Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue by product is summarized as follows:


	For the Three Months Ended March 31,
	2024						2023
(In millions)	United States		Rest of World		Total		United States		Rest of World		Total
Multiple Sclerosis:
TECFIDERA	$	43.7	$	210.6	$	254.3	$	74.7	$	199.8	$	274.5
VUMERITY	105.9		21.6		127.5		93.5		14.7		108.2
Total Fumarate	149.6		232.2		381.8		168.2		214.5		382.7
AVONEX	111.2		67.3		178.5		102.6		69.8		172.4
PLEGRIDY	28.6		36.5		65.1		29.9		43.3		73.2
Total Interferon	139.8		103.8		243.6		132.5		113.1		245.6
TYSABRI	213.8		217.5		431.3		245.4		227.4		472.8
FAMPYRA	—		19.2		19.2		—		24.1		24.1
Subtotal: Multiple Sclerosis	503.2		572.7		1,075.9		546.1		579.1		1,125.2

Rare Disease:
SPINRAZA	148.5		192.8		341.3		146.7		296.6		443.3
QALSODY(1)	4.4		0.2		4.6		—		—		—
SKYCLARYS(2)	73.0		5.0		78.0		—		—		—
Subtotal: Rare Disease	225.9		198.0		423.9		146.7		296.6		443.3

Biosimilars:
BENEPALI	—		118.7		118.7		—		109.0		109.0
IMRALDI	—		54.8		54.8		—		54.4		54.4
FLIXABI	—		17.8		17.8		—		20.4		20.4
BYOOVIZ(3)	3.7		1.9		5.6		8.2		0.4		8.6
Subtotal: Biosimilars	3.7		193.2		196.9		8.2		184.2		192.4





Other(4)	13.3		1.9		15.2		0.4		2.0		2.4
Total product revenue	$	746.1	$	965.8	$	1,711.9	$	701.4	$	1,061.9	$	1,763.3

(1) QALSODY became commercially available in the U.S. during the second quarter of 2023.

(2) SKYCLARYS was obtained as part of our acquisition of Reata in September 2023. SKYCLARYS became commercially available in the U.S. during the second quarter of 2023 and we began recognizing revenue from SKYCLARYS in the U.S. during the fourth quarter of 2023, subsequent to our acquisition. SKYCLARYS was approved and became commercially available in the E.U. during the first quarter of 2024.

(3) BYOOVIZ became commercially available in certain international markets in 2023.

(4) Other includes FUMADERM, ADUHELM and ZURZUVAE, which became commercially available in the U.S. during the fourth quarter of 2023.

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, 2023	$	173.3	$	857.1	$	31.6	$	1,062.0
Current provisions relating to sales in current year	181.5		682.6		5.0		869.1
Adjustments relating to prior years	6.1		(16.9)		5.6		(5.2)
Payments/credits relating to sales in current year	(109.1)		(262.1)		(0.2)		(371.4)
Payments/credits relating to sales in prior years	(94.2)		(358.0)		(5.6)		(457.8)
Balance, March 31, 2024	$	157.6	$	902.7	$	36.4	$	1,096.7

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 March 31, 2024		As of December 31, 2023
Reduction of accounts receivable	$	139.7	$	135.5
Component of accrued expense and other	957.0		926.5
Total revenue-related reserves	$	1,096.7	$	1,062.0

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 March 31,
(In millions)	2024		2023
Royalty revenue on sales of OCREVUS	$	302.7	$	283.6
Biogen’s share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO	87.1		112.5
Other revenue from anti-CD20 therapeutic programs	4.2		3.4
Total revenue from anti-CD20 therapeutic programs	$	394.0	$	399.5

Other revenues

Contract manufacturing, royalty and other revenue is summarized in the table below.


	For the Three Months Ended March 31,
(In millions)	2024		2023
Contract manufacturing revenue	$	152.2	$	306.9
Royalty and other revenue	32.4		(6.7)
Total contract manufacturing, royalty and other revenue	$	184.6	$	300.2