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 ...

Core Viewpoint - The biopharma sector is expected to experience significant growth in 2026, driven by strong M&A activity and the resolution of drug-pricing concerns, with a focus on cardiometabolic, obesity, cardiovascular, and oncology drugs [1][2][3]. Industry Trends - M&A activity in the pharmaceutical sector has started strong in 2026, with expectations for increased activity due to major patent cliffs anticipated in 2028 and 2029 [3]. - The biopharma industry, particularly biotech, is poised for recovery after a challenging few years, with optimism surrounding the performance of pharma stocks [2]. Company Performance - Biogen Inc. (NASDAQ:BIIB) is highlighted as a top-performing pharma stock in 2025, with a 1-year performance of 20.95% and 59 hedge fund holders [8]. - AbbVie Inc. (NYSE:ABBV) also ranks among the best performers, achieving a 1-year performance of 26.15% with 93 hedge fund holders [13]. Analyst Ratings - Biogen Inc. received multiple rating updates on January 8, with price targets raised by Truist to $190, Goldman Sachs to $225, and Mizuho to $207, reflecting positive sentiment for 2026 [9][10][11]. - AbbVie Inc. was downgraded by Wolfe Research to Peer Perform, while UBS raised its price target to $240, indicating a balanced risk/reward outlook amid competitive pressures [13][15]. Company Profiles - Biogen Inc. specializes in therapies for serious diseases, including multiple sclerosis and Alzheimer's, with a diverse product portfolio [12]. - AbbVie Inc. focuses on chronic disease treatments across various therapeutic areas, including oncology and immunology [16].

Company Overview - Vor Bio is a clinical-stage biotechnology company focused on transforming the treatment of autoimmune diseases through innovative therapies [3] - The company is advancing telitacicept, a novel dual-target fusion protein, through Phase 3 clinical development and aims for commercialization to address serious autoantibody-driven conditions globally [3] Leadership Appointment - Dallan Murray has been appointed as Chief Commercial Officer, effective immediately, bringing over 25 years of experience in leading commercial strategy and product launches in the biotechnology and pharmaceutical sectors [2] - Murray previously served as Executive Vice President, Chief Customer Officer at Sarepta Therapeutics, where he led the commercial and medical affairs organizations, achieving approximately $1.8 billion in net product revenue in 2024 [2] Strategic Goals - The appointment of Murray is seen as crucial for Vor Bio as it prepares for the potential commercialization of telitacicept and shapes its broader growth strategy [2] - Murray expressed enthusiasm about the opportunity to bring much-needed treatments to patients worldwide and to help establish a strong commercial and strategic foundation for the company's long-term success [3]

Core Viewpoint - Analysts forecast a significant decline in Biogen Inc.'s quarterly earnings and revenues, indicating potential challenges for the company in the upcoming earnings release [1][2]. Financial Performance Estimates - Expected earnings per share (EPS) for Biogen is $3.94, reflecting a year-over-year decline of 25.4% [1]. - Anticipated revenues are projected at $2.32 billion, which is a decrease of 5.8% compared to the same quarter last year [1]. Revisions and Trends - Over the past 30 days, the consensus EPS estimate has been revised downward by 2.7%, indicating a shift in analysts' expectations [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Product Revenue Estimates - Revenue from the product TYSABRI for Multiple Sclerosis is estimated at $372.66 million, down 19.4% year-over-year [5]. - Revenue from SPINRAZA for Rare Disease is projected at $396.92 million, indicating a decline of 7.5% year-over-year [5]. - SKYCLARYS for Rare Disease is expected to generate $128.37 million, showing a year-over-year increase of 28.4% [5]. Detailed Product Revenue Breakdown - Total net product revenue is estimated to be $1.72 billion, reflecting a year-over-year decrease of 9.5% [6]. - TYSABRI revenue in the United States is projected at $203.91 million, down 18% year-over-year [6]. - Revenue from TECFIDERA in the United States is expected to be $32.02 million, indicating a decline of 27.4% year-over-year [7]. Additional Revenue Insights - SPINRAZA revenue from the Rest of World is estimated at $244.01 million, down 10.2% from the previous year [8]. - Revenue from SPINRAZA in the United States is projected at $156.29 million, showing a slight decline of 0.6% year-over-year [8]. - Revenue from Interferon products in the United States is expected to be $129.57 million, reflecting a decrease of 10.9% year-over-year [9]. Stock Performance - Over the past month, Biogen's shares have decreased by 1.7%, contrasting with a 3.4% increase in the Zacks S&P 500 composite [10]. - Biogen currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [10].

Core Viewpoint - Analysts forecast a decline in Biogen Inc.'s quarterly earnings and revenues, indicating potential challenges for the company in the upcoming earnings report [1]. Earnings and Revenue Estimates - Biogen is expected to report earnings of $3.32 per share, reflecting a year-over-year decline of 9.5% [1]. - Revenue is anticipated to be $2.23 billion, showing a decrease of 2.6% compared to the same quarter last year [1]. - Over the past 30 days, the consensus EPS estimate has been adjusted upward by 0.1%, indicating a slight positive reassessment by analysts [2]. Product-Specific Revenue Estimates - Revenue from Multiple Sclerosis (MS) product TYSABRI is estimated at $364.47 million, down 15.5% year-over-year [5]. - Revenue from Rare Disease product SPINRAZA is projected at $365.01 million, up 7% year-over-year [5]. - Total net revenue from products is expected to reach $1.66 billion, reflecting a decline of 3% from the previous year [6]. - Revenue from Anti-CD20 therapeutic programs is estimated at $411.57 million, indicating a growth of 4.5% year-over-year [6]. Regional Revenue Estimates - Revenue from MS product TYSABRI in the United States is forecasted at $191.97 million, down 10.2% year-over-year [9]. - Revenue from MS product Fumarate (TECFIDERA) in the United States is expected to be $31.40 million, reflecting a significant decline of 28.1% [9]. - Revenue from SPINRAZA in the United States is projected at $160.72 million, up 8.2% year-over-year [7]. - Revenue from MS product Interferon in the United States is expected to be $119.70 million, down 14.4% year-over-year [10]. Market Performance - Over the past month, Biogen shares have decreased by 9%, contrasting with the Zacks S&P 500 composite's slight decline of 0.2% [10]. - Biogen holds a Zacks Rank of 3 (Hold), suggesting that its performance may align with the overall market in the near term [10].