v3.26.3
Revenues
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues
Note 5:
Revenue
Product Revenue
Revenue by product is summarized as follows:
For the Three Months Ended September 30,
20262025
(In millions)United
States		Rest of
World		TotalUnited
States		Rest of
World		Total
Multiple Sclerosis:
TECFIDERA$31.2 $50.8 $82.0 $44.6 $123.6 $168.2 
VUMERITY166.7 25.3 192.0 189.6 25.0 214.6 
Total Fumarate197.9 76.1 274.0 234.2 148.6 382.8 
AVONEX110.0 46.6 156.6 133.4 55.1 188.5 
PLEGRIDY23.2 28.4 51.6 27.8 30.6 58.4 
Total Interferon133.2 75.0 208.2 161.2 85.7 246.9 
TYSABRI253.3 183.8 437.1 247.5 184.3 431.8 
Subtotal: Multiple Sclerosis584.4 334.9 919.3 642.9 418.6 1,061.5 
Rare Disease:
SPINRAZA246.4 214.2 460.6 153.2 220.8 374.0 
SKYCLARYS97.2 81.0 178.2 74.6 58.3 132.9 
QALSODY10.8 26.7 37.5 7.3 19.1 26.4 
Subtotal: Rare Disease354.4 321.9 676.3 235.1 298.2 533.3 
Specialized Immunology:
SYFOVRE(1)
191.3 — 191.3 — — — 
EMPAVELI(1)
51.5 — 51.5 — — — 
Subtotal: Specialized Immunology242.8 — 242.8 — — — 
Biosimilars:
BENEPALI— 117.3 117.3 — 121.9 121.9 
IMRALDI— 42.0 42.0 — 52.6 52.6 
FLIXABI— 6.4 6.4 — 15.3 15.3 
BYOOVIZ(2)
— 0.2 0.2 2.0 5.0 7.0 
Subtotal: Biosimilars— 165.9 165.9 2.0 194.8 196.8 
Other:
ZURZUVAE83.4 1.0 84.4 55.3 — 55.3 
Subtotal: Other83.4 1.0 84.4 55.3 — 55.3 
Total product revenue, net$1,265.0 $823.7 $2,088.7 $935.3 $911.6 $1,846.9 
(1) EMPAVELI and SYFOVRE were obtained as part of our acquisition of Apellis in May 2026
(2) In the fourth quarter of 2025 we completed the sale of our rights to BYOOVIZ
For the Nine Months Ended September 30,
20262025
(In millions)United
States		Rest of
World		TotalUnited
States		Rest of
World		Total
Multiple Sclerosis:
TECFIDERA$95.0 $187.4 $282.4 $131.6 $436.3 $567.9 
VUMERITY492.1 75.4 567.5 494.7 71.0 565.7 
Total Fumarate587.1 262.8 849.9 626.3 507.3 1,133.6 
AVONEX339.4 150.4 489.8 363.7 169.3 533.0 
PLEGRIDY72.7 98.3 171.0 80.2 106.7 186.9 
Total Interferon412.1 248.7 660.8 443.9 276.0 719.9 
TYSABRI765.6 563.8 1,329.4 720.5 547.4 1,267.9 
FAMPYRA(1)
— — — — 0.3 0.3 
Subtotal: Multiple Sclerosis1,764.8 1,075.3 2,840.1 1,790.7 1,331.0 3,121.7 
Rare Disease:
SPINRAZA592.9 643.6 1,236.5 456.9 733.7 1,190.6 
SKYCLARYS251.3 245.5 496.8 221.7 165.4 387.1 
QALSODY29.6 72.3 101.9 22.3 39.6 61.9 
Subtotal: Rare Disease873.8 961.4 1,835.2 700.9 938.7 1,639.6 
Specialized Immunology:
SYFOVRE(2)
288.7 — 288.7 — — — 
EMPAVELI(2)
81.9 — 81.9 — — — 
Subtotal: Specialized Immunology370.6 — 370.6 — — — 
Biosimilars:
BENEPALI— 346.2 346.2 — 345.3 345.3 
IMRALDI— 129.4 129.4 — 146.7 146.7 
FLIXABI— 25.0 25.0 — 42.7 42.7 
BYOOVIZ(3)
0.1 0.2 0.3 8.7 15.8 24.5 
TOFIDENCE(3)
— — — 0.1 — 0.1 
Subtotal: Biosimilars0.1 500.8 500.9 8.8 550.5 559.3 
Other:
ZURZUVAE209.4 1.2 210.6 129.4 — 129.4 
Other(4)
— — — 0.4 1.7 2.1 
Subtotal: Other209.4 1.2 210.6 129.8 1.7 131.5 
Total product revenue, net$3,218.7 $2,538.7 $5,757.4 $2,630.2 $2,821.9 $5,452.1 
(1) Effective January 1, 2025, our collaboration and license agreement for FAMPYRA global commercialization rights was terminated
(2) EMPAVELI and SYFOVRE were obtained as part of our acquisition of Apellis in May 2026
(3) In 2025 we completed the sale of our rights to TOFIDENCE and BYOOVIZ
(4) Other includes FUMADERM and ADUHELM
We recognized revenue from three wholesalers accounting for 30.3%, 16.9% and 11.5%, respectively, of gross product revenue for the three months ended September 30, 2026, and 29.2%, 16.1% and 10.4%, respectively, of gross product revenue for the nine months ended September 30, 2026.
We recognized revenue from two wholesalers accounting for 27.8% and 16.0%, respectively, of gross product revenue for the three months ended September 30, 2025, and 27.3% and 15.4%, respectively, of gross product revenue for the nine months ended September 30, 2025.
An analysis of the change in reserves for discounts and allowances is summarized as follows:
(In millions)DiscountsContractual
Adjustments		ReturnsTotal
Balance, December 31, 2025$115.7 $1,046.1 $49.0 $1,210.8 
Apellis acquisition13.3 32.3 6.4 52.0 
Current provisions relating to sales in current year665.8 2,091.1 23.0 2,779.9 
Adjustments relating to prior years(2.8)(82.5)16.3 (69.0)
Payments/credits relating to sales in current year(528.6)(1,358.8)0.1 (1,887.3)
Payments/credits relating to sales in prior years(132.7)(631.1)(32.0)(795.8)
Balance, September 30, 2026$130.7 $1,097.1 $62.8 $1,290.6 
The total reserves above, which are included in our condensed consolidated balance sheets, are summarized as follows:
(In millions)As of September 30, 2026As of December 31, 2025
Component of accrued expense and other$1,019.5 $1,000.4 
Reduction of accounts receivable271.1 210.4 
Total revenue-related reserves$1,290.6 $1,210.8 
Revenue from Anti-CD20 Therapeutic Programs
Revenue from anti-CD20 therapeutic programs is summarized in the table below. For the purposes of this footnote, we refer to RITUXAN and RITUXAN HYCELA collectively as RITUXAN.
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2026202520262025
Royalty revenue on sales of OCREVUS$369.9 $386.4 $1,068.5 $1,029.0 
Biogen’s share of pre-tax profits in the U.S. for RITUXAN, GAZYVA and LUNSUMIO118.3 101.0 338.7 292.4 
Other revenue from anti-CD20 therapeutic programs9.1 6.5 22.7 18.0 
Total revenue from anti-CD20 therapeutic programs$497.3 $493.9 $1,429.9 $1,339.4 
For additional information on our collaboration arrangements with Genentech, please read Note 19, Collaborative and Other Relationships, to these condensed consolidated financial statements.
Alzheimer's Collaboration Revenue
Alzheimer's collaboration revenue consists of our 50.0% share of LEQEMBI product revenue, net and cost of sales, including royalties, as we are not the principal. We began recognizing Alzheimer's collaboration revenue upon the accelerated approval of LEQEMBI in the U.S. during the first quarter of 2023.
For the three and nine months ended September 30, 2026, we recognized Alzheimer's collaboration revenue of approximately $68.4 million and $191.6 million, respectively, compared to $42.7 million and $130.6 million, respectively, in the prior year comparative periods.
For additional information on our collaboration arrangements with Eisai, please read Note 19, Collaborative and Other Relationships, to these condensed consolidated financial statements.
Contract Manufacturing, Royalty and Other Revenue
Contract manufacturing, royalty and other revenue is summarized as follows:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2026202520262025
Contract manufacturing revenue$135.9 $141.5 $605.5 $648.8 
Royalty and other revenue
13.8 9.7 33.5 40.3 
Total contract manufacturing, royalty and other revenue$149.7 $151.2 $639.0 $689.1 
Contract Manufacturing Revenue
Contract manufacturing revenue primarily reflects amounts earned under contract manufacturing agreements with our strategic customers and batches of LEQEMBI related to our collaboration with Eisai.
Royalty and Other Revenue
Royalty and other revenue primarily reflects royalty revenue on biosimilar products from our license arrangements with Samsung Bioepis and royalties we receive from net sales on products related to patents that we have out-licensed, including arrangements with Sobi that we inherited through our acquisition of Apellis.
For additional information on our arrangements with Samsung Bioepis, Eisai and Sobi, please read Note 19, Collaborative and Other Relationships, to these condensed consolidated financial statements.