v3.25.3
Share-based Payments
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Payments
Note 16:
Share-Based Payments
Share-based Compensation Expense
The following table summarizes share-based compensation expense included in our condensed consolidated statements of income:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2025202420252024
Research and development
$28.8 $69.8 $91.0 $124.5 
Selling, general and administrative49.6 61.3 149.6 150.9 
Subtotal78.4 131.1 240.6 275.4 
Capitalized share-based compensation costs (3.1)(2.4)(9.4)(8.0)
Share-based compensation expense included in total cost and expense75.3 128.7 231.2 267.4 
Income tax effect(14.4)(24.2)(45.3)(50.5)
Share-based compensation expense included in net income attributable to Biogen Inc.$60.9 $104.5 $185.9 $216.9 
In connection with our acquisition of HI-Bio in July 2024 we recognized HI-Bio equity-based compensation expense, inclusive of employer taxes, of approximately $56.4 million attributable to the post-acquisition service period, of which $42.5 million was recognized 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. For additional information on our acquisition of HI-Bio, please read Note 2, Acquisitions, to these condensed consolidated financial statements.
The following table summarizes share-based compensation expense associated with each of our share-based compensation programs:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2025202420252024
Time-vested restricted stock units$60.1 $59.1 $186.8 $174.7 
Performance stock units settled in stock15.5 13.0 44.1 35.2 
Employee stock purchase plan1.8 1.9 6.9 8.2 
Performance stock units settled in cash— (0.5)— (2.5)
Stock options1.0 1.0 2.8 2.8 
Market stock units— 0.2 — 0.6 
HI-Bio equity awards(1)
— 56.4 — 56.4 
Subtotal78.4 131.1 240.6 275.4 
Capitalized share-based compensation costs(3.1)(2.4)(9.4)(8.0)
Share-based compensation expense included in total cost and expense$75.3 $128.7 $231.2 $267.4 
(1) Relates to the HI-Bio equity-based compensation expense attributable to the post-acquisition service period, associated with the accelerated vesting of stock options and RSUs previously granted to HI-Bio employees and required no future services to vest. For additional information on our acquisition of HI-Bio, please read Note 2, Acquisitions, to these condensed consolidated financial statements.