Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 3,008.5	$ 2,375.0
Current portion of marketable securities	807.2	0.0
Accounts receivable, net of allowance for doubtful accounts of $3.0 and $2.2, respectively	1,342.4	1,404.8
Due from anti-CD20 therapeutic programs	524.6	464.0
Inventory	2,168.1	2,460.5
Other current assets	1,123.3	752.5
Total current assets	8,974.1	7,456.8
Marketable securities	431.9	0.0
Property, plant and equipment, net	3,055.4	3,181.3
Operating lease assets	265.4	356.4
Intangible assets, net	9,178.5	9,691.2
Goodwill	6,491.1	6,478.9
Deferred tax asset	292.5	324.2
Investments and other assets	750.6	560.5
Total assets	29,439.5	28,049.3
Current liabilities:
Current portion of notes payable	0.0	1,748.6
Taxes payable	114.8	548.3
Accounts payable	432.0	424.2
Accrued expense and other	2,802.6	2,807.7
Total current liabilities	3,349.4	5,528.8
Notes payable	6,286.8	4,547.2
Deferred tax liability	507.6	190.5
Long-term operating lease liabilities	290.4	334.5
Other long-term liabilities	748.5	732.3
Total liabilities	11,182.7	11,333.3
Commitments, contingencies and guarantees (Notes 22 and 23)
Biogen Inc. shareholders’ equity:
Preferred stock, par value $0.001 per share	0.0	0.0
Common stock, par value $0.0005 per share	0.1	0.1
Additional paid-in capital	863.1	569.4
Accumulated other comprehensive income (loss)	(182.0)	(136.2)
Retained earnings	20,552.7	19,259.8
Treasury stock, at cost; 23.8 million and 23.8 million shares, respectively	(2,977.1)	(2,977.1)
Total equity	18,256.8	16,716.0
Total liabilities and equity	$ 29,439.5	$ 28,049.3