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v3.20.4

Revenues | 12 Months Ended
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Dec. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenues | Revenues Product Revenues Revenues by product are summarized as follows:
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
(In millions) |  | United States |  | Rest of World |  | Total |  | United States |  | Rest of World |  | Total |  | United States |  | Rest of World |  | Total
Multiple Sclerosis (MS): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fumarate* |  | $ | 2,742.0 |  |  | $ | 1,163.4 |  |  | $ | 3,905.4 |  |  | $ | 3,312.0 |  |  | $ | 1,126.2 |  |  | $ | 4,438.2 |  |  | $ | 3,253.2 |  |  | $ | 1,020.9 |  |  | $ | 4,274.1 |
Interferon** |  | 1,273.5 |  |  | 604.0 |  |  | 1,877.5 |  |  | 1,426.6 |  |  | 675.2 |  |  | 2,101.8 |  |  | 1,668.3 |  |  | 694.7 |  |  | 2,363.0 |
TYSABRI |  | 1,096.8 |  |  | 849.3 |  |  | 1,946.1 |  |  | 1,041.8 |  |  | 850.4 |  |  | 1,892.2 |  |  | 1,025.0 |  |  | 839.0 |  |  | 1,864.0 |
FAMPYRA |  | — |  |  | 103.1 |  |  | 103.1 |  |  | — |  |  | 97.1 |  |  | 97.1 |  |  | — |  |  | 92.7 |  |  | 92.7 |
ZINBRYTA |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.4 |  |  | 1.4 |
Subtotal: MS |  | 5,112.3 |  |  | 2,719.8 |  |  | 7,832.1 |  |  | 5,780.4 |  |  | 2,748.9 |  |  | 8,529.3 |  |  | 5,946.5 |  |  | 2,648.7 |  |  | 8,595.2 |
Spinal Muscular Atrophy: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SPINRAZA |  | 787.8 |  |  | 1,264.3 |  |  | 2,052.1 |  |  | 933.4 |  |  | 1,163.6 |  |  | 2,097.0 |  |  | 854.0 |  |  | 870.2 |  |  | 1,724.2 |
Biosimilars: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BENEPALI |  | — |  |  | 481.6 |  |  | 481.6 |  |  | — |  |  | 486.2 |  |  | 486.2 |  |  | — |  |  | 485.2 |  |  | 485.2 |
IMRALDI |  | — |  |  | 216.3 |  |  | 216.3 |  |  | — |  |  | 184.0 |  |  | 184.0 |  |  | — |  |  | 16.7 |  |  | 16.7 |
FLIXABI |  | — |  |  | 97.9 |  |  | 97.9 |  |  | — |  |  | 68.1 |  |  | 68.1 |  |  | — |  |  | 43.2 |  |  | 43.2 |
Subtotal: Biosimilars |  | — |  |  | 795.8 |  |  | 795.8 |  |  | — |  |  | 738.3 |  |  | 738.3 |  |  | — |  |  | 545.1 |  |  | 545.1 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FUMADERM |  | — |  |  | 12.2 |  |  | 12.2 |  |  | — |  |  | 15.2 |  |  | 15.2 |  |  | — |  |  | 22.3 |  |  | 22.3 |
Total product revenues |  | $ | 5,900.1 |  |  | $ | 4,792.1 |  |  | $ | 10,692.2 |  |  | $ | 6,713.8 |  |  | $ | 4,666.0 |  |  | $ | 11,379.8 |  |  | $ | 6,800.5 |  |  | $ | 4,086.3 |  |  | $ | 10,886.8 |
*Fumarate includes TECFIDERA and VUMERITY. VUMERITY became commercially available in the U.S. in November 2019. **Interferon includes AVONEX and PLEGRIDY. We recognized revenues from two wholesalers accounting for 30.5% and 15.3% of gross product revenues in 2020, 30.0% and 17.2% of gross product revenues in 2019 and 32.0% and 18.4% of gross product revenues in 2018, respectively. As of December 31, 2020, two wholesale distributors individually accounted for approximately 21.1% and 8.5% of net accounts receivable associated with our product sales, as compared to 24.1% and 13.9% as of December 31, 2019, respectively. An analysis of the change in reserves for discounts and allowances is summarized as follows:
|  | December 31, 2020
(In millions) |  | Discounts |  | Contractual Adjustments |  | Returns |  | Total
Beginning balance |  | $ | 131.1 |  |  | $ | 1,027.3 |  |  | $ | 40.5 |  |  | $ | 1,198.9 |
Current provisions relating to sales in current year |  | 774.7 |  |  | 3,308.8 |  |  | 19.0 |  |  | 4,102.5 |
Adjustments relating to prior years |  | (1.0) |  |  | (54.0) |  |  | 1.3 |  |  | (53.7) |
Payments/returns relating to sales in current year |  | (635.1) |  |  | (2,426.1) |  |  | — |  |  | (3,061.2) |
Payments/returns relating to sales in prior years |  | (128.3) |  |  | (763.0) |  |  | (19.2) |  |  | (910.5) |
Ending balance |  | $ | 141.4 |  |  | $ | 1,093.0 |  |  | $ | 41.6 |  |  | $ | 1,276.0 |
|  | December 31, 2019
(In millions) |  | Discounts |  | Contractual Adjustments |  | Returns |  | Total
Beginning balance |  | $ | 127.8 |  |  | $ | 888.8 |  |  | $ | 34.7 |  |  | $ | 1,051.3 |
Current provisions relating to sales in current year |  | 666.2 |  |  | 3,011.5 |  |  | 20.9 |  |  | 3,698.6 |
Adjustments relating to prior years |  | 0.3 |  |  | (54.1) |  |  | 5.5 |  |  | (48.3) |
Payments/returns relating to sales in current year |  | (535.5) |  |  | (2,242.9) |  |  | (0.2) |  |  | (2,778.6) |
Payments/returns relating to sales in prior years |  | (127.7) |  |  | (576.0) |  |  | (20.4) |  |  | (724.1) |
Ending balance |  | $ | 131.1 |  |  | $ | 1,027.3 |  |  | $ | 40.5 |  |  | $ | 1,198.9 |
|  | December 31, 2018
(In millions) |  | Discounts |  | Contractual Adjustments |  | Returns |  | Total
Beginning balance |  | $ | 109.6 |  |  | $ | 606.0 |  |  | $ | 46.0 |  |  | $ | 761.6 |
Current provisions relating to sales in current year |  | 679.3 |  |  | 2,686.7 |  |  | 23.1 |  |  | 3,389.1 |
Adjustments relating to prior years |  | (0.3) |  |  | (10.0) |  |  | (1.8) |  |  | (12.1) |
Payments/returns relating to sales in current year |  | (551.7) |  |  | (1,887.6) |  |  | (1.1) |  |  | (2,440.4) |
Payments/returns relating to sales in prior years |  | (109.1) |  |  | (506.3) |  |  | (31.5) |  |  | (646.9) |
Ending balance |  | $ | 127.8 |  |  | $ | 888.8 |  |  | $ | 34.7 |  |  | $ | 1,051.3 |
The total reserves above, which are included in our consolidated balance sheets, are summarized as follows:
|  | As of December 31,
(In millions) |  | 2020 |  | 2019
Reduction of accounts receivable |  | $ | 195.4 |  |  | $ | 197.8 |
Component of accrued expenses and other |  | 1,080.6 |  |  | 1,001.1 |
Total revenue-related reserves |  | $ | 1,276.0 |  |  | $ | 1,198.9 |
Revenues from Anti-CD20 Therapeutic Programs Revenues from anti-CD20 therapeutic programs are 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) |  | 2020 |  | 2019 |  | 2018
Biogen's share of pre-tax profits in the U.S. for RITUXAN and GAZYVA |  | $ | 1,080.2 |  |  | $ | 1,542.4 |  |  | $ | 1,431.9 |
Other revenues from anti-CD20 therapeutic programs |  | 897.6 |  |  | 748.0 |  |  | 548.3 |
Total revenues from anti-CD20 therapeutic programs |  | $ | 1,977.8 |  |  | $ | 2,290.4 |  |  | $ | 1,980.2 |
Approximately 14.7%, 15.9% and 14.7% of our total revenues in 2020, 2019 and 2018, respectively, were derived from our collaboration arrangements with Genentech. For additional information on our collaboration arrangements with Genentech, please read Note 18, Collaborative and Other Relationships, to these consolidated financial statements. Other Revenues Other revenues are summarized as follows:
|  | For the Years Ended December 31,
(In millions) |  | 2020 |  | 2019 |  | 2018
Revenues from collaborative and other relationships: |  |  |  |  |  |
Revenues earned under our technical development agreement, manufacturing service agreements and royalty revenues on biosimilar products with Samsung Bioepis |  | $ | 20.9 |  |  | $ | 106.2 |  |  | $ | 96.4 |
Other revenues from collaborative and other relationships |  | 0.7 |  |  | — |  |  | (8.6) |
Other royalty and corporate revenues: |  |  |  |  |  |
Royalty |  | 33.9 |  |  | 17.0 |  |  | 38.7 |
Other corporate |  | 719.1 |  |  | 584.5 |  |  | 459.4 |
Total other revenues |  | $ | 774.6 |  |  | $ | 707.7 |  |  | $ | 585.9 |
Other corporate revenues primarily reflect amounts earned under contract manufacturing agreements with our strategic customers, including Bioverativ Inc. (Bioverativ). During the years ended December 31, 2020, 2019 and 2018, we recognized $48.6 million, $383.2 million and $206.7 million, respectively, in revenues under the manufacturing and supply agreement with Bioverativ entered into in connection with the spin-off of our hemophilia business. 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 are entitled to $500.0 million in a series of three payments. The first payment became due upon a regulatory approval of such product and was received during the second quarter of 2020. Subsequent payments are due on the first and second anniversaries of the regulatory approval. Other corporate revenues for the year ended December 31, 2020, reflect $346.2 million related to the delivery of the license for certain of our manufacturing-related intellectual property under the amended agreement discussed above and the performance of manufacturing product supply services for such customer. We have allocated the remaining $153.8 million of the $500.0 million transaction price to the performance of manufacturing product supply services for the customer, which we expect to perform through 2026. The value allocated to the manufacturing services was based on expected demand for supply and the fair value of comparable manufacturing and development services. For additional information on our collaboration arrangements with Samsung Bioepis, please read Note 18, Collaborative and Other Relationships, to these consolidated financial statements.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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