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.

Core Insights - Biogen Inc. reported better-than-expected fourth-quarter earnings with adjusted EPS of $1.99, surpassing the consensus of $1.59, and revenues of $2.28 billion, exceeding the consensus of $2.20 billion, although down 7% year-over-year on both reported and constant currency basis [1][3] Financial Performance - The company achieved nearly $1 billion in revenue from its products LEQEMBI, SKYCLARYS, ZURZUVAE, and QALSODY, reflecting strong execution and financial discipline [2] - For fiscal 2026, Biogen expects earnings between $15.25 and $16.25 per share, above the consensus estimate of $14.92, but anticipates a mid-single-digit revenue decline compared to 2025 due to expected declines in Multiple Sclerosis product revenue, partially offset by growth in other areas [3] Market Reaction - Following the earnings announcement, Biogen shares fell 0.9% to $199.40 in pre-market trading [3] - Analysts have adjusted their price targets for Biogen, with Piper Sandler maintaining a Neutral rating and raising the target from $157 to $177, HC Wainwright & Co. maintaining a Buy rating and increasing the target from $194 to $228, and Wedbush maintaining a Neutral rating with a target increase from $178 to $187 [4]

Core Insights - Biogen Inc. reported better-than-expected fourth-quarter earnings with adjusted EPS of $1.99, surpassing the consensus of $1.59, and revenues of $2.28 billion, exceeding the consensus of $2.20 billion, although down 7% year-over-year [1][3] Financial Performance - The company generated nearly $1 billion in revenue from its drugs LEQEMBI, SKYCLARYS, ZURZUVAE, and QALSODY, reflecting strong execution and financial discipline [2] - For fiscal 2026, Biogen expects earnings between $15.25 and $16.25 per share, above the consensus estimate of $14.92, but anticipates a mid-single-digit revenue decline compared to 2025 due to expected declines in Multiple Sclerosis product revenue [3] Stock Performance and Analyst Ratings - Following the earnings announcement, Biogen shares fell 0.9% to $199.40 in pre-market trading [3] - Analysts have adjusted their price targets for Biogen, with Piper Sandler maintaining a Neutral rating and raising the target from $157 to $177, HC Wainwright & Co. maintaining a Buy rating and increasing the target from $194 to $228, and Wedbush maintaining a Neutral rating with a target increase from $178 to $187 [4]

February 6, 2026 Q4 AND FULL YEAR 2025 FINANCIAL RESULTS AND BUSINESS UPDATE FORWARD-LOOKING STATEMENTS This presentation and discussions during this conference call contain forward-looking statements, relating to: our strategy and plans; potential of, and expectations for, our commercial business and pipeline programs; capital allocation and investment strategy; clinical development programs, clinical trials, and data readouts and presentations; regulatory discussions, submissions, filings, and approvals; ...

January 12, 2026 DELIVERING THE NEW BIOGEN: THE NEXT CHAPTER OF INNOVATION AND GROWTH CHRISTOPHER A. VIEHBACHER PRESIDENT AND CHIEF EXECUTIVE OFFICER FORWARD-LOOKING STATEMENTS This presentation and discussions during this webcast contain forward-looking statements, relating to: our strategy and plans; potential of, and expectations for, our commercial business and pipeline programs; capital allocation and investment strategy; clinical development programs, clinical trials, and data readouts and presentatio ...