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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2022
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)202220212020
Research and development$98.5 $89.3 $80.0 
Selling, general and administrative175.1 169.5 131.3 
Subtotal273.6 258.8 211.3 
Capitalized share-based compensation costs(9.3)(8.0)(6.2)
Share-based compensation expense included in total cost and expense264.3 250.8 205.1 
Income tax effect(49.2)(46.7)(33.5)
Share-based compensation expense included in net income attributable to Biogen Inc.$215.1 $204.1 $171.6 
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)202220212020
Market stock units$13.2 $45.6 $40.5 
Time-vested restricted stock units202.3 159.8 142.6 
Cash settled performance units— — (1.7)
Performance units— — (0.1)
Performance stock units settled in stock35.0 23.9 7.9 
Performance stock units settled in cash10.1 12.2 8.6 
Employee stock purchase plan12.7 17.3 13.5 
Stock options0.3 — — 
Subtotal273.6 258.8 211.3 
Capitalized share-based compensation costs(9.3)(8.0)(6.2)
Share-based compensation expense included in total cost and expense$264.3 $250.8 $205.1 
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 the remaining stock options previously granted in 2010:
 For the year ended December 31,
(In millions)2020
Tax benefit realized for stock options$2.9 
Cash received from the exercise of stock options0.7 
Summary of market stock unit activity
The following table summarizes our MSU activity:
December 31, 2022
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 2021257,000 $372.08 
Granted— — 
Vested(87,000)369.22 
Forfeited(57,000)371.24 
Unvested at December 31, 2022113,000 $366.52 
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,
 20212020
Expected dividend yield—%—%
Range of expected stock price volatility
54.8% - 61.6%
37.8% - 44.1%
Range of risk-free interest rates
0.06% - 0.21%
1.41% - 1.48%
30 calendar day average stock price on grant date
$262.23 - $360.31
$257.83 - $325.40
Weighted-average per share grant date fair value
$358.77
$398.61
The assumptions used in our valuation are summarized as follows:
 December 31, 2022
Expected dividend yield—%
Range of expected stock price volatility
44.0% - 45.9%
Range of risk-free interest rates
1.8% - 3.9%
30 calendar day average stock price on grant date
$231.31 - $294.86
Weighted-average per share grant date fair value$294.43
Performance stock units settled in stock activity
The following table summarizes our PSUs that settle in stock activity:
December 31, 2022
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 2021196,000 $289.94 
Granted (1)
270,000 294.43 
Vested(44,000)316.83 
Forfeited(86,000)279.09 
Unvested at December 31, 2022336,000 $292.95 
(1) PSUs settled in stock granted in 2022 include awards granted in conjunction with our annual awards made in February 2022 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:
December 31, 2022
Shares
Unvested at December 31, 2021134,000 
Granted (1)
24,000 
Vested(49,000)
Forfeited(26,000)
Unvested at December 31, 202283,000 
(1) PSUs settled in cash granted in 2022 include awards granted in conjunction with our annual awards made in February 2022 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.
The fair values of PSUs settled in cash that vested in 2022 and 2021 totaled $11.0 million and $9.9 million, respectively.
Time-vested restricted stock units activity
The following table summarizes our RSU activity:
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 20211,202,000 $291.54 
Granted (1)
1,751,000 221.28 
Vested(539,000)297.72 
Forfeited(468,000)244.03 
Unvested at December 31, 20221,946,000 $237.90 
(1) RSUs granted in 2022 primarily represent RSUs granted in conjunction with our annual awards made in February 2022 and awards made in conjunction with the hiring of new employees. RSUs granted in 2022 also include approximately 15,000 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)202220212020
Shares issued under the 2015 ESPP241,000 248,000 212,000 
Cash received under the 2015 ESPP$44.2 $54.4 $48.6