Core Insights - Biogen is undergoing a significant transformation as it faces declining revenues from its multiple sclerosis (MS) portfolio, which has been described as a "melting iceberg" [2] - The company has achieved $1 billion in gross cost savings and $800 million in net savings, focusing on redesigning its organizational structure to adapt to new market conditions [3] Company Strategy - The company is shifting its focus from MS to new therapeutic areas, including Alzheimer's and postpartum depression, indicating a strategic pivot to diversify its product offerings [3] - Managing the cost base is a critical component of the company's strategy to navigate the end of intellectual property lives for its existing products [2]