BIOGEN INC.BIIB
BIOGEN INC. Segments Disclosure
Note 25: | Segment Information | ||||
We operate and are managed as one operating segment, and derive revenue from activities related to the discovery, development and delivery of innovative therapies for people living with serious and complex diseases.
Our research and development organization is responsible for the research and discovery of new product candidates and supports development and registration efforts for potential future products. Our pharmaceutical, operations and technology organization manages the development of the manufacturing processes, clinical trial supply, commercial product supply, distribution, buildings and facilities. Our commercial organization is responsible for U.S. and international development of our commercial products. We are also supported by corporate staff functions.
Our CEO, as the CODM, manages and allocates resources to the operations of our company on a total company basis by assessing the overall level of resources available and deciding how to best deploy these resources across
functions, therapeutic areas and research and development projects that are in line with our long-term company-wide strategic goals. In making these decisions, our CEO is provided with and uses consolidated financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. The CODM performs this assessment based on the segment’s net income. Through this analysis, which includes a comparison to budgeted results, the CODM assesses performance and how to allocate resources across the functions discussed above. The measure of segment assets used in determining how to manage and allocate resources is reported within our consolidated balance sheets as total assets.
The tables presented below, which were prepared in accordance with the accounting policies discussed in Note 1, Summary of Significant Accounting Policies, contain additional information on enterprise-wide disclosures about product revenue, other revenue and long-lived assets, as well as our segment’s revenue and profits, including significant segment expense and other segment items. Revenue is primarily attributed to individual countries based on location of the customer or licensee.
Geographic Information
The following tables contain certain financial information by geographic area:
| December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In millions) | U.S. | Europe(1) | Germany | Asia | Other | Total | ||||||||||||||||||||||||||||||||
| Product revenue from external customers | $ | 3,547.9 | $ | 1,871.6 | $ | 853.0 | $ | 419.1 | $ | 427.8 | $ | 7,119.4 | ||||||||||||||||||||||||||
| Revenue from anti-CD20 therapeutic programs | 1,775.4 | 1.8 | — | — | 83.4 | 1,860.6 | ||||||||||||||||||||||||||||||||
| Contract manufacturing, royalty and other revenue | 414.7 | 10.8 | — | 307.4 | — | 732.9 | ||||||||||||||||||||||||||||||||
| Long-lived assets | 1,236.7 | 2,053.8 | 12.2 | 5.9 | 12.2 | 3,320.8 | ||||||||||||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| (In millions) | U.S. | Europe(1) | Germany | Asia | Other | Total | ||||||||||||||||||||||||||||||||
| Product revenue from external customers | $ | 3,237.3 | $ | 2,171.5 | $ | 955.6 | $ | 366.9 | $ | 482.2 | $ | 7,213.5 | ||||||||||||||||||||||||||
| Revenue from anti-CD20 therapeutic programs | 1,673.6 | 0.6 | — | — | 75.7 | 1,749.9 | ||||||||||||||||||||||||||||||||
| Contract manufacturing, royalty and other revenue | 395.0 | 0.4 | — | 257.2 | — | 652.6 | ||||||||||||||||||||||||||||||||
| Long-lived assets | 1,366.1 | 2,139.2 | 13.3 | 8.5 | 10.6 | 3,537.7 | ||||||||||||||||||||||||||||||||
| December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| (In millions) | U.S. | Europe(1) | Germany | Asia | Other | Total | ||||||||||||||||||||||||||||||||
| Product revenue from external customers | $ | 3,141.4 | $ | 2,127.4 | $ | 868.0 | $ | 649.4 | $ | 460.5 | $ | 7,246.7 | ||||||||||||||||||||||||||
| Revenue from anti-CD20 therapeutic programs | 1,618.5 | 0.4 | — | — | 70.7 | 1,689.6 | ||||||||||||||||||||||||||||||||
| Contract manufacturing, royalty and other revenue | 673.6 | 11.7 | — | 214.0 | — | 899.3 | ||||||||||||||||||||||||||||||||
| Long-lived assets | 1,443.0 | 2,248.0 | 17.5 | 8.3 | 12.9 | 3,729.7 | ||||||||||||||||||||||||||||||||
(1) Represents amounts related to Europe less those attributable to Germany.
Long-Lived Assets
As of December 31, 2025, 2024 and 2023, approximately $2.0 billion, $2.1 billion and $2.2 billion, respectively, of our long-lived assets were related to the construction of our large-scale biologics manufacturing facility in Solothurn, Switzerland.
Additional Segment Information
The following table includes additional information about reported segment revenue, significant segment expense and segment measure of profitability:
| For the Years Ended December 31, | ||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Total revenue | $ | 9,890.6 | $ | 9,675.9 | $ | 9,835.6 | ||||||||||||||
| Less cost and expense: | ||||||||||||||||||||
| Cost of sales, excluding amortization and impairment of acquired intangible assets: | ||||||||||||||||||||
| Product cost of sales | 1,587.2 | 1,604.2 | 1,787.2 | |||||||||||||||||
| Royalty cost of sales | 817.0 | 706.2 | 746.2 | |||||||||||||||||
| Research and development: | ||||||||||||||||||||
| Research and discovery | 183.2 | 201.5 | 212.5 | |||||||||||||||||
| Early stage programs | 257.7 | 286.6 | 361.0 | |||||||||||||||||
| Late stage programs | 232.0 | 209.7 | 250.5 | |||||||||||||||||
| Marketed products | 412.8 | 534.7 | 766.1 | |||||||||||||||||
Other research and development costs(1) | 692.9 | 747.8 | 855.3 | |||||||||||||||||
| Acquired in-process research and development, upfront and milestone expense | 471.8 | 61.5 | 16.6 | |||||||||||||||||
| Selling, general and administrative | 2,433.6 | 2,403.7 | 2,549.7 | |||||||||||||||||
Other segment expense(2) | 1,509.5 | 1,287.8 | 1,129.4 | |||||||||||||||||
| Net Income attributable to Biogen Inc. | $ | 1,292.9 | $ | 1,632.2 | $ | 1,161.1 | ||||||||||||||
(1) Other research and development costs primarily consist of indirect costs incurred in support of overall research and development activities and non-specific programs, including activities that benefit multiple programs, such as management costs, as well as depreciation, information technology and facility-based expenses and are not allocated to a specific program or stage.
(2) Other segment expense includes: amortization and impairment of acquired intangible assets; collaboration profit sharing/(loss reimbursement); (gain) loss on fair value remeasurement of contingent consideration; impairment of ROU asset; restructuring charges; gain on sale of priority review voucher, net; other (income) expense, net; income tax (benefit) expense; and net income attributable to noncontrolling interests, net of tax.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.