BIOGEN INC.BIIB
BIOGEN INC. Revenue Disclosure
Note 5: | Revenue | ||||
Product Revenue
Revenue by product are summarized as follows:
| For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | United States | Rest of World | Total | United States | Rest of World | Total | United States | Rest of World | Total | |||||||||||||||||||||||||||||||||||||||||||||||
| Multiple Sclerosis: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TECFIDERA | $ | 168.5 | $ | 511.2 | $ | 679.7 | $ | 169.2 | $ | 797.9 | $ | 967.1 | $ | 263.1 | $ | 749.4 | $ | 1,012.5 | ||||||||||||||||||||||||||||||||||||||
| VUMERITY | 651.2 | 95.6 | 746.8 | 538.6 | 89.4 | 628.0 | 512.1 | 64.2 | 576.3 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Fumarate | 819.7 | 606.8 | 1,426.5 | 707.8 | 887.3 | 1,595.1 | 775.2 | 813.6 | 1,588.8 | |||||||||||||||||||||||||||||||||||||||||||||||
| AVONEX | 482.9 | 212.6 | 695.5 | 451.3 | 256.2 | 707.5 | 536.7 | 274.3 | 811.0 | |||||||||||||||||||||||||||||||||||||||||||||||
| PLEGRIDY | 104.9 | 145.2 | 250.1 | 111.4 | 149.1 | 260.5 | 126.2 | 168.5 | 294.7 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total Interferon | 587.8 | 357.8 | 945.6 | 562.7 | 405.3 | 968.0 | 662.9 | 442.8 | 1,105.7 | |||||||||||||||||||||||||||||||||||||||||||||||
| TYSABRI | 965.0 | 700.4 | 1,665.4 | 920.0 | 795.0 | 1,715.0 | 997.9 | 879.0 | 1,876.9 | |||||||||||||||||||||||||||||||||||||||||||||||
FAMPYRA(1) | — | 1.4 | 1.4 | — | 71.7 | 71.7 | — | 90.5 | 90.5 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subtotal: Multiple Sclerosis | 2,372.5 | 1,666.4 | 4,038.9 | 2,190.5 | 2,159.3 | 4,349.8 | 2,436.0 | 2,225.9 | 4,661.9 | |||||||||||||||||||||||||||||||||||||||||||||||
| Rare Disease: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SPINRAZA | 625.5 | 921.3 | 1,546.8 | 625.7 | 947.5 | 1,573.2 | 610.5 | 1,130.7 | 1,741.2 | |||||||||||||||||||||||||||||||||||||||||||||||
SKYCLARYS(2) | 310.6 | 209.9 | 520.5 | 301.1 | 81.4 | 382.5 | 55.9 | — | 55.9 | |||||||||||||||||||||||||||||||||||||||||||||||
QALSODY(3) | 30.1 | 56.8 | 86.9 | 20.9 | 11.5 | 32.4 | 5.8 | 0.1 | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subtotal: Rare Disease | 966.2 | 1,188.0 | 2,154.2 | 947.7 | 1,040.4 | 1,988.1 | 672.2 | 1,130.8 | 1,803.0 | |||||||||||||||||||||||||||||||||||||||||||||||
| Biosimilars: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BENEPALI | — | 453.2 | 453.2 | — | 479.1 | 479.1 | — | 438.8 | 438.8 | |||||||||||||||||||||||||||||||||||||||||||||||
| IMRALDI | — | 190.2 | 190.2 | — | 213.1 | 213.1 | — | 222.1 | 222.1 | |||||||||||||||||||||||||||||||||||||||||||||||
| FLIXABI | — | 52.6 | 52.6 | — | 63.2 | 63.2 | — | 77.4 | 77.4 | |||||||||||||||||||||||||||||||||||||||||||||||
| BYOOVIZ | 13.0 | 19.4 | 32.4 | 23.0 | 13.6 | 36.6 | 29.2 | 2.5 | 31.7 | |||||||||||||||||||||||||||||||||||||||||||||||
| TOFIDENCE | 0.7 | — | 0.7 | 1.1 | — | 1.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Subtotal: Biosimilars | 13.7 | 715.4 | 729.1 | 24.1 | 769.0 | 793.1 | 29.2 | 740.8 | 770.0 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ZURZUVAE | 195.1 | — | 195.1 | 72.2 | — | 72.2 | 1.6 | — | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Other(4) | 0.4 | 1.7 | 2.1 | 2.8 | 7.5 | 10.3 | 2.4 | 7.8 | 10.2 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subtotal: Other | 195.5 | 1.7 | 197.2 | 75.0 | 7.5 | 82.5 | 4.0 | 7.8 | 11.8 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total product revenue, net | $ | 3,547.9 | $ | 3,571.5 | $ | 7,119.4 | $ | 3,237.3 | $ | 3,976.2 | $ | 7,213.5 | $ | 3,141.4 | $ | 4,105.3 | $ | 7,246.7 | ||||||||||||||||||||||||||||||||||||||
(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 28.0% and 15.8% of gross product revenue in 2025, 25.9% and 13.4% of gross product revenue in 2024 and 27.0% and 9.9% of gross product revenue in 2023, respectively.
As of December 31, 2025, two wholesale distributors individually accounted for approximately 25.4% and 15.2% of net accounts receivable associated with our product sales, as compared to 27.2% and 11.7% as of December 31, 2024, respectively.
An analysis of the change in reserves for discounts and allowances is summarized as follows:
| As of December 31, 2025 | ||||||||||||||||||||||||||
| (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 | 832.4 | 2,773.1 | 31.9 | 3,637.4 | ||||||||||||||||||||||
| Adjustments relating to prior years | 2.2 | (83.4) | 0.7 | (80.5) | ||||||||||||||||||||||
| Payments/credits relating to sales in current year | (728.3) | (1,905.8) | (1.7) | (2,635.8) | ||||||||||||||||||||||
| Payments/credits relating to sales in prior years | (153.3) | (618.6) | (30.0) | (801.9) | ||||||||||||||||||||||
| Balance, December 31, 2025 | $ | 115.7 | $ | 1,046.1 | $ | 49.0 | $ | 1,210.8 | ||||||||||||||||||
| As of December 31, 2024 | ||||||||||||||||||||||||||
| (In millions) | Discounts | Contractual Adjustments | Returns | Total | ||||||||||||||||||||||
| Balance, December 31, 2023 | $ | 173.3 | $ | 857.1 | $ | 31.6 | $ | 1,062.0 | ||||||||||||||||||
| Current provisions relating to sales in current year | 824.2 | 2,687.5 | 23.6 | 3,535.3 | ||||||||||||||||||||||
| Adjustments relating to prior years | 8.0 | (38.7) | 14.2 | (16.5) | ||||||||||||||||||||||
| Payments/credits relating to sales in current year | (670.9) | (1,989.7) | (0.6) | (2,661.2) | ||||||||||||||||||||||
| Payments/credits relating to sales in prior years | (171.9) | (635.4) | (20.7) | (828.0) | ||||||||||||||||||||||
| Balance, December 31, 2024 | $ | 162.7 | $ | 880.8 | $ | 48.1 | $ | 1,091.6 | ||||||||||||||||||
| As of December 31, 2023 | ||||||||||||||||||||||||||
| (In millions) | Discounts | Contractual Adjustments | Returns | Total | ||||||||||||||||||||||
| Balance, December 31, 2022 | $ | 153.8 | $ | 857.7 | $ | 23.5 | $ | 1,035.0 | ||||||||||||||||||
| Current provisions relating to sales in current year | 735.6 | 2,720.1 | 19.0 | 3,474.7 | ||||||||||||||||||||||
| Adjustments relating to prior years | (0.4) | (38.4) | 19.2 | (19.6) | ||||||||||||||||||||||
| Payments/credits relating to sales in current year | (572.9) | (1,944.8) | (2.1) | (2,519.8) | ||||||||||||||||||||||
| Payments/credits relating to sales in prior years | (142.8) | (737.5) | (28.0) | (908.3) | ||||||||||||||||||||||
| Balance, December 31, 2023 | $ | 173.3 | $ | 857.1 | $ | 31.6 | $ | 1,062.0 | ||||||||||||||||||
The total reserves above, which are included in our consolidated balance sheets, are summarized as follows:
| As of December 31, | ||||||||||||||
| (In millions) | 2025 | 2024 | ||||||||||||
| Reduction of accounts receivable | $ | 210.4 | $ | 154.1 | ||||||||||
| Component of accrued expense and other | 1,000.4 | 937.5 | ||||||||||||
| Total revenue-related reserves | $ | 1,210.8 | $ | 1,091.6 | ||||||||||
Revenue from Anti-CD20 Therapeutic Programs
Revenue from anti-CD20 therapeutic programs is 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) | 2025 | 2024 | 2023 | |||||||||||||||||
| Royalty revenue on sales of OCREVUS | $ | 1,414.9 | $ | 1,339.5 | $ | 1,266.2 | ||||||||||||||
| Biogen's share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO | 420.2 | 392.0 | 409.4 | |||||||||||||||||
| Other revenue from anti-CD20 therapeutic programs | 25.5 | 18.4 | 14.0 | |||||||||||||||||
| Total revenue from anti-CD20 therapeutic programs | $ | 1,860.6 | $ | 1,749.9 | $ | 1,689.6 | ||||||||||||||
Approximately 18.8%, 18.1% and 17.2% of our total revenue in 2025, 2024 and 2023, respectively, was derived from our collaboration arrangements with Genentech. For additional information on our collaboration arrangements with Genentech, please read Note 19, Collaborative and Other Relationships, to these 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 years ended December 31, 2025 and 2024, we recognized Alzheimer's collaboration revenue of approximately $177.7 million and $59.9 million, respectively, within our consolidated statements of income. For the year ended December 31, 2023, our share of LEQEMBI product revenue, net, was fully offset by our share of cost of sales, including royalties, resulting in a zero net impact to Alzheimer's collaboration revenue within our consolidated statements of income.
For additional information on our collaboration arrangements with Eisai, please read Note 19, Collaborative and Other Relationships, to these consolidated financial statements.
Contract Manufacturing, Royalty and Other Revenue
Contract manufacturing, royalty and other revenue is summarized as follows:
| For the Years Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Contract manufacturing revenue | $ | 679.4 | $ | 592.1 | $ | 848.2 | ||||||||||||||
| Royalty and other revenue | 53.5 | 60.5 | 51.1 | |||||||||||||||||
| Total contract manufacturing, royalty and other revenue | $ | 732.9 | $ | 652.6 | $ | 899.3 | ||||||||||||||
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 consolidated financial statements.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Feb 3, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2018 | Feb 6, 2019 | |
| 2017 | Feb 1, 2018 | |
| 2016 | Feb 2, 2017 | |
| 2015 | Feb 3, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.