Revenues

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

REVENUE

Product Revenue

Revenue by product are summarized as follows:

	For the Years Ended December 31,
	2021						2020						2019
(In millions)	United States		Rest of World		Total		United States		Rest of World		Total		United States		Rest of World		Total
Multiple Sclerosis (MS):
Fumarate(1)	$	1,089.5	$	1,272.8	$	2,362.3	$	2,742.0	$	1,163.4	$	3,905.4	$	3,312.0	$	1,126.2	$	4,438.2
Interferon(2)	983.1		583.0		1,566.1		1,273.5		604.0		1,877.5		1,426.6		675.2		2,101.8
TYSABRI	1,142.2		920.9		2,063.1		1,096.8		849.3		1,946.1		1,041.8		850.4		1,892.2
FAMPYRA	—		105.2		105.2		—		103.1		103.1		—		97.1		97.1
Subtotal: MS	3,214.8		2,881.9		6,096.7		5,112.3		2,719.8		7,832.1		5,780.4		2,748.9		8,529.3
Spinal Muscular Atrophy:
SPINRAZA	587.9		1,317.2		1,905.1		787.8		1,264.3		2,052.1		933.4		1,163.6		2,097.0
Alzheimer's disease:
ADUHELM(3)	3.0		—		3.0		—		—		—		—		—		—
Biosimilars:
BENEPALI	—		498.3		498.3		—		481.6		481.6		—		486.2		486.2
IMRALDI	—		233.4		233.4		—		216.3		216.3		—		184.0		184.0
FLIXABI	—		99.4		99.4		—		97.9		97.9		—		68.1		68.1
Subtotal: Biosimilars	—		831.1		831.1		—		795.8		795.8		—		738.3		738.3
Other:
FUMADERM	—		11.0		11.0		—		12.2		12.2		—		15.2		15.2
Total product revenue	$	3,805.7	$	5,041.2	$	8,846.9	$	5,900.1	$	4,792.1	$	10,692.2	$	6,713.8	$	4,666.0	$	11,379.8

(1) Fumarate includes TECFIDERA and VUMERITY. VUMERITY became commercially available in the E.U. during the fourth quarter of 2021.

(2) Interferon includes AVONEX and PLEGRIDY.

(3) 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 18, Collaborative and Other Relationships - Eisai Co., Ltd. - ADUHELM Collaboration Agreement, to these consolidated financial statements.

We recognized revenue from two wholesalers accounting for 28.8% and 10.1% of gross product revenue in 2021, 30.5% and 15.3% of gross product revenue in 2020 and 30.0% and 17.2% of gross product revenue in 2019, respectively.

As of December 31, 2021, two wholesale distributors individually accounted for approximately 21.9% and 10.2% of net accounts receivable associated with our product sales, as compared to 21.1% and 8.5% as of December 31, 2020, respectively.

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

	December 31, 2021
(In millions)	Discounts		Contractual Adjustments		Returns		Total
Beginning balance	$	141.4	$	1,093.0	$	41.6	$	1,276.0
Current provisions relating to sales in current year	736.7		2,948.7		15.2		3,700.6
Adjustments relating to prior years	(4.0)		(96.1)		(3.3)		(103.4)
Payments/credits relating to sales in current year	(599.3)		(2,283.1)		(0.4)		(2,882.8)
Payments/credits relating to sales in prior years	(137.1)		(902.9)		(15.1)		(1,055.1)
Ending balance	$	137.7	$	759.6	$	38.0	$	935.3

	December 31, 2020
(In millions)	Discounts		Contractual Adjustments		Returns		Total
Beginning balance	$	131.1	$	1,027.3	$	40.5	$	1,198.9
Current provisions relating to sales in current year	774.7		3,308.8		19.0		4,102.5
Adjustments relating to prior years	(1.0)		(54.0)		1.3		(53.7)
Payments/credits relating to sales in current year	(635.1)		(2,426.1)		—		(3,061.2)
Payments/credits relating to sales in prior years	(128.3)		(763.0)		(19.2)		(910.5)
Ending balance	$	141.4	$	1,093.0	$	41.6	$	1,276.0

	December 31, 2019
(In millions)	Discounts		Contractual Adjustments		Returns		Total
Beginning balance	$	127.8	$	888.8	$	34.7	$	1,051.3
Current provisions relating to sales in current year	666.2		3,011.5		20.9		3,698.6
Adjustments relating to prior years	0.3		(54.1)		5.5		(48.3)
Payments/credits relating to sales in current year	(535.5)		(2,242.9)		(0.2)		(2,778.6)
Payments/credits relating to sales in prior years	(127.7)		(576.0)		(20.4)		(724.1)
Ending balance	$	131.1	$	1,027.3	$	40.5	$	1,198.9

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

	As of December 31,
(In millions)	2021		2020
Reduction of accounts receivable	$	133.2	$	195.4
Component of accrued expense and other	802.1		1,080.6
Total revenue-related reserves	$	935.3	$	1,276.0

Revenue from Anti-CD20 Therapeutic Programs

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

	For the Years Ended December 31,
(In millions)	2021		2020		2019
Biogen's share of pre-tax profits in the U.S. for RITUXAN and GAZYVA	$	647.7	$	1,080.2	$	1,542.4
Other revenue from anti-CD20 therapeutic programs	1,010.8		897.6		748.0
Total revenue from anti-CD20 therapeutic programs	$	1,658.5	$	1,977.8	$	2,290.4

Approximately 15.1%, 14.7% and 15.9% of our total revenue in 2021, 2020 and 2019, respectively, was derived from our collaboration arrangements with Genentech. For additional information on our collaboration arrangements with Genentech, please read Note 18, Collaborative and Other Relationships, to these consolidated financial statements.

Other Revenue

Other revenue is summarized as follows:

	For the Years Ended December 31,
(In millions)	2021		2020		2019
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	$	20.7	$	20.9	$	106.2
Other revenue from collaborative and other relationships	—		0.7		—
Other royalty and corporate revenue:
Royalty	27.9		33.9		17.0
Other corporate	427.7		719.1		584.5
Total other revenue	$	476.3	$	774.6	$	707.7

Other corporate revenue primarily reflects amounts earned under contract manufacturing agreements with our strategic customers, including Bioverativ Inc. (Bioverativ). During the years ended December 31, 2021, 2020 and 2019, we recognized $18.2 million, $48.6 million and $383.2 million, respectively, in revenue under the manufacturing and supply agreement with Bioverativ entered into in connection with the spin-off of our hemophilia business.

During the third quarter of 2019, we amended our agreement with a contract manufacturing customer pursuant to which we licensed certain of our manufacturing-related intellectual property to the customer. In the second quarter of 2020, the customer received regulatory approval for its product that is being manufactured using certain of our manufacturing-related intellectual property. As a result we were entitled to $500.0 million in a series of three payments. The first payment became due upon a regulatory approval of such product and was received during the second quarter of 2020. The second payment became due upon the first anniversary of the regulatory approval and was received during the second quarter of 2021. The third payment is due on the second anniversary of the regulatory approval.

Other corporate revenue for the year ended December 31, 2020, reflects $346.2 million related to the delivery of the license for certain of our manufacturing-related intellectual property under the amended agreement, as discussed above, and the performance of manufacturing product supply services for such customer. We have allocated the remaining $153.8 million of the $500.0 million transaction price to the performance of manufacturing product supply services for the customer, which we expect to perform through 2026. The value allocated to the manufacturing services was based on expected demand for supply and the fair value of comparable manufacturing and development services.

For additional information on our collaboration arrangements with Samsung Bioepis, please read Note 18, Collaborative and Other Relationships, to these consolidated financial statements.