Income before income tax expense and equity in loss of investee, net of tax
4,767.3
3,946.6
2,480.6
1,855.1
1,711.2
Income tax expense
1,161.6
989.9
601.0
470.6
444.5
Equity in loss of investee, net of tax
12.5
15.1
17.2
4.5
—
Net income
3,593.2
2,941.6
1,862.3
1,380.0
1,266.7
Net income (loss) attributable to noncontrolling interests, net of tax
46.2
6.8
—
—
32.3
Net income attributable to Biogen Inc.
$
3,547.0
$
2,934.8
$
1,862.3
$
1,380.0
$
1,234.4
Diluted Earnings Per Share
Diluted earnings per share attributable to Biogen Inc.
$
15.34
$
12.37
$
7.81
$
5.76
$
5.04
Weighted-average shares used in calculating diluted earnings per share attributable to Biogen Inc.
231.2
237.2
238.3
239.7
245.0
As of December 31,
2015
2014
2013
2012
2011
(In millions)
(5) (6)
Financial Condition
Cash, cash equivalents and marketable securities
$
6,188.9
$
3,316.0
$
1,848.5
$
3,742.4
$
3,107.4
Total assets
$
19,504.8
$
14,314.7
$
11,863.3
$
10,130.1
$
9,049.6
Notes payable, line of credit and other financing arrangements, less current portion
$
6,521.5
$
580.3
$
592.4
$
687.4
$
1,060.8
Total Biogen Inc. shareholders’ equity
$
9,372.8
$
10,809.0
$
8,620.2
$
6,961.5
$
6,425.5
In addition to the following notes, the financial data included within the tables above should be read in conjunction with our consolidated financial statements and related notes and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of this report and our previously filed Form 10-Ks.
(1)
Our share of revenues from unconsolidated joint business reflects charges of $50.0 million in 2011 and $49.7 million in 2013 for damages and interest awarded to Hoechst in Genentech's arbitration with Hoechst for RITUXAN.
(2)
Commencing in the second quarter of 2013, product and total revenues include 100% of net revenues related to sales of TYSABRI as a result of our acquisition of all remaining rights to TYSABRI from Elan Pharma International, Ltd (Elan), an affiliate of Elan Corporation, plc. Upon the closing, our collaboration agreement was terminated, and we no longer record collaboration profit sharing expense. We recognized collaboration profit sharing expense of $85.4 million, $317.9 million and $317.8 million during the years ended December 31, 2013, 2012 and 2011, respectively. In addition, product and total revenues includes net revenues related to sales of TECFIDERA.
(3)
Other revenues reflects a decrease in royalty revenues due to the December 2014 expiration of U.S. patent rights that gave rise to royalty payments related to ANGIOMAX.
(4)
Included in total cost and expenses is a restructuring charge of $93.4 million incurred in connection with our corporate restructuring announced on October 21, 2015, which included the termination of certain pipeline programs and an 11% reduction in workforce.
(5)
Notes payable, line of credit and other financing arrangements, less current portion reflects the issuance of our senior unsecured notes for an aggregate principal amount of $6.0 billion on September 15, 2015.
(6)
Biogen Inc.'s shareholders' equity reflects a reduction in additional paid in capital and retained earnings totaling $5.0 billion resulting from the repurchase and retirement of our common stock under our 2015 Share Repurchase Program.
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