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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
Note 5:
Revenue
Product Revenue
Revenue by product are summarized as follows:
 For the Years Ended December 31,
 202420232022
(In millions)United
States		Rest of
World		TotalUnited
States		Rest of
World		TotalUnited
States		Rest of
World		Total
Multiple Sclerosis:
TECFIDERA$169.2 $797.9 $967.1 $263.1 $749.4 $1,012.5 $417.7 $1,026.2 $1,443.9 
VUMERITY538.6 89.4 628.0 512.1 64.2 576.3 521.3 32.1 553.4 
Total Fumarate707.8 887.3 1,595.1 775.2 813.6 1,588.8 939.0 1,058.3 1,997.3 
AVONEX451.3 256.2 707.5 536.7 274.3 811.0 649.2 324.3 973.5 
PLEGRIDY111.4 149.1 260.5 126.2 168.5 294.7 148.4 183.5 331.9 
Total Interferon562.7 405.3 968.0 662.9 442.8 1,105.7 797.6 507.8 1,305.4 
TYSABRI920.0 795.0 1,715.0 997.9 879.0 1,876.9 1,123.4 907.5 2,030.9 
FAMPYRA— 71.7 71.7 — 90.5 90.5 — 96.6 96.6 
Subtotal: Multiple Sclerosis2,190.5 2,159.3 4,349.8 2,436.0 2,225.9 4,661.9 2,860.0 2,570.2 5,430.2 
Rare Disease:
SPINRAZA625.7 947.5 1,573.2 610.5 1,130.7 1,741.2 600.2 1,193.3 1,793.5 
SKYCLARYS(1)
301.1 81.4 382.5 55.9 — 55.9 — — — 
QALSODY(2)
20.9 11.5 32.4 5.8 0.1 5.9 — — — 
Subtotal: Rare Disease947.7 1,040.4 1,988.1 672.2 1,130.8 1,803.0 600.2 1,193.3 1,793.5 
Biosimilars:
BENEPALI— 479.1 479.1 — 438.8 438.8 — 441.0 441.0 
IMRALDI— 213.1 213.1 — 222.1 222.1 — 224.5 224.5 
FLIXABI— 63.2 63.2 — 77.4 77.4 — 81.3 81.3 
BYOOVIZ(3)
23.0 13.6 36.6 29.2 2.5 31.7 4.3 — 4.3 
TOFIDENCE(4)
1.1 — 1.1 — — — — — — 
Subtotal: Biosimilars24.1 769.0 793.1 29.2 740.8 770.0 4.3 746.8 751.1 
Other:
ZURZUVAE(5)
72.2 — 72.2 1.6 — 1.6 — — — 
Other(6)
2.8 7.5 10.3 2.4 7.8 10.2 4.8 8.2 13.0 
Subtotal: Other75.0 7.5 82.5 4.0 7.8 11.8 4.8 8.2 13.0 
Total product revenue, net$3,237.3 $3,976.2 $7,213.5 $3,141.4 $4,105.3 $7,246.7 $3,469.3 $4,518.5 $7,987.8 
(1) 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. SKYCLARYS was approved and became commercially available in the E.U. during the first quarter of 2024.
(2) QALSODY became commercially available in the U.S. during the second quarter of 2023 and commercially available in the E.U. during the second quarter of 2024.
(3) BYOOVIZ became commercially available in certain international markets in 2023.
(4) TOFIDENCE became commercially available in the U.S. during the second quarter of 2024.
(5) ZURZUVAE became commercially available in the U.S. during the fourth quarter of 2023.
(6) Other includes FUMADERM and ADUHELM.
We recognized revenue from two wholesalers accounting for 25.9% and 13.4% of gross product revenue in 2024, 27.0% and 9.9% of gross product revenue in 2023 and 26.8% and 11.1% of gross product revenue in 2022, respectively.
As of December 31, 2024, two wholesale distributors individually accounted for approximately 27.2% and 11.7% of net accounts receivable associated with our product sales, as compared to 24.6% and 11.6% as of December 31, 2023, respectively.
An analysis of the change in reserves for discounts and allowances is summarized as follows:
December 31, 2024
(In millions)DiscountsContractual
Adjustments		ReturnsTotal
Balance, December 31, 2023$173.3 $857.1 $31.6 $1,062.0 
Current provisions relating to sales in current year824.2 2,687.5 23.6 3,535.3 
Adjustments relating to prior years8.0 (38.7)14.2 (16.5)
Payments/credits relating to sales in current year(670.9)(1,989.7)(0.6)(2,661.2)
Payments/credits relating to sales in prior years(171.9)(635.4)(20.7)(828.0)
Balance, December 31, 2024$162.7 $880.8 $48.1 $1,091.6 
December 31, 2023
(In millions)DiscountsContractual
Adjustments		ReturnsTotal
Balance, December 31, 2022$153.8 $857.7 $23.5 $1,035.0 
Current provisions relating to sales in current year735.6 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)
Balance, December 31, 2023$173.3 $857.1 $31.6 $1,062.0 
December 31, 2022
(In millions)DiscountsContractual
Adjustments		ReturnsTotal
Balance, December 31, 2021$137.7 $759.6 $38.0 $935.3 
Current provisions relating to sales in current year666.6 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)
Balance, December 31, 2022$153.8 $857.7 $23.5 $1,035.0 
The total reserves above, which are included in our consolidated balance sheets, are summarized as follows:
 As of December 31,
(In millions)20242023
Reduction of accounts receivable$154.1 $135.5 
Component of accrued expense and other937.5 926.5 
Total revenue-related reserves$1,091.6 $1,062.0 
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)202420232022
Royalty revenue on sales of OCREVUS$1,339.5 $1,266.2 $1,136.3 
Biogen's share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO(1)
392.0 409.4 547.0 
Other revenue from anti-CD20 therapeutic programs18.4 14.0 17.2 
Total revenue from anti-CD20 therapeutic programs$1,749.9 $1,689.6 $1,700.5 
(1) LUNSUMIO became commercially available in the U.S. during the first quarter of 2023.
Approximately 18.1%, 17.2% and 16.7% of our total revenue in 2024, 2023 and 2022, respectively, was derived from our collaboration arrangements with Genentech. For additional information on our collaboration arrangements with Genentech, please read Note 19, Collaborative and Other Relationships, to these consolidated financial statements.
Alzheimer's Collaboration Revenue
Alzheimer's collaboration revenue consists of our 50.0% share of LEQEMBI product revenue, net and cost of sales, including royalties, as we are not the principal. We began recognizing Alzheimer's collaboration revenue upon the accelerated approval of LEQEMBI in the U.S. during the first quarter of 2023.
For the year ended December 31, 2024, we recognized approximately $59.9 million of Alzheimer's collaboration revenue within our consolidated statements of income. For the year ended December 31, 2023, our share of LEQEMBI product revenue, net, was fully offset by our share of cost of sales, including royalties, resulting in a zero net impact to Alzheimer's collaboration revenue within our consolidated statements of income.
For additional information on our collaboration arrangements with Eisai, please read Note 19, Collaborative and Other Relationships, to these consolidated financial statements.
Contract Manufacturing, Royalty and Other Revenue
Contract manufacturing, royalty and other revenue is summarized as follows:
 For the Years Ended December 31,
(In millions)202420232022
Contract manufacturing revenue$592.1 $848.2 $417.7 
Royalty and other revenue60.5 51.1 67.4 
Total contract manufacturing, royalty and other revenue$652.6 $899.3 $485.1 
Contract Manufacturing Revenue
Contract manufacturing revenue primarily reflects amounts earned under contract manufacturing agreements with our strategic customers. During the first quarter of 2023 we began recognizing contract manufacturing revenue for LEQEMBI, upon accelerated approval of LEQEMBI in the U.S. Prior to accelerated approval, our share of contract manufacturing amounts related to LEQEMBI were recognized in research and development expense within our consolidated statements of income.
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 third and final payment became due upon the second anniversary of the regulatory approval and was received during the second quarter of 2022.
Royalty and Other Revenue
Royalty and other revenue primarily reflects royalty revenue on biosimilar products from our license arrangements with Samsung Bioepis and royalties we receive from net sales on products related to patents that we have out-licensed.
For additional information on our license arrangements with Samsung Bioepis and our collaboration arrangements with Eisai, please read Note 19, Collaborative and Other Relationships, to these consolidated financial statements.