R&D Day 2026 April 2, 2026 Bettering the Lives of People Impacted by Kidney Disease NASDAQ: AKBA 1 Cautionary note on forward-looking statements Statements in this presentation regarding Akebia Therapeutics, Inc.'s ("Akebia's") strategy, plans, prospects, expectations, beliefs, intentions and goals are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, and include, but are not limited to, statements regarding: Akebia's plans, strategies an ...

Biogen Business Update Call Summary Company and Industry Overview - **Company**: Biogen - **Acquisition Target**: Apellis Pharmaceuticals - **Industry**: Biotechnology, specifically focusing on immunology and rare diseases Key Points and Arguments Acquisition Rationale - Biogen is acquiring Apellis for approximately **$5.6 billion** in cash, with an additional contingent value tied to sales performance of Apellis' products [20][21] - The acquisition aligns with Biogen's strategy to expand beyond neuroscience into immunology and rare diseases, enhancing its growth portfolio [5][14] - Apellis' products, **Syfovre** and **Empaveli**, are seen as best-in-class therapies addressing significant unmet needs in immune-mediated retinal disease and rare hematology [14][15] Product Insights - **Syfovre**: First FDA-approved therapy for Geographic Atrophy, targeting a market of **1.5 million** diagnosed patients in the U.S., with less than **10%** currently treated [15][30] - **Empaveli**: Approved for PNH and two rare kidney diseases (C3G and ICMPGN), with significant growth potential as it is the only FDA-approved therapy for these conditions [16][17] - Biogen expects combined revenue growth from these products in the **mid- to high teens** percentage range over the next two years [21][22] Strategic Fit and Market Position - The acquisition is viewed as a strategic fit, enhancing Biogen's capabilities in nephrology and immunology, with a focus on leveraging Apellis' established commercial infrastructure [19][22] - Biogen aims to utilize Apellis' sales and marketing team to accelerate the launch of its own pipeline product, **felzartamab**, in kidney disease [19][22] Financial Considerations - The acquisition will be financed through cash on hand, revolver borrowings, and a bank term loan, with expected financing costs of **$120 million-$130 million** in 2026 and 2027 [20] - Biogen anticipates being able to repay the acquisition-related debt by the end of **2027**, maintaining strategic flexibility [20][23] - The deal is expected to be accretive starting in **2027**, significantly increasing Biogen's non-GAAP diluted EPS CAGR through the end of the decade [23] Competitive Landscape - Biogen acknowledges the competitive nature of the markets for both Syfovre and Empaveli, with ongoing investments from competitors like Astellas and Novartis [30][31] - Despite competition, Biogen believes Syfovre has a competitive advantage due to its best-in-class profile and the potential for increased patient engagement [30][31] Risks and Challenges - Potential risks include variability in patient activation and retention rates, particularly for Syfovre, where **50%** of patients may drop off treatment [45][66] - Long-term forecasts for both products are subject to uncertainties in epidemiology and market dynamics, particularly for IC-MPGN [66] Future Outlook - Biogen remains committed to its neuroscience portfolio while strategically expanding into immunology and rare diseases [81][84] - The company plans to update its full-year **2026** financial guidance in the upcoming earnings report [24] Additional Important Insights - The acquisition process involved extensive market research and due diligence, ensuring alignment with Biogen's strategic goals [25][70] - Biogen's leadership emphasizes the importance of patient education and engagement to improve treatment adherence and market penetration for both products [45][46] - The integration of Apellis' team is expected to enhance Biogen's capabilities in nephrology and support the launch of future products [19][90]