Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue by product is summarized as follows:


	For the Three Months Ended March 31,
	2025						2024
(In millions)	United States		Rest of World		Total		United States		Rest of World		Total
Multiple Sclerosis:
TECFIDERA	$	39.8	$	166.3	$	206.1	$	43.7	$	210.6	$	254.3
VUMERITY	117.1		21.7		138.8		105.9		21.6		127.5
Total Fumarate	156.9		188.0		344.9		149.6		232.2		381.8
AVONEX	108.6		58.2		166.8		111.2		67.3		178.5
PLEGRIDY	24.1		35.4		59.5		28.6		36.5		65.1
Total Interferon	132.7		93.6		226.3		139.8		103.8		243.6
TYSABRI	200.8		180.7		381.5		213.8		217.5		431.3
FAMPYRA(1)	—		0.3		0.3		—		19.2		19.2
Subtotal: Multiple Sclerosis	490.4		462.6		953.0		503.2		572.7		1,075.9

Rare Disease:
SPINRAZA	154.4		269.5		423.9		148.5		192.8		341.3
SKYCLARYS(2)	69.1		54.8		123.9		73.0		5.0		78.0
QALSODY(3)	7.5		8.0		15.5		4.4		0.2		4.6
Subtotal: Rare Disease	231.0		332.3		563.3		225.9		198.0		423.9

Biosimilars:
BENEPALI	—		111.3		111.3		—		118.7		118.7
IMRALDI	—		47.4		47.4		—		54.8		54.8
FLIXABI	—		13.1		13.1		—		17.8		17.8
BYOOVIZ	4.2		4.7		8.9		3.7		1.9		5.6
TOFIDENCE	0.1		—		0.1		—		—		—
Subtotal: Biosimilars	4.3		176.5		180.8		3.7		193.2		196.9

Other:
ZURZUVAE	27.7		—		27.7		12.4		—		12.4


Other(4)	0.4		1.3		1.7		0.9		1.9		2.8
Subtotal: Other	28.1		1.3		29.4		13.3		1.9		15.2
Total product revenue, net	$	753.8	$	972.7	$	1,726.5	$	746.1	$	965.8	$	1,711.9

(1) Effective January 1, 2025, our collaboration and license agreement for FAMPYRA global commercialization rights was terminated.

(2) SKYCLARYS became commercially available in the E.U. during the first quarter of 2024.

(3) QALSODY became commercially available in the E.U. during the second quarter of 2024.

(4) Other includes FUMADERM and ADUHELM.

Analysis of change In reserves

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


(In millions)	Discounts		Contractual Adjustments		Returns		Total
Balance, December 31, 2024	$	162.7	$	880.8	$	48.1	$	1,091.6
Current provisions relating to sales in current year	185.7		689.7		5.6		881.0
Adjustments relating to prior years	1.4		(31.4)		3.9		(26.1)
Payments/credits relating to sales in current year	(118.3)		(229.6)		(0.1)		(348.0)
Payments/credits relating to sales in prior years	(64.9)		(359.5)		(3.7)		(428.1)
Balance, March 31, 2025	$	166.6	$	950.0	$	53.8	$	1,170.4

Total reserves included in consolidated balance sheets

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


(In millions)	As of March 31, 2025		As of December 31, 2024
Reduction of accounts receivable	$	205.2	$	154.1
Component of accrued expense and other	965.2		937.5
Total revenue-related reserves	$	1,170.4	$	1,091.6

Revenues from anti-CD20 therapeutic programs

Revenue from anti-CD20 therapeutic programs is summarized in the table below. For the purposes of this footnote, we refer to RITUXAN and RITUXAN HYCELA collectively as RITUXAN.


	For the Three Months Ended March 31,
(In millions)	2025		2024
Royalty revenue on sales of OCREVUS	$	288.8	$	302.7
Biogen’s share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO	83.7		87.1
Other revenue from anti-CD20 therapeutic programs	5.7		4.2
Total revenue from anti-CD20 therapeutic programs	$	378.2	$	394.0

Other revenues

Contract manufacturing, royalty and other revenue is summarized as follows:


	For the Three Months Ended March 31,
(In millions)	2025		2024
Contract manufacturing revenue	$	282.3	$	152.2
Royalty and other revenue	11.0		29.6
Total contract manufacturing, royalty and other revenue	$	293.3	$	181.8