Biogen Inc. (NASDAQ:BIIB) Q1 2022 Earnings Conference Call May 3, 2022 8:00 AM ET Company Participants Michael Hencke - Head of IR Michel Vounatsos - CEO Priya Singhal - Interim Head, Research and Development Mike McDonnell - CFO Conference Call Participants Matthew Harrison - Morgan Stanley Umer Raffat - Evercore Robyn Karnauskas - Truist Securities Salveen Richter - Goldman Sachs Michael Yee - Jefferies Cory Kasimov - JPMorgan Marc Goodman - SVB Brian Abrahams - RBC Capital Markets Geoff Meacham - Bank of ...

Biogen Inc. Conference Call Summary Company Overview - **Company**: Biogen Inc. (NASDAQ:BIIB) - **Event**: JPMorgan 40th Annual Healthcare Conference - **Date**: January 10, 2022 Key Points Industry Focus - **Alzheimer's Disease**: Biogen is focusing on Alzheimer's disease, which affects approximately 30 million patients globally and is the sixth leading cause of death in the U.S. [6] - **Depression**: The company is also targeting depression, which affects around 280 million people worldwide, presenting significant unmet medical needs [6] Core Products and Pipeline - **ADUHELM**: - Approved by the FDA, ADUHELM aims to impact the underlying biology of Alzheimer's disease, showing a reduction in amyloid plaques and neurofibrillary tangles [8] - The launch has been slower than expected due to community concerns regarding its profile, pricing, and market access [10] - A 50% price reduction was implemented to improve patient access and was positively received by payers and advocacy groups [13][40] - **Lecanemab**: - Another anti-amyloid therapy developed in collaboration with Eisai, expected to read out phase-3 study results in the second half of 2022 [15] - It has a similar mechanism to ADUHELM but does not require titration, potentially allowing for quicker patient access [14] - **BIIB080**: - An anti-sense oligonucleotide targeting tau, with a phase-2 study planned for mid-2022 [16] - **Zuranolone**: - A treatment for major depressive disorder (MDD) showing rapid symptom reduction, with regulatory filing anticipated in the first half of 2022 [17][18] - Also targeting postpartum depression (PPD), with data expected from the SKYLARK study in mid-2022 [19] Financial Performance and Strategy - **Revenue Generation**: - Biogen generated $7.1 billion in revenue from multiple sclerosis (MS) products over the last 12 months, despite competition from generics [27] - SPINRAZA for spinal muscular atrophy (SMA) generated $2 billion in revenue, with over 11,000 patients on therapy [29] - The biosimilars portfolio generated approximately $800 million in revenue [31] - **Cost Management**: - The company plans to implement cost reduction measures estimated to yield approximately $500 million in annualized savings [26] - **Growth Strategy**: - Biogen aims to diversify its portfolio across four pillars: neuroscience, immunology, biosimilars, and digital health [20] - The pipeline includes 31 clinical programs, with 10 in phase-3 or filed [24] Market Challenges and Opportunities - **ADUHELM's Market Access**: - The delayed uptake of ADUHELM is a near-term challenge, but the company is focused on establishing a leading franchise in Alzheimer's disease [34] - **Regulatory Environment**: - The company is awaiting the Medicare national coverage determination (NCD) for ADUHELM, with a draft proposal expected soon [40][46] Corporate Responsibility - Biogen emphasizes its commitment to corporate responsibility and sustainability, aiming for a more inclusive and sustainable future [33] Conclusion - Biogen is positioned for growth with a diversified pipeline and a focus on addressing significant unmet medical needs in Alzheimer's disease and depression. The company is actively managing challenges related to product launches and market access while maintaining a strong financial position.