Biogen Inc. (NASDAQ:BIIB) 41st Annual J.P. Morgan Healthcare Conference Call Summary Company Overview - **Company**: Biogen Inc. - **Date**: January 9, 2023 - **Participants**: Chris Viehbacher (CEO), Chris Schott (J.P. Morgan) Key Challenges and Opportunities - Biogen is at a crossroads with a new Alzheimer's launch and a large, high-risk pipeline while facing pressures from loss of exclusivity (LOE) in its base business [2][4] - The company aims to restore sustainable growth, focusing on two blockbuster products: lecanemab for Alzheimer's and zuranolone for mental health [4][5] - The existing multiple sclerosis (MS) franchise still has loyal customers, but cost management and investment efficiency are necessary [5][24] - Biogen has $5 billion less profit than in 2019, indicating a need for cost base evaluation [5][6] Strategic Focus - The company plans to redefine its identity beyond a neuroscience company, potentially expanding into immunology and rare diseases [11][12] - There is a focus on balancing high-risk, high-reward projects with a more disciplined approach to capital investment [12][25] - External growth opportunities will be explored, but the company will first ensure internal operations are optimized [19][22] Product Launches and Market Strategy - **Lecanemab**: A breakthrough Alzheimer's treatment with complex launch logistics, requiring significant healthcare infrastructure adjustments [28][29] - The company anticipates a patient base of around 100,000 after three years [30] - Full approval from CMS is expected, with reimbursement contingent on registry data [32] - **Zuranolone**: Seen as a significant undervalued opportunity, offering a unique treatment model for mental health [61][62] - The product's market potential is bolstered by the growing demand for mental health treatments [64] Financial and Operational Considerations - Biogen has cut approximately $1 billion in expenses but is open to further cost reductions [23] - The company is evaluating its cost structure and aims to improve return on investment across its product lines [25][24] - The CEO emphasizes the importance of a return-on-investment culture while maintaining the entrepreneurial spirit of the company [25] Competitive Landscape - The Alzheimer's market is viewed as a new frontier, with potential for multiple entrants to coexist and grow the market [50] - The MS franchise faces competition from generics and new entrants, necessitating a focus on profitability rather than growth [52][53] Future Growth Areas - **Lupus**: Identified as a significant growth opportunity, with ongoing studies showing promise [74] - **Immunology**: The company is considering expanding into neuroimmunology, leveraging its existing capabilities [72] - The CEO believes that successful launches of lecanemab and zuranolone will be pivotal for Biogen's future [78] Conclusion - Biogen is positioned to navigate its current challenges through strategic product launches, cost management, and potential market expansions. The focus will be on optimizing internal operations while exploring external growth opportunities, particularly in the Alzheimer's and mental health sectors. The company aims to balance its high-risk pipeline with a disciplined approach to investment and operational efficiency [76][78]

Biogen Inc. (NASDAQ:BIIB) Biogen and Sage Zuranolone Webcast December 6, 2022 8:00 AM ET Company Participants Helen Rubinstein - Director, Investor Relations, Sage Therapeutics Chris Benecchi - Chief Business Officer, Sage Therapeutics Maha Radhakrishnan - Group SVP and Chief Medical Officer, Biogen Greg Mattingly - Associate Clinical Professor, Washington University Alisha Alaimo - President of U.S. Organization, Biogen Mike Hencke - Head, Investor Relations, Biogen Jim Doherty - Chief Development Officer, ...

Biogen Inc. (NASDAQ:BIIB) 5th Annual Evercore ISI HealthCONx Conference Call December 1, 2022 10:30 AM ET Company Participants Mike McDonnell - Chief Financial Officer Priya Singhal - Head of Global Safety and Regulatory Sciences and Interim Head of R&D Conference Call Participants Umer Raffat - Evercore ISI Umer Raffat Hello, everyone. Pleasure to have Biogen management join us right after Merck and there’s a lot to talk about, but let me turn it over to you, Mike, to kick things off. Mike McDonnell Excell ...

Biogen Inc. (NASDAQ:BIIB) Q3 2022 Earnings Conference Call October 25, 2022 8:00 AM ET Company Participants Mike Hencke - Head, Investor Relations Michel Vounatsos - Chief Executive Officer Priya Singhal - Interim Head, Research & Development Michael McDonnell - Chief Financial Officer Conference Call Participants Umer Raffat - Evercore Brian Abrahams - RBC Capital Markets Salveen Richter - Goldman Sachs Tim Anderson - Wolfe Research Chris Raymond - Piper Sandler Matthew Harrison - Morgan Stanley Brian Skor ...

Biogen Inc. (NASDAQ:BIIB) Morgan Stanley 20th Annual Global Healthcare Conference Call September 12, 2022 9:55 AM ET Company Participants Michael McDonnell - Chief Financial Officer Priya Singhal - Head of Global Safety and Regulatory Sciences and Interim Head of R&D Conference Call Participants Matthew Harrison - Morgan Stanley & Co. LLC Matthew Harrison Great. Good morning, everybody. Thanks for joining us for the next session. I'm Matthew Harrison, one of the biotech analysts here at Morgan Stanley. Real ...

Biogen Inc. (NASDAQ:BIIB) Q2 2022 Earnings Conference Call July 20, 2022 8:00 AM ET Company Participants Michael Hencke - Head of IR Michel Vounatsos - CEO Priya Singhal - Interim Head, Research and Development Michael McDonnell - CFO Conference Call Participants Brian Abrahams - RBC Capital Markets Matthew Harrison - Morgan Stanley Colin Bristow - UBS Michael Yee - Jefferies Umer Raffat - Evercore ISI Marc Goodman - SVB Securities Salveen Richter - Goldman Sachs Robyn Karnauskas - Truist Securities Cory Ka ...