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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Research and development$296.7 $98.5 $89.3 
Selling, general and administrative371.7 175.1 169.5 
Subtotal668.4 273.6 258.8 
Capitalized share-based compensation costs(10.2)(9.3)(8.0)
Share-based compensation expense included in total cost and expense658.2 264.3 250.8 
Income tax effect(132.6)(49.2)(46.7)
Share-based compensation expense included in net income attributable to Biogen Inc.$525.6 $215.1 $204.1 
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)202320222021
Market stock units$4.9 $13.2 $45.6 
Time-vested restricted stock units220.0 202.3 159.8 
Performance stock units settled in stock35.5 35.0 23.9 
Performance stock units settled in cash6.8 10.1 12.2 
Employee stock purchase plan10.5 12.7 17.3 
Stock options3.7 0.3 — 
Reata equity awards(1)
387.0 — — 
Subtotal668.4 273.6 258.8 
Capitalized share-based compensation costs(10.2)(9.3)(8.0)
Share-based compensation expense included in total cost and expense$658.2 $264.3 $250.8 
(1) Relates to the Reata equity-based compensation expense attributable to the post-acquisition service period, associated with the accelerated vesting of stock options and RSUs previously granted to Reata employees that required no future services to vest. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these consolidated financial statements.
Schedule of Stock Options Roll Forward
December 31, 2023
Shares
Weighted Average
Exercise Price
Weighted Average Remaining Contractual Term
Outstanding at December 31, 2022
81,000 $301.85 
9.9 years
Granted— — 
Exercised
— — 
Forfeited— — 
Outstanding at December 31, 2023
81,000 $301.85 
8.9 years
Exercisable at December 31, 2023
27,000 $301.85 
8.9 years
Summary of market stock unit activity
The following table summarizes our MSU activity:
December 31, 2023
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 2022113,000 $366.52 
Granted— — 
Vested(74,000)368.87 
Forfeited(5,000)372.87 
Unvested at December 31, 202334,000 $359.77 
Assumptions used in valuation of market based stock units
The assumptions used in our valuation are summarized as follows:
 December 31, 2021
Expected dividend yield—%
Range of expected stock price volatility
54.8% - 61.6%
Range of risk-free interest rates
0.06% - 0.21%
30 calendar day average stock price on grant date
$262.23 - $360.31
Weighted-average per share grant date fair value
$358.77
Performance stock units settled in stock activity
The following table summarizes our PSUs that settle in stock activity:
December 31, 2023
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 2022336,000 $292.95 
Granted (1)
206,000 383.61 
Vested(100,000)290.72 
Forfeited(53,000)323.52 
Unvested at December 31, 2023389,000 $325.73 
(1) PSUs settled in stock granted in 2023 include awards granted in conjunction with our annual awards made in February 2023 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 assumptions used in our valuation are summarized as follows:
 For the Years Ended December 31,
 20232022
Expected dividend yield
—%
—%
Range of expected stock price volatility
44.7%
44.0% - 45.9%
Range of risk-free interest rates
4.1%
1.8% - 3.9%
30 calendar day average stock price on grant date
$283.93
$231.31 - $294.86
Weighted-average per share grant date fair value
$383.61
$294.43
The following table summarizes our PSUs that settle in cash activity:
December 31, 2023
Shares
Unvested at December 31, 202283,000 
Granted(1)
5,000 
Vested(41,000)
Forfeited(6,000)
Unvested at December 31, 202341,000 
(1) PSUs settled in cash granted in 2023 represent the adjustment recorded to reflect the total number of units earned based on the finalization of the related performance multiplier for awards previously granted in 2020.
The fair values of PSUs settled in cash that vested in 2023, 2022 and 2021 totaled $11.7 million, $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, 20221,946,000 $237.90 
Granted (1)
1,171,000 282.92 
Vested(822,000)249.12 
Forfeited(439,000)257.66 
Unvested at December 31, 20231,856,000 $256.74 
(1) RSUs granted in 2023 primarily represent RSUs granted in conjunction with our annual awards made in February 2023 and awards made in conjunction with the hiring of new employees. RSUs granted in 2023 also include approximately 7,300 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)202320222021
Shares issued under the 2015 ESPP199,000 241,000 248,000 
Cash received under the 2015 ESPP$45.1 $44.2 $54.4