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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, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-19311
https://cdn.kscope.io/efc0e206e682a356b9185b601cd01f40-biib-20210930_g1.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 19, 2021, was 146,892,712 shares.


Table of Contents
BIOGEN INC.
FORM 10-Q — Quarterly Report
For the Quarterly Period Ended September 30, 2021
TABLE OF CONTENTS
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
PART II — OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.

2

Table of Contents
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 Act) with the intention of obtaining the benefits of the “Safe Harbor” provisions of the Act. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” "goal," “intend,” “may,” “plan,” “potential,” “possible,” “will,” “would” and 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 sales, pricing, growth 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 products;
patent terms, patent term extensions, patent office actions and expected availability and period of regulatory exclusivity;
our plans and investments in our core and emerging growth areas as well as implementation of our corporate strategy;
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;
the expectations, development plans and anticipated timelines, including costs and timing of potential clinical trials, 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 and other matters;
our ability to finance our operations and business initiatives and obtain funding for such activities;
adverse safety events involving our marketed products, generic or biosimilar versions of our marketed products or any other products from the same class as one of our products;
the direct and indirect impact of the COVID-19 pandemic on our business and operations, including sales, expenses, reserves and allowances, the supply chain, manufacturing, cyber-attacks or other privacy or data security incidents, research and development costs, clinical trials and employees;
the potential impact of healthcare reform in the United States (U.S.) 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 Solothurn manufacturing facility to begin manufacturing products or product candidates and for the gene therapy manufacturing facility in Research Triangle Park, 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.
3

Table of Contents
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. You should not place undue reliance on these statements. Forward-looking statements speak only as of the date of this report. 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.
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
AVONEX®, PLEGRIDY®, RITUXAN®, RITUXAN HYCELA®, SPINRAZA®, TECFIDERA®, TYSABRI® and VUMERITY® are registered trademarks of Biogen.
ADUHELM™, BENEPALI™, BYOOVIZ™, FLIXABI™, FUMADERM™ and IMRALDI™ are trademarks of Biogen.
ENBREL®, EYLEA®, FAMPYRATM, GAZYVA®, HUMIRA®, LUCENTIS®, OCREVUS®, REMICADE® and other trademarks referenced in this report are the property of their respective owners.
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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,
 2021202020212020
Revenue:
Product, net$2,205.7 $2,690.3 $6,653.4 $8,390.6 
Revenue from anti-CD20 therapeutic programs415.4 560.1 1,244.4 1,558.8 
Other157.8 125.7 350.1 642.6 
Total revenue2,778.9 3,376.1 8,247.9 10,592.0 
Cost and expense:
Cost of sales, excluding amortization and impairment of acquired intangible assets511.8 449.1 1,449.6 1,314.6 
Research and development702.4 1,140.9 1,801.7 2,264.8 
Selling, general and administrative654.1 573.1 1,886.4 1,698.3 
Amortization and impairment of acquired intangible assets111.0 82.6 813.2 215.6 
Collaboration profit sharing21.2 73.0 74.5 166.5 
(Gain) loss on fair value remeasurement of contingent consideration(15.6)(29.0)(49.1)(23.5)
Acquired in-process research and development  18.0 75.0 
Total cost and expense1,984.9 2,289.7 5,994.3 5,711.3 
Income from operations794.0 1,086.4 2,253.6 4,880.7 
Other income (expense), net(502.9)(128.6)(913.4)(186.1)
Income before income tax expense and equity in loss of investee, net of tax291.1 957.8 1,340.2 4,694.6 
Income tax (benefit) expense(25.9)240.8 (390.7)979.0 
Equity in (income) loss of investee, net of tax(1.1)13.1 (17.2)12.7 
Net income318.1 703.9 1,748.1 3,702.9 
Net income (loss) attributable to noncontrolling interests, net of tax(11.1)2.4 560.2 60.2 
Net income attributable to Biogen Inc.$329.2 $701.5 $1,187.9 $3,642.7 
Net income per share:
Basic earnings per share attributable to Biogen Inc.$2.22 $4.47 $7.93 $22.29 
Diluted earnings per share attributable to Biogen Inc.$2.22 $4.46 $7.90 $22.25 
Weighted-average shares used in calculating:
Basic earnings per share attributable to Biogen Inc.148.0 156.9 149.9 163.4 
Diluted earnings per share attributable to Biogen Inc.148.6 157.2 150.3 163.7 





See accompanying notes to these unaudited condensed consolidated financial statements.
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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,
 2021202020212020
Net income attributable to Biogen Inc.$329.2 $701.5 $1,187.9 $3,642.7 
Other comprehensive income:
Unrealized gains (losses) on securities available for sale, net of tax
0.1 0.1 (1.4)1.0 
Unrealized gains (losses) on cash flow hedges, net of tax
66.2 (83.7)205.0 (101.1)
Gains (losses) on net investment hedges
15.1 (11.3)35.2 5.5 
Unrealized gains (losses) on pension benefit obligation, net of tax
1.5 (0.5)3.9 0.4 
Currency translation adjustment
(47.7)50.9 (80.3)3.9 
Total other comprehensive income (loss), net of tax35.2 (44.5)162.4 (90.3)
Comprehensive income attributable to Biogen Inc.364.4 657.0 1,350.3 3,552.4 
Comprehensive income (loss) attributable to noncontrolling interests, net of tax(11.1)1.5 560.8 61.1 
Comprehensive income$353.3 $658.5 $1,911.1 $3,613.5 































See accompanying notes to these unaudited condensed consolidated financial statements.
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BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions, except per share amounts)
 
As of September 30, 2021As of December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$1,541.8 $1,331.2 
Marketable securities1,413.3 1,278.9 
Accounts receivable, net1,723.0 1,913.8 
Due from anti-CD20 therapeutic programs400.0 413.5 
Inventory1,347.9 1,068.6 
Other current assets736.3 881.1 
Total current assets7,162.3 6,887.1 
Marketable securities968.3 772.1 
Property, plant and equipment, net3,410.7 3,411.5 
Operating lease assets389.1 433.3 
Intangible assets, net2,286.8 3,084.3 
Goodwill5,760.5 5,762.1 
Deferred tax asset1,810.4 1,369.5 
Investments and other assets2,018.6 2,899.0 
Total assets$23,806.7 $24,618.9 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of notes payable$998.8 $ 
Taxes payable$234.2 $142.0 
Accounts payable427.9 454.9 
Accrued expense and other2,550.7 3,145.3 
Total current liabilities4,211.6 3,742.2 
Notes payable6,272.3 7,426.2 
Deferred tax liability774.7 1,032.8 
Long-term operating lease liabilities348.2 402.0 
Other long-term liabilities1,318.2 1,329.6 
Total liabilities12,925.0 13,932.8 
Commitments and contingencies
Equity:
Biogen Inc. shareholders’ equity:
Preferred stock, par value $0.001 per share  
Common stock, par value $0.0005 per share0.1 0.1 
Additional paid-in capital  
Accumulated other comprehensive loss(136.6)(299.0)
Retained earnings13,543.5 13,976.3 
Treasury stock, at cost(2,977.1)(2,977.1)
Total Biogen Inc. shareholders’ equity10,429.9 10,700.3 
Noncontrolling interests451.8 (14.2)
Total equity10,881.7 10,686.1 
Total liabilities and equity$23,806.7 $24,618.9 
See accompanying notes to these unaudited condensed consolidated financial statements.
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BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited, in millions)
 For the Nine Months Ended September 30,
 20212020
Cash flow from operating activities:
Net income$1,748.1 $3,702.9 
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization353.0 347.5 
Impairment of intangible assets629.3 19.3 
Acquired in-process research and development18.0 75.0 
Share-based compensation179.8 149.3 
Contingent consideration(49.1)(23.5)
Deferred income taxes(750.1)211.9 
(Gain) loss on strategic investments710.5 41.8 
(Gain) loss on equity method investment(17.2)14.7 
Other201.0 110.1 
Changes in operating assets and liabilities, net:
Accounts receivable157.8 (135.7)
Due from anti-CD20 therapeutic programs13.5 63.0 
Inventory(322.6)(270.6)
Accrued expense and other current liabilities(243.3)372.9 
Income tax assets and liabilities260.5 15.3 
Other changes in operating assets and liabilities, net(87.6)(97.0)
Net cash flow provided by operating activities2,801.6 4,596.9 
Cash flow from investing activities:
Purchases of property, plant and equipment(206.5)(338.8)
Proceeds from sales and maturities of marketable securities2,028.1 5,240.7 
Purchases of marketable securities(2,372.6)(4,649.1)
Purchase of Sangamo Therapeutics, Inc. stock (141.8)
Purchase of Denali Therapeutics Inc. stock (423.7)
Proceeds from divestiture of Hillerød, Denmark manufacturing operations28.1  
Acquired in-process research and development(18.0)(75.0)
Acquisitions of intangible assets(1.9)(37.0)
Proceeds from sales of strategic investments91.2 0.5 
Other0.6 (18.0)
Net cash flow used in investing activities(451.0)(442.2)
Cash flow from financing activities:
Purchases of treasury stock(1,800.0)(6,279.1)
Payments related to issuance of stock for share-based compensation arrangements, net(8.3)(11.8)
Repayment of borrowings and premiums paid on debt exchange(170.0) 
Proceeds from borrowings 2,967.3 
Repayment of borrowings (1,500.0)
Cash proceeds from settlement of swap  
Net distribution to noncontrolling interest(94.8)(70.9)
Other(22.9)22.9 
Net cash flow used in financing activities(2,096.0)(4,871.6)
Net increase (decrease) in cash and cash equivalents254.6 (716.9)
Effect of exchange rate changes on cash and cash equivalents(44.0)28.0 
Cash and cash equivalents, beginning of the period1,331.2 2,913.7 
Cash and cash equivalents, end of the period$1,541.8 $2,224.8 


See accompanying notes to these unaudited condensed consolidated financial statements.
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BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in millions)

 Preferred stockCommon stockAdditional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained
earnings
Treasury stockTotal
Biogen Inc.
shareholders’
equity
Noncontrolling
interests
Total
equity
 SharesAmountSharesAmountSharesAmount
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 
Net income— — — — — — 329.2 — — 329.2 (11.1)318.1 
Other comprehensive income (loss), net of tax— — — — — 35.2 — — — 35.2 — 35.2 
Capital contribution by noncontrolling interest— — — — — — — — — — —  
Distribution to noncontrolling interest— — — — — — — — — — —  
Repurchase of common stock pursuant to the 2020 Share Repurchase Program, at cost— — — — — — — (2.2)(750.0)(750.0)— (750.0)
Retirement of common stock pursuant to the 2020 Share Repurchase Program, at cost— — (2.2)— (68.6)— (681.4)2.2 750.0 — —  
Issuance of common stock under stock option and stock purchase plans— — — — 11.0 — — — — 11.0 — 11.0 
Issuance of common stock under stock award plan— — — — — — (5.0)— — (5.0)— (5.0)
Compensation related to share-based payments— — — — 57.6 — — — — 57.6 — 57.6 
Other— — — — — — — — — — —  
Balance, September 30, 2021 $ 170.7 $0.1 $ $(136.6)$13,543.5 (23.8)$(2,977.1)$10,429.9 $451.8 $10,881.7 










See accompanying notes to these unaudited condensed consolidated financial statements.


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

 Preferred stockCommon stockAdditional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained
earnings
Treasury stockTotal
Biogen Inc.
shareholders’
equity
Noncontrolling
interests
Total
equity
 SharesAmountSharesAmountSharesAmount
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— — — — — — 1,187.9 — — 1,187.9 560.2 1,748.1 
Other comprehensive income (loss), net of tax— — — — — 162.4 — — — 162.4 0.6 163.0 
Capital contribution by noncontrolling interest— — — — — — — — — — 5.2 5.2 
Distribution to noncontrolling interest— — — — — — — — — — (100.0)(100.0)
Repurchase of common stock pursuant to the 2020 Share Repurchase Program, at cost— — — — — — — (6.0)(1,800.0)(1,800.0)— (1,800.0)
Retirement of common stock pursuant to the 2020 Share Repurchase Program, at cost— — (6.0)— (231.9)— (1,568.1)6.0 1,800.0 — —  
Issuance of common stock under stock option and stock purchase plans— — 0.2 — 44.3 — — — — 44.3 — 44.3 
Issuance of common stock under stock award plan— — 0.3 — — — (52.6)— — (52.6)— (52.6)
Compensation related to share-based payments— — — — 186.1 — — — — 186.1 — 186.1 
Other— — — — 1.5 — — — — 1.5 — 1.5 
Balance, September 30, 2021 $ 170.7 $0.1 $ $(136.6)$13,543.5 (23.8)$(2,977.1)$10,429.9 $451.8 $10,881.7 










See accompanying notes to these unaudited condensed consolidated financial statements.
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BIOGEN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - (Continued)
(unaudited, in millions)

 Preferred stockCommon stockAdditional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained
earnings
Treasury stockTotal
Biogen Inc.
shareholders’
equity
Noncontrolling
interests
Total
equity
SharesAmountSharesAmountSharesAmount
Balance, June 30, 2020 $ 182.1 $0.1 $ $(181.0)$14,466.7 (23.8)$(2,977.1)$11,308.7 $(19.5)$11,289.2 
Net income— — — — — — 701.5 — — 701.5 2.4 703.9 
Other comprehensive income (loss), net of tax— — — — — (44.5)— — — (44.5)(0.9)(45.4)
Capital contribution by noncontrolling interest— — —