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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2025
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)202520242023
Research and development$115.7 $154.1 $296.7 
Selling, general and administrative187.8 198.6 371.7 
Subtotal303.5 352.7 668.4 
Capitalized share-based compensation costs(12.4)(10.3)(10.2)
Share-based compensation expense included in total cost and expense291.1 342.4 658.2 
Income tax effect(57.0)(63.4)(132.6)
Share-based compensation expense included in net income attributable to Biogen Inc.$234.1 $279.0 $525.6 
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)202520242023
Time-vested restricted stock units$249.3 $236.4 $220.0 
Performance stock units settled in stock42.3 48.4 35.5 
Performance stock units settled in cash— (2.5)6.8 
Employee stock purchase plan8.4 9.7 10.5 
Stock options3.5 3.7 3.7 
Market stock units— 0.6 4.9 
Reata equity awards(1)
— — 387.0 
HI-Bio equity awards(1)
— 56.4 — 
Subtotal303.5 352.7 668.4 
Capitalized share-based compensation costs(12.4)(10.3)(10.2)
Share-based compensation expense included in total cost and expense$291.1 $342.4 $658.2 
(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 that required no future services to vest. For additional information on our acquisitions of Reata and HI-Bio, please read Note 2, Acquisitions, to these consolidated financial statements.
Schedule of stock options roll forward
December 31, 2025
Shares
Weighted Average
Exercise Price
Weighted Average Remaining Contractual Term
Outstanding at December 31, 202481,000 $301.85 7.9 years
Granted— — 
Exercised
— — 
Forfeited— — 
Outstanding at December 31, 202581,000 $301.85 6.9 years
Exercisable at December 31, 202581,000 $301.85 6.9 years
Performance stock units settled in stock activity
The following table summarizes our PSUs that settle in stock activity:
December 31, 2025
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 2024550,000 $310.61 
Granted(1)
477,000 161.28 
Vested— — 
Forfeited(222,000)176.41 
Unvested at December 31, 2025805,000 $227.39 
(1) PSUs settled in stock granted in 2025 include awards granted in conjunction with our annual awards made in February 2025 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,
 202520242023
Expected dividend yield
—%
—%
—%
Range of expected stock price volatility
34.5%
35.1%
44.7%
Range of risk-free interest rates
4.2%
4.1%
4.1%
30 calendar day average stock price on grant date
$146.46
$251.69
$283.93
Weighted-average per share grant date fair value
$196.13
$280.60
$383.61
Time-vested restricted stock units activity
The following table summarizes our RSU activity:
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 20242,051,000 $246.22 
Granted(1)
2,385,000 141.71 
Vested(997,000)243.92 
Forfeited(363,000)188.28 
Unvested at December 31, 20253,076,000 $172.75 
(1) RSUs granted in 2025 primarily represent RSUs granted in conjunction with our annual awards made in February 2025 and awards made in conjunction with the hiring of new employees. RSUs granted in 2025 also include approximately 24,500 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)202520242023
Shares issued under the 2024 ESPP295,000 40,000 — 
Shares issued under the 2015 ESPP— 175,000 199,000 
Cash received under the 2024 ESPP$34.0 $5.1 $— 
Cash received under the 2015 ESPP$— $31.2 $45.1