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v3.25.2

Revenues | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenues |
Note 5: | Revenue
Product Revenue Revenue by product is summarized as follows:
|  | For the Three Months Ended June 30,
|  | 2025 |  | 2024
(In millions) |  | United States |  | Rest of World |  | Total |  | United States |  | Rest of World |  | Total
Multiple Sclerosis: |  |  |  |  |  |  |  |  |  |  |  |
TECFIDERA |  | $ | 47.2 |  |  | $ | 146.4 |  |  | $ | 193.6 |  |  | $ | 44.1 |  |  | $ | 208.1 |  |  | $ | 252.2 |
VUMERITY |  | 188.0 |  |  | 24.3 |  |  | 212.3 |  |  | 144.2 |  |  | 21.6 |  |  | 165.8 |
Total Fumarate |  | 235.2 |  |  | 170.7 |  |  | 405.9 |  |  | 188.3 |  |  | 229.7 |  |  | 418.0 |
AVONEX |  | 121.7 |  |  | 56.0 |  |  | 177.7 |  |  | 117.2 |  |  | 65.6 |  |  | 182.8 |
PLEGRIDY |  | 28.3 |  |  | 40.7 |  |  | 69.0 |  |  | 28.2 |  |  | 39.9 |  |  | 68.1 |
Total Interferon |  | 150.0 |  |  | 96.7 |  |  | 246.7 |  |  | 145.4 |  |  | 105.5 |  |  | 250.9 |
TYSABRI |  | 272.2 |  |  | 182.4 |  |  | 454.6 |  |  | 248.7 |  |  | 213.5 |  |  | 462.2 |
FAMPYRA(1) |  | — |  |  | — |  |  | — |  |  | — |  |  | 18.7 |  |  | 18.7 |
Subtotal: Multiple Sclerosis |  | 657.4 |  |  | 449.8 |  |  | 1,107.2 |  |  | 582.4 |  |  | 567.4 |  |  | 1,149.8 |
Rare Disease: |  |  |  |  |  |  |  |  |  |  |  |
SPINRAZA |  | 149.3 |  |  | 243.4 |  |  | 392.7 |  |  | 157.3 |  |  | 271.8 |  |  | 429.1 |
SKYCLARYS(2) |  | 78.0 |  |  | 52.3 |  |  | 130.3 |  |  | 75.6 |  |  | 24.4 |  |  | 100.0 |
QALSODY(3) |  | 7.5 |  |  | 12.5 |  |  | 20.0 |  |  | 4.6 |  |  | 0.4 |  |  | 5.0 |
Subtotal: Rare Disease |  | 234.8 |  |  | 308.2 |  |  | 543.0 |  |  | 237.5 |  |  | 296.6 |  |  | 534.1 |
Biosimilars: |  |  |  |  |  |  |  |  |  |  |  |
BENEPALI |  | — |  |  | 112.1 |  |  | 112.1 |  |  | — |  |  | 117.3 |  |  | 117.3 |
IMRALDI |  | — |  |  | 46.7 |  |  | 46.7 |  |  | — |  |  | 53.2 |  |  | 53.2 |
FLIXABI |  | — |  |  | 14.3 |  |  | 14.3 |  |  | — |  |  | 13.1 |  |  | 13.1 |
BYOOVIZ |  | 2.5 |  |  | 6.1 |  |  | 8.6 |  |  | 10.3 |  |  | 3.4 |  |  | 13.7 |
TOFIDENCE |  | — |  |  | — |  |  | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Subtotal: Biosimilars |  | 2.5 |  |  | 179.2 |  |  | 181.7 |  |  | 11.1 |  |  | 187.0 |  |  | 198.1 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
ZURZUVAE |  | 46.4 |  |  | — |  |  | 46.4 |  |  | 14.9 |  |  | — |  |  | 14.9 |
Other(4) |  | — |  |  | 0.4 |  |  | 0.4 |  |  | 0.8 |  |  | 1.9 |  |  | 2.7 |
Subtotal: Other |  | 46.4 |  |  | 0.4 |  |  | 46.8 |  |  | 15.7 |  |  | 1.9 |  |  | 17.6 |
Total product revenue, net |  | $ | 941.1 |  |  | $ | 937.6 |  |  | $ | 1,878.7 |  |  | $ | 846.7 |  |  | $ | 1,052.9 |  |  | $ | 1,899.6 |
(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.
|  | For the Six Months Ended June 30,
|  | 2025 |  | 2024
(In millions) |  | United States |  | Rest of World |  | Total |  | United States |  | Rest of World |  | Total
Multiple Sclerosis: |  |  |  |  |  |  |  |  |  |  |  |
TECFIDERA |  | $ | 87.0 |  |  | $ | 312.7 |  |  | $ | 399.7 |  |  | $ | 87.8 |  |  | $ | 418.7 |  |  | $ | 506.5 |
VUMERITY |  | 305.1 |  |  | 46.0 |  |  | 351.1 |  |  | 250.1 |  |  | 43.2 |  |  | 293.3 |
Total Fumarate |  | 392.1 |  |  | 358.7 |  |  | 750.8 |  |  | 337.9 |  |  | 461.9 |  |  | 799.8 |
AVONEX |  | 230.3 |  |  | 114.2 |  |  | 344.5 |  |  | 228.4 |  |  | 132.9 |  |  | 361.3 |
PLEGRIDY |  | 52.4 |  |  | 76.1 |  |  | 128.5 |  |  | 56.8 |  |  | 76.4 |  |  | 133.2 |
Total Interferon |  | 282.7 |  |  | 190.3 |  |  | 473.0 |  |  | 285.2 |  |  | 209.3 |  |  | 494.5 |
TYSABRI |  | 473.0 |  |  | 363.1 |  |  | 836.1 |  |  | 462.5 |  |  | 431.0 |  |  | 893.5 |
FAMPYRA(1) |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | 37.9 |  |  | 37.9 |
Subtotal: Multiple Sclerosis |  | 1,147.8 |  |  | 912.4 |  |  | 2,060.2 |  |  | 1,085.6 |  |  | 1,140.1 |  |  | 2,225.7 |
Rare Disease: |  |  |  |  |  |  |  |  |  |  |  |
SPINRAZA |  | 303.7 |  |  | 512.9 |  |  | 816.6 |  |  | 305.8 |  |  | 464.6 |  |  | 770.4 |
SKYCLARYS(2) |  | 147.1 |  |  | 107.1 |  |  | 254.2 |  |  | 148.6 |  |  | 29.4 |  |  | 178.0 |
QALSODY(3) |  | 15.0 |  |  | 20.5 |  |  | 35.5 |  |  | 9.0 |  |  | 0.6 |  |  | 9.6 |
Subtotal: Rare Disease |  | 465.8 |  |  | 640.5 |  |  | 1,106.3 |  |  | 463.4 |  |  | 494.6 |  |  | 958.0 |
Biosimilars: |  |  |  |  |  |  |  |  |  |  |  |
BENEPALI |  | — |  |  | 223.4 |  |  | 223.4 |  |  | — |  |  | 236.0 |  |  | 236.0 |
IMRALDI |  | — |  |  | 94.1 |  |  | 94.1 |  |  | — |  |  | 108.0 |  |  | 108.0 |
FLIXABI |  | — |  |  | 27.4 |  |  | 27.4 |  |  | — |  |  | 30.9 |  |  | 30.9 |
BYOOVIZ |  | 6.7 |  |  | 10.8 |  |  | 17.5 |  |  | 14.0 |  |  | 5.3 |  |  | 19.3 |
TOFIDENCE |  | 0.1 |  |  | — |  |  | 0.1 |  |  | 0.8 |  |  | — |  |  | 0.8 |
Subtotal: Biosimilars |  | 6.8 |  |  | 355.7 |  |  | 362.5 |  |  | 14.8 |  |  | 380.2 |  |  | 395.0 |
Other: |  |  |  |  |  |  |  |  |  |  |  |
ZURZUVAE |  | 74.1 |  |  | — |  |  | 74.1 |  |  | 27.3 |  |  | — |  |  | 27.3 |
Other(4) |  | 0.4 |  |  | 1.7 |  |  | 2.1 |  |  | 1.7 |  |  | 3.8 |  |  | 5.5 |
Subtotal: Other |  | 74.5 |  |  | 1.7 |  |  | 76.2 |  |  | 29.0 |  |  | 3.8 |  |  | 32.8 |
Total product revenue, net |  | $ | 1,694.9 |  |  | $ | 1,910.3 |  |  | $ | 3,605.2 |  |  | $ | 1,592.8 |  |  | $ | 2,018.7 |  |  | $ | 3,611.5 |
(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. We recognized revenue from two wholesalers accounting for 28.2% and 15.8% of gross product revenue for the three months ended June 30, 2025, and 27.1% and 15.0% of gross product revenue for the six months ended June 30, 2025. We recognized revenue from two wholesalers accounting for 25.4% and 12.3% of gross product revenue for the three months ended June 30, 2024, and 25.5% and 12.0% of gross product revenue for the six months ended June 30, 2024. 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 |  | 394.1 |  |  | 1,402.1 |  |  | 14.9 |  |  | 1,811.1 |
Adjustments relating to prior years |  | 1.4 |  |  | (63.7) |  |  | 3.3 |  |  | (59.0) |
Payments/credits relating to sales in current year |  | (290.4) |  |  | (744.1) |  |  | (0.2) |  |  | (1,034.7) |
Payments/credits relating to sales in prior years |  | (91.8) |  |  | (440.4) |  |  | (5.8) |  |  | (538.0) |
Balance, June 30, 2025 |  | $ | 176.0 |  |  | $ | 1,034.7 |  |  | $ | 60.3 |  |  | $ | 1,271.0 |
The total reserves above, which are included in our condensed consolidated balance sheets, are summarized as follows:
(In millions) |  | As of June 30, 2025 |  | As of December 31, 2024
Reduction of accounts receivable |  | $ | 273.6 |  |  | $ | 154.1 |
Component of accrued expense and other |  | 997.4 |  |  | 937.5 |
Total revenue-related reserves |  | $ | 1,271.0 |  |  | $ | 1,091.6 |
Revenue 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 June 30, |  | For the Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Royalty revenue on sales of OCREVUS |  | $ | 353.8 |  |  | $ | 336.3 |  |  | $ | 642.6 |  |  | $ | 639.0 |
Biogen’s share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO |  | 107.7 |  |  | 103.4 |  |  | 191.4 |  |  | 190.5 |
Other revenue from anti-CD20 therapeutic programs |  | 5.8 |  |  | 4.8 |  |  | 11.5 |  |  | 9.0 |
Total revenue from anti-CD20 therapeutic programs |  | $ | 467.3 |  |  | $ | 444.5 |  |  | $ | 845.5 |  |  | $ | 838.5 |
For additional information on our collaboration arrangements with Genentech, please read Note 19, Collaborative and Other Relationships, to these condensed 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 three and six months ended June 30, 2025, we recognized Alzheimer's collaboration revenue of approximately $54.9 million and $87.9 million, respectively, compared to $11.8 million and $14.6 million, respectively, in the prior year comparative periods. For additional information on our collaboration arrangements with Eisai, please read Note 19, Collaborative and Other Relationships, to these condensed consolidated financial statements. Contract Manufacturing, Royalty and Other Revenue Contract manufacturing, royalty and other revenue is summarized as follows:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Contract manufacturing revenue |  | $ | 225.0 |  |  | $ | 100.0 |  |  | $ | 507.3 |  |  | $ | 252.2 |
Royalty and other revenue |  | 19.6 |  |  | 9.0 |  |  | 30.6 |  |  | 38.6 |
Total contract manufacturing, royalty and other revenue |  | $ | 244.6 |  |  | $ | 109.0 |  |  | $ | 537.9 |  |  | $ | 290.8 |
Contract Manufacturing Revenue Contract manufacturing revenue primarily reflects amounts earned under contract manufacturing agreements with our strategic customers and batches of LEQEMBI related to our collaboration with Eisai. 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 condensed consolidated financial statements.

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