Our results of operations are summarized as follows:
For the Years Ended December 31,
2016
2015
2014
2013
2012
(In millions, except per share amounts)
(d) (e)
(d)
(f)
(g)
(h)
Results of Operations
Product revenues, net (a)
$
9,817.9
$
9,188.5
$
8,203.4
$
5,542.3
$
4,166.1
Revenues from anti-CD20 therapeutic programs
1,314.5
1,339.2
1,195.4
1,126.0
1,137.9
Other revenues
316.4
236.1
304.5
263.9
212.5
Total revenues
11,448.8
10,763.8
9,703.3
6,932.2
5,516.5
Total cost and expenses
6,298.4
5,872.8
5,747.7
4,441.6
3,707.4
Gain on sale of rights
—
—
16.8
24.9
46.8
Income from operations
5,150.4
4,891.0
3,972.4
2,515.5
1,855.9
Other income (expense), net
(217.4
)
(123.7
)
(25.8
)
(34.9
)
(0.7
)
Income before income tax expense and equity in loss of investee, net of tax
4,933.0
4,767.3
3,946.6
2,480.6
1,855.1
Income tax expense
1,237.3
1,161.6
989.9
601.0
470.6
Equity in loss of investee, net of tax
—
12.5
15.1
17.2
4.5
Net income
3,695.7
3,593.2
2,941.6
1,862.3
1,380.0
Net income (loss) attributable to noncontrolling interests, net of tax
(7.1
)
46.2
6.8
—
—
Net income attributable to Biogen Inc.
$
3,702.8
$
3,547.0
$
2,934.8
$
1,862.3
$
1,380.0
Diluted Earnings Per Share
Diluted earnings per share attributable to Biogen Inc.
$
16.93
$
15.34
$
12.37
$
7.81
$
5.76
Weighted-average shares used in calculating diluted earnings per share attributable to Biogen Inc.
218.8
231.2
237.2
238.3
239.7
Our financial condition is summarized as follows:
As of December 31,
2016
2015
2014
2013
2012
(In millions)
Financial Condition
Cash, cash equivalents and marketable securities
$
7,724.5
$
6,188.9
$
3,316.0
$
1,848.5
$
3,742.4
Total assets
$
22,876.8
$
19,504.8
$
14,314.7
$
11,863.3
$
10,130.1
Notes payable and other financing arrangements, less current portion (b)
$
6,512.7
$
6,521.5
$
580.3
$
592.4
$
687.4
Total Biogen Inc. shareholders’ equity (c)
$
12,140.1
$
9,372.8
$
10,809.0
$
8,620.2
$
6,961.5
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.
(a)
Product revenues, net reflect the impact of the following product launches:
•
Commercial sales of SPINRAZA began in the fourth quarter of 2016.
•
Under the terms of our collaboration agreement with AbbVie, we began to recognize revenues on sales of ZINBRYTA to third parties in the E.U. in the third quarter of 2016.
•
Under the terms of our commercial agreement with Samsung Bioepis, we began to recognize revenues on sales of BENEPALI and FLIXABI to third parties in the E.U. in the first quarter of 2016 and third quarter of 2016, respectively.
•
Commercial sales of ALPROLIX commenced in the second quarter of 2014 and commercial sales of ELOCTATE and PLEGRIDY commenced in the third quarter of 2014.
•
TECFIDERA began in April 2013.
(b)
Notes payable and other financing arrangements reflects the issuance of our senior unsecured notes for an aggregate principal amount of $6.0 billion in September 2015, and the 2013 repayment of our 6.0% notes that were issued in 2008 for an aggregate principal amount of $450.0 million.
(c)
Total Biogen Inc.'s shareholders' equity reflects the repurchase of approximately 32.8 million shares of our common stock at a cost of approximately $8.3 billion between 2012 and 2016:
•
During 2016 we repurchased and retired approximately 3.3 million shares of our common stock at a cost of $1.0 billion under our 2016 Share Repurchase Program.
•
During 2015 we repurchased and retired approximately 16.8 million shares of our common stock at a cost of $5.0 billion under our 2015 Share Repurchase Program.
•
During 2014, 2013 and 2012 we repurchased approximately 2.9 million, 2.0 million and 7.8 million shares, respectively of our common stock at a cost of approximately $2.3 billion under our 2011 Share Repurchase Program of which approximately 3.7 million of these shares were retired.
(d)
Total cost and expenses for the years ended December 31, 2016 and 2015, include restructuring charges of $33.1 million and $93.4 million, respectively. In addition, total cost and expenses for the year ended December 31, 2016, also include charges to cost of sales totaling $52.4 million of expenses incurred as a result of our determination to vacate and cease manufacturing in our small-scale biologics facility in Cambridge, MA as well as vacate our warehouse in Somerville, MA. Total cost and expenses for year ended December 31, 2016, also include $18.1 million of costs incurred directly related to our separation of our hemophilia business into an independent, publicly traded company.
(e)
Total cost and expenses for the year ended December 31, 2016, includes a pre-tax charge of $454.8 million related to the January 2017 settlement and license agreement with Forward Pharma A/S (Forward Pharma).
(f)
In June 2014 AIFA approved a resolution affirming that there is no reimbursement limit from and after February 2013. As a result, we recognized $53.5 million of TYSABRI revenues in the second quarter of 2014 related to the periods beginning February 2013 that were previously deferred.
(g)
Our share of revenues from anti-CD20 therapeutic programs reflects charges of $49.7 million in 2013 for damages and interest awarded to Hoechst in Genentech's arbitration with Hoechst for RITUXAN.
(h)
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 and $317.9 million during the years ended December 31, 2013 and 2012, respectively.
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