Biogen FY Conference Summary Company Overview - **Company**: Biogen (NasdaqGS:BIIB) - **Event**: TD Cowen's 46th Annual Healthcare Conference - **Date**: March 02, 2026 Key Points Industry and Company Focus - Biogen is in a phase of rebuilding and expanding its portfolio, with a focus on late-stage pipeline development, currently having **10 Phase 3 programs** underway, with the first results expected this year [1][2] - The company has reduced R&D spending by **25%** over the past three years while increasing productivity [2] Revenue and Growth Outlook - Biogen anticipates a **mid-single digit percentage decline** in revenue for 2026, but is optimistic about returning to growth due to new product launches and a strong late-stage pipeline [4] - The company has launched four growth products in the last three years, including LEQEMBI and QALSODY, which have outpaced declines in the MS portfolio [4][5] Product Pipeline and Launches - Upcoming product launches include: - **Felzartamab** for lupus - **Salanersen**, a successor to SPINRAZA - **Zorevunersen** for Dravet syndrome - Positive results from these launches could significantly enhance growth [5] Business Development Strategy - Biogen is cautious with M&A, indicating that replacing **$1 billion** of after-tax profit would require **$15 billion-$20 billion**, which is beyond its current capacity [7] - The focus is on early-stage assets with promising Phase 3 results to complement the existing pipeline [8] LEQEMBI Launch Insights - The launch of LEQEMBI is described as complex, requiring significant adjustments in physician practices, including managing infusion beds and patient monitoring [10] - Reimbursement for LEQEMBI has not been a major issue, which has helped build physician confidence [10][11] - The introduction of blood-based diagnostics has improved patient triage and increased the eligible patient pool for treatment [12][13] Future Trials and Research - The **AHEAD 3-45 trial** is expected to provide critical insights into early Alzheimer's treatment, potentially preventing the onset of symptoms by targeting amyloid buildup [20][22] - The trial aims to determine the incidence of ARIA (Amyloid-related imaging abnormalities) and the long-term effects of early treatment [21][24] Other Product Developments - **SPINRAZA** is set for a milestone with a PDUFA for high-dose approval, which could shift competitive dynamics in the SMA field [28] - **Salanersen** is being developed to address intrathecal fatigue, with promising early results in children previously treated with gene therapy [32] Multiple Sclerosis Portfolio - Biogen expects a **mid-teens decline** in its MS franchise, primarily due to the aging product portfolio and competition from biosimilars [39] - The company is focusing on maintaining market share through patient support services and effective management of existing therapies [43][44] Conclusion - Biogen is strategically positioned to navigate challenges in the biotech landscape with a robust pipeline and a focus on innovative therapies, while also managing the complexities of product launches and market dynamics. The company is optimistic about future growth driven by new product introductions and ongoing clinical trials.

Company Overview - Mapi Pharma Ltd. is a late-stage clinical development biopharmaceutical company focused on innovative long-acting depot injectable treatments [1] - The company is developing Glatiramer Acetate Depot (GA Depot), a once-monthly injection for multiple sclerosis, currently in clinical studies for relapsing forms of MS and undergoing final review in Germany [3][10] Upcoming Event - Mapi Pharma will host a virtual key opinion leader (KOL) event on March 3, 2026, featuring discussions on unmet needs in multiple sclerosis treatment and Mapi's depot technology [1][2] - Presenters include Dr. Aaron Miller and Dr. Carlo S. Tornatore, who will address the treatment landscape for Primary Progressive Multiple Sclerosis (PPMS) and Relapsing Forms of Multiple Sclerosis (RMS) [2] Clinical Trial Results - The Phase IIa clinical trial of GA Depot for PPMS involved 30 patients, showing stable overall disability with mean EDSS scores improving from 5.1 to 4.5 over three years [7] - A disability progression-free rate of 96.6% was observed, with 89.7% of patients maintaining stable physical function on the 9-Hole Peg Test [8] - Treatment was well tolerated, with 81.6% of adverse events being mild, primarily injection site reactions [9] Product Pipeline and Market Strategy - Mapi Pharma is advancing its product pipeline, including GA Depot for RMS and PPMS, and is also developing depot long-acting injections for other medical indications [10] - The company has partnered with Viatris for the commercialization of GA Depot and is engaged in developing generic versions of other medications in specific markets [10]