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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based compensation expense included in consolidated statements of income
The following table summarizes share-based compensation expense included in our consolidated statements of income:
 For the Years Ended December 31,
(In millions)202020192018
Research and development$80.0 $77.1 $75.8 
Selling, general and administrative131.3 148.3 105.8 
Subtotal211.3 225.4 181.6 
Capitalized share-based compensation costs(6.2)(8.9)(11.5)
Share-based compensation expense included in total cost and expenses205.1 216.5 170.1 
Income tax effect(33.5)(35.7)(27.5)
Share-based compensation expense included in net income attributable to Biogen Inc.$171.6 $180.8 $142.6 
Summary of share-based compensation expense associated with each of our share-based compensating programs
The following table summarizes share-based compensation expense associated with each of our share-based compensation programs:
 For the Years Ended December 31,
(In millions)202020192018
Market stock units$40.5 $30.4 $27.2 
Time-vested restricted stock units142.6 134.0 126.6 
Cash settled performance units(1.7)0.7 7.8 
Performance units(0.1)1.6 3.1 
Performance stock units settled in stock7.9 15.5 4.7 
Performance stock units settled in cash8.6 5.5 1.7 
Employee stock purchase plan13.5 11.5 10.5 
NST stock options— 26.2 — 
Subtotal211.3 225.4 181.6 
Capitalized share-based compensation costs(6.2)(8.9)(11.5)
Share-based compensation expense included in total cost and expenses$205.1 $216.5 $170.1 
Stock option activity
The following table summarizes our stock option activity:
SharesWeighted Average
Exercise Price
Outstanding at December 31, 201912,000 $58.46 
Granted— — 
Exercised(12,000)58.46 
Cancelled— — 
Outstanding at December 31, 2020— $— 
Tax benefit and cash received from stock option exercises
The following table summarizes the amount of tax benefit realized for stock options and cash received from the exercise of stock options:
 For the Years Ended December 31,
(In millions)202020192018
Tax benefit realized for stock options$2.9 $2.5 $2.2 
Cash received from the exercise of stock options0.7 0.4 0.8 
Market stock units activity
The following table summarizes our MSU activity:
December 31, 2020
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 2019183,000 $378.09 
Granted (1)
133,000 398.61 
Vested(82,000)375.42 
Forfeited(33,000)402.62 
Unvested at December 31, 2020201,000 $388.98 
(1) MSUs granted during 2020 include awards granted in conjunction with our annual awards made in February 2020 and MSUs granted in conjunction with the hiring of employees. These grants reflect the target number of shares eligible to be earned at the time of grant. MSUs granted in 2020 also reflect an adjustment based upon the final performance multiplier in relation to shares granted in 2019, 2018 and 2017.
Assumptions used in valuation of market based stock units
The assumptions used in our valuation are summarized as follows:
 For the Years Ended December 31,
 202020192018
Expected dividend yield—%—%—%
Range of expected stock price volatility37.8% - 44.1%31.2% - 33.6%27.5% - 32.4%
Range of risk-free interest rates1.41% - 1.48%2.46% - 2.53%1.9% - 2.3%
30 calendar day average stock price on grant date$257.83 - $325.40$228.59 - $331.18$279.47 - $346.76
Weighted-average per share grant date fair value$398.61$378.08$378.85
Cash settled performance shares activity
The following table summarizes our CSPU activity:
Shares
Unvested at December 31, 201913,000 
Granted— 
Vested(13,000)
Forfeited— 
Unvested at December 31, 2020— 
Performance units activity
The following table summarizes our PU activity:
Shares
Unvested at December 31, 201911,000 
Granted— 
Vested(11,000)
Forfeited— 
Unvested at December 31, 2020— 
Performance stock units settled in stock activity
The following table summarizes our PSUs that settle in stock activity:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2019111,000 $316.39 
Granted (1)
73,000 293.35 
Vested— — 
Forfeited(29,000)323.42 
Unvested at December 31, 2020155,000 $304.19 
(1) PSUs settled in stock granted in 2020 include awards granted in conjunction with our annual awards made in February 2020 and PSUs granted in conjunction with the hiring of employees. These grants reflect the target number of shares eligible to be earned at the time of grant.
Performance stock units settled in cash activity
The following table summarizes our PSUs that settle in cash activity:
Shares
Unvested at December 31, 201982,000 
Granted (1)
63,000 
Vested(2,000)
Forfeited(23,000)
Unvested at December 31, 2020120,000 
(1) PSUs settled in cash granted in 2020 include awards granted in conjunction with our annual awards made in February 2020 and PSUs granted in conjunction with the hiring of employees. These grants reflect the target number of shares eligible to be earned at the time of grant.
Time-vested restricted stock units activity
The following table summarizes our RSU activity:
SharesWeighted Average
Grant Date
Fair Value
Unvested at December 31, 2019938,000 $306.55 
Granted (1)
620,000 318.87 
Vested(440,000)304.45 
Forfeited(100,000)314.46 
Unvested at December 31, 20201,018,000 $314.46 
(1) RSUs granted in 2020 primarily represent RSUs granted in conjunction with our annual awards made in February 2020 and awards made in conjunction with the hiring of new employees. RSUs granted in 2020 also include approximately 10,000 RSUs granted to our Board of Directors.
Shares issued under employee stock purchase plan The following table summarizes our ESPP activity:
 For the Years Ended December 31,
(In millions, except share amounts)202020192018
Shares issued under the 2015 ESPP212,000 204,000 170,000 
Cash received under the 2015 ESPP$48.6 $40.4 $40.5