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Share-Based Payments (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based compensation expense included in condensed consolidated statements of income
The following table summarizes share-based compensation expense included in our condensed consolidated statements of income:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2024202320242023
Research and development
$69.8 $217.1 $124.5 $276.3 
Selling, general and administrative61.3 234.9 150.9 333.4 
Subtotal131.1 452.0 275.4 609.7 
Capitalized share-based compensation costs (2.4)(2.6)(8.0)(8.5)
Share-based compensation expense included in total cost and expense128.7 449.4 267.4 601.2 
Income tax effect(24.2)(98.5)(50.5)(126.5)
Share-based compensation expense included in net income (loss) attributable to Biogen Inc.$104.5 $350.9 $216.9 $474.7 
In connection with our acquisition of Reata in September 2023 we recognized Reata equity-based compensation expense, inclusive of employer taxes, of approximately $393.4 million attributable to the post-acquisition service period, of which $196.4 million was recognized as a charge to selling, general and administrative expense with the remaining $197.0 million as a charge to research and development expense within our condensed consolidated statements of income for the three and nine months ended September 30, 2023. These amounts were associated with the accelerated vesting of stock options and RSUs previously granted to Reata employees and required no future services to vest.For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these condensed consolidated financial statements.
In connection with our acquisition of HI-Bio in July 2024 we recognized HI-Bio equity-based compensation expense, inclusive of employer taxes, of approximately $56.4 million attributable to the post-acquisition service period, of which $42.5 million was recognized as a charge to research and development expense with the remaining $13.9 million as a charge to selling, general and administrative expense within our condensed consolidated statements of income for the three and nine months ended September 30, 2024. These amounts were associated with the accelerated vesting of stock options and RSUs previously granted to HI-Bio employees and required no future services to vest. For additional information on our acquisition of HI-Bio, please read Note 2, Acquisitions, to these condensed consolidated financial statements.
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 Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2024202320242023
Time-vested restricted stock units$59.1 $53.4 $174.7 $175.0 
Performance stock units settled in stock13.0 7.8 35.2 27.1 
Employee stock purchase plan1.9 2.0 8.2 8.8 
Performance stock units settled in cash(0.5)0.1 (2.5)4.8 
Stock options1.0 1.0 2.8 2.8 
Market stock units0.2 0.7 0.6 4.2 
Reata equity awards(1)
— 387.0 — 387.0 
HI-Bio equity awards(1)
56.4 — 56.4 — 
Subtotal131.1 452.0 275.4 609.7 
Capitalized share-based compensation costs(2.4)(2.6)(8.0)(8.5)
Share-based compensation expense included in total cost and expense$128.7 $449.4 $267.4 $601.2 
(1) Relates to the Reata and HI-Bio 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 and HI-Bio employees and required no future services to vest. For additional information on our acquisition of Reata and HI-Bio, please read Note 2, Acquisitions, to these condensed consolidated financial statements.