10-Q 1 biib-20240930.htm 10-Q biib-20240930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-19311
biogenlogoa11.jpg
BIOGEN INC.
(Exact name of registrant as specified in its charter)
Delaware 33-0112644
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
225 Binney Street, Cambridge, MA 02142
(617679-2000
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0005 par valueBIIBThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files):    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filerxAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x
The number of shares of the issuer’s Common Stock, $0.0005 par value, outstanding as of October 29, 2024, was 145,719,340 shares.


BIOGEN INC.
FORM 10-Q — Quarterly Report
For the Quarterly Period Ended September 30, 2024
TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.

2

NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the PSLRA) with the intention of obtaining the benefits of the “Safe Harbor” provisions of the PSLRA. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “believe,” “could,” "contemplate," "continue," “estimate,” “expect,” “forecast,” "goal," “intend,” “may,” “plan,” “potential,” “possible,” "predict," "project", "should," "target," “will,” “would” or the negative of these words or other words and terms of similar meaning. Reference is made in particular to forward-looking statements regarding:
the anticipated amount, timing and accounting of revenue; contingent, milestone, royalty and other payments under licensing, collaboration, acquisition or divestiture agreements; tax positions and contingencies; collectability of receivables; pre-approval inventory; cost of sales; research and development costs; compensation and other selling, general and administrative expense; amortization of intangible assets; foreign currency exchange risk; estimated fair value of assets and liabilities; and impairment assessments;
expectations, plans and prospects relating to product approvals, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products;
the potential impact of increased product competition in the markets in which we compete, including increased competition from new originator therapies, generics, prodrugs and biosimilars of existing products and products approved under abbreviated regulatory pathways, including generic or biosimilar versions of our marketed products or competing products;
patent terms, patent term extensions, patent office actions and expected availability and periods of regulatory exclusivity;
our plans and investments in our portfolio as well as implementation of our corporate strategy;
the execution of our strategic and growth initiatives, including the ultimate success of our acquisitions of Reata and HI-Bio and our ability to realize the anticipated benefits from the acquisitions, including future performance of the SKYCLARYS product and further development of the felzartamab product and anticipated synergies;
the drivers for growing our business, including our plans and intention to commit resources relating to discovery, research and development programs and business development opportunities as well as the potential benefits and results of, and the anticipated completion of, certain business development transactions and cost-reduction measures, including our Fit for Growth program;
the expectations, development plans and anticipated timelines, including costs and timing of potential clinical trials, regulatory filings and approvals, of our products, drug candidates and pipeline programs, including collaborations with third-parties, as well as the potential therapeutic scope of the development and commercialization of our and our collaborators’ pipeline products;
the timing, outcome and impact of administrative, regulatory, legal and other proceedings related to our patents and other proprietary and intellectual property rights, tax audits, assessments and settlements, pricing matters, sales and promotional practices, product liability, investigations and other matters;
our ability to finance our operations and business initiatives and obtain funding for such activities;
adverse safety events involving our marketed or pipeline products, generic or biosimilar versions of our marketed products or any other products from the same class as one of our products;
the current and potential impacts of geopolitical tensions, acts of war and other large-scale crises, including impacts to our operations, sales and the possible disruptions or delay in our plans to conduct clinical trial activities in areas of geopolitical tension, including regions affected by Russia's invasion of Ukraine and the military conflict in the Middle East;
the direct and indirect impact of global health outbreaks or adverse weather events on our business and operations, including sales, expense, reserves and allowances, the supply chain, manufacturing, research and development costs, clinical trials and employees;
our use of information systems and data and the potential impacts of any breakdowns, invasions, corruptions, destructions and/or breaches of such systems or those of our business partners;
3

the potential impact of healthcare reform in the U.S., including the IRA, and measures being taken worldwide designed to reduce healthcare costs and limit the overall level of government expenditures, including the impact of pricing actions and reduced reimbursement for our products;
our manufacturing capacity, use of third-party contract manufacturing organizations, plans and timing relating to changes in our manufacturing capabilities, activities in new or existing manufacturing facilities and the expected timeline for the gene therapy manufacturing facility in RTP, North Carolina to be operational;
the impact of the continued uncertainty of the credit and economic conditions in certain countries and our collection of accounts receivable in such countries;
lease commitments, purchase obligations and the timing and satisfaction of other contractual obligations; and
the impact of new laws (including tax), regulatory requirements, judicial decisions and accounting standards.
These forward-looking statements involve risks and uncertainties, including those that are described in Item 1A. Risk Factors included in this report and elsewhere in this report, that could cause actual results to differ materially from those reflected in such statements. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events and you should not place undue reliance on these statements. Moreover, we operate in a very competitive and rapidly changing environment, new risks and uncertainties may emerge from time to time and it is not possible for us to predict all risks nor identify all uncertainties. Forward-looking statements speak only as of the date of this report and are based on information and estimates available to us at this time. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise. You should read this report with the understanding that our actual future results, performance, events and circumstances might be materially different from what we expect.
NOTE REGARDING COMPANY AND PRODUCT REFERENCES
References in this report to:
“Biogen,” the “company,” “we,” “us” and “our” refer to Biogen Inc. and its consolidated subsidiaries; and
“RITUXAN” refers to both RITUXAN (the trade name for rituximab in the U.S., Canada and Japan) and MabThera (the trade name for rituximab outside the U.S., Canada and Japan).
NOTE REGARDING TRADEMARKS
ADUHELM®, AVONEX®, BYOOVIZ®, PLEGRIDY®, QALSODY®, RITUXAN®, RITUXAN HYCELA®, SKYCLARYS®, SPINRAZA®, TECFIDERA®, TYSABRI® and VUMERITY® are registered trademarks of Biogen.
BENEPALI™, FLIXABI™, FUMADERM™, IMRALDI™, OPUVIZ™ and TOFIDENCE™ are trademarks of Biogen.
ACTEMRA®, COLUMVI®, ENBREL®, EYLEA®, FAMPYRA™, GAZYVA®, LEQEMBI®, HUMIRA®, LUCENTIS®, LUNSUMIO®, OCREVUS®, REMICADE®, ZURZUVAE™ and other trademarks referenced in this report are the property of their respective owners.
4

DEFINED TERMS
2023 Form 10-KAnnual Report on Form 10-K for the year ended December 31, 2023
2020 Share Repurchase ProgramBoard of Directors authorized program to repurchase up to $5.0 billion of our common stock
2024 Omnibus Equity PlanBiogen Inc. 2024 Omnibus Equity Plan
2017 Omnibus Equity PlanBiogen Inc. 2017 Omnibus Equity Plan
2024 ESPPBiogen Inc. 2024 Employee Stock Purchase Plan
2015 ESPPBiogen Inc. 2015 Employee Stock Purchase Plan
2023 Term Loan
$1.5 billion term loan credit agreement
AbbVieAbbVie Inc.
AcordaAcorda Therapeutics, Inc.
AIArtificial Intelligence
AlkermesAlkermes plc
ALSAmyotrophic Lateral Sclerosis
AMR
Antibody-Mediated Rejection
AOCIAccumulated Other Comprehensive Income (Loss)
ASOAntisense Oligonucleotide
ASUAccounting Standards Update
ATVAntibody Transport Vehicle
BLABiologics License Application
BlackstoneBlackstone Life Sciences
CCPACalifornia Consumer Privacy Act
CHMPCommittee for Medicinal Products for Human Use
CISACybersecurity and Infrastructure Security Agency
CJEUCourt of Justice of the European Union
CLECutaneous Lupus Erythematosus
CLLChronic Lymphocytic Leukemia
CLOChief Legal Officer
CODMChief Operating Decision Maker
ConvergenceConvergence Pharmaceuticals Ltd.
CRLComplete Response Letter
CROsContract Research Organizations
DEADrug Enforcement Agency
DenaliDenali Therapeutics Inc.
Directors PlanBiogen Inc. 2015 Non-Employee Directors Equity Plan
District CourtU.S. District Court for the District of Massachusetts
DOJU.S. Department of Justice
ECEuropean Commission
EisaiEisai Co., Ltd.
EMAEuropean Medicines Agency
EPOEuropean Patent Office
ERMEnterprise Risk Management
E.U.European Union
FAFriedreich's Ataxia
FASBFinancial Accounting Standards Board
FCPAForeign Corrupt Practices Act
FDAU.S. Food and Drug Administration
FDICFederal Deposit Insurance Corporation
5

DEFINED TERMS (continued)
Fit for GrowthCost saving program initiated in 2023
FSSFederal Supply Schedule
GenentechGenentech, Inc.
GILTIGlobal Intangible Low Tax Income
GloBEGlobal Anti-Base Erosion
GMPGood Manufacturing Practices
HI-Bio
Human Immunology Biosciences, Inc.
HumanaHumana Inc.
IgANImmunoglobulin A Nephropathy
IPR&DIn-process Research and Development
IonisIonis Pharmaceuticals Inc.
IRAInflation Reduction Act of 2022
ITInformation Technology
IVIntravenous
LHILarge Hemispheric Infarction
LRRK2Leucine-Rich Repeat Kinase 2
MAAMarketing Authorization Application
MDDMajor Depressive Disorder
MSMultiple Sclerosis
Mylan IrelandMylan Ireland Ltd.
NCDNational Coverage Decision
NDANew Drug Application
NeurimmuneNeurimmune SubOne AG
NMPANational Medicinal Products Administration
OECDOrganization for Economic Co-operation and Development
ODD
Orphan Drug Designation
OIEOther (Income) Expense, Net
PDUFAPrescription Drug User Fee Act
PMNPrimary Membranous Nephropathy
PolpharmaPolpharma Biologics S.A.
PPACAPatient Protection and Affordable Care Act
PPDPostpartum Depression
PPMSPrimary Progressive MS
PRVPriority Review Voucher
R&DResearch and Development
ReataReata Pharmaceuticals, Inc.
RMSRelapsing MS
RRMSRelapsing-Remitting MS
RTPResearch Triangle Park
SageSage Therapeutics, Inc.
Samsung BioepisSamsung Bioepis Co., Ltd.
Samsung BioLogicsSamsung BioLogics Co., Ltd.
SangamoSangamo Therapeutics, Inc.
SECU.S. Securities and Exchange Commission
SG&ASelling, General and Administrative
SLESystemic Lupus Erythematosus
SMASpinal Muscular Atrophy
6


DEFINED TERMS (continued)
SMNSurvival Motor Neuron
SOD1Superoxide Dismutase 1
SWISSMEDICSwiss Agency for Therapeutic Products
TBATechnical Boards of Appeal
Transition Toll TaxA one-time mandatory deemed repatriation tax on accumulated foreign subsidiaries' previously untaxed foreign earnings
U.K.United Kingdom
U.S.United States
U.S. GAAPAccounting Principles Generally Accepted in the U.S.
VAVeterans Administration
7

PART I FINANCIAL INFORMATION

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions, except per share amounts)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
Revenue:
Product, net$1,769.4 $1,805.2 $5,380.9 $5,414.3 
Revenue from anti-CD20 therapeutic programs446.2 420.9 1,284.7 1,253.8 
Contract manufacturing, royalty and other revenue250.2 304.2 555.6 781.2 
Total revenue2,465.8 2,530.3 7,221.2 7,449.3 
Cost and expense:
Cost of sales, excluding amortization and impairment of acquired intangible assets638.7 659.6 1,726.9 1,915.1 
Research and development542.7 736.3 1,509.5 1,891.1 
Selling, general and administrative588.4 788.2 1,723.7 1,941.2 
Amortization and impairment of acquired intangible assets130.3 60.9 295.5 164.0 
Collaboration profit sharing/(loss reimbursement)69.3 50.5 197.3 164.5 
(Gain) loss on fair value remeasurement of contingent consideration23.8  23.8  
Restructuring charges6.8 76.0 24.9 120.0 
Gain on sale of priority review voucher, net  (88.6) 
Other (income) expense, net14.8 300.0 193.7 248.2 
Total cost and expense2,014.8 2,671.5 5,606.7 6,444.1 
Income (loss) before income tax (benefit) expense451.0 (141.2)1,614.5 1,005.2 
Income tax (benefit) expense62.5 (72.9)249.0 92.6 
Net income (loss)388.5 (68.3)1,365.5 912.6 
Net income (loss) attributable to noncontrolling interests, net of tax (0.2) 1.2 
Net income (loss) attributable to Biogen Inc.$388.5 $(68.1)$1,365.5 $911.4 
Net income (loss) per share:
Basic earnings (loss) per share attributable to Biogen Inc.$2.67 $(0.47)$9.38 $6.30 
Diluted earnings (loss) per share attributable to Biogen Inc.$2.66 $(0.47)$9.35 $6.26 
Weighted-average shares used in calculating:
Basic earnings (loss) per share attributable to Biogen Inc.145.7 144.8 145.5 144.7 
Diluted earnings (loss) per share attributable to Biogen Inc.146.1 144.8 146.0 145.5 










See accompanying notes to these unaudited condensed consolidated financial statements.
8

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in millions)
 
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2024202320242023
Net income (loss) attributable to Biogen Inc.$388.5 $(68.1)$1,365.5 $911.4 
Other comprehensive income (loss):
Unrealized gains (losses) on securities available for sale, net of tax
 14.5  15.7 
Unrealized gains (losses) on cash flow hedges, net of tax
(41.0)29.6 (6.2)1.1 
Unrealized gains (losses) on pension benefit obligation, net of tax
0.3 (0.1)0.2 0.6 
Currency translation adjustment
41.0 (30.5)14.0 (11.8)
Total other comprehensive income (loss), net of tax0.3 13.5 8.0 5.6 
Comprehensive income (loss) attributable to Biogen Inc.388.8 (54.6)1,373.5 917.0 
Comprehensive income (loss) attributable to noncontrolling interests, net of tax (0.2) 1.2 
Comprehensive income (loss)$388.8 $(54.8)$1,373.5 $918.2 


































See accompanying notes to these unaudited condensed consolidated financial statements.
9

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions, except per share amounts)
 
As of September 30, 2024As of December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$1,699.2 $1,049.9 
Accounts receivable, net of allowance for doubtful accounts of $2.0 and $2.4, respectively
1,536.2 1,664.1 
Due from anti-CD20 therapeutic programs451.9 435.9 
Inventory2,469.2 2,527.4 
Other current assets674.0 1,182.0 
Total current assets6,830.5 6,859.3 
Property, plant and equipment, net3,210.9 3,309.7 
Operating lease assets380.4 420.0 
Intangible assets, net9,805.5 8,363.0 
Goodwill6,485.8 6,219.2 
Deferred tax asset968.7 928.6 
Investments and other assets631.4 745.0 
Total assets$28,313.2 $26,844.8 
LIABILITIES AND EQUITY
Current liabilities:
Current portion notes payable and term loan$1,748.1 $150.0 
Taxes payable499.1 257.4 
Accounts payable422.7 403.3 
Accrued expense and other2,755.1 2,623.6 
Total current liabilities5,425.0 3,434.3 
Notes payable and term loan4,545.8 6,788.2 
Deferred tax liability882.4 641.8 
Long-term operating lease liabilities357.0 400.0 
Other long-term liabilities744.1 781.1 
Total liabilities11,954.3 12,045.4 
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 capital488.5 302.5 
Accumulated other comprehensive income (loss)(145.7)(153.7)
Retained earnings18,993.1 17,627.6 
Treasury stock, at cost(2,977.1)(2,977.1)
Total equity16,358.9 14,799.4 
Total liabilities and equity$28,313.2 $26,844.8 





See accompanying notes to these unaudited condensed consolidated financial statements.
10

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited, in millions)
 For the Nine Months Ended September 30,
 20242023
Cash flow from operating activities:
Net income$1,365.5 $912.6 
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization489.2 354.7 
Impairment of intangible assets20.2  
Excess and obsolescence charges related to inventory68.7 62.1 
Amortization of acquired inventory step-up185.1  
Share-based compensation216.1 209.3 
Contingent consideration23.8  
Deferred income taxes(99.7)(377.7)
(Gain) loss on strategic investments22.7 275.7 
Gain on sale of priority review voucher, net(88.6) 
Other95.1 98.6 
Changes in operating assets and liabilities, net of effects of business acquired:
Accounts receivable127.6 (76.5)
Due from anti-CD20 therapeutic programs(15.9)3.1 
Inventory(207.4)(34.9)
Accrued expense and other current liabilities(84.2)293.9 
Income tax assets and liabilities62.1 (114.8)
Other changes in operating assets and liabilities, net(65.7)(71.4)
Net cash flow provided by (used in) operating activities2,114.6 1,534.7 
Cash flow from investing activities:
Purchases of property, plant and equipment(114.4)(211.8)
Proceeds from sales and maturities of marketable securities 7,380.8 
Purchases of marketable securities (5,140.7)
Acquisition of Reata, net of cash acquired— (6,335.6)
Acquisition of HI-Bio, net of cash acquired(1,074.8)— 
Proceeds from sale of equity interest in Samsung Bioepis406.8 788.1 
Proceeds from sale of priority review voucher88.6  
Acquisitions of intangible assets(179.1)(34.4)
Proceeds from sales of strategic investments96.7 106.2 
Other(4.4)(1.3)
Net cash flow provided by (used in) investing activities(780.6)(3,448.7)
Cash flow from financing activities:
Payments related to issuance of stock for share-based compensation arrangements, net(34.8)(48.0)
Repayment of borrowings(650.0)(159.9)
Proceeds from borrowings 997.2 
Net (distribution) contribution to noncontrolling interest 4.2 
Other(6.6)1.9 
Net cash flow provided by (used in) financing activities(691.4)795.4 
Net increase (decrease) in cash and cash equivalents642.6 (1,118.6)
Effect of exchange rate changes on cash and cash equivalents6.7 (12.8)
Cash and cash equivalents, beginning of the period1,049.9 3,419.3 
Cash and cash equivalents, end of the period$1,699.2 $2,287.9 




See accompanying notes to these unaudited condensed consolidated financial statements.
11

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in millions)

For the Three Months Ended September 30, 2024
 Preferred stockCommon stockAdditional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Treasury stockTotal
equity
 SharesAmountSharesAmountSharesAmount
Balance, June 30, 2024 $ 169.5 $0.1 $407.5 $(146.0)$18,604.6 (23.8)$(2,977.1)$15,889.1 
Net income (loss)— — — — — — 388.5 — — 388.5 
Other comprehensive income (loss), net of tax— — — — — 0.3 — — — 0.3 
Issuance of common stock under stock option and stock purchase plans— —  — 7.6 — — — — 7.6 
Issuance of common stock under stock award plan— —  — (1.6)— — — — (1.6)
Compensation related to share-based payments— — — — 75.0 — — — — 75.0 
Other— — — —  — — — —  
Balance, September 30, 2024 $ 169.5 $0.1 $488.5 $(145.7)$18,993.1 (23.8)$(2,977.1)$16,358.9 
For the Nine Months Ended September 30, 2024
Preferred stockCommon stockAdditional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Treasury stockTotal
equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 2023 $ 168.7 $0.1 $302.5 $(153.7)$17,627.6 (23.8)$(2,977.1)$14,799.4 
Net income (loss)— — — — — — 1,365.5 — — 1,365.5 
Other comprehensive income (loss), net of tax— — — — — 8.0 — — — 8.0 
Issuance of common stock under stock option and stock purchase plans— — 0.2 — 31.2 — — — — 31.2 
Issuance of common stock under stock award plan— — 0.6 — (66.0)— — — — (66.0)
Compensation related to share-based payments— — — — 224.0 — — — — 224.0 
Other— — — — (3.2)— — — — (3.2)
Balance, September 30, 2024 $ 169.5 $0.1 $488.5 $(145.7)$18,993.1 (23.8)$(2,977.1)$16,358.9 



See accompanying notes to these unaudited condensed consolidated financial statements.

12

BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - (Continued)
(unaudited, in millions)

For the Three Months Ended September 30, 2023
 Preferred stockCommon stockAdditional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Treasury stockTotal
Biogen Inc.
shareholders’
equity
Noncontrolling
interests
Total
equity
SharesAmountSharesAmountSharesAmount
Balance, June 30, 2023 $ 168.6 $0.1 $170.7 $(172.8)$17,446.0 (23.8)$(2,977.1)$14,466.9 $(6.4)$14,460.5 
Net income (loss)— — — — — — (68.1)— — (68.1)(0.2)(68.3)
Other comprehensive income (loss), net of tax— — — — — 13.5 — — — 13.5 — 13.5 
Capital contribution from noncontrolling interest— — — — — — — — — — 2.5 2.5 
Issuance of common stock under stock option and stock purchase plans— — 0.1 — 9.3 — — — — 9.3 — 9.3 
Issuance of common stock under stock award plan— —  — (2.7)— — — — (2.7)— (2.7)
Compensation related to share-based payments— — — — 64.8 — — — — 64.8 — 64.8 
Other— — — — 0.1 — — — — 0.1 — 0.1 
Balance, September 30, 2023 $ 168.7 $0.1 $242.2 $(159.3)$17,377.9 (23.8)$(2,977.1)$14,483.8 $(4.1)$14,479.7 
For the Nine Months Ended September 30, 2023
Preferred stockCommon stockAdditional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Treasury stockTotal
Biogen Inc.
shareholders’
equity
Noncontrolling
interests
Total
equity
SharesAmountSharesAmountSharesAmount
Balance, December 31, 2022 $ 167.9 $0.1 $73.3 $(164.9)$16,466.5 (23.8)$(2,977.1)$13,397.9 $(9.5)$13,388.4 
Net income (loss)— — — — — — 911.4 — — 911.4 1.2 912.6 
Other comprehensive income (loss), net of tax— — — — — 5.6 — — — 5.6 — 5.6 
Capital contribution from noncontrolling interest— — — — — — — — — — 4.2 4.2 
Issuance of common stock under stock option and stock purchase plans— — 0.2 — 38.7 — — — — 38.7 — 38.7 
Issuance of common stock under stock award plan— — 0.6 — (86.7)— — — — (86.7)— (86.7)
Compensation related to share-based payments— — — — 217.8 — — — — 217.8 — 217.8 
Other— — — — (0.9)— — — — (0.9)— (0.9)
Balance, September 30, 2023 $ 168.7 $0.1 $242.2 $(159.3)$17,377.9 (23.8)$(2,977.1)$14,483.8 $(4.1)$14,479.7 

See accompanying notes to these unaudited condensed consolidated financial statements.
13

BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1:
Summary of Significant Accounting Policies
References in these notes to "Biogen," the "company," "we," "us" and "our" refer to Biogen Inc. and its consolidated subsidiaries.
Business Overview
Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases worldwide. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer’s disease and launched the first approved treatment to target a genetic cause of ALS. Through our 2023 acquisition of Reata we market the first and only drug approved in the U.S. and the E.U. for the treatment of Friedreich's Ataxia in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions.
Our marketed products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of Friedreich's Ataxia; QALSODY for the treatment of ALS; and FUMADERM for the treatment of severe plaque psoriasis.
We also have collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Sage on the commercialization of ZURZUVAE for the treatment of PPD. We have certain business and financial rights with respect to RITUXAN for the treatment of non-Hodgkin's lymphoma, CLL and other conditions; RITUXAN HYCELA for the treatment of non-Hodgkin's lymphoma and CLL; GAZYVA for the treatment of CLL and follicular lymphoma; OCREVUS for the treatment of PPMS and RMS; LUNSUMIO for the treatment of relapsed or refractory follicular lymphoma; COLUMVI, a bispecific antibody for the treatment of non-Hodgkin's lymphoma; and have the option to add other potential anti-CD20 therapies, pursuant to our collaboration arrangements with Genentech, a wholly-owned member of the Roche Group.
On July 2, 2024, we completed the acquisition of HI-Bio. As a result of this transaction we acquired HI-Bio's lead asset, felzartamab, an anti-CD38 antibody currently being evaluated for three leading indications, AMR, PMN and IgAN. For additional information on our acquisition of HI-Bio, please read Note 2, Acquisitions, to these condensed consolidated financial statements.
We commercialize a portfolio of biosimilars of advanced biologics including BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS, in certain international markets, as well as TOFIDENCE, a tocilizumab biosimilar referencing ACTEMRA, in the U.S. and certain international markets. We also have commercialization rights related to OPUVIZ, an aflibercept biosimilar referencing EYLEA.
For additional information on our collaboration arrangements, please read Note 19, Collaborative and Other Relationships, to these unaudited condensed consolidated financial statements (condensed consolidated financial statements).
Basis of Presentation
In the opinion of management, our condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair statement of our financial statements for interim periods in accordance with U.S. GAAP. The information included in this quarterly report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and the accompanying notes included in our 2023 Form 10-K. Our accounting policies are described in the Notes to Consolidated Financial Statements in our 2023 Form 10-K and updated, as necessary, in this report. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from our audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.
We operate as one operating segment, focused on advancing our pipeline in neurology, specialized immunology and rare diseases.
14

BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, continued)
Consolidation
Our condensed consolidated financial statements reflect our financial statements, those of our wholly-owned subsidiaries and certain variable interest entities where we are the primary beneficiary. For consolidated entities where we own or are exposed to less than 100.0% of the economics, we record net income (loss) attributable to noncontrolling interests, net of tax in our condensed consolidated statements of income equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties. Intercompany balances and transactions are eliminated in consolidation.
In determining whether we are the primary beneficiary of a variable interest entity, we apply a qualitative approach that determines whether we have both (1) the power to direct the economically significant activities of the entity and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. We continuously assess whether we are the primary beneficiary of a variable interest entity as changes to existing relationships or future transactions may result in us consolidating or deconsolidating one or more of our collaborators or partners. In November 2023 we terminated the Neurimmune Agreement, which resulted in the deconsolidation of our variable interest entity, Neurimmune. For additional information on the deconsolidation of Neurimmune, please read Note 20, Investments in Variable Interest Entities, to these condensed consolidated financial statements.
Use of Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenue and expense and related disclosure of contingent assets and liabilities. On an ongoing basis we evaluate our estimates, judgments and assumptions. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenue and expense. Actual results may differ from these estimates.
Significant Accounting Policies
There have been no material changes to our significant accounting policies disclosed in Note 1, Summary of Significant Accounting Policies, to our audited consolidated financial statements included in our 2023 Form 10-K.
New Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that we adopt as of the specified effective date. Unless otherwise discussed below, we do not believe that the adoption of recently issued standards have had or may have a material impact on our condensed consolidated financial statements or disclosures.
Climate-Related Disclosures
In March 2024 the SEC issued a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This new rule will require large accelerated filers to disclose material climate-related risks that are reasonably likely to have a material impact on their business, results of operations or financial condition. The required information about climate-related risks will also include disclosure of material direct greenhouse gas emissions from operations owned or controlled (Scope 1) and/or material indirect greenhouse gas emissions from purchased energy consumed in owned or controlled operations (Scope 2). Additionally, the new rules will require disclosure within the notes to the financial statements of the effects of severe weather events and other natural conditions and information on any climate-related targets or goals, subject to certain materiality thresholds. The final rule, if adopted, includes a phased-in compliance period which will begin phasing in with our annual report for the year ending December 31, 2025.
In April 2024 the SEC voluntarily stayed implementation of the new climate-related disclosure requirements pending judicial review. Once the litigation is resolved, and if the rule remains in effect, the SEC will announce a new effective date. We are currently evaluating the potential impact that this new rule will have on our company's disclosures.
15

BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, continued)
Segment Reporting
In November 2023 the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. This standard requires disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss and the title and position of the entity's CODM. The amendments in this update also expand the interim segment disclosure requirements. All disclosure requirements under this standard are also required for public entities with a single reportable segment. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. While this accounting standard will increase disclosures, we do not expect the adoption of this standard to have a material impact on our consolidated financial position or results of operations.
Income Taxes
In December 2023 the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard establishes incremental disaggregation of income tax disclosures pertaining to the effective tax rate reconciliation and income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a prospective basis with the option to apply it retrospectively. While this accounting standard will increase disclosures, we do not expect the adoption of this standard to have a material impact on our consolidated financial position or results of operations.
Note 2:
Acquisitions
Human Immunology Biosciences
On July 2, 2024, we completed the acquisition of all of the issued and outstanding shares of HI-Bio, a privately-held clinical-stage biotechnology company focused on targeted therapies for patients with severe immune-mediated diseases. HI-Bio's lead asset, felzartamab, an anti-CD38 antibody, is currently being evaluated for three leading indications, Antibody-Mediated Rejection (AMR), Primary Membranous Nephropathy (PMN) and Immunoglobulin A Nephropathy (IgAN). Felzartamab has received Breakthrough Therapy Designation and ODD from the FDA for development in the treatment of PMN and AMR and has received ODD in the treatment of antibody-mediated rejection in kidney transplant recipients. The acquisition of HI-Bio is expected to augment our pipeline and build on our expertise in immunology.
Under the terms of this acquisition, we paid shareholders of HI-Bio approximately $1.15 billion at closing and may pay up to an additional $650.0 million in potential future development and regulatory milestone payments. The $1.15 billion paid includes approximately $74.5 million related to HI-Bio's outstanding, non-vested equity awards, inclusive of employer taxes, of which $56.4 million was recognized as share-based compensation payments to settle non-vested equity awards attributable to the post-acquisition service period and therefore not reflected as a component of total purchase price paid. Of the total $56.4 million, we recognized approximately $42.5 million as a charge to research and development expense with the remaining $13.9 million as a charge to selling, general and administrative expense within our condensed consolidated statements of income for the three and nine months ended September 30, 2024. These amounts were associated with the accelerated vesting of stock options and RSUs previously granted to HI-Bio employees and required no future services to vest.
Upon closing we also paid an additional $43.7 million related to working capital adjustments as of the transaction close date, which was included as a component of total purchase price paid.
We funded this acquisition through available cash on hand and accounted for this acquisition as a business combination using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, and recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date.
In addition to the lead program felzartamab, the HI-Bio pipeline acquired includes izastobart/HIB210, an anti-C5aR1 antibody currently in a Phase 1 trial, and the potential for continued development in a range of complement-mediated diseases.
16

BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, continued)
Purchase Price Consideration
Total consideration transferred for the acquisition of HI-Bio is summarized as follows:
(In millions)
As of July 2, 2024
Cash consideration paid to HI-Bio shareholders(1)
$1,137.3 
Contingent consideration485.1 
Total consideration$1,622.4 
(1) Represents total consideration paid to shareholders of HI-Bio of $1.15 billion, plus an additional $43.7 million related to working capital adjustments as of the transaction close date, less $56.4 million of cash paid for HI-Bio's outstanding, non-vested equity awards, inclusive of employer taxes, which were recognized as compensation attributable to the post-acquisition service period and therefore not reflected as a component of total consideration.
Contingent Consideration: We may make certain contingent payments to the former shareholders of HI-Bio upon the achievement of certain development and regulatory milestones. As of the acquisition date, the maximum aggregate amount payable for these potential milestones was $650.0 million. The acquisition-date fair value of these milestones was approximately $485.1 million and was estimated utilizing a probability-adjusted discounted cash flow calculation using an appropriate discount rate dependent on the nature and timing of the milestone payments, which ranged from 6.2% to 7.0%, and probabilities of technological and regulatory success ranging from 67.0% to near certain probability. Of the total contingent consideration, approximately $279.3 million related to milestones classified as short-term and reflected as a component of accrued expense and other with the remaining $205.8 million reflected as a component of other long-term liabilities within our condensed consolidated balance sheets. The short-term liability relates to the fourth patient dosed in a phase 3 clinical trial of felzartamab in a first and second indication, which would trigger milestone payments of $150.0 million each.
Subsequent changes in the fair value of the contingent consideration obligation will be recognized as (gain) loss on fair value remeasurement of contingent consideration within our condensed consolidated statements of income. This fair value measurement was based on significant inputs that are not observable in the market and thus represent Level 3 fair value measurements. For additional information related to the fair value of this obligation, please read Note 8, Fair Value Measurements, to these condensed consolidated financial statements.
Other Contractual Commitments: We acquired HI-Bio's pre-existing in-license commitments under third-party agreements, which include tiered royalties on potential future sales of felzartamab and izastobart/HIB210, ranging from high-single digit to mid-teen percentages, as well as potential future development, regulatory and commercial milestone payments related to felzartamab and izastobart/HIB210 of up to $130.0 million, $230.0 million and $640.0 million, respectively. Because the achievement of these milestones was not considered probable as of the transaction close date, such contingencies have not been recorded in our financial statements.
17

BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, continued)
Preliminary Purchase Price Allocation
The following table summarizes the preliminary purchase price allocation of the separately identifiable assets acquired and liabilities assumed as of July 2, 2024:
(In millions)
Estimated Fair Value
as of
July 2, 2024
Cash and cash equivalents$62.5 
Intangible assets:
IPR&D - felzartamab (IgAN)920.0 
IPR&D - felzartamab (AMR)
450.0 
IPR&D - felzartamab (PMN)265.0 
Other clinical programs7.9 
Prepaid expense and other assets1.0 
Operating lease assets1.2 
Accounts payable(1.1)
Accrued liabilities(35.0)
Deferred tax liability(304.4)
Operating lease liabilities(1.2)
Total identifiable net assets1,365.9 
Goodwill256.5 
Total assets acquired and liabilities assumed$1,622.4 
Intangible assets: Intangible assets comprised of $1.6 billion of IPR&D related to HI-Bio's lead asset felzartamab. This includes $920.0 million of IPR&D related to felzartamab indication for IgAN, $450.0 million of IPR&D related to felzartamab indication for AMR and $265.0 million of IPR&D related to felzartamab indication for PMN. The estimated fair values of the program related intangible assets were determined using a multi-period excess earnings method, a form of the income approach, utilizing cash flow analyses and a discount rate of 14.5%. These fair value measurements were based on significant inputs that are not observable in the market and thus represent Level 3 fair value measurements.
Goodwill: Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from the other assets acquired that could not be individually identified and separately recognized. We recognized goodwill of approximately $256.5 million, which is not deductible for tax purposes. The goodwill recognized from our acquisition of HI-Bio is primarily the result of the deferred tax consequences from the transaction recorded for financial statement purposes.
Acquisition-related expenses: Acquisition-related expense, primarily comprised of advisory and legal fees, and other transaction costs, totaled approximately $2.8 million and were recorded within selling, general and administrative expense within our condensed consolidated statements of income for the three and nine months ended September 30, 2024.
Assumptions in the Allocations of Purchase Price
The results of operations of HI-Bio, along with the estimated fair values of the assets acquired and liabilities assumed in the HI-Bio acquisition, have been included in our condensed consolidated financial statements since the closing of the HI-Bio acquisition on July 2, 2024.
Our preliminary estimate of the fair value of the specifically identifiable assets acquired and liabilities assumed as of the date of acquisition is subject to the finalization of management's analysis related to certain matters, such as finalizing our assessment of intangible assets, goodwill and income taxes, among other items. The final determination of these fair values will be completed as additional information becomes available but no later than one year from the acquisition date. The final determination may result in asset and liability fair values that are different than the preliminary estimates. There were no purchase price allocation adjustments during the third quarter of 2024.
18

BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, continued)
Subsequent to the acquisition date, our results of operations include the results of operations of HI-Bio. HI-Bio operations had an immaterial impact on our results of operations for the three and nine months ended September 30, 2024. Due to the immateriality of HI-Bio's historic revenue and expenses, additional pro forma information combining the results of operations of Biogen and HI-Bio have not been included.
Reata Pharmaceuticals, Inc.
On September 26, 2023, we completed the acquisition of all of the issued and outstanding shares of Reata, a biopharmaceutical company focused on developing therapeutics that regulate cellular metabolism and inflammation in serious neurologic diseases. As a result of this transaction we a