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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Biogen Inc | NASDAQ:BIIB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
4.27 | 2.00% | 217.78 | 217.78 | 219.00 | 217.88 | 213.11 | 215.30 | 1,144,156 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 33-0112644 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Common Stock, $0.0005 par value | BIIB | The Nasdaq Global Select Market |
Large accelerated filer | x | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I — FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II — OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product, net | $ | 2,054.9 | $ | 2,236.0 | $ | 4,121.2 | $ | 4,447.7 | |||||||||||||||
Revenue from anti-CD20 therapeutic programs | 436.3 | 440.0 | 835.7 | 829.0 | |||||||||||||||||||
Other | 97.9 | 99.0 | 164.0 | 192.3 | |||||||||||||||||||
Total revenue | 2,589.1 | 2,775.0 | 5,120.9 | 5,469.0 | |||||||||||||||||||
Cost and expense: | |||||||||||||||||||||||
Cost of sales, excluding amortization and impairment of acquired intangible assets | 484.0 | 459.7 | 1,237.9 | 937.8 | |||||||||||||||||||
Research and development | 528.6 | 585.1 | 1,080.3 | 1,099.3 | |||||||||||||||||||
Selling, general and administrative | 572.6 | 637.3 | 1,207.5 | 1,232.3 | |||||||||||||||||||
Amortization and impairment of acquired intangible assets | 67.5 | 604.1 | 134.4 | 702.2 | |||||||||||||||||||
Collaboration profit (loss) sharing | 29.4 | (15.2) | (87.9) | 53.3 | |||||||||||||||||||
(Gain) loss on fair value remeasurement of contingent consideration | (4.5) | 0.3 | (11.6) | (33.5) | |||||||||||||||||||
Acquired in-process research and development | — | 18.0 | — | 18.0 | |||||||||||||||||||
Restructuring charges | 70.6 | — | 108.7 | — | |||||||||||||||||||
Other (income) expense, net | (428.6) | (96.4) | (165.3) | 410.5 | |||||||||||||||||||
Total cost and expense | 1,319.6 | 2,192.9 | 3,504.0 | 4,419.9 | |||||||||||||||||||
Income before income tax expense and equity in loss of investee, net of tax | 1,269.5 | 582.1 | 1,616.9 | 1,049.1 | |||||||||||||||||||
Income tax (benefit) expense | 216.7 | (409.1) | 342.3 | (364.9) | |||||||||||||||||||
Equity in (income) loss of investee, net of tax | (5.9) | (34.3) | (2.6) | (16.1) | |||||||||||||||||||
Net income | 1,058.7 | 1,025.5 | 1,277.2 | 1,430.1 | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests, net of tax | 0.7 | 577.0 | (84.6) | 571.4 | |||||||||||||||||||
Net income attributable to Biogen Inc. | $ | 1,058.0 | $ | 448.5 | $ | 1,361.8 | $ | 858.7 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic earnings per share attributable to Biogen Inc. | $ | 7.25 | $ | 3.00 | $ | 9.30 | $ | 5.70 | |||||||||||||||
Diluted earnings per share attributable to Biogen Inc. | $ | 7.24 | $ | 2.99 | $ | 9.27 | $ | 5.68 | |||||||||||||||
Weighted-average shares used in calculating: | |||||||||||||||||||||||
Basic earnings per share attributable to Biogen Inc. | 145.9 | 149.7 | 146.5 | 150.8 | |||||||||||||||||||
Diluted earnings per share attributable to Biogen Inc. | 146.2 | 150.1 | 146.8 | 151.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income attributable to Biogen Inc. | $ | 1,058.0 | $ | 448.5 | $ | 1,361.8 | $ | 858.7 | |||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale, net of tax | (8.3) | (0.5) | (18.0) | (1.3) | |||||||||||||||||||
Unrealized gains (losses) on cash flow hedges, net of tax | 57.2 | (11.0) | 73.1 | 138.6 | |||||||||||||||||||
Gains (losses) on net investment hedges, net of tax | (31.7) | (2.3) | (25.5) | 20.1 | |||||||||||||||||||
Unrealized gains (losses) on pension benefit obligation, net of tax | 1.8 | 0.4 | 2.7 | 2.4 | |||||||||||||||||||
Currency translation adjustment | (14.2) | 15.9 | (36.0) | (32.6) | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | 4.8 | 2.5 | (3.7) | 127.2 | |||||||||||||||||||
Comprehensive income (loss) attributable to Biogen Inc. | 1,062.8 | 451.0 | 1,358.1 | 985.9 | |||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests, net of tax | 0.7 | 576.9 | (84.6) | 572.0 | |||||||||||||||||||
Comprehensive income (loss) | $ | 1,063.5 | $ | 1,027.9 | $ | 1,273.5 | $ | 1,557.9 |
As of June 30, 2022 | As of December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 2,646.6 | $ | 2,261.4 | |||||||
Marketable securities | 2,151.3 | 1,541.1 | |||||||||
Accounts receivable, net | 1,567.6 | 1,549.4 | |||||||||
Due from anti-CD20 therapeutic programs | 435.9 | 412.3 | |||||||||
Inventory | 1,294.2 | 1,351.5 | |||||||||
Other current assets | 1,645.3 | 740.8 | |||||||||
Total current assets | 9,740.9 | 7,856.5 | |||||||||
Marketable securities | 1,102.9 | 892.0 | |||||||||
Property, plant and equipment, net | 3,355.1 | 3,416.4 | |||||||||
Operating lease assets | 321.1 | 375.4 | |||||||||
Intangible assets, net | 2,075.3 | 2,221.3 | |||||||||
Goodwill | 5,749.6 | 5,761.1 | |||||||||
Deferred tax asset | 1,235.7 | 1,415.1 | |||||||||
Investments and other assets | 1,500.8 | 1,939.5 | |||||||||
Total assets | $ | 25,081.4 | $ | 23,877.3 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of notes payable | $ | 999.8 | $ | 999.1 | |||||||
Taxes payable | 284.9 | 174.7 | |||||||||
Accounts payable | 434.8 | 589.2 | |||||||||
Accrued expense and other | 3,298.5 | 2,535.2 | |||||||||
Total current liabilities | 5,018.0 | 4,298.2 | |||||||||
Notes payable | 6,277.4 | 6,274.0 | |||||||||
Deferred tax liability | 480.6 | 694.5 | |||||||||
Long-term operating lease liabilities | 274.2 | 330.4 | |||||||||
Other long-term liabilities | 1,167.8 | 1,320.5 | |||||||||
Total liabilities | 13,218.0 | 12,917.6 | |||||||||
Commitments, contingencies and guarantees | |||||||||||
Equity: | |||||||||||
Biogen Inc. shareholders’ equity: | |||||||||||
Preferred stock, par value $0.001 per share | — | — | |||||||||
Common stock, par value $0.0005 per share | 0.1 | 0.1 | |||||||||
Additional paid-in capital | — | 68.2 | |||||||||
Accumulated other comprehensive income (loss) | (110.4) | (106.7) | |||||||||
Retained earnings | 14,959.9 | 13,911.7 | |||||||||
Treasury stock, at cost | (2,977.1) | (2,977.1) | |||||||||
Total Biogen Inc. shareholders’ equity | 11,872.5 | 10,896.2 | |||||||||
Noncontrolling interests | (9.1) | 63.5 | |||||||||
Total equity | 11,863.4 | 10,959.7 | |||||||||
Total liabilities and equity | $ | 25,081.4 | $ | 23,877.3 |
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flow from operating activities: | |||||||||||
Net income | $ | 1,277.2 | $ | 1,430.1 | |||||||
Adjustments to reconcile net income to net cash flow from operating activities: | |||||||||||
Depreciation and amortization | 277.9 | 219.8 | |||||||||
Impairment of intangible assets | — | 585.9 | |||||||||
Excess and obsolescence charges related to inventory | 305.6 | 8.3 | |||||||||
Acquired in-process research and development | — | 18.0 | |||||||||
Share-based compensation | 123.3 | 124.1 | |||||||||
Contingent consideration | (11.6) | (33.5) | |||||||||
Deferred income taxes | (47.5) | (622.8) | |||||||||
(Gain) loss on strategic investments | 269.3 | 283.6 | |||||||||
(Gain) loss on equity method investments | (2.6) | (16.1) | |||||||||
Gain on sale of equity interest in Samsung Bioepis | (1,505.4) | — | |||||||||
Other | 112.2 | 104.1 | |||||||||
Changes in operating assets and liabilities, net: | |||||||||||
Accounts receivable | (67.3) | 211.5 | |||||||||
Due from anti-CD20 therapeutic programs | (23.6) | (8.7) | |||||||||
Inventory | (243.3) | (193.8) | |||||||||
Accrued expense and other current liabilities | 634.0 | (188.4) | |||||||||
Income tax assets and liabilities | (65.9) | 171.5 | |||||||||
Other changes in operating assets and liabilities, net | (134.0) | (97.3) | |||||||||
Net cash flow provided by (used in) operating activities | 898.3 | 1,996.3 | |||||||||
Cash flow from investing activities: | |||||||||||
Purchases of property, plant and equipment | (94.8) | (164.5) | |||||||||
Proceeds from sales and maturities of marketable securities | 1,461.5 | 1,452.7 | |||||||||
Purchases of marketable securities | (2,311.6) | (1,626.9) | |||||||||
Proceeds from sale of equity in Samsung Bioepis | 990.3 | — | |||||||||
Proceeds from divestiture of Hillerød, Denmark manufacturing operations | — | 28.1 | |||||||||
Acquisitions of intangible assets | (1.9) | — | |||||||||
Proceeds from the sales of strategic investments | — | 91.2 | |||||||||
Other | 2.0 | 2.0 | |||||||||
Net cash flow provided by (used in) investing activities | 45.5 | (217.4) | |||||||||
Cash flow from financing activities: | |||||||||||
Purchases of treasury stock | (500.0) | (1,050.0) | |||||||||
Payments related to issuance of stock for share-based compensation arrangements, net | (11.5) | (14.2) | |||||||||
Repayment of borrowings and premiums paid on debt exchange | — | (170.0) | |||||||||
Net (distribution) contribution to noncontrolling interest | 12.1 | (94.8) | |||||||||
Other | 11.4 | (20.5) | |||||||||
Net cash flow provided by (used in) financing activities | (488.0) | (1,349.5) | |||||||||
Net increase (decrease) in cash and cash equivalents | 455.8 | 429.4 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (70.6) | (18.6) | |||||||||
Cash and cash equivalents, beginning of the period | 2,261.4 | 1,331.2 | |||||||||
Cash and cash equivalents, end of the period | $ | 2,646.6 | $ | 1,742.0 |
Preferred stock | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Treasury stock | Total Biogen Inc. shareholders’ equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | — | $ | — | 171.3 | $ | 0.1 | $ | 119.0 | $ | (115.2) | $ | 14,215.5 | (23.8) | $ | (2,977.1) | $ | 11,242.3 | $ | (21.6) | $ | 11,220.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 1,058.0 | — | — | 1,058.0 | 0.7 | 1,058.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | 4.8 | — | — | — | 4.8 | — | 4.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution from noncontrolling interest | — | — | — | — | — | — | — | — | — | — | 11.8 | 11.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | — | — | — | — | — | (2.4) | (500.0) | (500.0) | — | (500.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | (2.4) | — | (186.4) | — | (313.6) | 2.4 | 500.0 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock option and stock purchase plans | — | — | 0.1 | — | 10.0 | — | — | — | — | 10.0 | — | 10.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock award plan | — | — | — | — | (0.7) | — | — | — | — | (0.7) | — | (0.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation related to share-based payments | — | — | — | — | 58.0 | — | — | — | — | 58.0 | — | 58.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 0.1 | — | — | — | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | — | $ | — | 169.0 | $ | 0.1 | $ | — | $ | (110.4) | $ | 14,959.9 | (23.8) | $ | (2,977.1) | $ | 11,872.5 | $ | (9.1) | $ | 11,863.4 |
Preferred stock | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Treasury stock | Total Biogen Inc. shareholders’ equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | — | $ | — | 170.8 | $ | 0.1 | $ | 68.2 | $ | (106.7) | $ | 13,911.7 | (23.8) | $ | (2,977.1) | $ | 10,896.2 | $ | 63.5 | $ | 10,959.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 1,361.8 | — | — | 1,361.8 | (84.6) | 1,277.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | (3.7) | — | — | — | (3.7) | — | (3.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution from noncontrolling interest | — | — | — | — | — | — | — | — | — | — | 12.0 | 12.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | — | — | — | — | — | (2.4) | (500.0) | (500.0) | — | (500.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | (2.4) | — | (186.4) | — | (313.6) | 2.4 | 500.0 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock option and stock purchase plans | — | — | 0.2 | — | 28.9 | — | — | — | — | 28.9 | — | 28.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock award plan | — | — | 0.4 | — | (40.4) | — | — | — | — | (40.4) | — | (40.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation related to share-based payments | — | — | — | — | 128.4 | — | — | — | — | 128.4 | — | 128.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 1.3 | — | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | — | $ | — | 169.0 | $ | 0.1 | $ | — | $ | (110.4) | $ | 14,959.9 | (23.8) | $ | (2,977.1) | $ | 11,872.5 | $ | (9.1) | $ | 11,863.4 |
Preferred stock | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Treasury stock | Total Biogen Inc. shareholders’ equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | — | $ | — | 174.4 | $ | 0.1 | $ | — | $ | (174.3) | $ | 13,833.5 | (23.8) | $ | (2,977.1) | $ | 10,682.2 | $ | (19.0) | $ | 10,663.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 448.5 | — | — | 448.5 | 577.0 | 1,025.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | 2.5 | — | — | — | 2.5 | (0.1) | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | (100.0) | (100.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution from noncontrolling interest | — | — | — | — | — | — | — | — | — | — | 5.0 | 5.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | — | — | — | — | — | (1.6) | (450.0) | (450.0) | — | (450.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | (1.6) | — | (69.5) | — | (380.5) | 1.6 | 450.0 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock option and stock purchase plans | — | — | 0.1 | — | 13.7 | — | — | — | — | 13.7 | — | 13.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock award plan | — | — | — | — | — | — | (0.8) | — | — | (0.8) | — | (0.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation related to share-based payments | — | — | — | — | 55.8 | — | — | — | — | 55.8 | — | 55.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | — | $ | — | 172.9 | $ | 0.1 | $ | — | $ | (171.8) | $ | 13,900.7 | (23.8) | $ | (2,977.1) | $ | 10,751.9 | $ | 462.9 | $ | 11,214.8 |
Preferred stock | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Treasury stock | Total Biogen Inc. shareholders’ equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | — | $ | — | 176.2 | $ | 0.1 | $ | — | $ | (299.0) | $ | 13,976.3 | (23.8) | $ | (2,977.1) | $ | 10,700.3 | $ | (14.2) | $ | 10,686.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 858.7 | — | — | 858.7 | 571.4 | 1,430.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | 127.2 | — | — | — | 127.2 | 0.6 | 127.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interest | — | — | — | — | — | — | — | — | — | — | (100.0) | (100.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution from noncontrolling interest | — | — | — | — | — | — | — | — | — | — | 5.1 | 5.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | — | — | — | — | — | (3.8) | (1,050.0) | (1,050.0) | — | (1,050.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of common stock pursuant to the 2020 Share Repurchase Program, at cost | — | — | (3.8) | — | (163.3) | — | (886.7) | 3.8 | 1,050.0 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock option and stock purchase plans | — | — | 0.2 | — | 33.4 | — | — | — | — | 33.4 | — | 33.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock award plan | — | — | 0.3 | — | — | — | (47.6) | — | — | (47.6) | — | (47.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation related to share-based payments | — | — | — | — | 128.4 | — | — | — | — | 128.4 | — | 128.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 1.5 | — | — | — | — | 1.5 | — | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | — | $ | — | 172.9 | $ | 0.1 | $ | — | $ | (171.8) | $ | 13,900.7 | (23.8) | $ | (2,977.1) | $ | 10,751.9 | $ | 462.9 | $ | 11,214.8 |
(In millions) | Total | |||||||
Restructuring reserve as of December 31, 2021 | $ | — | ||||||
Expense | 27.7 | |||||||
Payment | (6.2) | |||||||
Restructuring reserve as of March 31, 2022 | $ | 21.5 | ||||||
Expense | 60.9 | |||||||
Payment | (29.7) | |||||||
Adjustment | (0.5) | |||||||
Restructuring reserve as of June 30, 2022 | $ | 52.2 |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(In millions) | United States | Rest of World | Total | United States | Rest of World | Total | ||||||||||||||||||||||||||||||||
Multiple Sclerosis (MS): | ||||||||||||||||||||||||||||||||||||||
TECFIDERA | $ | 120.7 | $ | 277.2 | $ | 397.9 | $ | 178.4 | $ | 309.2 | $ | 487.6 | ||||||||||||||||||||||||||
VUMERITY(1) | 129.9 | 6.9 | 136.8 | 90.7 | 0.2 | 90.9 | ||||||||||||||||||||||||||||||||
Total Fumarate | 250.6 | 284.1 | 534.7 | 269.1 | 309.4 | 578.5 | ||||||||||||||||||||||||||||||||
AVONEX | 171.0 | 87.7 | 258.7 | 214.0 | 96.9 | 310.9 | ||||||||||||||||||||||||||||||||
PLEGRIDY | 40.2 | 51.3 | 91.5 | 43.4 | 46.1 | 89.5 | ||||||||||||||||||||||||||||||||
Total Interferon | 211.2 | 139.0 | 350.2 | 257.4 | 143.0 | 400.4 | ||||||||||||||||||||||||||||||||
TYSABRI | 291.9 | 224.3 | 516.2 | 299.8 | 224.4 | 524.2 | ||||||||||||||||||||||||||||||||
FAMPYRA | — | 25.5 | 25.5 | — | 26.1 | 26.1 | ||||||||||||||||||||||||||||||||
Subtotal: MS | 753.7 | 672.9 | 1,426.6 | 826.3 | 702.9 | 1,529.2 | ||||||||||||||||||||||||||||||||
Spinal Muscular Atrophy: | ||||||||||||||||||||||||||||||||||||||
SPINRAZA | 139.8 | 291.3 | 431.1 | 149.3 | 350.4 | 499.7 | ||||||||||||||||||||||||||||||||
Biosimilars: | ||||||||||||||||||||||||||||||||||||||
BENEPALI | — | 115.8 | 115.8 | — | 121.5 | 121.5 | ||||||||||||||||||||||||||||||||
IMRALDI | — | 57.6 | 57.6 | — | 55.6 | 55.6 | ||||||||||||||||||||||||||||||||
FLIXABI | — | 20.5 | 20.5 | — | 25.3 | 25.3 | ||||||||||||||||||||||||||||||||
BYOOVIZ(2) | 0.5 | — | 0.5 | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal: Biosimilars | 0.5 | 193.9 | 194.4 | — | 202.4 | 202.4 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
FUMADERM | — | 2.7 | 2.7 | — | 3.1 | 3.1 | ||||||||||||||||||||||||||||||||
ADUHELM | 0.1 | — | 0.1 | 1.6 | — | 1.6 | ||||||||||||||||||||||||||||||||
Total product revenue | $ | 894.1 | $ | 1,160.8 | $ | 2,054.9 | $ | 977.2 | $ | 1,258.8 | $ | 2,236.0 |
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(In millions) | United States | Rest of World | Total | United States | Rest of World | Total | ||||||||||||||||||||||||||||||||
Multiple Sclerosis (MS): | ||||||||||||||||||||||||||||||||||||||
TECFIDERA | $ | 237.8 | $ | 570.0 | $ | 807.8 | $ | 340.8 | $ | 626.0 | $ | 966.8 | ||||||||||||||||||||||||||
VUMERITY(1) | 255.1 | 9.7 | 264.8 | 164.3 | 0.3 | 164.6 | ||||||||||||||||||||||||||||||||
Total Fumarate | 492.9 | 579.7 | 1,072.6 | 505.1 | 626.3 | 1,131.4 | ||||||||||||||||||||||||||||||||
AVONEX | 319.0 | 169.3 | 488.3 | 423.2 | 198.8 | 622.0 | ||||||||||||||||||||||||||||||||
PLEGRIDY | 74.5 | 97.0 | 171.5 | 76.0 | 102.9 | 178.9 | ||||||||||||||||||||||||||||||||
Total Interferon | 393.5 | 266.3 | 659.8 | 499.2 | 301.7 | 800.9 | ||||||||||||||||||||||||||||||||
TYSABRI | 576.4 | 460.6 | 1,037.0 | 573.1 | 454.4 | 1,027.5 | ||||||||||||||||||||||||||||||||
FAMPYRA | — | 51.7 | 51.7 | — | 52.7 | 52.7 | ||||||||||||||||||||||||||||||||
Subtotal: MS | 1,462.8 | 1,358.3 | 2,821.1 | 1,577.4 | 1,435.1 | 3,012.5 | ||||||||||||||||||||||||||||||||
Spinal Muscular Atrophy: | ||||||||||||||||||||||||||||||||||||||
SPINRAZA | 303.1 | 600.5 | 903.6 | 298.0 | 722.2 | 1,020.2 | ||||||||||||||||||||||||||||||||
Biosimilars: | ||||||||||||||||||||||||||||||||||||||
BENEPALI | — | 230.5 | 230.5 | — | 243.2 | 243.2 | ||||||||||||||||||||||||||||||||
IMRALDI | — | 114.7 | 114.7 | — | 113.5 | 113.5 | ||||||||||||||||||||||||||||||||
FLIXABI | — | 43.0 | 43.0 | — | 50.8 | 50.8 | ||||||||||||||||||||||||||||||||
BYOOVIZ(2) | 0.5 | — | 0.5 | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal: Biosimilars | 0.5 | 388.2 | 388.7 | — | 407.5 | 407.5 | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
FUMADERM | — | 4.9 | 4.9 | — | 5.9 | 5.9 | ||||||||||||||||||||||||||||||||
ADUHELM | 2.9 | — | 2.9 | 1.6 | — | 1.6 | ||||||||||||||||||||||||||||||||
Total product revenue | $ | 1,769.3 | $ | 2,351.9 | $ | 4,121.2 | $ | 1,877.0 | $ | 2,570.7 | $ | 4,447.7 |
(In millions) | Discounts | Contractual Adjustments | Returns | Total | ||||||||||||||||||||||
Balance, December 31, 2021 | $ | 137.7 | $ | 759.6 | $ | 38.0 | $ | 935.3 | ||||||||||||||||||
Current provisions relating to sales in current year | 337.7 | 1,346.1 | 6.4 | 1,690.2 | ||||||||||||||||||||||
Adjustments relating to prior years | (1.1) | (58.6) | (4.6) | (64.3) | ||||||||||||||||||||||
Payments/credits relating to sales in current year | (243.8) | (833.3) | — | (1,077.1) | ||||||||||||||||||||||
Payments/credits relating to sales in prior years | (98.4) | (391.3) | (10.6) | (500.3) | ||||||||||||||||||||||
Balance, June 30, 2022 | $ | 132.1 | $ | 822.5 | $ | 29.2 | $ | 983.8 |
(In millions) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||
Reduction of accounts receivable | $ | 137.8 | $ | 133.2 | ||||||||||
Component of accrued expense and other | 846.0 | 802.1 | ||||||||||||
Total revenue-related reserves | $ | 983.8 | $ | 935.3 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Biogen’s share of pre-tax profits in the U.S. for RITUXAN and GAZYVA | $ | 139.9 | $ | 178.8 | $ | 283.1 | $ | 352.9 | ||||||||||||||||||
OCREVUS and other revenue from anti-CD20 therapeutic programs | 296.4 | 261.2 | 552.6 | 476.1 | ||||||||||||||||||||||
Total revenue from anti-CD20 therapeutic programs | $ | 436.3 | $ | 440.0 | $ | 835.7 | $ | 829.0 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue from collaborative and other relationships: | ||||||||||||||||||||||||||
Revenue earned under our technical development agreement, manufacturing services agreements and royalty revenue on biosimilar products with Samsung Bioepis | $ | 6.4 | $ | 5.5 | $ | 14.4 | $ | 9.4 | ||||||||||||||||||
Other royalty and corporate revenue: | ||||||||||||||||||||||||||
Royalty | 10.3 | 6.4 | 20.9 | 12.6 | ||||||||||||||||||||||
Other corporate | 81.2 | 87.1 | 128.7 | 170.3 | ||||||||||||||||||||||
Total other revenue | $ | 97.9 | $ | 99.0 | $ | 164.0 | $ | 192.3 |
(In millions) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||
Raw materials | $ | 378.0 | $ | 349.6 | ||||||||||
Work in process(1) | 706.3 | 814.0 | ||||||||||||
Finished goods | 209.9 | 187.9 | ||||||||||||
Total inventory | $ | 1,294.2 | $ | 1,351.5 | ||||||||||
As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | Estimated Life | Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||||
Completed technology | 4-28 years | $ | 7,415.0 | $ | (5,522.9) | $ | 1,892.1 | $ | 7,413.1 | $ | (5,388.5) | $ | 2,024.6 | |||||||||||||||||||||||||||||||
In-process research and development | Indefinite until commercialization | 119.2 | — | 119.2 | 132.7 | — | 132.7 | |||||||||||||||||||||||||||||||||||||
Trademarks and trade names | Indefinite | 64.0 | — | 64.0 | 64.0 | — | 64.0 | |||||||||||||||||||||||||||||||||||||
Total intangible assets | $ | 7,598.2 | $ | (5,522.9) | $ | 2,075.3 | $ | 7,609.8 | $ | (5,388.5) | $ | 2,221.3 |
(In millions) | As of June 30, 2022 | |||||||
2022 (remaining six months) | $ | 130.0 | ||||||
2023 | 210.0 | |||||||
2024 | 195.0 | |||||||
2025 | 195.0 | |||||||
2026 | 180.0 | |||||||
2027 | 165.0 |
(In millions) | As of June 30, 2022 | |||||||
Goodwill, December 31, 2021 | $ | 5,761.1 | ||||||
Other | (11.5) | |||||||
Goodwill, June 30, 2022 | $ | 5,749.6 |
Fair Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||
(In millions) | Total | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 2,144.9 | $ | — | $ | 2,144.9 | $ | — | ||||||||||||||||||
Marketable debt securities: | ||||||||||||||||||||||||||
Corporate debt securities | 1,890.3 | — | 1,890.3 | — | ||||||||||||||||||||||
Government securities | 1,156.9 | — | 1,156.9 | — | ||||||||||||||||||||||
Mortgage and other asset backed securities | 207.0 | — | 207.0 | — | ||||||||||||||||||||||
Marketable equity securities | 785.6 | 668.7 | 116.9 | — | ||||||||||||||||||||||
Other current assets: | ||||||||||||||||||||||||||
Receivable from Samsung BioLogics(1) | 788.1 | — | — | 788.1 | ||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Derivative contracts | 180.0 | — | 180.0 | — | ||||||||||||||||||||||
Plan assets for deferred compensation | 31.9 | — | 31.9 | — | ||||||||||||||||||||||
Receivable from Samsung BioLogics(1) | 406.8 | — | — | 406.8 | ||||||||||||||||||||||
Total | $ | 7,591.5 | $ | 668.7 | $ | 5,727.9 | $ | 1,194.9 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative contracts | $ | 23.3 | $ | — | $ | 23.3 | $ | — | ||||||||||||||||||
Contingent consideration obligations | 197.5 | — | — | 197.5 | ||||||||||||||||||||||
Total | $ | 220.8 | $ | — | $ | 23.3 | $ | 197.5 |
Fair Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||
(In millions) | Total | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash equivalents | $ | 1,632.2 | $ | — | $ | 1,632.2 | $ | — | ||||||||||||||||||
Marketable debt securities: | ||||||||||||||||||||||||||
Corporate debt securities | 1,108.2 | — | 1,108.2 | — | ||||||||||||||||||||||
Government securities | 1,192.7 | — | 1,192.7 | — | ||||||||||||||||||||||
Mortgage and other asset backed securities | 132.2 | — | 132.2 | — | ||||||||||||||||||||||
Marketable equity securities | 1,048.5 | 181.7 | 866.8 | — | ||||||||||||||||||||||
Derivative contracts | 80.9 | — | 80.9 | — | ||||||||||||||||||||||
Plan assets for deferred compensation | 33.4 | — | 33.4 | — | ||||||||||||||||||||||
Total | $ | 5,228.1 | $ | 181.7 | $ | 5,046.4 | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative contracts | $ | 10.8 | $ | — | $ | 10.8 | $ | — | ||||||||||||||||||
Contingent consideration obligations | 209.1 | — | — | 209.1 | ||||||||||||||||||||||
Total | $ | 219.9 | $ | — | $ | 10.8 | $ | 209.1 |
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | June 30, 2022 | December 31, 2021 | Valuation Technique | Significant Unobservable Input(s) | Range | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration obligations | $ | 197.5 | $ | 209.1 | Discounted cash flow | Discount rate | 3.96% | 3.96 | % | 1.30 | % | |||||||||||||||||||||||||||||||||
Expected timing of achievement of development milestones | 2023 to 2028 | — | — | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Fair value, beginning of period | $ | 202.0 | $ | 226.0 | $ | 209.1 | $ | 259.8 | ||||||||||||||||||
Changes in fair value | (4.5) | 0.3 | (11.6) | (33.5) | ||||||||||||||||||||||
Fair value, end of period | $ | 197.5 | $ | 226.3 | $ | 197.5 | $ | 226.3 |
As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||
(In millions) | Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||||
3.625% Senior Notes due September 15, 2022 | $ | 1,001.1 | $ | 999.8 | $ | 1,020.0 | $ | 999.1 | ||||||||||||||||||
4.050% Senior Notes due September 15, 2025 | 1,730.1 | 1,743.8 | 1,895.2 | 1,742.9 | ||||||||||||||||||||||
2.250% Senior Notes due May 1, 2030 | 1,232.2 | 1,492.5 | 1,475.9 | 1,492.0 | ||||||||||||||||||||||
5.200% Senior Notes due September 15, 2045 | 1,066.3 | 1,100.1 | 1,463.0 | 1,099.9 | ||||||||||||||||||||||
3.150% Senior Notes due May 1, 2050 | 1,027.9 | 1,473.4 | 1,457.7 | 1,473.2 | ||||||||||||||||||||||
3.250% Senior Notes due February 15, 2051 | 489.1 | 467.6 | 692.9 | 466.0 | ||||||||||||||||||||||
Total | $ | 6,546.7 | $ | 7,277.2 | $ | 8,004.7 | $ | 7,273.1 |
(In millions) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||
Commercial paper | $ | 79.7 | $ | 247.6 | ||||||||||
Overnight reverse repurchase agreements | 83.8 | 200.0 | ||||||||||||
Money market funds | 1,764.5 | 901.6 | ||||||||||||
Short-term debt securities | 216.9 | 283.0 | ||||||||||||
Total | $ | 2,144.9 | $ | 1,632.2 |
As of June 30, 2022 | ||||||||||||||||||||||||||
(In millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Marketable debt securities | ||||||||||||||||||||||||||
Corporate debt securities: | ||||||||||||||||||||||||||
Current | $ | 1,363.9 | $ | — | $ | (6.3) | $ | 1,357.6 | ||||||||||||||||||
Non-current | 540.4 | 0.1 | (7.8) | 532.7 | ||||||||||||||||||||||
Government securities: | ||||||||||||||||||||||||||
Current | 798.0 | 0.1 | (4.5) | 793.6 | ||||||||||||||||||||||
Non-current | 367.2 | 0.2 | (4.1) | 363.3 | ||||||||||||||||||||||
Mortgage and other asset backed securities: | ||||||||||||||||||||||||||
Current | 0.1 | — | — | 0.1 | ||||||||||||||||||||||
Non-current | 210.0 | — | (3.1) | 206.9 | ||||||||||||||||||||||
Total marketable debt securities | $ | 3,279.6 | $ | 0.4 | $ | (25.8) | $ | 3,254.2 | ||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||
Marketable equity securities, current | $ | 33.9 | $ | — | $ | (9.7) | $ | 24.2 | ||||||||||||||||||
Marketable equity securities, non-current | 1,103.3 | — | (341.9) | 761.4 | ||||||||||||||||||||||
Total marketable equity securities | $ | 1,137.2 | $ | — | $ | (351.6) | $ | 785.6 |
As of December 31, 2021 | ||||||||||||||||||||||||||
(In millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
Marketable debt securities | ||||||||||||||||||||||||||
Corporate debt securities: | ||||||||||||||||||||||||||
Current | $ | 723.6 | $ | 0.1 | $ | (0.3) | $ | 723.4 | ||||||||||||||||||
Non-current | 385.4 | 0.2 | (0.8) | 384.8 | ||||||||||||||||||||||
Government securities: | ||||||||||||||||||||||||||
Current | 817.0 | — | (0.4) | 816.6 | ||||||||||||||||||||||
Non-current | 377.0 | 0.1 | (1.0) | 376.1 | ||||||||||||||||||||||
Mortgage and other asset backed securities: | ||||||||||||||||||||||||||
Current | 1.1 | — | — | 1.1 | ||||||||||||||||||||||
Non-current | 131.8 | — | (0.7) | 131.1 | ||||||||||||||||||||||
Total marketable debt securities | $ | 2,435.9 | $ | 0.4 | $ | (3.2) | $ | 2,433.1 | ||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||
Marketable equity securities, current | $ | 33.9 | $ | 9.9 | $ | — | $ | 43.8 | ||||||||||||||||||
Marketable equity securities, non-current | 1,133.1 | 151.0 | (279.4) | 1,004.7 | ||||||||||||||||||||||
Total marketable equity securities | $ | 1,167.0 | $ | 160.9 | $ | (279.4) | $ | 1,048.5 |
As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||||||||||||
(In millions) | Estimated Fair Value | Amortized Cost | Estimated Fair Value | Amortized Cost | ||||||||||||||||||||||
Due in one year or less | $ | 2,151.3 | $ | 2,135.6 | $ | 1,541.1 | $ | 1,541.7 | ||||||||||||||||||
Due after one year through five years | 1,089.4 | 1,130.1 | 868.2 | 870.2 | ||||||||||||||||||||||
Due after five years | 13.5 | 13.9 | 23.8 | 24.0 | ||||||||||||||||||||||
Total marketable debt securities | $ | 3,254.2 | $ | 3,279.6 | $ | 2,433.1 | $ | 2,435.9 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Proceeds from maturities and sales | $ | 917.9 | $ | 633.5 | $ | 1,461.5 | $ | 1,452.7 | ||||||||||||||||||
Realized gains | — | 0.1 | — | 0.3 | ||||||||||||||||||||||
Realized losses | 0.8 | 0.5 | 1.4 | 1.2 |
Notional Amount | ||||||||||||||
(In millions) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||
Euro | $ | 1,285.4 | $ | 1,828.0 | ||||||||||
British pound | 87.0 | 166.2 | ||||||||||||
Swiss franc | 78.7 | — | ||||||||||||
Japanese yen | 44.6 | 72.7 | ||||||||||||
Canadian dollar | 29.5 | 59.9 | ||||||||||||
Total foreign currency forward contracts | $ | 1,525.2 | $ | 2,126.8 |
(In millions) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||
Unrealized gains | $ | 140.7 | $ | 60.8 | ||||||||||
Unrealized (losses) | (3.1) | (7.0) | ||||||||||||
Net unrealized gains (losses) | $ | 137.6 | $ | 53.8 |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions) | Net Gains/(Losses) Recognized in Operating Income (in millions) | |||||||||||||||||||||||||||||||
Location | 2022 | 2021 | Location | 2022 | 2021 | |||||||||||||||||||||||||||
Revenue | $ | 44.6 | $ | (30.7) | Revenue | $ | (0.9) | $ | (0.8) | |||||||||||||||||||||||
Operating expense | (2.4) | 0.4 | Operating expense | (0.2) | (0.3) | |||||||||||||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
Net Gains/(Losses) Reclassified from AOCI into Operating Income (in millions) | Net Gains/(Losses) Recognized in Operating Income (in millions) | |||||||||||||||||||||||||||||||
Location | 2022 | 2021 | Location | 2022 | 2021 | |||||||||||||||||||||||||||
Revenue | $ | 65.5 | $ | (53.8) | Revenue | $ | (7.4) | $ | (3.8) | |||||||||||||||||||||||
Operating expense | (2.7) | — | Operating expense | (0.3) | (0.4) |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Gains/(Losses) Recognized in Other Comprehensive Income (Effective Portion) (in millions) | Net Gains/(Losses) Recognized in Other Comprehensive Income (Amounts Excluded from Effectiveness Testing) (in millions) | Net Gains/(Losses) Recognized in Net Income (Amounts Excluded from Effectiveness Testing) (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2022 | 2021 | Location | 2022 | 2021 | Location | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on net investment hedges(1) | $ | 10.3 | $ | (2.5) | Gains (losses) on net investment hedges(1) | $ | 0.1 | $ | 0.3 | Other (income) expense(1) | $ | (3.5) | $ | — | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Gains/(Losses) Recognized in Other Comprehensive Income (Effective Portion) (in millions) | Net Gains/(Losses) Recognized in Other Comprehensive Income (Amounts Excluded from Effectiveness Testing) (in millions) | Net Gains/(Losses) Recognized in Net Income (Amounts Excluded from Effectiveness Testing) (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Location | 2022 | 2021 | Location | 2022 | 2021 | Location | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on net investment hedges(1) | $ | 20.4 | $ | 21.3 | Gains (losses) on net investment hedges(1) | $ | (3.2) | $ | (1.1) | Other (income) expense(1) | $ | (4.6) | $ | 0.1 |
(In millions) | Balance Sheet Location | As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||||
Cash Flow Hedging Instruments: | ||||||||||||||||||||
Asset derivative instruments | Other current assets | $ | 142.3 | $ | 66.2 | |||||||||||||||
Investments and other assets | 4.1 | 5.5 | ||||||||||||||||||
Liability derivative instruments | Accrued expense and other | 5.2 | 6.6 | |||||||||||||||||
Net Investment Hedging Instruments:(1) | ||||||||||||||||||||
Asset derivative instruments | Other current assets | 21.4 | 4.1 | |||||||||||||||||
Other Derivative Instruments: | ||||||||||||||||||||
Asset derivative instruments | Other current assets | 12.2 | 5.1 | |||||||||||||||||
Liability derivative instruments | Accrued expense and other | 18.1 | 4.2 |
(In millions) | Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax | Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax | Gains (Losses) on Net Investment Hedges, Net of Tax(1) | Unrealized gains (losses) on pension benefit obligation, Net of Tax | Currency Translation Adjustments | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | (2.2) | $ | 53.8 | $ | 25.5 | $ | (44.8) | $ | (139.0) | $ | (106.7) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (19.1) | 129.5 | 12.6 | 2.7 | (94.9) | 30.8 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1.1 | (56.4) | (38.1) | — | 58.9 | (34.5) | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | (18.0) | 73.1 | (25.5) | 2.7 | (36.0) | (3.7) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | (20.2) | $ | 126.9 | $ | — | $ | (42.1) | $ | (175.0) | $ | (110.4) |
(In millions) | Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax | Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax | Gains (Losses) on Net Investment Hedges, Net of Tax | Unrealized gains (losses) on pension benefit obligation, Net of Tax | Currency Translation Adjustments | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 1.4 | $ | (179.0) | $ | (8.5) | $ | (66.3) | $ | (46.6) | $ | (299.0) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (2.0) | 90.2 | 20.2 | 2.4 | (32.6) | 78.2 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.7 | 48.4 | (0.1) | — | — | 49.0 | ||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | (1.3) | 138.6 | 20.1 | 2.4 | (32.6) | 127.2 | ||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 0.1 | $ | (40.4) | $ | 11.6 | $ | (63.9) | $ | (79.2) | $ | (171.8) |
(In millions) | Income Statement Location | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Gains (losses) on securities available for sale | Other (income) expense | $ | (0.8) | $ | (0.4) | $ | (1.4) | $ | (0.9) | ||||||||||||||||||||
Income tax benefit (expense) | 0.2 | 0.1 | 0.3 | 0.2 | |||||||||||||||||||||||||
Gains (losses) on cash flow hedges | Revenue | 44.6 | (30.7) | 65.5 | (53.8) | ||||||||||||||||||||||||
Operating expense | (2.4) | 0.4 | (2.7) | — | |||||||||||||||||||||||||
Other (income) expense | (0.1) | (0.1) | (0.2) | 0.1 | |||||||||||||||||||||||||
Income tax benefit (expense) | (4.2) | 3.0 | (6.2) | 5.3 | |||||||||||||||||||||||||
Gains (losses) on net investment hedges(1) | Other (income) expense | 39.2 | 0.1 | 38.1 | 0.1 | ||||||||||||||||||||||||
Currency Translation Adjustments | Other (income) expense | (58.9) | — | (58.9) | — | ||||||||||||||||||||||||
Total reclassifications, net of tax | $ | 17.6 | $ | (27.6) | $ | 34.5 | $ | (49.0) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income attributable to Biogen Inc. | $ | 1,058.0 | $ | 448.5 | $ | 1,361.8 | $ | 858.7 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average number of common shares outstanding | 145.9 | 149.7 | 146.5 | 150.8 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Time-vested restricted stock units | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||
Market stock units | — | 0.1 | — | 0.1 | ||||||||||||||||||||||
Performance stock units settled in stock | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||
Dilutive potential common shares | 0.3 | 0.4 | 0.3 | 0.4 | ||||||||||||||||||||||
Shares used in calculating diluted earnings per share | 146.2 | 150.1 | 146.8 | 151.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Research and development | $ | 22.4 | $ | 19.1 | $ | 48.1 | $ | 52.7 | ||||||||||||||||||
Selling, general and administrative | 36.7 | 40.3 | 82.8 | 85.2 | ||||||||||||||||||||||
Subtotal | 59.1 | 59.4 | 130.9 | 137.9 | ||||||||||||||||||||||
Capitalized share-based compensation costs | (2.3) | (1.7) | (5.1) | (4.3) | ||||||||||||||||||||||
Share-based compensation expense included in total cost and expense | 56.8 | 57.7 | 125.8 | 133.6 | ||||||||||||||||||||||
Income tax effect | (10.2) | (10.9) | (23.0) | (24.9) | ||||||||||||||||||||||
Share-based compensation expense included in net income attributable to Biogen Inc. | $ | 46.6 | $ | 46.8 | $ | 102.8 | $ | 108.7 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Market stock units | $ | 1.5 | $ | 9.3 | $ | 7.4 | $ | 25.8 | ||||||||||||||||||
Time-vested restricted stock units | 50.4 | 40.4 | 101.7 | 83.2 | ||||||||||||||||||||||
Performance stock units settled in stock | 3.3 | 3.0 | 11.6 | 9.3 | ||||||||||||||||||||||
Performance stock units settled in cash | 1.1 | 3.4 | 2.5 | 9.4 | ||||||||||||||||||||||
Employee stock purchase plan | 2.8 | 3.3 | 7.7 | 10.2 | ||||||||||||||||||||||
Subtotal | 59.1 | 59.4 | 130.9 | 137.9 | ||||||||||||||||||||||
Capitalized share-based compensation costs | (2.3) | (1.7) | (5.1) | (4.3) | ||||||||||||||||||||||
Share-based compensation expense included in total cost and expense | $ | 56.8 | $ | 57.7 | $ | 125.8 | $ | 133.6 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||
State taxes | 0.6 | 1.3 | 0.4 | 1.1 | |||||||||||||||||||
Taxes on foreign earnings | (3.8) | (7.7) | (5.3) | (9.1) | |||||||||||||||||||
Tax credits | (1.4) | (2.9) | (1.6) | (3.3) | |||||||||||||||||||
Purchased intangible assets | 0.1 | (0.8) | 0.2 | (0.1) | |||||||||||||||||||
GILTI | 0.2 | 1.5 | 0.2 | 1.3 | |||||||||||||||||||
Sale of Samsung Bioepis | (3.7) | — | (2.9) | — | |||||||||||||||||||
Litigation agreement in principle | 8.5 | — | 6.7 | — | |||||||||||||||||||
Neurimmune tax impacts | — | (83.1) | 5.2 | (46.3) | |||||||||||||||||||
International reorganization | (4.0) | — | (3.1) | — | |||||||||||||||||||
Other | (0.4) | 0.4 | 0.4 | 0.6 | |||||||||||||||||||
Effective tax rate | 17.1 | % | (70.3) | % | 21.2 | % | (34.8) | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Gain on sale of equity interest in Samsung Bioepis(1) | $ | (1,505.4) | $ | — | $ | (1,505.4) | $ | — | ||||||||||||||||||
Litigation agreement in principle | 900.0 | — | 900.0 | — | ||||||||||||||||||||||
Interest income | (12.6) | (2.7) | (15.5) | (5.6) | ||||||||||||||||||||||
Interest expense | 65.8 | 56.4 | 131.9 | 121.1 | ||||||||||||||||||||||
Gains (losses) on investments, net | 78.2 | (153.9) | 269.3 | 282.7 | ||||||||||||||||||||||
Foreign exchange gains (losses), net | 19.2 | 0.8 | 27.5 | 9.4 | ||||||||||||||||||||||
Other, net | 26.2 | 3.0 | 26.9 | 2.9 | ||||||||||||||||||||||
Total other (income) expense, net | $ | (428.6) | $ | (96.4) | $ | (165.3) | $ | 410.5 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net gains (losses) recognized on equity securities | $ | (77.2) | $ | 154.3 | $ | (267.9) | $ | (281.8) | ||||||||||||||||||
Less: Net gains (losses) realized on equity securities | (0.7) | 0.4 | (0.5) | 6.6 | ||||||||||||||||||||||
Net unrealized gains (losses) recognized on equity securities | $ | (76.5) | $ | 153.9 | $ | (267.4) | $ | (288.4) |
(In millions) | As of June 30, 2022 | As of December 31, 2021 | ||||||||||||
Litigation agreement in principle(1) | $ | 900.0 | $ | — | ||||||||||
Revenue-related reserves for discounts and allowances | 846.0 | 802.1 | ||||||||||||
Collaboration expense | 261.8 | 324.7 | ||||||||||||
Royalties and licensing fees | 216.2 | 234.7 | ||||||||||||
Employee compensation and benefits | 281.5 | 345.1 | ||||||||||||
Other | 793.0 | 828.6 | ||||||||||||
Total accrued expense and other | $ | 3,298.5 | $ | 2,535.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Total development expense incurred by the collaboration related to the advancement of lecanemab and elenbecestat | $ | 78.6 | $ | 62.2 | $ | 155.6 | $ | 117.7 | ||||||||||||||||||
Biogen's share of lecanemab and elenbecestat development expense reflected in research and development expense in our condensed consolidated statements of income | 39.3 | 31.1 | 77.8 | 58.8 | ||||||||||||||||||||||
Total sales and marketing expense incurred by the Lecanemab Collaboration | 23.4 | 4.3 | 39.3 | 10.0 | ||||||||||||||||||||||
Biogen's share of lecanemab and elenbecestat sales and marketing expense reflected in selling, general and administrative expense in our condensed consolidated statements of income | 11.7 | 2.1 | 19.7 | 5.0 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Total ADUHELM development expense | $ | 37.2 | $ | 42.1 | $ | 81.4 | $ | 89.1 | ||||||||||||||||||
Biogen's share of ADUHELM development expense reflected in research and development expense in our condensed consolidated statements of income | 20.5 | 23.2 | 44.8 | 49.0 | ||||||||||||||||||||||
Total ADUHELM sales and marketing expense incurred by the ADUHELM Collaboration Agreement | 40.8 | 125.6 | 135.8 | 237.4 | ||||||||||||||||||||||
Biogen's share of ADUHELM sales and marketing expense reflected in selling, general and administrative expense and collaboration profit (loss) sharing in our condensed consolidated statements of income | 21.1 | 67.6 | 72.0 | 127.9 | ||||||||||||||||||||||
Total ADUHELM collaboration third-party milestones | — | 100.0 | — | 100.0 | ||||||||||||||||||||||
Biogen's share of reimbursement from Eisai of ADUHELM milestone payments reflected in collaboration profit (loss) sharing in our condensed consolidated statements of income | — | 45.0 | — | 45.0 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Total UCB collaboration development expense | $ | 15.6 | $ | 16.1 | $ | 33.2 | $ | 33.0 | ||||||||||||||||||
Biogen's share of UCB development expense reflected in research and development expense in our condensed consolidated statements of income | 7.8 | 8.1 | 16.6 | 16.5 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Total Sage collaboration development expense | $ | 50.8 | $ | 54.0 | $ | 89.5 | $ | 93.8 | ||||||||||||||||||
Biogen's share of Sage development expense reflected in research and development expense in our condensed consolidated statements of income | 25.3 | 27.0 | 44.7 | 46.9 | ||||||||||||||||||||||
Total Sage sales and marketing expense incurred by the collaboration | 23.0 | 10.5 | 41.4 | 15.8 | ||||||||||||||||||||||
Biogen's share of Sage sales and marketing expense reflected in selling, general and administrative expense in our condensed consolidated statements of income | 11.5 | 5.2 | 20.7 | 7.9 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Total Denali collaboration development expense | $ | 23.2 | $ | 10.4 | $ | 38.1 | $ | 18.7 | ||||||||||||||||||
Biogen's share of Denali development expense reflected in research and development expense in our condensed consolidated statements of income | 13.2 | 6.2 | 22.1 | 11.2 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Total Sangamo collaboration development expense | $ | 2.6 | $ | 5.4 | $ | 10.9 | $ | 10.2 | ||||||||||||||||||
Biogen's share of Sangamo development expense reflected in research and development expense in our condensed consolidated statements of income | 1.6 | 3.4 | 7.1 | 7.6 |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Product revenue, net: | ||||||||||||||||||||||||||||||||||||||
United States | $ | 894.1 | 34.5 | % | $ | 977.2 | 35.2 | % | $ | (83.1) | (8.5) | % | ||||||||||||||||||||||||||
Rest of world | 1,160.8 | 44.8 | 1,258.8 | 45.4 | (98.0) | (7.8) | ||||||||||||||||||||||||||||||||
Total product revenue, net | 2,054.9 | 79.3 | 2,236.0 | 80.6 | (181.1) | (8.1) | ||||||||||||||||||||||||||||||||
Revenue from anti-CD20 therapeutic programs | 436.3 | 16.9 | 440.0 | 15.9 | (3.7) | (0.8) | ||||||||||||||||||||||||||||||||
Other revenue | 97.9 | 3.8 | 99.0 | 3.5 | (1.1) | (1.1) | ||||||||||||||||||||||||||||||||
Total revenue | $ | 2,589.1 | 100.0 | % | $ | 2,775.0 | 100.0 | % | $ | (185.9) | (6.7) | % | ||||||||||||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Product revenue, net: | ||||||||||||||||||||||||||||||||||||||
United States | $ | 1,769.3 | 34.6 | % | $ | 1,877.0 | 34.3 | % | $ | (107.7) | (5.7) | % | ||||||||||||||||||||||||||
Rest of world | 2,351.9 | 45.9 | 2,570.7 | 47.0 | (218.8) | (8.5) | ||||||||||||||||||||||||||||||||
Total product revenue, net | 4,121.2 | 80.5 | 4,447.7 | 81.3 | (326.5) | (7.3) | ||||||||||||||||||||||||||||||||
Revenue from anti-CD20 therapeutic programs | 835.7 | 16.3 | 829.0 | 15.2 | 6.7 | 0.8 | ||||||||||||||||||||||||||||||||
Other revenue | 164.0 | 3.2 | 192.3 | 3.5 | (28.3) | (14.7) | ||||||||||||||||||||||||||||||||
Total revenue | $ | 5,120.9 | 100.0 | % | $ | 5,469.0 | 100.0 | % | $ | (348.1) | (6.4) | % |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Multiple Sclerosis (MS): | ||||||||||||||||||||||||||||||||||||||
TECFIDERA | $ | 397.9 | 19.4 | % | $ | 487.6 | 21.8 | % | $ | (89.7) | (18.4) | % | ||||||||||||||||||||||||||
VUMERITY(1) | 136.8 | 6.7 | 90.9 | 4.1 | 45.9 | 50.5 | ||||||||||||||||||||||||||||||||
Total Fumarate | 534.7 | 26.1 | 578.5 | 25.9 | (43.8) | (7.6) | ||||||||||||||||||||||||||||||||
AVONEX | 258.7 | 12.6 | 310.9 | 13.9 | (52.2) | (16.8) | ||||||||||||||||||||||||||||||||
PLEGRIDY | 91.5 | 4.5 | 89.5 | 4.0 | 2.0 | 2.2 | ||||||||||||||||||||||||||||||||
Total Interferon | 350.2 | 17.0 | 400.4 | 17.9 | (50.2) | (12.5) | ||||||||||||||||||||||||||||||||
TYSABRI | 516.2 | 25.1 | 524.2 | 23.4 | (8.0) | (1.5) | ||||||||||||||||||||||||||||||||
FAMPYRA | 25.5 | 1.2 | 26.1 | 1.2 | (0.6) | (2.3) | ||||||||||||||||||||||||||||||||
Subtotal: MS | 1,426.6 | 69.4 | 1,529.2 | 68.4 | (102.6) | (6.7) | ||||||||||||||||||||||||||||||||
Spinal Muscular Atrophy: | ||||||||||||||||||||||||||||||||||||||
SPINRAZA | 431.1 | 21.0 | 499.7 | 22.3 | (68.6) | (13.7) | ||||||||||||||||||||||||||||||||
Biosimilars: | ||||||||||||||||||||||||||||||||||||||
BENEPALI | 115.8 | 5.6 | 121.5 | 5.4 | (5.7) | (4.7) | ||||||||||||||||||||||||||||||||
IMRALDI | 57.6 | 2.8 | 55.6 | 2.5 | 2.0 | 3.6 | ||||||||||||||||||||||||||||||||
FLIXABI | 20.5 | 1.0 | 25.3 | 1.2 | (4.8) | (19.0) | ||||||||||||||||||||||||||||||||
BYOOVIZ(2) | 0.5 | — | — | — | 0.5 | nm | ||||||||||||||||||||||||||||||||
Subtotal: Biosimilars | 194.4 | 9.4 | 202.4 | 9.1 | (8.0) | (4.0) | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
FUMADERM | 2.7 | 0.1 | 3.1 | 0.1 | (0.4) | (12.9) | ||||||||||||||||||||||||||||||||
ADUHELM | 0.1 | — | 1.6 | 0.1 | (1.5) | (93.8) | ||||||||||||||||||||||||||||||||
Total product revenue, net | $ | 2,054.9 | 100.0 | % | $ | 2,236.0 | 100.0 | % | $ | (181.1) | (8.1) | % |
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Multiple Sclerosis (MS): | ||||||||||||||||||||||||||||||||||||||
TECFIDERA | $ | 807.8 | 19.6 | % | $ | 966.8 | 21.7 | % | $ | (159.0) | (16.4) | % | ||||||||||||||||||||||||||
VUMERITY(1) | 264.8 | 6.4 | 164.6 | 3.7 | 100.2 | 60.9 | ||||||||||||||||||||||||||||||||
Total Fumarate | 1,072.6 | 26.0 | 1,131.4 | 25.4 | (58.8) | (5.2) | ||||||||||||||||||||||||||||||||
AVONEX | 488.3 | 11.8 | 622.0 | 14.0 | (133.7) | (21.5) | ||||||||||||||||||||||||||||||||
PLEGRIDY | 171.5 | 4.2 | 178.9 | 4.0 | (7.4) | (4.1) | ||||||||||||||||||||||||||||||||
Total Interferon | 659.8 | 16.0 | 800.9 | 18.0 | (141.1) | (17.6) | ||||||||||||||||||||||||||||||||
TYSABRI | 1,037.0 | 25.2 | 1,027.5 | 23.1 | 9.5 | 0.9 | ||||||||||||||||||||||||||||||||
FAMPYRA | 51.7 | 1.3 | 52.7 | 1.2 | (1.0) | (1.9) | ||||||||||||||||||||||||||||||||
Subtotal: MS | 2,821.1 | 68.5 | 3,012.5 | 67.7 | (191.4) | (6.4) | ||||||||||||||||||||||||||||||||
Spinal Muscular Atrophy: | ||||||||||||||||||||||||||||||||||||||
SPINRAZA | 903.6 | 21.9 | 1,020.2 | 23.0 | (116.6) | (11.4) | ||||||||||||||||||||||||||||||||
Biosimilars: | ||||||||||||||||||||||||||||||||||||||
BENEPALI | 230.5 | 5.6 | 243.2 | 5.5 | (12.7) | (5.2) | ||||||||||||||||||||||||||||||||
IMRALDI | 114.7 | 2.8 | 113.5 | 2.6 | 1.2 | 1.1 | ||||||||||||||||||||||||||||||||
FLIXABI | 43.0 | 1.0 | 50.8 | 1.1 | (7.8) | (15.4) | ||||||||||||||||||||||||||||||||
BYOOVIZ(2) | 0.5 | — | — | — | 0.5 | nm | ||||||||||||||||||||||||||||||||
Subtotal: Biosimilars | 388.7 | 9.4 | 407.5 | 9.2 | (18.8) | (4.6) | ||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||
FUMADERM | 4.9 | 0.1 | 5.9 | 0.1 | (1.0) | (16.9) | ||||||||||||||||||||||||||||||||
ADUHELM | 2.9 | 0.1 | 1.6 | — | 1.3 | 81.3 | ||||||||||||||||||||||||||||||||
Total product revenue, net | $ | 4,121.2 | 100.0 | % | $ | 4,447.7 | 100.0 | % | $ | (326.5) | (7.3) | % |
For the Three Months Ended June 30, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Product revenue, net | $ | 443.1 | $ | 554.1 | ||||||||||
Cost and expense | 70.1 | 77.9 | ||||||||||||
Pre-tax profits in the U.S. | 373.0 | 476.2 | ||||||||||||
Biogen's share of pre-tax profits | $ | 139.9 | $ | 178.8 | ||||||||||
For the Six Months Ended June 30, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Product revenue, net | $ | 898.1 | $ | 1,105.5 | ||||||||||
Cost and expense | 129.9 | 152.1 | ||||||||||||
Pre-tax profits in the U.S. | 768.2 | 953.4 | ||||||||||||
Biogen's share of pre-tax profits | $ | 283.1 | $ | 352.9 |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Revenue from collaborative and other relationships | $ | 6.4 | 6.5 | % | $ | 5.5 | 5.6 | % | $ | 0.9 | 16.4 | % | ||||||||||||||||||||||||||
Other royalty and corporate revenue | 91.5 | 93.5 | 93.5 | 94.4 | (2.0) | (2.1) | ||||||||||||||||||||||||||||||||
Total other revenue | $ | 97.9 | 100.0 | % | $ | 99.0 | 100.0 | % | $ | (1.1) | (1.1) | % | ||||||||||||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Revenue from collaborative and other relationships | $ | 14.4 | 8.8 | % | $ | 9.4 | 4.9 | % | $ | 5.0 | 53.2 | % | ||||||||||||||||||||||||||
Other royalty and corporate revenue | 149.6 | 91.2 | 182.9 | 95.1 | (33.3) | (18.2) | ||||||||||||||||||||||||||||||||
Total other revenue | $ | 164.0 | 100.0 | % | $ | 192.3 | 100.0 | % | $ | (28.3) | (14.7) | % |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | % Change | $ Change | ||||||||||||||||||||||
Cost of sales, excluding amortization and impairment of acquired intangible assets | $ | 484.0 | $ | 459.7 | 5.3 | % | $ | 24.3 | ||||||||||||||||||
Research and development | 528.6 | 585.1 | (9.7) | (56.5) | ||||||||||||||||||||||
Selling, general and administrative | 572.6 | 637.3 | (10.2) | (64.7) | ||||||||||||||||||||||
Amortization and impairment of acquired intangible assets | 67.5 | 604.1 | (88.8) | (536.6) | ||||||||||||||||||||||
Collaboration profit (loss) sharing | 29.4 | (15.2) | (293.4) | 44.6 | ||||||||||||||||||||||
(Gain) loss on fair value remeasurement of contingent consideration | (4.5) | 0.3 | nm | (4.8) | ||||||||||||||||||||||
Acquired in-process research and development | — | 18.0 | nm | (18.0) | ||||||||||||||||||||||
Restructuring charges | 70.6 | — | nm | 70.6 | ||||||||||||||||||||||
Other (income) expense, net | (428.6) | (96.4) | 344.6 | (332.2) | ||||||||||||||||||||||
Total cost and expense | $ | 1,319.6 | $ | 2,192.9 | (39.8) | % | $ | (873.3) | ||||||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | % Change | $ Change | ||||||||||||||||||||||
Cost of sales, excluding amortization and impairment of acquired intangible assets | $ | 1,237.9 | $ | 937.8 | 32.0 | % | $ | 300.1 | ||||||||||||||||||
Research and development | 1,080.3 | 1,099.3 | (1.7) | (19.0) | ||||||||||||||||||||||
Selling, general and administrative | 1,207.5 | 1,232.3 | (2.0) | (24.8) | ||||||||||||||||||||||
Amortization and impairment of acquired intangible assets | 134.4 | 702.2 | (80.9) | (567.8) | ||||||||||||||||||||||
Collaboration profit (loss) sharing | (87.9) | 53.3 | (264.9) | (141.2) | ||||||||||||||||||||||
(Gain) loss on fair value remeasurement of contingent consideration | (11.6) | (33.5) | (65.4) | 21.9 | ||||||||||||||||||||||
Acquired in-process research and development | — | 18.0 | nm | (18.0) | ||||||||||||||||||||||
Restructuring charges | 108.7 | — | nm | 108.7 | ||||||||||||||||||||||
Other (income) expense, net | (165.3) | 410.5 | (140.3) | (575.8) | ||||||||||||||||||||||
Total cost and expense | $ | 3,504.0 | $ | 4,419.9 | (20.7) | % | $ | (915.9) |
(In millions) | Total | |||||||
Restructuring reserve as of December 31, 2021 | $ | — | ||||||
Expense | 27.7 | |||||||
Payment | (6.2) | |||||||
Restructuring reserve as of March 31, 2022 | 21.5 | |||||||
Expense | 60.9 | |||||||
Payment | (29.7) | |||||||
Adjustment | (0.5) | |||||||
Restructuring reserve as of June 30, 2022 | $ | 52.2 |
(In millions, except percentages) | As of June 30, 2022 | As of December 31, 2021 | Change % | |||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,646.6 | $ | 2,261.4 | 17.0 | % | ||||||||||||||
Marketable securities — current | 2,151.3 | 1,541.1 | 39.6 | |||||||||||||||||
Marketable securities — non-current | 1,102.9 | 892.0 | 23.6 | |||||||||||||||||
Total cash, cash equivalents and marketable securities | $ | 5,900.8 | $ | 4,694.5 | 25.7 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||
Current portion of notes payable | $ | 999.8 | $ | 999.1 | 0.1 | % | ||||||||||||||
Notes payable | 6,277.4 | 6,274.0 | 0.1 | |||||||||||||||||
Total borrowings | $ | 7,277.2 | $ | 7,273.1 | 0.1 | % | ||||||||||||||
Working capital: | ||||||||||||||||||||
Current assets | $ | 9,740.9 | $ | 7,856.5 | 24.0 | % | ||||||||||||||
Current liabilities | (5,018.0) | (4,298.2) | 16.7 | |||||||||||||||||
Total working capital | $ | 4,722.9 | $ | 3,558.3 | 32.7 | % |
(In millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Denali | $ | 391.7 | $ | 550.7 | ||||||||||
Sangamo | 100.0 | 173.7 | ||||||||||||
Sage | 187.4 | 231.9 | ||||||||||||
Ionis | 106.5 | 87.5 | ||||||||||||
$ | 785.6 | $ | 1,043.8 |
For the Six Months Ended June 30, | ||||||||||||||||||||
(In millions, except percentages) | 2022 | 2021 | % Change | |||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | 898.3 | $ | 1,996.3 | (55.0) | % | ||||||||||||||
Net cash flow provided by (used in) investing activities | 45.5 | (217.4) | 120.9 | |||||||||||||||||
Net cash flow provided by (used in) financing activities | (488.0) | (1,349.5) | (63.8) |
Period | Total Number of Shares Purchased (#) | Average Price Paid per Share ($) | Total Number of Shares Purchased as Part of Publicly Announced Programs (#) | Approximate Dollar Value of Shares That May Yet Be Purchased Under Our Programs ($ in millions) | ||||||||||||||||||||||
April 2022 | 900,000 | $ | 215.27 | 900,000 | $ | 2,606.3 | ||||||||||||||||||||
May 2022 | 1,535,074 | $ | 199.51 | 1,535,074 | $ | 2,300.0 | ||||||||||||||||||||
June 2022 | — | $ | — | — | $ | 2,300.0 | ||||||||||||||||||||
Total | 2,435,074 | $ | 205.33 |
Exhibit Number | Description of Exhibit | |||||||
10.1* | ||||||||
31.1+ | ||||||||
31.2+ | ||||||||
32.1++ | ||||||||
101++ | The following materials from Biogen Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flow, (v) the Condensed Consolidated Statements of Equity and (vi) Notes to Condensed Consolidated Financial Statements. | |||||||
104++ | The cover page from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in Inline XBRL. |
BIOGEN INC. | ||
/s/ Michael R. McDonnell | ||
Michael R. McDonnell | ||
Chief Financial Officer | ||
(principal financial officer) |
1 Year Biogen Chart |
1 Month Biogen Chart |
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