United states securities and exchange commission

Table of Contents
49
Stock Performance Graph
The graph below compares the five-year cumulative total stockholder return on our common stock, the S&P 
500 Index, the Nasdaq Pharmaceutical Index and the Nasdaq Biotechnology Index assuming the investment of 
$100.00 on December 31, 2012 with dividends being reinvested. The stock price performance in the graph below is 
not necessarily indicative of future price performance. The table below reflects the stock prices as adjusted for the 
spin-off of our hemophilia business, which was effected on February 1, 2017. For additional information on the spin-
off of our hemophilia business, please read Note 3, Hemophilia Spin-Off, to our consolidated financial statements 
included in this report.
2012
2013
2014
2015
2016
2017
Biogen Inc.
100.00
191.00
231.91
209.30
193.74
235.96
Nasdaq Pharmaceutical
100.00
135.68
165.29
174.27
172.37
205.33
S&P 500 Index
100.00
132.39
150.51
152.59
170.84
208.14
Nasdaq Biotechnology
100.00
166.02
223.13
249.39
196.15
238.64

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Table of Contents
50
Item 6.  
Selected Financial Data
BIOGEN INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
Our results of operations are summarized as follows:
 
For the Years Ended December 31,
 
2017
2016
2015
2014
2013
(In millions, except per share amounts)
(a) (b) (c) (d) (e)
(c) (e)
(e) (f)
(g)
Results of Operations (1)
Product revenues, net (2)
$ 10,354.7
$
9,817.9 $
9,188.5 $
8,203.4 $
5,542.3
Revenues from anti-CD20 therapeutic
programs
1,559.2
1,314.5
1,339.2
1,195.4
1,126.0
Other revenues
360.0
316.4
236.1
304.5
263.9
Total revenues
12,273.9
11,448.8
10,763.8
9,703.3
6,932.2
Total cost and expenses
6,929.7
6,298.4
5,872.8
5,747.7
4,441.6
Gain on sale of rights
—
—
—
16.8
24.9
Income from operations
5,344.2
5,150.4
4,891.0
3,972.4
2,515.5
Other income (expense), net
(215.4)
(217.4)
(123.7)
(25.8)
(34.9)
Income before income tax expense and
equity in loss of investee, net of tax
5,128.8
4,933.0
4,767.3
3,946.6
2,480.6
Income tax expense
2,458.7
1,237.3
1,161.6
989.9
601.0
Equity in loss of investee, net of tax
—
—
12.5
15.1
17.2
Net income
2,670.1
3,695.7
3,593.2
2,941.6
1,862.3
Net income (loss) attributable to
noncontrolling interests, net of tax
131.0
(7.1)
46.2
6.8
—
Net income attributable to Biogen Inc.
$
2,539.1
$
3,702.8 $
3,547.0 $
2,934.8 $
1,862.3
Diluted Earnings Per Share
Diluted earnings per share attributable to
Biogen Inc.
$
11.92
$
16.93 $
15.34 $
12.37 $
7.81
Weighted-average shares used in
calculating diluted earnings per share
attributable to Biogen Inc.
213.0
218.8
231.2
237.2
238.3
Our financial condition is summarized as follows:
As of December 31,
2017
2016
2015
2014
2013
(In millions)
Financial Condition (1)
Cash, cash equivalents and marketable
securities
$
6,746.3
$
7,724.5 $
6,188.9 $
3,316.0 $
1,848.5
Total assets
$ 23,652.6
$ 22,876.8 $ 19,504.8 $ 14,314.7 $ 11,863.3
Notes payable and other financing 
arrangements, less current portion (3)
$
5,935.0
$
6,512.7 $
6,521.5 $
580.3 $
592.4
Total Biogen Inc. shareholders’ equity (4)
$ 12,612.8
$ 12,140.1 $
9,372.8 $ 10,809.0 $
8,620.2
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 Item 7. Management’s Discussion and 
Analysis of Financial Condition and Results of Operations included in this report and our previously filed Annual 
Reports on Form 10-K.

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(1)  On February 1, 2017, we completed the spin-off of our hemophilia business, Bioverativ, as an independent, 
publicly traded company. Our consolidated results of operations and financial position reflect the financial 
results of our hemophilia business for all periods through January 31, 2017. For additional information on the 
spin-off of our hemophilia business, please read Note 3, Hemophilia Spin-Off, to our consolidated financial 
statements included in this report.
(2)  Product revenues, net reflect the impact of the following product launches:
•  Commercial sales of SPINRAZA in the U.S. began in the fourth quarter of 2016 and in rest of world 
markets in the first quarter of 2017.
•  Under 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 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. 
•  Commercial sales of TECFIDERA began in April 2013.  
(3)  Notes payable and other financing arrangements reflects:
•  Our 2017 repayment of our 6.875% notes that were issued in 2008 with an aggregate principal amount 
of $550.0 million, and 
•  The issuance of our senior unsecured notes for an aggregate principal amount of $6.0 billion in 
September 2015.
(4)  Total Biogen Inc. shareholders' equity reflects the repurchase of approximately 29.9 million shares of our 
common stock at a cost of approximately $8.7 billion between 2013 and 2017:
•  During 2017 we repurchased and retired approximately 3.7 million shares of our common stock at a cost 
of $1.0 billion under our 2016 Share Repurchase Program.
•  During 2017 we repurchased approximately 1.2 million shares of our common stock at a cost of $365.4 
million under our 2011 Share Repurchase Program. 
•  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 a program authorized by our Board of Directors in May 2015 for the repurchase 
of up to $5.0 billion of our common stock (2015 Share Repurchase Program).
•  During 2014 and 2013 we repurchased approximately 2.9 million and 2.0 million shares, respectively, of 
our common stock at a cost of approximately $1.3 billion under our 2011 Share Repurchase Program.
(a)  Total cost and expenses for the year ended December 31, 2017, includes a pre-tax charge to acquired in-
process research and development of $120.0 million for an upfront payment made to Remedy upon closing of 
our asset purchase transaction for BIIB093.
(b)  Net income (loss) attributable to noncontrolling interests, net of tax for the year ended December 31, 2017, 
includes a pre-tax charge of $150.0 million for a payment to Neurimmune in exchange for a 15% reduction in 
royalty rates payable on products developed under the agreement, including on potential commercial sales of 
aducanumab.
(c)  Total cost and expenses for the year ended December 31, 2016, includes a pre-tax charge of $454.8 million 
related to our January 2017 settlement and license agreement with Forward Pharma.
Total cost and expenses for the year ended December 31, 2017, includes $444.2 million of amortization and 
impairment charges related to our U.S. and rest of world licenses to Forward Pharma’s intellectual property, 
including Forward Pharma's intellectual property related to TECFIDERA. For additional information on our 

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