Core Insights - Biogen Inc. reported quarterly earnings of $3.02 per share, missing the Zacks Consensus Estimate of $3.26 per share, and down from $3.67 per share a year ago, representing an earnings surprise of -7.36% [1] - The company posted revenues of $2.43 billion for the quarter, exceeding the Zacks Consensus Estimate by 8.91%, and up from $2.29 billion year-over-year [2] - Biogen shares have declined approximately 20.8% since the beginning of the year, compared to a decline of -5.3% for the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $4.10 on revenues of $2.33 billion, and for the current fiscal year, it is $15.63 on revenues of $9.17 billion [7] - The estimate revisions trend for Biogen is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Biogen belongs, is currently in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Another company in the same industry, Puma Biotech, is expected to report quarterly earnings of $0.02 per share, reflecting a year-over-year change of +140%, with revenues anticipated at $43.96 million, up 0.4% from the previous year [9][10]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $2.4 billion, up 6% year over year, aided by timing of SPINRAZA and corporate partner revenue shipments [44] - Non-GAAP diluted EPS for Q1 was $3.02, down 18%, impacted by a $165 million upfront payment related to the Stoke transaction [44] - Free cash flow generated in Q1 was $222 million, ending the quarter with $2.6 billion in cash [45][52] Business Line Data and Key Metrics Changes - Global product revenue from the MS franchise declined 11% year over year, primarily due to competition from biosimilars and generics [45] - VUMERITY saw increased demand, remaining the number one branded oral therapy [45] - SPINRAZA revenue grew by 4% year over year in the US, with a one-time VAT refund contributing to ex-US revenue [46][47] - Launch products generated approximately $200 million in revenue, increasing 22% quarter over quarter and more than doubling year over year [44][47] - Skyclaris revenue was $124 million, up 59% year over year and 21% quarter over quarter [17][48] Market Data and Key Metrics Changes - Skyclaris has been successful in Europe, with a significant number of patients identified and treated [19][22] - The approval of Lekembi in Europe is expected to enhance market penetration, especially in aging populations [66] - The company has seen a steady growth in patient numbers for Skyclaris, with approximately 2,400 patients on therapy globally [20] Company Strategy and Development Direction - The company is focusing on expanding its pipeline through external innovation and partnerships, particularly in rare diseases and immunology [8][24] - A major restructuring of research has been initiated to enhance collaboration and focus on preclinical partnerships [58] - The company aims to balance its pipeline between neurology and immunology, with a strong emphasis on addressing unmet needs in both areas [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline's potential to deliver sustainable long-term growth, with several key approvals and data readouts expected [35] - The company is monitoring the impact of tariffs but does not expect a material impact on its 2025 financial outlook [55][56] - Management highlighted the importance of early diagnosis and treatment in Alzheimer's disease, emphasizing the potential of blood-based diagnostics [78] Other Important Information - The company plans to disclose a schedule of expected charges for each quarter to improve transparency regarding R&D activities [50] - The company is on track to deliver significant savings under its Fit for Growth initiative, with expectations of $1 billion in gross savings [54] Q&A Session Summary Question: Can you talk about the rollout strategy for Lekembi in Europe? - Management indicated that the rollout will take time, as Lekembi is a first-in-class agent that adds to the healthcare budget rather than displacing existing products [66] Question: How can the subcutaneous formulation of Lekembi help accelerate sales in the US? - Management noted that the subcutaneous formulation simplifies administration for patients and physicians, potentially increasing long-term treatment adherence [72] Question: What are the latest thoughts on business development opportunities? - Management observed a shift in the market, with more companies seeking liquidity, which may create opportunities for acquisitions and collaborations [89]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $2.4 billion, up 6% year over year, aided by timing of SPINRAZA and corporate partner revenue shipments [44] - Non-GAAP diluted EPS for Q1 was $3.02, down 18%, impacted by a $165 million upfront payment related to the Stoke transaction [44][50] - Free cash flow generated in Q1 was $222 million, ending the quarter with $2.6 billion in cash [45][51] Business Line Data and Key Metrics Changes - The MS franchise saw a global product revenue decline of 11% year over year, primarily due to competition from biosimilars and generics [45] - VUMERITY showed increased demand, remaining the number one branded oral therapy [46] - SPINRAZA revenue grew by 4% year over year in the US, with a one-time VAT refund contributing to ex-US revenue [46][47] - Launch products generated approximately $200 million in revenue, increasing 22% quarter over quarter and more than doubling year over year [44][47] Market Data and Key Metrics Changes - Skyclaris had worldwide sales of $124 million, up 59% year over year and 21% quarter over quarter [18] - The company has treated approximately 2,400 patients globally with Skyclaris, now available in 26 markets [21] - The approval of Lekembi in Europe is expected to significantly impact market penetration, especially in an aging population [66] Company Strategy and Development Direction - The company is focusing on expanding its pipeline through external innovation and partnerships, particularly in rare diseases and immunology [10][24] - A major restructuring of research is underway to enhance collaboration and focus on preclinical opportunities [58] - The company aims to establish a strong presence in both neurology and immunology, balancing its therapeutic areas for future growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline, with multiple phase three studies and regulatory decisions expected in the near future [29][35] - The company does not anticipate a material impact from potential tariffs in 2025, citing a diversified revenue base and strong US manufacturing presence [55][56] - The management highlighted the importance of early diagnosis and treatment in Alzheimer's disease, emphasizing the potential of blood-based diagnostics [78][80] Other Important Information - The company is committed to achieving $1 billion in gross savings and $800 million in net savings under its Fit for Growth initiative [54] - The company plans to provide better transparency regarding R&D activities by breaking out acquired in-process R&D charges in financial reports [50] Q&A Session Summary Question: Can you talk about the rollout strategy for Lekembi in Europe? - Management indicated that the rollout will take time, as Lekembi is a first-in-class agent that adds to healthcare budgets rather than displacing existing products [64][66] Question: How can the subcutaneous formulation of Lekembi help accelerate sales in the US? - The subcutaneous formulation is expected to simplify administration for patients and physicians, potentially increasing long-term treatment adherence [71][75] Question: What are the thoughts on Lekembi's uptake and growth with the new diagnostic tools? - Management noted that early diagnosis is crucial for treatment efficacy, and blood-based diagnostics could facilitate earlier patient engagement [78][80] Question: How is the market differentiating between Lekembi and Lilly's Kusuma? - Management believes the market will split based on physician and patient preferences, emphasizing the need for education on the importance of continued treatment [82][86] Question: What are the latest thoughts on business development opportunities? - Management acknowledged a shift in the market, with increased pressure on healthcare investors leading to potential liquidity opportunities for Biogen [88]

[Performance Overview](index=1&type=section&id=Performance%20Overview) Biogen's Q1 2025 saw total revenue rise 6% to $2.4 billion, though diluted EPS declined due to a $165 million payment, with new products now comprising 45% of total product revenue Q1 2025 Financial Highlights | | Q1 '25 | Q1 '24 | △ | |---|---|---|---| | Total Revenue (in millions) | $2,431 | $2,290 | 6% | | GAAP diluted EPS | $1.64 | $2.70 | (39)% | | Non-GAAP diluted EPS | $3.02 | $3.67 | (18)% | - The decline in EPS includes a significant impact of approximately **($0.95) per share** from a **$165 million** upfront payment to Stoke Therapeutics for the zorevunersen collaboration[5](index=5&type=chunk)[7](index=7&type=chunk) - The company's commercial portfolio is transforming, with revenue from products outside the Multiple Sclerosis (MS) business now constituting approximately **45%** of total product revenue[4](index=4&type=chunk) - Biogen highlights its significant U.S. manufacturing presence, noting that roughly **75%** of its 2024 U.S. product revenues were from products with manufacturing operations in the U.S[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Q1 2025 financial performance saw revenue growth from rare disease and contract manufacturing, offsetting declines in MS and biosimilars, while increased acquired IPR&D expenses were managed by cost-saving initiatives, maintaining a solid cash position [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total revenue increased 6% to $2.43 billion, driven by strong growth in Rare Disease and Contract Manufacturing, partially offset by declines in MS and Biosimilars, with significant growth in Alzheimer's collaboration revenue Q1 2025 Revenue by Segment (in millions) | Segment | Q1 '25 | Q1 '24 | △ | |---|---|---|---| | Multiple sclerosis (MS) product revenue | $953 | $1,076 | (11)% | | Rare disease revenue | $563 | $424 | 33% | | Biosimilars revenue | $181 | $197 | (8)% | | Alzheimer's collaboration revenue | $33 | $3 | NMF | | Contract manufacturing, royalty and other revenue | $293 | $182 | 61% | | **Total revenue** | **$2,431** | **$2,290** | **6%** | [Expense Analysis](index=2&type=section&id=Expense%20Analysis) GAAP Cost of Sales increased to 26% of revenue, R&D expenses decreased by 3%, while Acquired IPR&D significantly rose to $201 million due to collaboration payments, and SG&A expenses remained flat Q1 2025 Expense Summary (GAAP, in millions) | Expense Category | Q1 '25 | Q1 '24 | △ | |---|---|---|---| | Cost of sales | $629 | $542 | (16)% | | R&D expense | $434 | $445 | 3% | | SG&A expense | $573 | $582 | 2% | | Acquired IPR&D, upfront and milestone expense | $201 | $8 | NMF | - The increase in Acquired IPR&D expense was driven by a **$165 million** upfront payment to Stoke for the zorevunersen collaboration and a **$35 million** milestone payment to MorphoSys AG for the felzartamab Phase 3 trial initiation[14](index=14&type=chunk) [Financial Position and Cash Flow](index=3&type=section&id=Financial%20Position%20and%20Cash%20Flow) As of March 31, 2025, Biogen reported a net debt of approximately $3.7 billion, with $2.6 billion in cash and $6.3 billion in total debt, generating $259 million in net cash flow from operations and $222 million in free cash flow Key Financial Position & Cash Flow Data (as of Q1 2025) | Metric | Value (in millions) | |---|---| | Cash and cash equivalents | $2,598 | | Total Debt | ~$6,300 | | Net Debt | ~$3,700 | | Net cash flow from operations | $259 | | Free cash flow | $222 | [Business and Pipeline Highlights](index=1&type=section&id=Business%20and%20Pipeline%20Highlights) Biogen reported strong commercial momentum for new products like LEQEMBI and SKYCLARYS, while strengthening its pipeline with new collaborations and advancing key candidates like BIIB080 which received FDA Fast Track designation - LEQEMBI global in-market sales reached approximately **$96 million**, with U.S. sales contributing **$52 million**[5](index=5&type=chunk) - Global SKYCLARYS revenue was approximately **$124 million**, showing continued demand growth[5](index=5&type=chunk) - The pipeline was expanded with an agreement for zorevunersen (Dravet syndrome) and initiation of a Phase 3 study for felzartamab (kidney transplant rejection)[5](index=5&type=chunk) - BIIB080, an investigational ASO therapy for Alzheimer's disease, received FDA Fast Track designation[5](index=5&type=chunk) - The Phase 2b LUMA study for BIIB122 (Parkinson's disease), in collaboration with Denali Therapeutics, is fully enrolled with a readout expected in 2026[27](index=27&type=chunk) [Full Year 2025 Financial Guidance](index=4&type=section&id=Full%20Year%202025%20Financial%20Guidance) Biogen updated its full-year 2025 Non-GAAP diluted EPS guidance to $14.50-$15.50, reflecting a negative impact from the Stoke payment partially offset by foreign exchange, while expecting a mid-single digit revenue decline and $800 million in 'Fit for Growth' savings Full Year 2025 Non-GAAP Diluted EPS Guidance Update | | Amount | |---|---| | Prior Guidance (February 2025) | $15.25 to $16.25 | | Approx. impact from Stoke upfront payment | ($0.95) | | Benefit mainly from foreign exchange | +$0.20 | | **Updated Guidance** | **$14.50 to $15.50** | - Full year 2025 total revenue is expected to decline by a **mid-single digit percentage** at constant currency versus 2024[5](index=5&type=chunk)[16](index=16&type=chunk) - The 'Fit for Growth' program is expected to generate approximately **$800 million** in net savings by the end of 2025, with combined Non-GAAP R&D and SG&A expenses projected to be **~$3.9 billion**[16](index=16&type=chunk) [Financial Statements (Tables)](index=8&type=section&id=Financial%20Statements%20%28Tables%29) This section provides detailed unaudited financial statements for Q1 2025, including the Condensed Consolidated Statement of Income, Balance Sheets, Product Revenue breakdown, and GAAP to Non-GAAP reconciliations for key metrics [Table 1: Condensed Consolidated Statement of Income](index=8&type=section&id=Table%201%3A%20Condensed%20Consolidated%20Statement%20of%20Income) This table presents the company's Q1 2025 revenues, costs, and expenses, resulting in a net income of $240.5 million and diluted EPS of $1.64, compared to $393.4 million and $2.70 respectively in Q1 2024 Q1 2025 vs Q1 2024 Statement of Income Highlights (in millions) | | For the Three Months Ended March 31, | |---|---|---| | | 2025 | 2024 | | Total revenue | $2,431.0 | $2,290.5 | | Total cost and expense | $2,119.8 | $1,825.7 | | Income before income tax | $311.2 | $464.8 | | Net income attributable to Biogen Inc. | $240.5 | $393.4 | | Diluted earnings per share | $1.64 | $2.70 | [Table 2: Condensed Consolidated Balance Sheets](index=9&type=section&id=Table%202%3A%20Condensed%20Consolidated%20Balance%20Sheets) This table illustrates the company's financial position as of March 31, 2025, showing total assets of $28.03 billion, with cash and cash equivalents at $2.60 billion and total liabilities at $11.05 billion Balance Sheet Highlights (in millions) | | As of March 31, 2025 | As of December 31, 2024 | |---|---|---| | Cash and cash equivalents | $2,598.3 | $2,375.0 | | Total current assets | $7,626.0 | $7,456.8 | | TOTAL ASSETS | $28,033.1 | $28,049.3 | | Total current liabilities | $5,297.4 | $5,528.8 | | TOTAL LIABILITIES AND EQUITY | $28,033.1 | $28,049.3 | [Table 3: Product Revenue Details](index=10&type=section&id=Table%203%3A%20Product%20Revenue%20Details) This table provides a detailed breakdown of product revenues by drug and region, highlighting declining TYSABRI sales, growing SPINRAZA sales, and strong uptake of new products like SKYCLARYS and ZURZUVAE Q1 2025 Key Product Revenue (in millions) | Product | Q1 2025 Total Revenue | Q1 2024 Total Revenue | |---|---|---| | TYSABRI | $381.5 | $431.3 | | SPINRAZA | $423.9 | $341.3 | | SKYCLARYS | $123.9 | $78.0 | | ZURZUVAE | $27.7 | $12.4 | [Table 4: GAAP to Non-GAAP Reconciliation](index=11&type=section&id=Table%204%3A%20GAAP%20to%20Non-GAAP%20Reconciliation) This table details adjustments reconciling GAAP to Non-GAAP measures for Q1 2025, including $101.3 million for amortization and $49.4 million for inventory fair value step-up, bridging GAAP diluted EPS of $1.64 to Non-GAAP diluted EPS of $3.02 Q1 2025 GAAP to Non-GAAP EPS Reconciliation | | Per Share Amount | |---|---| | Total diluted earnings per share, GAAP | $1.64 | | Adjustments to GAAP net income | $1.38 | | **Total diluted earnings per share, Non-GAAP** | **$3.02** | Q1 2025 Free Cash Flow Reconciliation (in millions) | | Amount | |---|---| | Net cash provided by operating activities | $259.3 | | Less: Purchases of property, plant and equipment | $37.1 | | **Free cash flow** | **$222.2** |

Core Viewpoint - Analysts forecast a decline in Biogen Inc.'s quarterly earnings and revenues, indicating potential challenges for the company in the upcoming earnings report [1]. Earnings and Revenue Estimates - Biogen is expected to report earnings of $3.32 per share, reflecting a year-over-year decline of 9.5% [1]. - Revenue is anticipated to be $2.23 billion, showing a decrease of 2.6% compared to the same quarter last year [1]. - Over the past 30 days, the consensus EPS estimate has been adjusted upward by 0.1%, indicating a slight positive reassessment by analysts [2]. Product-Specific Revenue Estimates - Revenue from Multiple Sclerosis (MS) product TYSABRI is estimated at $364.47 million, down 15.5% year-over-year [5]. - Revenue from Rare Disease product SPINRAZA is projected at $365.01 million, up 7% year-over-year [5]. - Total net revenue from products is expected to reach $1.66 billion, reflecting a decline of 3% from the previous year [6]. - Revenue from Anti-CD20 therapeutic programs is estimated at $411.57 million, indicating a growth of 4.5% year-over-year [6]. Regional Revenue Estimates - Revenue from MS product TYSABRI in the United States is forecasted at $191.97 million, down 10.2% year-over-year [9]. - Revenue from MS product Fumarate (TECFIDERA) in the United States is expected to be $31.40 million, reflecting a significant decline of 28.1% [9]. - Revenue from SPINRAZA in the United States is projected at $160.72 million, up 8.2% year-over-year [7]. - Revenue from MS product Interferon in the United States is expected to be $119.70 million, down 14.4% year-over-year [10]. Market Performance - Over the past month, Biogen shares have decreased by 9%, contrasting with the Zacks S&P 500 composite's slight decline of 0.2% [10]. - Biogen holds a Zacks Rank of 3 (Hold), suggesting that its performance may align with the overall market in the near term [10].

Financial Data and Key Metrics Changes - Total revenues increased by 4% and adjusted EBITDA rose by 5% for Q1 2025 compared to Q1 2024, after excluding the impact of dispositions completed since the beginning of 2024 [38] - FFO per share diluted as adjusted was $2.30 for Q1 2025, with collections remaining high at 99.9% [39][40] - Same property NOI decreased by 3.1% but increased by 5.1% on a cash basis for the quarter [42] Business Line Data and Key Metrics Changes - The company reported that 75% of annual rental revenue comes from collaborative mega campuses, with 89% of leasing activity in Q1 2025 originating from existing tenants [40] - The average lease term for completed leases was ten years, above the historical average [40] - The first quarter saw 1,030,553 square feet leased at a rental rate increase of 18.57.5% on a cash basis [31] Market Data and Key Metrics Changes - The life science industry continues to face a massive unmet medical need, with nine out of ten diseases lacking approved therapies [20] - U.S. headquartered companies account for 55% of global biopharmaceutical R&D investment [21] - The demand for innovation in the life science sector remains strong, with drug approvals moving forward [14] Company Strategy and Development Direction - The company aims to deepen relationships with strong tenants and capture future growth opportunities in the life science sector [27] - Alexandria is focusing on transforming its asset base into predominantly mega campuses to capture a greater share of future demand [35] - The company is strategically disposing of non-core assets to fund high-quality development and redevelopment projects [35] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macroeconomic environment, noting that the demand for life science innovation remains robust despite challenges [19][26] - The company is positioned to benefit from ongoing M&A activity in the life science industry and anticipates positive developments in FDA approvals [14][19] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to navigate challenging market conditions [49] Other Important Information - The company has a strong balance sheet with a corporate credit rating in the top 10% of all publicly traded U.S. REITs [48] - The average remaining debt term is 12.2 years, with low debt maturities over the next three years [49] - The company has completed $176 million in dispositions and has another $434 million subject to nonrefundable deposits or letters of intent [36] Q&A Session Summary Question: Is the new guidance a worst-case scenario regarding the biotech market? - Management clarified that the guidance reflects their best estimate based on current facts, not a worst-case or best-case scenario [54][55] Question: Is the current pace of leasing in private biotech sustainable for 2025? - Management indicated that venture funds have significant dry capital and are deploying it judiciously, suggesting sustainability in leasing activity [56][58] Question: What does "doing the right thing at the worst time" mean for Alexandria now? - Management emphasized the importance of aligning with innovative companies and continuing to develop mega campuses despite the current market sentiment [63][64] Question: What is the outlook for capitalized interest adjustments this year? - Management stated that the current estimate for capitalized interest is their best guess, with good visibility for the remainder of the year [66] Question: How is the capital markets environment affecting dispositions? - Management expressed confidence in the buyer pool for land and non-core assets, noting strong demand from residential developers and private equity [70][72]

Company Overview - Biogen Inc. (BIIB) is a profit-generating company that has experienced significant declines in earnings and share price over recent years, primarily due to decreasing revenue from its legacy Multiple Sclerosis treatments [1]. Investment Insights - The article emphasizes the importance of patient investing through both good and bad times, highlighting that wealth is created through the slow accumulation of high-quality assets [1]. - It suggests that mixing a steady investment approach with high-risk/high-reward opportunities and transformative technologies can enhance the investment experience [1].

The market expects Biogen Inc. (BIIB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 1, 2025, might help the stock move higher if these key numbers are better ...

Core Viewpoint - Biogen is expected to report first-quarter 2025 results on May 1, with sales and earnings estimates at $2.24 billion and $3.34 per share, respectively. The company faces challenges from declining sales of multiple sclerosis (MS) drugs, which may be offset by revenues from new drugs [1][2][5]. Sales Performance of MS Drugs - Sales of Biogen's MS drugs, including Tecfidera and Tysabri, are anticipated to decline due to increased competition and the introduction of generic versions in various markets [2][5]. - The Zacks Consensus Estimate for Tecfidera sales is $199.0 million, while the internal estimate is $185.7 million. For Tysabri, the estimates are $363.0 million and $348.6 million, respectively [3][4]. - Vumerity's sales rose in the fourth quarter due to higher demand, with estimates for the first quarter at $141.0 million (Zacks) and $139.8 million (internal) [4]. Impact of Biosimilars and Generics - The decline in MS revenues is expected to be more pronounced in 2025 due to the anticipated entry of biosimilars for Tysabri and generics for Tecfidera in certain European markets [5]. Other Drug Sales - Spinraza's sales improved in the fourth quarter, but demand may have decreased in the first quarter, with estimates at $364.0 million (Zacks) and $338.1 million (internal) [6]. - Sales of Skyclarys for Friedreich's ataxia are expected to rise year-over-year, with estimates at $110.0 million (Zacks) and $111.4 million (internal) [7]. - Zurzuvae's launch has exceeded expectations, with strong patient demand likely contributing to improved sales in the first quarter [8][9]. Alzheimer's Collaboration and Revenues - Revenues from contract manufacturing, royalties, and Alzheimer's collaboration are expected to rise, particularly from the drug Leqembi, which has shown strong sales growth in recent quarters [10][11]. - Leqembi's sales have improved sequentially, with strong growth noted in China and Japan, and it was recently approved in the European Union [11][12]. Overall Revenue Expectations - Overall revenues for the first quarter of 2025 are expected to be negatively impacted by seasonality, higher discounts, and channel dynamics in the U.S., along with foreign exchange headwinds [13]. Key Events - Biogen announced a collaboration with Stoke Therapeutics to develop zorevunersen for Dravet syndrome, with a pivotal study expected to begin in the first quarter of 2025 [14]. Earnings Surprise History - Biogen has consistently beaten earnings estimates in the past four quarters, with an average earnings surprise of 11.8%. However, the current model does not predict a beat for the upcoming quarter, with an Earnings ESP of -15.8% [15][16][17].

Group 1 - Royalty Pharma appointed Vlad Coric, M.D. to its Board of Directors, effective immediately [1][2] - Vlad Coric is the Chairman and CEO of Biohaven, a biopharmaceutical company with a focus on neuroscience, immunology, and oncology [1][2] - Coric's leadership at Biohaven included the FDA approval and launch of Nurtec ODT for migraine treatment and the filing of an NDA for zavegepant [2][3] - Under Coric's leadership, Biohaven grew significantly and was sold to Pfizer for approximately $13 billion in May 2022 [2] Group 2 - Coric has over 20 years of experience in drug discovery and clinical development, with expertise in various therapeutic areas [3] - His educational background includes a medical degree from Wake Forest University and a Bachelor of Science degree from the University of Connecticut [3] - Royalty Pharma is the largest buyer of biopharmaceutical royalties and funds innovation in the biopharmaceutical industry [4] - The company collaborates with a range of entities, from academic institutions to leading global pharmaceutical companies, and has a portfolio of royalties on over 35 commercial products [4]