United states securities and exchange commission

Table of Contents
56
For additional information on our collaboration 
arrangement with Eisai, please read Note 20, 
Collaborative and Other Relationships, to our 
consolidated financial statements included in this 
report.
Neurimmune Collaboration Agreement
In October 2017 we amended the terms of our 
collaboration and license agreement with 
Neurimmune. Under the amended agreement, we 
made a $150.0 million payment to Neurimmune, 
which is reflected as a charge to noncontrolling 
interests, in exchange for a 15% reduction in royalty 
rates payable on products developed under the 
agreement, including on potential commercial sales of 
aducanumab. Our royalty rates payable on products 
developed under the agreement, including on 
potential commercial sales of aducanumab, will now 
range from the high single digits to low-teens. 
Under the amended agreement, we also have an 
option that will expire in April 2018 to further reduce 
our royalty rates payable on products developed under 
the agreement, including on potential commercial 
sales of aducanumab, by an additional 5% in 
exchange for a $50.0 million payment to 
Neurimmune.
For additional information on our collaboration 
arrangement with Neurimmune, please read Note 19, 
Investments in Variable Interest Entities, to our 
consolidated financial statements included in this 
report.
BIIB098 License Agreement
In November 2017 we entered into an exclusive 
license and collaboration agreement with Alkermes for 
BIIB098 (formerly known as ALKS 8700), an oral MMF 
prodrug in Phase 3 development for the treatment of 
relapsing forms of MS. 
Under this agreement, we received an exclusive, 
worldwide license to develop and commercialize 
BIIB098 and will pay Alkermes a royalty on potential 
worldwide net sales of BIIB098. Beginning in 2018 we 
are responsible for all development expenses related 
to BIIB098. Alkermes will maintain responsibility for 
regulatory interactions with the FDA through the 
potential approval of the NDA for BIIB098 for the 
treatment of MS. 
For additional information on our collaboration 
arrangement with Alkermes, please read Note 20, 
Collaborative and Other Relationships, to our 
consolidated financial statements included in this 
report.
Ionis Collaboration Agreement
In December 2017 we entered into a new 
collaboration agreement with Ionis to identify new 
ASO drug candidates for the treatment of SMA. Under 
this agreement, we have the option to license 
therapies arising out of this collaboration and will be 
responsible for the development and 
commercialization of these therapies.
For additional information on our new 
collaboration arrangement with Ionis, please read 
Note 20, Collaborative and Other Relationships, to our 
consolidated financial statements included in this 
report.
Business Environment
The biopharmaceutical industry and the markets 
in which we operate are intensely competitive. Many 
of our competitors are working to develop or have 
commercialized products similar to those we market 
or are developing and have considerable experience in 
undertaking clinical trials and in obtaining regulatory 
approval to market pharmaceutical products. In 
addition, the commercialization of certain of our own 
approved MS products, products of our collaborators 
and pipeline product candidates may negatively 
impact future sales of our existing MS products. Our 
products may also face increased competitive 
pressures from the introduction of generic versions, 
prodrugs of existing therapies or biosimilars of 
existing products and other technologies. 
Sales of our products are dependent, in large 
part, on the availability and extent of coverage, pricing 
and reimbursement from government health 
administration authorities, private health insurers and 
other organizations. Drug prices are under significant 
scrutiny in the markets in which our products are 
prescribed. Drug pricing and other health care costs 
continue to be subject to intense political and societal 
pressures on a global basis. 
In addition, our sales and operations are subject 
to the risks of doing business internationally. For 
example, the effects of the implementation of the 
U.K.’s decision to voluntarily depart from the E.U., 
known as Brexit, remain unclear; compliance with any 
resulting regulatory mandates may prove challenging 
and the macroeconomic impact on our sales and 
consolidated results of operations from these 
developments remains unknown.
For additional information on our competition 
and pricing risks that could negatively impact our 
product sales, please read Item 1A. Risk Factors and 
Item 7A. Quantitative and Qualitative Disclosures About 
Market Risk included in this report.

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57
Results of Operations
Revenues
Revenues are summarized as follows:
 
For the Years Ended
December 31,
% Change
 
2017 
compared to 
2016
2016 
compared to 
2015
(In millions, except percentages)
2017
2016
2015
Product Revenues:
United States
$
7,017.1
$
7,050.4 $
6,545.8
(0.5)%
7.7 %
Rest of world
3,337.6
2,767.5
2,642.7
20.6 %
4.7 %
Total product revenues
10,354.7
9,817.9
9,188.5
5.5 %
6.8 %
Revenues from anti-CD20 therapeutic
programs
1,559.2
1,314.5
1,339.2
18.6 %
(1.8)%
Other revenues
360.0
316.4
236.1
13.8 %
34.0 %
Total revenues
$
12,273.9
$ 11,448.8 $
10,763.8
7.2 %
6.4 %
Product Revenues
Product revenues are summarized as follows:
 
For the Years Ended
December 31,
% Change
 
2017 
compared to 
2016
2016 
compared to 
2015
(In millions, except percentages)
2017
2016
2015
Multiple Sclerosis:
TECFIDERA
$
4,214.0
$
3,968.1 $
3,638.4
6.2 %
9.1 %
Interferon*
2,645.8
2,795.2
2,968.7
(5.3)%
(5.8)%
TYSABRI
1,973.1
1,963.8
1,886.1
0.5 %
4.1 %
FAMPYRA
91.6
84.9
89.7
7.9 %
(5.4)%
ZINBRYTA
52.7
7.8
—
**
**
Spinal Muscular Atrophy:
SPINRAZA
883.7
4.6
—
**
**
Hemophilia:
ELOCTATE
48.4
513.2
319.7
(90.6)%
60.5 %
ALPROLIX
26.0
333.7
234.5
(92.2)%
42.3 %
Other product revenues:
FUMADERM
39.6
45.9
51.4
(13.7)%
(10.7)%
BENEPALI
370.8
100.6
—
**
**
FLIXABI
9.0
0.1
—
**
**
Total product revenues
$
10,354.7
$
9,817.9 $
9,188.5
5.5 %
6.8 %
* Interferon includes AVONEX and PLEGRIDY.
** Percentage not meaningful.

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