-01 2019-09-30 0000875045 us-gaap:SalesReturnsAndAllowancesMember 2019-01-01 2019-09-30 0000875045 biib:ReserveforCashDiscountsMember 2019-01-01 2019-09-30 0000875045 biib:ContractualAdjustmentsMember 2018-12-31 0000875045 biib:ReserveforCashDiscountsMember 2018-12-31 0000875045 biib:ReserveforCashDiscountsMember 2019-09-30 0000875045 biib:ContractualAdjustmentsMember 2019-09-30 0000875045 us-gaap:SalesReturnsAndAllowancesMember 2019-09-30 0000875045 us-gaap:SalesReturnsAndAllowancesMember 2018-12-31 0000875045 biib:OthercorporaterevenuesMember 2019-09-30 0000875045 biib:BioverativMember us-gaap:ProductAndServiceOtherMember 2019-07-01 2019-09-30 0000875045 biib:DistributorOneMember 2018-07-01 2018-09-30 0000875045 biib:BioverativMember us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-09-30 0000875045 biib:BioverativMember us-gaap:ProductAndServiceOtherMember 2018-07-01 2018-09-30 0000875045 biib:DistributorTwoMember 2018-01-01 2018-09-30 0000875045 biib:DistributorOneMember 2018-01-01 2018-09-30 0000875045 biib:DistributorTwoMember 2019-01-01 2019-09-30 0000875045 biib:DistributorTwoMember 2019-07-01 2019-09-30 0000875045 biib:DistributorTwoMember 2018-07-01 2018-09-30 0000875045 biib:DistributorOneMember 2019-07-01 2019-09-30 0000875045 biib:BioverativMember us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-09-30 0000875045 biib:DistributorOneMember 2019-01-01 2019-09-30 0000875045 biib:FUMADERMMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:FAMPYRAMember 2018-07-01 2018-09-30 0000875045 biib:SPINRAZAMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:InterferonMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:FAMPYRAMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:FLIXABIMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:BiosimilarsMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:BiosimilarsMember country:US 2019-07-01 2019-09-30 0000875045 biib:FLIXABIMember 2019-07-01 2019-09-30 0000875045 biib:FUMADERMMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:MSProductRevenuesMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:IMRALDIMember country:US 2019-07-01 2019-09-30 0000875045 biib:BENEPALIMember 2019-07-01 2019-09-30 0000875045 biib:IMRALDIMember 2019-07-01 2019-09-30 0000875045 biib:SPINRAZAMember 2019-07-01 2019-09-30 0000875045 biib:TecfideraMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 us-gaap:ProductMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:BENEPALIMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:InterferonMember country:US 2019-07-01 2019-09-30 0000875045 biib:InterferonMember country:US 2018-07-01 2018-09-30 0000875045 biib:FUMADERMMember 2018-07-01 2018-09-30 0000875045 biib:MSProductRevenuesMember country:US 2018-07-01 2018-09-30 0000875045 biib:IMRALDIMember 2018-07-01 2018-09-30 0000875045 biib:InterferonMember 2019-07-01 2019-09-30 0000875045 biib:InterferonMember 2018-07-01 2018-09-30 0000875045 biib:TecfideraMember country:US 2019-07-01 2019-09-30 0000875045 biib:FAMPYRAMember country:US 2019-07-01 2019-09-30 0000875045 biib:InterferonMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:BiosimilarsMember 2019-07-01 2019-09-30 0000875045 biib:FLIXABIMember country:US 2018-07-01 2018-09-30 0000875045 biib:BENEPALIMember country:US 2019-07-01 2019-09-30 0000875045 biib:TysabriProductMember 2019-07-01 2019-09-30 0000875045 biib:FLIXABIMember country:US 2019-07-01 2019-09-30 0000875045 us-gaap:ProductMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:TysabriProductMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:BiosimilarsMember 2018-07-01 2018-09-30 0000875045 biib:MSProductRevenuesMember 2019-07-01 2019-09-30 0000875045 biib:MSProductRevenuesMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:TecfideraMember 2019-07-01 2019-09-30 0000875045 biib:IMRALDIMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 us-gaap:ProductMember country:US 2018-07-01 2018-09-30 0000875045 biib:TysabriProductMember country:US 2019-07-01 2019-09-30 0000875045 biib:SPINRAZAMember country:US 2018-07-01 2018-09-30 0000875045 biib:IMRALDIMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:FUMADERMMember 2019-07-01 2019-09-30 0000875045 biib:MSProductRevenuesMember 2018-07-01 2018-09-30 0000875045 us-gaap:ProductMember country:US 2019-07-01 2019-09-30 0000875045 biib:TysabriProductMember 2018-07-01 2018-09-30 0000875045 biib:FAMPYRAMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:TecfideraMember 2018-07-01 2018-09-30 0000875045 biib:TecfideraMember country:US 2018-07-01 2018-09-30 0000875045 biib:MSProductRevenuesMember country:US 2019-07-01 2019-09-30 0000875045 biib:BiosimilarsMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:FLIXABIMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:BENEPALIMember 2018-07-01 2018-09-30 0000875045 biib:SPINRAZAMember 2018-07-01 2018-09-30 0000875045 biib:FUMADERMMember country:US 2018-07-01 2018-09-30 0000875045 biib:BiosimilarsMember country:US 2018-07-01 2018-09-30 0000875045 biib:SPINRAZAMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:IMRALDIMember country:US 2018-07-01 2018-09-30 0000875045 biib:FAMPYRAMember 2019-07-01 2019-09-30 0000875045 biib:TysabriProductMember us-gaap:NonUsMember 2018-07-01 2018-09-30 0000875045 biib:TecfideraMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:FAMPYRAMember country:US 2018-07-01 2018-09-30 0000875045 biib:BENEPALIMember us-gaap:NonUsMember 2019-07-01 2019-09-30 0000875045 biib:FUMADERMMember country:US 2019-07-01 2019-09-30 0000875045 biib:TysabriProductMember country:US 2018-07-01 2018-09-30 0000875045 biib:BENEPALIMember country:US 2018-07-01 2018-09-30 0000875045 biib:FLIXABIMember 2018-07-01 2018-09-30 0000875045 biib:SPINRAZAMember country:US 2019-07-01 2019-09-30 0000875045 biib:BioverativMember 2019-01-01 2019-03-31 0000875045 biib:WorkinprocessMember 2019-09-30 0000875045 biib:TecfideraMember biib:InLicensedPatentsMember 2019-09-30 0000875045 biib:BG00011Member 2019-07-01 2019-09-30 0000875045 biib:TGNMember us-gaap:InProcessResearchAndDevelopmentMember 2018-09-30 0000875045 biib:BG00011Member us-gaap:InProcessResearchAndDevelopmentMember 2019-07-01 2019-09-30 0000875045 biib:TGNMember us-gaap:InProcessResearchAndDevelopmentMember 2018-07-01 2018-09-30 0000875045 biib:TysabriProductMember biib:InLicensedPatentsMember 2019-09-30 0000875045 us-gaap:InProcessResearchAndDevelopmentMember 2018-07-01 2018-09-30 0000875045 us-gaap:InProcessResearchAndDevelopmentMember 2019-07-01 2019-09-30 0000875045 biib:TGNMember 2018-07-01 2018-09-30 0000875045 biib:AVONEXMember us-gaap:DevelopedTechnologyRightsMember 2019-09-30 0000875045 biib:PLSRMember us-gaap:InProcessResearchAndDevelopmentMember 2018-07-01 2018-09-30 0000875045 biib:OutLicensedPatentsMember 2018-12-31 0000875045 us-gaap:DevelopedTechnologyRightsMember 2019-09-30 0000875045 biib:OutLicensedPatentsMember 2019-09-30 0000875045 us-gaap:InProcessResearchAndDevelopmentMember 2019-09-30 0000875045 biib:InLicensedPatentsMember 2019-09-30 0000875045 us-gaap:TrademarksAndTradeNamesMember 2019-09-30 0000875045 us-gaap:InProcessResearchAndDevelopmentMember 2018-12-31 0000875045 biib:InLicensedPatentsMember 2018-12-31 0000875045 us-gaap:DevelopedTechnologyRightsMember 2018-12-31 0000875045 us-gaap:TrademarksAndTradeNamesMember 2018-12-31 0000875045 srt:MinimumMember biib:OutLicensedPatentsMember 2019-01-01 2019-09-30 0000875045 srt:MaximumMember us-gaap:DevelopedTechnologyRightsMember 2019-01-01 2019-09-30 0000875045 us-gaap:TrademarksAndTradeNamesMember 2019-01-01 2019-09-30 0000875045 us-gaap:InProcessResearchAndDevelopmentMember 2019-01-01 2019-09-30 0000875045 srt:MaximumMember biib:OutLicensedPatentsMember 2019-01-01 2019-09-30 0000875045 srt:MaximumMember biib:InLicensedPatentsMember 2019-01-01 2019-09-30 0000875045 srt:MinimumMember us-gaap:DevelopedTechnologyRightsMember 2019-01-01 2019-09-30 0000875045 srt:MinimumMember biib:InLicensedPatentsMember 2019-01-01 2019-09-30 0000875045 us-gaap:FairValueMeasurementsRecurringMember 2018-06-30 0000875045 us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000875045 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0000875045 us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000875045 2018-10-01 2018-12-31 0000875045 biib:SeniorNotesFourPointZeroFivePercentDueTwentyTwentyFiveMember 2018-12-31 0000875045 biib:SeniorNotesFourPointZeroFivePercentDueTwentyTwentyFiveMember 2019-09-30 0000875045 biib:SeniorNotesTwoPointNinePercentDueTwentyTwentyMember 2018-12-31 0000875045 biib:SeniorNotesTwoPointNinePercentDueTwentyTwentyMember 2019-09-30 0000875045 biib:SeniorNotesThreePointSixTwoFivePercentDueTwentyTwentyTwoMember 2018-12-31 0000875045 biib:SeniorNotesFivePointTwoPercentDueTwentyFortyFiveMember 2019-09-30 0000875045 biib:SeniorNotesFivePointTwoPercentDueTwentyFortyFiveMember 2018-12-31 0000875045 biib:SeniorNotesThreePointSixTwoFivePercentDueTwentyTwentyTwoMember 2019-09-30 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000875045 us-gaap:RepurchaseAgreementsMember 2018-12-31 0000875045 us-gaap:DebtSecuritiesMember 2019-09-30 0000875045 us-gaap:CommercialPaperMember 2018-12-31 0000875045 us-gaap:MoneyMarketFundsMember 2018-12-31 0000875045 us-gaap:RepurchaseAgreementsMember 2019-09-30 0000875045 us-gaap:CommercialPaperMember 2019-09-30 0000875045 us-gaap:MoneyMarketFundsMember 2019-09-30 0000875045 us-gaap:DebtSecuritiesMember 2018-12-31 0000875045 biib:CorporateDebtSecuritiesCurrentMember 2018-12-31 0000875045 biib:CorporateDebtSecuritiesNonCurrentMember 2018-12-31 0000875045 biib:MortgageAndOtherAssetBackedSecuritiesCurrentMember 2018-12-31 0000875045 biib:MortgageAndOtherAssetBackedSecuritiesNonCurrentMember 2018-12-31 0000875045 biib:GovernmentSecuritiesCurrentMember 2018-12-31 0000875045 us-gaap:EquitySecuritiesMember 2018-12-31 0000875045 biib:GovernmentSecuritiesNonCurrentMember 2018-12-31 0000875045 biib:CorporateDebtSecuritiesNonCurrentMember 2019-09-30 0000875045 biib:GovernmentSecuritiesCurrentMember 2019-09-30 0000875045 us-gaap:EquitySecuritiesMember 2019-09-30 0000875045 biib:MortgageAndOtherAssetBackedSecuritiesCurrentMember 2019-09-30 0000875045 biib:MortgageAndOtherAssetBackedSecuritiesNonCurrentMember 2019-09-30 0000875045 biib:GovernmentSecuritiesNonCurrentMember 2019-09-30 0000875045 biib:CorporateDebtSecuritiesCurrentMember 2019-09-30 0000875045 biib:IonisPharmaceuticalsMember 2019-01-01 2019-09-30 0000875045 us-gaap:OtherNoncurrentAssetsMember biib:StrategicInvestmentsMember 2018-12-31 0000875045 biib:StrategicInvestmentsMember 2019-09-30 0000875045 2018-01-01 2018-12-31 0000875045 us-gaap:OtherCurrentAssetsMember us-gaap:NondesignatedMember 2019-09-30 0000875045 us-gaap:OtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 us-gaap:AccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 us-gaap:AccruedLiabilitiesMember us-gaap:NondesignatedMember 2019-09-30 0000875045 us-gaap:OtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 us-gaap:AccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 us-gaap:OtherNoncurrentLiabilitiesMember biib:SeniorNotesTwoPointNinePercentDueTwentyTwentyMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 us-gaap:OtherNoncurrentLiabilitiesMember biib:SeniorNotesTwoPointNinePercentDueTwentyTwentyMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 us-gaap:AccruedLiabilitiesMember us-gaap:NondesignatedMember 2018-12-31 0000875045 us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 us-gaap:OtherCurrentAssetsMember us-gaap:NondesignatedMember 2018-12-31 0000875045 biib:SamsungBiosimilarAgreementMember 2018-10-01 2018-12-31 0000875045 biib:ShorttermderivativeMember 2019-09-30 0000875045 biib:ShorttermderivativeMember 2019-01-01 2019-09-30 0000875045 us-gaap:NondesignatedMember 2019-09-30 0000875045 us-gaap:NetInvestmentHedgingMember 2018-01-01 2018-12-31 0000875045 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 us-gaap:NetInvestmentHedgingMember 2019-09-30 0000875045 srt:MaximumMember 2019-01-01 2019-09-30 0000875045 us-gaap:NetInvestmentHedgingMember 2019-01-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember 2019-09-30 0000875045 srt:MaximumMember 2018-01-01 2018-12-31 0000875045 us-gaap:NondesignatedMember 2018-12-31 0000875045 srt:MinimumMember 2019-01-01 2019-09-30 0000875045 us-gaap:NetInvestmentHedgingMember 2018-12-31 0000875045 srt:MinimumMember 2018-01-01 2018-12-31 0000875045 biib:SamsungBiosimilarAgreementMember 2018-09-30 0000875045 currency:JPY us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 currency:CAD us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 currency:EUR us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 currency:GBP us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 currency:GBP us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 currency:CHF us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 currency:CHF us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000875045 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 currency:JPY us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 currency:CAD us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 currency:EUR us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsoperatingexpensesMember us-gaap:OperatingExpenseMember 2018-07-01 2018-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsrevenueMember us-gaap:SalesMember 2019-07-01 2019-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsoperatingexpensesMember us-gaap:OperatingExpenseMember 2019-07-01 2019-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsrevenueMember us-gaap:SalesMember 2018-07-01 2018-09-30 0000875045 us-gaap:NetInvestmentHedgingMember 2018-01-01 2018-09-30 0000875045 us-gaap:NetInvestmentHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-01-01 2018-09-30 0000875045 us-gaap:NetInvestmentHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2019-01-01 2019-09-30 0000875045 us-gaap:NetInvestmentHedgingMember 2019-07-01 2019-09-30 0000875045 us-gaap:NetInvestmentHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2018-07-01 2018-09-30 0000875045 us-gaap:NetInvestmentHedgingMember 2018-07-01 2018-09-30 0000875045 us-gaap:NetInvestmentHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2019-07-01 2019-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsoperatingexpensesMember us-gaap:OperatingExpenseMember 2018-01-01 2018-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsrevenueMember us-gaap:SalesMember 2019-01-01 2019-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsoperatingexpensesMember us-gaap:OperatingExpenseMember 2019-01-01 2019-09-30 0000875045 us-gaap:ForeignExchangeContractMember biib:CashflowsrevenueMember us-gaap:SalesMember 2018-01-01 2018-09-30 0000875045 biib:SolothurnSwitzerlandMember 2018-12-31 0000875045 biib:SolothurnSwitzerlandMember 2019-09-30 0000875045 us-gaap:BuildingMember 2019-08-01 0000875045 us-gaap:MachineryAndEquipmentMember 2019-08-01 0000875045 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-09-30 0000875045 us-gaap:ResearchAndDevelopmentExpenseMember 2019-07-01 2019-09-30 0000875045 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-09-30 0000875045 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-09-30 0000875045 us-gaap:OtherNonoperatingIncomeExpenseMember 2019-01-01 2019-09-30 0000875045 us-gaap:OtherNonoperatingIncomeExpenseMember 2019-07-01 2019-09-30 0000875045 srt:MinimumMember 2019-09-30 0000875045 srt:MaximumMember 2019-09-30 0000875045 us-gaap:AccruedLiabilitiesMember 2019-09-30 0000875045 biib:OperatingleaseassetsMember 2019-09-30 0000875045 biib:LongtermoperatingleaseliabilitiesMember 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-07-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-07-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-07-01 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2018-01-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2019-07-01 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-01-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2018-07-01 2018-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-07-01 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2019-01-01 2019-09-30 0000875045 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000875045 2018-01-01 0000875045 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2017-12-31 0000875045 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 0000875045 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000875045 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-09-30 0000875045 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-09-30 0000875045 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2018-01-01 2018-09-30 0000875045 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-09-30 0000875045 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-01-01 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2018-01-01 0000875045 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-01-01 2018-09-30 0000875045 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-09-30 0000875045 us-gaap:AccumulatedTranslationAdjustmentMember 2018-09-30 0000875045 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 0000875045 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 0000875045 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 0000875045 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2018-09-30 0000875045 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0000875045 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-12-31 0000875045 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-01-01 0000875045 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-09-30 0000875045 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 0000875045 us-gaap:AccountingStandardsUpdate201601Member 2018-01-01 0000875045 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2018-01-01 0000875045 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0000875045 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-09-30 0000875045 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-09-30 0000875045 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-12-31 0000875045 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-09-30 0000875045 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-09-30 0000875045 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2018-12-31 0000875045 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-09-30 0000875045 us-gaap:AccumulatedTranslationAdjustmentMember 2019-09-30 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2019-01-01 2019-09-30 0000875045 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-09-30 0000875045 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000875045 us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember 2019-09-30 0000875045 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0000875045 biib:A2019ShareRepurchaseProgramMember us-gaap:SubsequentEventMember 2019-10-01 2019-10-21 0000875045 biib:A2019ShareRepurchaseProgramMember 2019-03-31 0000875045 biib:A2016ShareRepurchaseProgramMember 2016-09-30 0000875045 biib:A2019ShareRepurchaseProgramMember 2019-09-30 0000875045 biib:A2018ShareRepurchaseProgramMember 2018-09-30 0000875045 biib:StockOptionsAndEmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2018-07-01 2018-09-30 0000875045 biib:MarketStockUnitsMember 2018-07-01 2018-09-30 0000875045 biib:StockOptionsAndEmployeeStockPurchasePlanMember 2018-07-01 2018-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2019-07-01 2019-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2018-01-01 2018-09-30 0000875045 biib:MarketStockUnitsMember 2019-07-01 2019-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2018-07-01 2018-09-30 0000875045 biib:MarketStockUnitsMember 2018-01-01 2018-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2019-07-01 2019-09-30 0000875045 biib:StockOptionsAndEmployeeStockPurchasePlanMember 2018-01-01 2018-09-30 0000875045 biib:StockOptionsAndEmployeeStockPurchasePlanMember 2019-07-01 2019-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2019-01-01 2019-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2018-01-01 2018-09-30 0000875045 biib:MarketStockUnitsMember 2019-01-01 2019-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2019-01-01 2019-09-30 0000875045 biib:PerformanceStockUnitsSettledinCashMember 2018-01-01 2018-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2018-07-01 2018-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2018-07-01 2018-09-30 0000875045 biib:EmployeeStockPurchasePlanMember 2018-01-01 2018-09-30 0000875045 biib:MarketStockUnitsMember 2019-07-01 2019-09-30 0000875045 biib:MarketStockUnitsMember 2018-01-01 2018-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2019-07-01 2019-09-30 0000875045 biib:EmployeeStockPurchasePlanMember 2019-07-01 2019-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2018-01-01 2018-09-30 0000875045 us-gaap:PerformanceSharesMember 2018-01-01 2018-09-30 0000875045 biib:PerformanceStockUnitsSettledinStockMember 2019-01-01 2019-09-30 0000875045 biib:MarketStockUnitsMember 2019-01-01 2019-09-30 0000875045 us-gaap:EmployeeStockOptionMember biib:NightstarMember 2019-07-01 2019-09-30 0000875045 us-gaap:PerformanceSharesMember 2018-07-01 2018-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2019-01-01 2019-09-30 0000875045 us-gaap:EmployeeStockOptionMember biib:NightstarMember 2018-07-01 2018-09-30 0000875045 biib:PerformanceStockUnitsSettledinCashMember 2018-07-01 2018-09-30 0000875045 us-gaap:PerformanceSharesMember 2019-01-01 2019-09-30 0000875045 biib:EmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0000875045 biib:CashSettledPerformanceSharesMember 2019-07-01 2019-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2019-07-01 2019-09-30 0000875045 biib:EmployeeStockPurchasePlanMember 2018-07-01 2018-09-30 0000875045 us-gaap:EmployeeStockOptionMember biib:NightstarMember 2019-01-01 2019-09-30 0000875045 biib:TimeVestedRestrictedStockUnitsMember 2018-01-01 2018-09-30 0000875045 biib:CashSettledPerformanceSharesMember 2019-01-01 2019-09-30 0000875045 biib:PerformanceStockUnitsSettledinCashMember 2019-07-01 2019-09-30 0000875045 biib:MarketStockUnitsMember 2018-07-01 2018-09-30 0000875045 us-gaap:PerformanceSharesMember 2019-07-01 2019-09-30 0000875045 biib:CashSettledPerformanceSharesMember 2018-07-01 2018-09-30 0000875045 biib:CashSettledPerformanceSharesMember 2018-01-01 2018-09-30 0000875045 biib:PerformanceStockUnitsSettledinCashMember 2019-01-01 2019-09-30 0000875045 us-gaap:EmployeeStockOptionMember biib:NightstarMember 2018-01-01 2018-09-30 0000875045 us-gaap:ParentMember 2018-01-01 2018-09-30 0000875045 us-gaap:ResearchAndDevelopmentExpenseMember 2018-07-01 2018-09-30 0000875045 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-09-30 0000875045 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-07-01 2018-09-30 0000875045 us-gaap:ParentMember 2019-01-01 2019-09-30 0000875045 us-gaap:ParentMember 2019-07-01 2019-09-30 0000875045 us-gaap:ParentMember 2018-07-01 2018-09-30 0000875045 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-01-01 2018-09-30 0000875045 us-gaap:IntellectualPropertyMember 2019-09-30 0000875045 us-gaap:ForeignCountryMember 2019-01-01 2019-09-30 0000875045 us-gaap:DomesticCountryMember 2019-01-01 2019-09-30 0000875045 biib:AducanumabMember us-gaap:SellingGeneralAndAdministrativeExpensesMember biib:EisaiMember 2019-07-01 2019-09-30 0000875045 biib:AducanumabMember us-gaap:ResearchAndDevelopmentExpenseMember biib:EisaiMember 2018-07-01 2018-09-30 0000875045 biib:AducanumabMember us-gaap:SellingGeneralAndAdministrativeExpensesMember biib:EisaiMember 2018-07-01 2018-09-30 0000875045 biib:AducanumabMember us-gaap:SellingGeneralAndAdministrativeExpensesMember biib:EisaiMember 2018-01-01 2018-09-30 0000875045 biib:AducanumabMember us-gaap:ResearchAndDevelopmentExpenseMember biib:EisaiMember 2019-07-01 2019-09-30 0000875045 biib:AducanumabMember us-gaap:ResearchAndDevelopmentExpenseMember biib:EisaiMember 2019-01-01 2019-09-30 0000875045 biib:AducanumabMember us-gaap:ResearchAndDevelopmentExpenseMember biib:EisaiMember 2018-01-01 2018-09-30 0000875045 biib:AducanumabMember us-gaap:SellingGeneralAndAdministrativeExpensesMember biib:EisaiMember 2019-01-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:InventoriesMember 2018-11-07 0000875045 biib:SkyhawkTherapeuticsMember 2019-03-31 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember 2019-07-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:DevelopedTechnologyRightsMember 2018-11-07 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:InventoriesMember 2019-01-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2018-01-01 2018-09-30 0000875045 biib:SamsungBiosimilarAgreementMember 2019-01-01 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember biib:DeferredtaxliabilityMember 2018-11-07 0000875045 biib:SamsungBiosimilarAgreementMember 2018-11-07 0000875045 biib:SkyhawkTherapeuticsMember 2019-01-01 2019-03-31 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:InProcessResearchAndDevelopmentMember 2018-11-07 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:DevelopedTechnologyRightsMember 2019-01-01 2019-09-30 0000875045 biib:EisaiMember 2019-01-01 2019-03-31 0000875045 biib:EisaiMember 2018-04-01 2018-12-31 0000875045 biib:SamsungBiosimilarAgreementMember 2018-12-31 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2018-07-01 2018-09-30 0000875045 biib:SamsungBiosimilarAgreementMember 2018-01-01 2018-09-30 0000875045 biib:SamsungBiosimilarAgreementMember 2018-07-01 2018-09-30 0000875045 biib:EisaiMember 2019-01-01 2019-09-30 0000875045 biib:EisaiMember 2019-07-01 2019-09-30 0000875045 biib:SkyhawkTherapeuticsMember 2019-09-30 0000875045 biib:SamsungBiosimilarAgreementMember us-gaap:CollaborativeArrangementMember 2019-07-01 2019-09-30 0000875045 biib:E2609andBAN2401Member biib:EisaiMember 2018-07-01 2018-09-30 0000875045 biib:E2609andBAN2401Member biib:EisaiMember 2019-07-01 2019-09-30 0000875045 biib:E2609andBAN2401Member biib:EisaiMember 2018-01-01 2018-09-30 0000875045 biib:E2609andBAN2401Member biib:EisaiMember 2019-01-01 2019-09-30 0000875045 country:BR 2019-01-01 2019-09-30 xbrli:pure biib:segment xbrli:shares iso4217:USD xbrli:shares iso4217:USD iso4217:KRW


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-19311
biogenlogoa05.jpg
BIOGEN INC.
(Exact name of registrant as specified in its charter)
Delaware
 
33-0112644
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
225 Binney Street, Cambridge, MA 02142
(617679-2000
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.0005 par value
 
BIIB
 
The
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files):    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
x
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x
The number of shares of the issuer’s Common Stock, $0.0005 par value, outstanding as of October 21, 2019, was 180,441,878 shares.
 


Table of Contents

BIOGEN INC.
FORM 10-Q — Quarterly Report
For the Quarterly Period Ended September 30, 2019
TABLE OF CONTENTS
 
 
 
Page
 
 
 
Item 1.
Financial Statements (unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
PART II — OTHER INFORMATION
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 


2

Table of Contents

NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the Act) with the intention of obtaining the benefits of the “Safe Harbor” provisions of the Act. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “potential,” “possible,” “will,” "would" and other words and terms of similar meaning. Reference is made in particular to forward-looking statements regarding:
the anticipated amount, timing and accounting of revenues; contingent, milestone, royalty and other payments under licensing, collaboration, acquisition or divestiture agreements; tax positions and contingencies; collectability of receivables; pre-approval inventory; cost of sales; research and development costs; compensation and other selling, general and administrative expenses; amortization of intangible assets; foreign currency exchange risk; estimated fair value of assets and liabilities; and impairment assessments;
expectations, plans and prospects relating to sales, pricing, growth and launch of our marketed and pipeline products;
the timing, outcome and impact of administrative, regulatory, legal and other proceedings related to our patents and other proprietary and intellectual property rights, tax audits, assessments and settlements, pricing matters, sales and promotional practices, product liability and other matters;
patent terms, patent term extensions, patent office actions and expected availability and period of regulatory exclusivity;
the potential impact of increased product competition in the markets in which we compete, including increased competition from generics, biosimilars, prodrugs and other products approved under abbreviated regulatory pathways;
our plans and investments in our core and emerging growth areas, as well as implementation of our corporate strategy;
the drivers for growing our business, including our plans and intention to commit resources relating to research and development programs and business development opportunities, as well as the potential benefits and results of, certain business development transactions;
our ability to finance our operations and business initiatives and obtain funding for such activities;
the costs and timing of potential clinical trials, filings and approvals, and the potential therapeutic scope of the development and commercialization of our and our collaborators’ pipeline products;
adverse safety events involving our marketed products or generic or biosimilar versions of our marketed products;
the potential impact of healthcare reform in the United States (U.S.) and measures being taken worldwide designed to reduce healthcare costs and limit the overall level of government expenditures, including the impact of pricing actions and reduced reimbursement for our products;
our manufacturing capacity, use of third-party contract manufacturing organizations, plans and timing relating to changes in our manufacturing capabilities, including anticipated investments, and activities in new or existing manufacturing facilities;
the impact of the continued uncertainty of the credit and economic conditions in certain countries in Europe and our collection of accounts receivable in such countries;
the potential impact on our results of operations and liquidity of the United Kingdom's (U.K.) intent to voluntarily depart from the European Union (E.U.);
lease commitments, purchase obligations and the timing and satisfaction of other contractual obligations; and
the impact of new laws, including the Swiss Federal Act on Tax Reform and AHV Financing, regulatory requirements, judicial decisions and accounting standards.

3

Table of Contents

These forward-looking statements involve risks and uncertainties, including those that are described in Item 1A. Risk Factors included in this report and elsewhere in this report that could cause actual results to differ materially from those reflected in such statements. You should not place undue reliance on these statements. Forward-looking statements speak only as of the date of this report. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
NOTE REGARDING COMPANY AND PRODUCT REFERENCES
References in this report to:
“Biogen,” the “company,” “we,” “us” and “our” refer to Biogen Inc. and its consolidated subsidiaries; and
“RITUXAN” refers to both RITUXAN (the trade name for rituximab in the U.S., Canada and Japan) and MabThera (the trade name for rituximab outside the U.S., Canada and Japan).
NOTE REGARDING TRADEMARKS
AVONEX®, PLEGRIDY®, RITUXAN®, RITUXAN HYCELA®, SPINRAZA®, TECFIDERA®, TYSABRI® and ZINBRYTA® are registered trademarks of Biogen.
BENEPALITM, FLIXABITM, FUMADERMTM and IMRALDITM are trademarks of Biogen.
ENBREL®, FAMPYRATM, GAZYVA®, HUMIRA®, OCREVUS®, REMICADE®, SkySTARTM and other trademarks referenced in this report are the property of their respective owners.

4

Table of Contents

PART I FINANCIAL INFORMATION

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions, except per share amounts)
 
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Product, net
$
2,894.7

 
$
2,780.1

 
$
8,455.0

 
$
8,061.1

Revenues from anti-CD20 therapeutic programs
595.8

 
511.7

 
1,689.6

 
1,445.3

Other
109.6

 
147.2

 
562.0

 
420.2

Total revenues
3,600.1

 
3,439.0

 
10,706.6

 
9,926.6

Cost and expenses:
 
 
 
 
 
 
 
Cost of sales, excluding amortization and impairment of acquired intangible assets
430.0

 
460.8

 
1,508.3

 
1,327.8

Research and development
540.4

 
507.9

 
1,588.9

 
1,985.6

Selling, general and administrative
554.5

 
497.7

 
1,709.8

 
1,515.2

Amortization and impairment of acquired intangible assets
283.9

 
281.9

 
422.2

 
493.2

Collaboration profit (loss) sharing
60.2

 
47.5

 
181.8

 
129.2

Loss on divestiture of Hillerød, Denmark manufacturing operations
(17.7
)
 

 
95.5

 

(Gain) loss on fair value remeasurement of contingent consideration
(57.8
)
 
(87.9
)
 
(66.3
)
 
(91.6
)
Restructuring charges
0.3

 
6.0

 
1.5

 
9.2

Acquired in-process research and development

 
27.5

 

 
112.5

Total cost and expenses
1,793.8

 
1,741.4

 
5,441.7

 
5,481.1

Income from operations
1,806.3

 
1,697.6

 
5,264.9

 
4,445.5

Other income (expense), net
(27.3
)
 
115.1

 
132.6

 
39.6

Income before income tax expense and equity in loss of investee, net of tax
1,779.0

 
1,812.7

 
5,397.5

 
4,485.1

Income tax expense
211.3

 
369.8

 
881.9

 
956.0

Equity in loss of investee, net of tax
21.8

 

 
66.8

 

Net income
1,545.9

 
1,442.9

 
4,448.8

 
3,529.1

Net income (loss) attributable to noncontrolling interests, net of tax

 
(1.5
)
 

 
45.2

Net income attributable to Biogen Inc.
$
1,545.9

 
$
1,444.4

 
$
4,448.8

 
$
3,483.9

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic earnings per share attributable to Biogen Inc.
$
8.40

 
$
7.17

 
$
23.38

 
$
16.86

Diluted earnings per share attributable to Biogen Inc.
$
8.39

 
$
7.15

 
$
23.35

 
$
16.83

 
 
 
 
 
 
 
 
Weighted-average shares used in calculating:
 
 
 
 
 
 
 
Basic earnings per share attributable to Biogen Inc.
184.0

 
201.4

 
190.3

 
206.6

Diluted earnings per share attributable to Biogen Inc.
184.2

 
201.9

 
190.5

 
207.0





See accompanying notes to these unaudited condensed consolidated financial statements.

5

Table of Contents

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in millions)
 
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income attributable to Biogen Inc.
$
1,545.9

 
$
1,444.4

 
$
4,448.8

 
$
3,483.9

Other comprehensive income:
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale, net of tax
0.1

 
(0.2
)
 
10.3

 
(1.8
)
Unrealized gains (losses) on cash flow hedges, net of tax
59.1

 
5.2

 
38.1

 
109.0

Gains (losses) on net investment hedges
21.2

 

 
46.9

 

Unrealized gains (losses) on pension benefit obligation, net of tax
0.8

 
(0.2
)
 
1.5

 
0.2

Currency translation adjustment
79.4

 
8.5

 
51.3

 
(38.8
)
Total other comprehensive income (loss), net of tax
160.6

 
13.3

 
148.1

 
68.6

Comprehensive income attributable to Biogen Inc.
1,706.5

 
1,457.7

 
4,596.9

 
3,552.5

Comprehensive income (loss) attributable to noncontrolling interests, net of tax

 
(1.5
)
 
(0.4
)
 
45.2

Comprehensive income
$
1,706.5

 
$
1,456.2

 
$
4,596.5

 
$
3,597.7


































See accompanying notes to these unaudited condensed consolidated financial statements.

6

Table of Contents

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions, except per share amounts)
 
 
As of September 30,
2019
 
As of December 31,
2018
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
2,343.9

 
$
1,224.6

Marketable securities
2,093.5

 
2,313.4

Accounts receivable, net
1,933.5

 
1,958.5

Due from anti-CD20 therapeutic programs
582.3

 
526.9

Inventory
751.8

 
929.9

Other current assets
743.2

 
687.6

Total current assets
8,448.2

 
7,640.9

Marketable securities
1,813.9

 
1,375.9

Property, plant and equipment, net
3,138.1

 
3,601.2

Operating lease assets
422.0

 

Intangible assets, net
3,392.4

 
3,120.0

Goodwill
5,746.1

 
5,706.4

Deferred tax asset
3,284.5

 
2,153.9

Investments and other assets
1,238.8

 
1,690.6

Total assets
$
27,484.0

 
$
25,288.9

LIABILITIES AND EQUITY
Current liabilities:
 
 
 
Current portion of notes payable
$
1,495.3

 
$

Taxes payable
125.6

 
63.5

Accounts payable
382.2

 
370.5

Accrued expenses and other
2,429.1

 
2,861.2

Total current liabilities
4,432.2

 
3,295.2

Notes payable
4,458.2

 
5,936.5

Deferred tax liability
2,820.4

 
1,636.2

Long-term operating lease liabilities
410.5

 

Other long-term liabilities
1,370.9

 
1,389.4

Total liabilities
13,492.2

 
12,257.3

Commitments and contingencies


 


Equity:
 
 
 
Biogen Inc. shareholders’ equity:
 
 
 
Preferred stock, par value $0.001 per share

 

Common stock, par value $0.0005 per share
0.1

 
0.1

Additional paid-in capital

 

Accumulated other comprehensive loss
(92.3
)
 
(240.4
)
Retained earnings
17,065.2

 
16,257.0

Treasury stock, at cost
(2,977.1
)
 
(2,977.1
)
Total Biogen Inc. shareholders’ equity
13,995.9

 
13,039.6

Noncontrolling interests
(4.1
)
 
(8.0
)
Total equity
13,991.8

 
13,031.6

Total liabilities and equity
$
27,484.0

 
$
25,288.9

See accompanying notes to these unaudited condensed consolidated financial statements.

7

Table of Contents

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
 
 
For the Nine Months
Ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
4,448.8

 
$
3,529.1

Adjustments to reconcile net income to net cash flows from operating activities:
 
 
 
Depreciation, amortization and impairments
567.6

 
686.9

Acquired in-process research and development

 
112.5

Share-based compensation
143.9

 
119.0

Contingent consideration
(66.3
)
 
(91.6
)
Loss on divestiture of Hillerød, Denmark manufacturing operations
95.5

 

Deferred income taxes
28.4

 
(44.8
)
Unrealized (gain) loss on strategic investments
(189.8
)
 
(136.9
)
Loss on equity method investment
63.5

 

Other
87.4

 
68.7

Changes in operating assets and liabilities, net:
 
 
 
Accounts receivable
(2.4
)
 
(254.0
)
Inventory
47.3

 
(31.9
)
Accrued expenses and other current liabilities
(109.1
)
 
100.7

Income tax assets and liabilities
64.6

 
315.6

Other changes in operating assets and liabilities, net
(61.0
)
 
(81.0
)
Net cash flows provided by operating activities
5,118.4

 
4,292.3

Cash flows from investing activities:
 
 
 
Proceeds from sales and maturities of marketable securities
3,867.6

 
7,994.7

Purchases of marketable securities
(4,052.1
)
 
(6,093.8
)
Contingent consideration paid related to Fumapharm AG acquisition
(300.0
)
 
(1,200.0
)
Acquisition of Nightstar Therapeutics plc, net of cash acquired
(744.4
)
 

Proceeds from divestiture of Hillerød, Denmark manufacturing operations
923.7

 

Purchases of property, plant and equipment
(404.1
)
 
(544.7
)
Acquired in-process research and development

 
(112.5
)
Acquisitions of intangible assets

 
(3.0
)
Purchase of Ionis Pharmaceuticals, Inc. stock

 
(462.9
)
Proceeds from sales of strategic investments
476.0

 

Other
(4.6
)
 
1.2

Net cash flows used in investing activities
(237.9
)
 
(421.0
)
Cash flows from financing activities:
 
 
 
Purchases of treasury stock
(3,775.2
)
 
(3,000.0
)
Payments related to issuance of stock for share-based compensation arrangements, net
(16.9
)
 
(6.7
)
Repayment of borrowings

 
(3.2
)
Net distribution to noncontrolling interest
4.3

 
(36.9
)
Other
43.8

 
11.8

Net cash flows used in financing activities
(3,744.0
)
 
(3,035.0
)
Net increase (decrease) in cash and cash equivalents
1,136.5

 
836.3

Effect of exchange rate changes on cash and cash equivalents
(17.2
)
 
(23.4
)
Cash and cash equivalents, beginning of the period
1,224.6

 
1,573.8

Cash and cash equivalents, end of the period
$
2,343.9

 
$
2,386.7

See accompanying notes to these unaudited condensed consolidated financial statements.

8

Table of Contents

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in millions)
 
Preferred stock
 
Common stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
loss
 
Retained
earnings
 
Treasury stock
 
Total
Biogen Inc.
shareholders’
equity
 
Noncontrolling
interests
 
Total
equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
 
 
Balance, June 30, 2019

 
$

 
208.6

 
$
0.1

 
$

 
$
(252.9
)
 
$
16,182.8

 
(23.8
)
 
$
(2,977.1
)
 
$
12,952.9

 
$
(4.1
)
 
$
12,948.8

Net income
 
 
 
 
 
 
 
 
 
 
 
 
1,545.9

 
 
 
 
 
1,545.9

 

 
1,545.9

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
 
 
160.6

 
 
 
 
 
 
 
160.6

 

 
160.6

Capital contribution by noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

Repurchase of common stock pursuant to the 2019 Share Repurchase Program, at cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3.1
)
 
(717.9
)
 
(717.9
)
 
 
 
(717.9
)
Retirement of common stock pursuant to the 2019 Share Repurchase Program, at cost
 
 
 
 
(3.1
)
 

 
(55.1
)
 
 
 
(662.8
)
 
3.1

 
717.9

 

 
 
 

Issuance of common stock under stock option and stock purchase plans
 
 
 
 
0.1

 

 
7.3

 
 
 
 
 
 
 
 
 
7.3

 
 
 
7.3

Issuance of common stock under stock award plan
 
 
 
 
0.1

 

 

 
 
 
(0.7
)
 
 
 
 
 
(0.7
)
 
 
 
(0.7
)
Compensation related to share-based payments
 
 
 
 
 
 
 
 
47.8

 
 
 
 
 
 
 
 
 
47.8

 
 
 
47.8

Balance, September 30, 2019

 
$

 
205.7

 
$
0.1

 
$

 
$
(92.3
)
 
$
17,065.2

 
(23.8
)
 
$
(2,977.1
)
 
$
13,995.9

 
$
(4.1
)
 
$
13,991.8












See accompanying notes to these unaudited condensed consolidated financial statements.

9

Table of Contents

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - (Continued)
(unaudited, in millions)
 
Preferred stock
 
Common stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
loss
 
Retained
earnings
 
Treasury stock
 
Total
Biogen Inc.
shareholders’
equity
 
Noncontrolling
interests
 
Total
equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
 
 
Balance, December 31, 2018

 
$

 
221.0

 
$
0.1

 
$

 
$
(240.4
)
 
$
16,257.0

 
(23.8
)
 
$
(2,977.1
)
 
$
13,039.6

 
$
(8.0
)
 
$
13,031.6

Net income
 
 
 
 
 
 
 
 
 
 
 
 
4,448.8

 
 
 
 
 
4,448.8

 

 
4,448.8

Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
 
 
148.1

 
 
 
 
 
 
 
148.1

 
(0.4
)
 
147.7

Capital contribution by noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
4.3

 
4.3

Repurchase of common stock pursuant to the 2019 Share Repurchase Program, at cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(7.0
)
 
(1,627.8
)
 
(1,627.8
)
 
 
 
(1,627.8
)
Retirement of common stock pursuant to the 2019 Share Repurchase Program, at cost
 
 
 
 
(7.0
)
 

 
(74.8
)
 
 
 
(1,553.0
)
 
7.0

 
1,627.8

 

 
 
 

Repurchase of common stock pursuant to the 2018 Share Repurchase Program, at cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(8.9
)
 
(2,147.4
)
 
(2,147.4
)
 
 
 
(2,147.4
)
Retirement of common stock pursuant to the 2018 Share Repurchase Program, at cost
 
 
 
 
(8.9
)
 

 
(110.5
)
 
 
 
(2,036.9
)
 
8.9

 
2,147.4

 

 
 
 

Issuance of common stock under stock option and stock purchase plans
 
 
 
 
0.2

 

 
33.5

 
 
 
 
 
 
 
 
 
33.5