Revenues

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenues

Product Revenue

Revenue by product is summarized as follows:

	For the Three Months Ended June 30,
	2021						2020
(In millions)	United States		Rest of World		Total		United States		Rest of World		Total
Multiple Sclerosis (MS):
Fumarate*	$	269.1	$	309.4	$	578.5	$	921.7	$	268.6	$	1,190.3
Interferon**	257.4		143.0		400.4		345.6		135.8		481.4
TYSABRI	299.8		224.4		524.2		244.1		187.9		432.0
FAMPYRA	—		26.1		26.1		—		23.0		23.0
Subtotal: MS product revenue	826.3		702.9		1,529.2		1,511.4		615.3		2,126.7
Spinal Muscular Atrophy:
SPINRAZA	149.3		350.4		499.7		210.3		284.3		494.6
Alzheimer's disease:
ADUHELM***	1.6		—		1.6		—		—		—
Biosimilars:
BENEPALI	—		121.5		121.5		—		106.2		106.2
IMRALDI	—		55.6		55.6		—		44.8		44.8
FLIXABI	—		25.3		25.3		—		20.6		20.6
Subtotal: Biosimilar product revenue	—		202.4		202.4		—		171.6		171.6
Other:
FUMADERM	—		3.1		3.1		—		2.8		2.8
Total product revenue	$	977.2	$	1,258.8	$	2,236.0	$	1,721.7	$	1,074.0	$	2,795.7

*Fumarate includes TECFIDERA and VUMERITY.

**Interferon includes AVONEX and PLEGRIDY.

*** In June 2021 the U.S. Food and Drug Administration (FDA) granted accelerated approval of ADUHELM, which became commercially available in the United States (U.S.) during the second quarter of 2021. For additional information, please read Note 16, Collaborative and Other Relationships - Eisai Co., Ltd. - ADUHELM Collaboration Agreement, to these condensed consolidated financial statements.

	For the Six Months Ended June 30,
	2021						2020
(In millions)	United States		Rest of World		Total		United States		Rest of World		Total
Multiple Sclerosis (MS):
Fumarate*	$	505.1	$	626.3	$	1,131.4	$	1,699.2	$	591.9	$	2,291.1
Interferon**	499.2		301.7		800.9		638.2		309.2		947.4
TYSABRI	573.1		454.4		1,027.5		521.8		432.6		954.4
FAMPYRA	—		52.7		52.7		—		51.3		51.3
Subtotal: MS product revenue	1,577.4		1,435.1		3,012.5		2,859.2		1,385.0		4,244.2
Spinal Muscular Atrophy:
SPINRAZA	298.0		722.2		1,020.2		445.7		613.9		1,059.6
Alzheimer's disease:
ADUHELM***	1.6		—		1.6		—		—		—
Biosimilars:
BENEPALI	—		243.2		243.2		—		239.7		239.7
IMRALDI	—		113.5		113.5		—		106.4		106.4
FLIXABI	—		50.8		50.8		—		44.3		44.3
Subtotal: Biosimilar product revenue	—		407.5		407.5		—		390.4		390.4
Other:
FUMADERM	—		5.9		5.9		—		6.1		6.1
Total product revenue	$	1,877.0	$	2,570.7	$	4,447.7	$	3,304.9	$	2,395.4	$	5,700.3

*Fumarate includes TECFIDERA and VUMERITY.

**Interferon includes AVONEX and PLEGRIDY.

*** In June 2021 the FDA granted accelerated approval of ADUHELM, which became commercially available in the U.S. during the second quarter of 2021. For additional information, please read Note 16, Collaborative and Other Relationships - Eisai Co., Ltd. - ADUHELM Collaboration Agreement, to these condensed consolidated financial statements.

We recognized revenue from two wholesalers accounting for 30.2% and 9.9% of gross product revenue for the three months ended June 30, 2021, and 30.1% and 9.6% of gross product revenue for the six months ended June 30, 2021.

We recognized revenue from two wholesalers accounting for 31.7% and 17.9% of gross product revenue for the three months ended June 30, 2020, and 30.8% and 16.2% of gross product revenue for the six months ended June 30, 2020.

An analysis of the change in reserves for discounts and allowances is summarized as follows:

(In millions)	Discounts		Contractual Adjustments		Returns		Total
Balance, December 31, 2020	$	141.4	$	1,093.0	$	41.6	$	1,276.0
Current provisions relating to sales in current year	375.6		1,577.0		7.4		1,960.0
Adjustments relating to prior years	1.1		(51.5)		1.6		(48.8)
Payments/credits relating to sales in current year	(275.5)		(906.9)		—		(1,182.4)
Payments/credits relating to sales in prior years	(119.2)		(676.4)		(6.9)		(802.5)
Balance, June 30, 2021	$	123.4	$	1,035.2	$	43.7	$	1,202.3

The total reserves above, which are included in our condensed consolidated balance sheets, are summarized as follows:

(In millions)	As of June 30, 2021		As of December 31, 2020
Reduction of accounts receivable	$	160.2	$	195.4
Component of accrued expense and other	1,042.1		1,080.6
Total revenue-related reserves	$	1,202.3	$	1,276.0

Revenue from Anti-CD20 Therapeutic Programs

Revenue from anti-CD20 therapeutic programs are summarized in the table below. For the purposes of this footnote, we refer to RITUXAN and RITUXAN HYCELA collectively as RITUXAN.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Biogen’s share of pre-tax profits in the U.S. for RITUXAN and GAZYVA	$	178.8	$	257.5	$	352.9	$	598.8
Other revenue from anti-CD20 therapeutic programs	261.2		220.8		476.1		399.9
Total revenue from anti-CD20 therapeutic programs	$	440.0	$	478.3	$	829.0	$	998.7

For additional information on our collaboration arrangements with Genentech, please read Note 18, Collaborative and Other Relationships, to our consolidated financial statements included in our 2020 Form 10-K.

Other Revenue

Other revenue is summarized as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Revenue from collaborative and other relationships:
Revenue earned under our technical development agreement, manufacturing services agreements and royalty revenue on biosimilar products with Samsung Bioepis	$	5.5	$	4.5	$	9.4	$	8.2
Other revenue from collaborative and other relationships	—		0.5		—		0.7
Other royalty and corporate revenue:
Royalty	6.4		7.1		12.6		18.5
Other corporate	87.1		395.5		170.3		489.5
Total other revenue	$	99.0	$	407.6	$	192.3	$	516.9