Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue by product are summarized as follows:


	For the Years Ended December 31,
	2023						2022						2021
(In millions)	United States		Rest of World		Total		United States		Rest of World		Total		United States		Rest of World		Total
Multiple Sclerosis:
TECFIDERA	$	263.1	$	749.4	$	1,012.5	$	417.7	$	1,026.2	$	1,443.9	$	680.6	$	1,271.3	$	1,951.9
VUMERITY	512.1		64.2		576.3		521.3		32.1		553.4		408.9		1.5		410.4
Total Fumarate	775.2		813.6		1,588.8		939.0		1,058.3		1,997.3		1,089.5		1,272.8		2,362.3
AVONEX	536.7		274.3		811.0		649.2		324.3		973.5		830.2		378.5		1,208.7
PLEGRIDY	126.2		168.5		294.7		148.4		183.5		331.9		152.9		204.5		357.4
Total Interferon	662.9		442.8		1,105.7		797.6		507.8		1,305.4		983.1		583.0		1,566.1
TYSABRI	997.9		879.0		1,876.9		1,123.4		907.5		2,030.9		1,142.2		920.9		2,063.1
FAMPYRA	—		90.5		90.5		—		96.6		96.6		—		105.2		105.2
Subtotal: Multiple Sclerosis	2,436.0		2,225.9		4,661.9		2,860.0		2,570.2		5,430.2		3,214.8		2,881.9		6,096.7

Rare Disease:
SPINRAZA	610.5		1,130.7		1,741.2		600.2		1,193.3		1,793.5		587.9		1,317.2		1,905.1
QALSODY(1)	5.8		0.1		5.9		—		—		—		—		—		—
SKYCLARYS(2)	55.9		—		55.9		—		—		—		—		—		—
Subtotal: Rare Disease	672.2		1,130.8		1,803.0		600.2		1,193.3		1,793.5		587.9		1,317.2		1,905.1

Biosimilars:
BENEPALI	—		438.8		438.8		—		441.0		441.0		—		498.3		498.3
IMRALDI	—		222.1		222.1		—		224.5		224.5		—		233.4		233.4
FLIXABI	—		77.4		77.4		—		81.3		81.3		—		99.4		99.4
BYOOVIZ(3)	29.2		2.5		31.7		4.3		—		4.3		—		—		—
Subtotal: Biosimilars	29.2		740.8		770.0		4.3		746.8		751.1		—		831.1		831.1

Other(4)	4.0		7.8		11.8		4.8		8.2		13.0		3.0		11.0		14.0
Total product revenue	$	3,141.4	$	4,105.3	$	7,246.7	$	3,469.3	$	4,518.5	$	7,987.8	$	3,805.7	$	5,041.2	$	8,846.9

(1) QALSODY became commercially available in the U.S. during the second quarter of 2023.

(2) SKYCLARYS was obtained as part of our acquisition of Reata in September 2023. SKYCLARYS became commercially available in the U.S. during the second quarter of 2023 and we began recognizing revenue from SKYCLARYS in the U.S. during the fourth quarter of 2023, subsequent to our acquisition.

(3) BYOOVIZ became commercially available in the U.S. during the third quarter of 2022 and commercially available in certain international markets in 2023.

(4) Other includes FUMADERM, ADUHELM and ZURZUVAE, which became commercially available in the U.S. during the fourth quarter of 2023.

Analysis of change in reserves

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


	December 31, 2023
(In millions)	Discounts		Contractual Adjustments		Returns		Total
Beginning balance	$	153.8	$	857.7	$	23.5	$	1,035.0
Current provisions relating to sales in current year	735.6		2,720.1		19.0		3,474.7
Adjustments relating to prior years	(0.4)		(38.4)		19.2		(19.6)
Payments/credits relating to sales in current year	(572.9)		(1,944.8)		(2.1)		(2,519.8)
Payments/credits relating to sales in prior years	(142.8)		(737.5)		(28.0)		(908.3)
Ending balance	$	173.3	$	857.1	$	31.6	$	1,062.0


	December 31, 2022
(In millions)	Discounts		Contractual Adjustments		Returns		Total
Beginning balance	$	137.7	$	759.6	$	38.0	$	935.3
Current provisions relating to sales in current year	666.6		2,715.5		12.3		3,394.4
Adjustments relating to prior years	(2.8)		1.4		(7.2)		(8.6)
Payments/credits relating to sales in current year	(514.9)		(2,060.7)		(1.2)		(2,576.8)
Payments/credits relating to sales in prior years	(132.8)		(558.1)		(18.4)		(709.3)
Ending balance	$	153.8	$	857.7	$	23.5	$	1,035.0


	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

Total reserves included in consolidated balance sheet

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


	As of December 31,
(In millions)	2023		2022
Reduction of accounts receivable	$	135.5	$	143.4
Component of accrued expense and other	926.5		891.6
Total revenue-related reserves	$	1,062.0	$	1,035.0

Revenues 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)	2023		2022		2021
Royalty revenue on sales of OCREVUS	$	1,266.2	$	1,136.3	$	991.7
Biogen's share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO(1)	409.4		547.0		647.7
Other revenue from anti-CD20 therapeutic programs	14.0		17.2		19.1
Total revenue from anti-CD20 therapeutic programs	$	1,689.6	$	1,700.5	$	1,658.5

(1) LUNSUMIO became commercially available in the U.S. during the first quarter of 2023.

Revenue from anti-CD20 therapeutic programs is summarized as follows:


	For the Years Ended December 31,
(In millions)	2023		2022		2021
Royalty revenue on sales of OCREVUS	$	1,266.2	$	1,136.3	$	991.7
Biogen's share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO(1)	409.4		547.0		647.7
Other revenue from anti-CD20 therapeutic programs	14.0		17.2		19.1
Total revenue from anti-CD20 therapeutic programs	$	1,689.6	$	1,700.5	$	1,658.5

(1) LUNSUMIO became commercially available in the U.S. during the first quarter of 2023.

Other revenues

is summarized as follows:


	For the Years Ended December 31,
(In millions)	2023		2022		2021




Contract manufacturing revenue	$	848.2	$	417.7	$	427.7
Royalty and other revenue	51.1		67.4		48.6
Total contract manufacturing, royalty and other revenue	$	899.3	$	485.1	$	476.3