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v3.25.2

Revenues (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenues by product | 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.
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 |  | 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 |
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 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 |
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 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 |
Other revenues | 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 |

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