Core Insights - Biogen is stabilizing its business amidst a decline in its multiple sclerosis (MS) portfolio while developing new growth drivers and restructuring its cost structure, with 2026 anticipated as the beginning of a "transformational era" due to multiple late-stage programs generating key data [2] Cost Reset and Portfolio Discipline - The company has implemented significant operational changes, achieving $1 billion in gross cost savings and $800 million in net savings, alongside a 15% reduction in headcount to enhance agility [3] - Biogen has tightened its R&D portfolio discipline, resulting in a 26% reduction in R&D spending compared to three years ago, while maintaining 10 Phase III programs and five potential new products [4] New Medicines Offsetting MS Decline - Biogen has launched four new medicines targeting Alzheimer's disease, Friedreich's ataxia, postpartum depression, and ALS, which are now offsetting the decline in MS revenue, contributing approximately $1.9 billion with a growth rate of 53% [5] - The company is focusing on expanding Leqembi through blood-based diagnostics and subcutaneous dosing, with several key readouts approaching in 2026 [5]