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 - Alkermes reported revenue of $384.55 million for the quarter ended December 2025, reflecting a year-over-year decline of 10.6% and an EPS of $0.46, down from $1.04 in the same quarter last year. The revenue exceeded the Zacks Consensus Estimate by 1.21% while the EPS surpassed the consensus estimate by 7.8% [1] Revenue Breakdown - Manufacturing and Royalty revenues were reported at $69.06 million, falling short of the average estimate of $71.23 million by six analysts, representing a year-over-year decline of 43.5% [4] - Product sales, net, amounted to $315.49 million, slightly above the average estimate of $310.64 million, showing a year-over-year increase of 2.5% [4] - Proprietary Sales for VIVITROL reached $124.1 million, exceeding the estimated $122.43 million, but reflecting a decline of 7.5% compared to the previous year [4] - Manufacturing and Royalty Revenues for VUMERITY were reported at $27.62 million, significantly lower than the average estimate of $34.83 million, marking a year-over-year decrease of 21.1% [4] - Proprietary Sales for ARISTADA were $97.2 million, surpassing the average estimate of $93.77 million, with a year-over-year change of 0.6% [4] - Proprietary Sales for LYBALVI reached $94.1 million, slightly above the average estimate of $93.91 million, indicating a year-over-year increase of 22.2% [4] Stock Performance - Alkermes shares have returned -0.4% over the past month, compared to a -0.3% change in the Zacks S&P 500 composite, with the stock currently holding a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Fourth Quarter and Year-End 2025 Financial Results & Business Update February 25, 2026 Forward-Looking Statements and Non-GAAP Financial Information Certain statements set forth in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: Alkermes plc's (the "Company") expectations with respect to its current and future financial, commercial and operating performance, ...

Core Insights - Alkermes (ALKS) is expected to report quarterly earnings of $0.43 per share, a decline of 58.7% year-over-year, with revenues forecasted at $379.96 million, reflecting an 11.6% decrease compared to the same period last year [1] Earnings Estimates - The consensus EPS estimate has been revised down by 152.2% over the last 30 days, indicating a significant reevaluation by analysts [2] - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock performance [3] Revenue Projections - Analysts predict 'Revenues- Product sales, net' to be $310.64 million, indicating a 1% increase from the prior-year quarter [5] - 'Revenues- Manufacturing and Royalty revenues' are expected to reach $71.23 million, reflecting a 41.7% decrease from the year-ago quarter [5] - 'Revenues- Proprietary Sales- LYBALVI' is estimated at $93.91 million, suggesting a 22% year-over-year increase [6] - 'Revenues- Manufacturing and Royalty Revenues- Long-acting INVEGA products' are projected at $27.82 million, indicating a 23.8% decrease from the prior-year quarter [6] - 'Revenues- Manufacturing and Royalty Revenues- VUMERITY' is forecasted to be $34.83 million, reflecting a 0.4% decrease year-over-year [7] - 'Revenues- Proprietary Sales- ARISTADA' is estimated at $93.77 million, indicating a 3% decrease from the prior-year quarter [7] - 'Revenues- Proprietary Sales- VIVITROL' is expected to be $122.43 million, reflecting an 8.7% decrease from the prior-year quarter [8] Stock Performance - Alkermes shares have shown a return of -2.8% over the past month, compared to a -1% change in the Zacks S&P 500 composite, with a Zacks Rank of 3 (Hold), suggesting that ALKS is expected to mirror overall market performance in the near future [8]

Core Insights - Biogen Inc. (NASDAQ:BIIB) is recognized as a strong investment opportunity by hedge funds, with multiple analysts raising their price targets following positive fiscal Q4 and full year 2025 results [1][2][3] Price Target Adjustments - Wedbush raised its price target for Biogen to $187 from $178 while maintaining a Neutral rating, highlighting the company's top- and bottom-line performance but noting the lack of revenue growth drivers [1] - RBC Capital increased its price target to $233 from $217, keeping an Outperform rating, citing stability and predictability in the company's performance and a solid foundation for future growth [2] - BMO Capital revised its price target to $196 from $165, maintaining a Market Perform rating after the fiscal Q4 earnings beat [3] Company Overview - Biogen is a global biopharmaceutical company focused on discovering, developing, and delivering therapies for serious diseases, including multiple sclerosis, spinal muscular atrophy, Alzheimer's disease, and amyotrophic lateral sclerosis [4] - The company's marketed product portfolio includes treatments for multiple sclerosis such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA, as well as SPINRAZA for spinal muscular atrophy and SKYCLARYS for Friedreich's Ataxia [4]

Core Viewpoint - Biogen Inc. reported stronger-than-expected fourth-quarter 2025 results, leading to a more than 3% increase in shares, and provided an optimistic profit outlook for 2026 [1] Financial Performance - Adjusted earnings per share for Q4 2025 were $1.99, exceeding the analyst consensus of $1.61 [1] - Revenue for the quarter was $2.28 billion, surpassing expectations of $2.21 billion, although it represented a 7% decline year over year [1] Growth Products - Growth products showed positive momentum, with revenue increasing by 6% year over year in the quarter [2] - Global in-market sales of LEQEMBI reached approximately $134 million, marking a 54% year-over-year increase [2] - ZURZUVAE generated about $66 million in revenue, indicating strong demand growth [2] - SKYCLARYS expanded its global patient base by roughly 30% in 2025 [2] 2026 Outlook - For fiscal 2026, Biogen forecasts adjusted earnings per share in the range of $15.25 to $16.25, above the analyst consensus of $14.92 [3] - The company anticipates total revenue to decline by a mid-single-digit percentage compared to 2025, with expected declines in multiple sclerosis products, excluding VUMERITY, partially offset by growth in newer therapies [3]

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 ...

Core Insights - Biogen Inc. is recognized as one of the best-performing pharmaceutical stocks in 2025, with multiple rating updates from various financial institutions [1][2][3] Group 1: Rating Updates - Truist raised the price target for Biogen Inc. to $190 from $142 while maintaining a Hold rating, indicating that fundamental views remain unchanged for 2025 [1] - Goldman Sachs increased the price target to $225 from $197, keeping a Buy rating, and expects continued momentum in 2026 due to improving fundamentals and market dynamics [2] - Mizuho raised the price target to $207 from $177 and maintained an Outperformed rating, suggesting a more favorable outlook for 2026 [3] Group 2: Company Overview - Biogen Inc. is a global biopharmaceutical company focused on discovering, developing, and delivering advanced therapies for serious diseases, including multiple sclerosis, spinal muscular atrophy, Alzheimer's disease, and amyotrophic lateral sclerosis [4] - The company's marketed product portfolio for multiple sclerosis includes TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA, along with SPINRAZA for spinal muscular atrophy and SKYCLARYS for Friedreich's Ataxia [4]

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].