Slides
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THIRD QUARTER 2025 FINANCIAL RESULTS AND BUSINESS UPDATE October 30, 2025
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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; the potential benefits, safety, and efficacy of our and our collaboration partners’ products and investigational therapies; the anticipated benefits and potential of investments or acquisitions; optimization of our cost structure including our "Fit for Growth" program; the goal of creating long-term sustainable growth; the impact from potential tariffs; productivity of our R&D pipeline, collaborations, and business development activities; our future financial and operating results; and our full year 2025 financial guidance. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements. These forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part. We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this document, including, among others, factors relating to: our substantial dependence on revenue from our products and other payments under licensing, collaboration, acquisition or divestiture agreements; uncertainty of long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; expectations, plans, prospects and timing of actions relating to product approvals, approvals of additional indications for our existing products, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; the potential impact of increased product competition in the biopharmaceutical and healthcare industry, as well as any other markets in which we compete, including increased competition from new originator therapies, generics, prodrugs and biosimilars of existing products and products approved under abbreviated regulatory pathways; our ability to effectively implement our corporate strategy; the successful execution of our strategic and growth initiatives, including acquisitions; the drivers for growing our business; difficulties in obtaining and maintaining adequate coverage, pricing, and reimbursement for our products; the drivers for growing our business, including our dependence on collaborators and other third parties for the development, regulatory approval, and commercialization of products and other aspects of our business, which are outside of our full control; risks associated with current and potential future healthcare reforms; risks related to commercialization of biosimilars, which is subject to such risks related to our reliance on third-parties, intellectual property, competitive and market challenges and regulatory compliance; failure to obtain, protect, and enforce our data, intellectual property, and other proprietary rights and the risks and uncertainties relating to intellectual property claims and challenges; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; risks relating to technology, including our incorporation of new technologies such as artificial intelligence into some of our processes; risks related to use of information technology systems and potential impacts of any breakdowns, interruptions, invasions, corruptions, data breaches, destructions and/or other cybersecurity incidents of our systems or those of connected and/or third- party systems; problems with our manufacturing capacity, including our ability to manufacture products efficiently or adequately address global bulk supply risks; risks relating to management, personnel and other organizational changes, including our ability to attracting, retaining and motivating qualified individuals; risks related to the failure to comply with current and new legal and regulatory requirements, including judicial decisions, accounting standards, and tariff or trade restrictions; the risks of doing business internationally, including geopolitical tensions, acts of war and large-scale crises; risks relating to investment in our manufacturing capacity; risks relating to the distribution and sale by third parties of counterfeit or unfit versions of our products; risks relating to the use of social media for our business, results of operations and financial condition; fluctuations in our operating results; risks related to investment in properties; risks relating to access to capital and credit markets to finance our present and future operations and business initiatives and obtain funding for such activities on favorable terms; risks related to indebtedness; the market, interest, and credit risks associated with our investment portfolio; risks relating to share repurchase programs; change in control provisions in certain of our collaboration agreements; fluctuations in our effective tax rate and obligations in various jurisdictions in which we are subject to taxation; environmental risks; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission, which are available on the SEC’s website at www.sec.gov. These statements speak only as of the date of this presentation and the discussions during this conference call and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our subsequent reports on Form 10-Q, in each case including in the sections thereof captioned “Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in our subsequent reports on Form 8-K. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise. FORWARD-LOOKING STATEMENTS 2
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Non-GAAP Financial Information This presentation and the discussions during this conference call include certain financial measures that were not prepared in accordance with accounting principles generally accepted in the U.S. (GAAP), including adjusted net income, adjusted diluted earnings per share, revenue growth at constant currency, which excludes the impact of changes in foreign exchange rates and hedging gains or losses, and free cash flow, which is defined as net cash flow from operations less capital expenditures. Additional information regarding the GAAP and Non-GAAP financial measures and a reconciliation of the GAAP to Non-GAAP financial measures can be found in the appendix of this presentation and in the Q3 2025 earnings release and related financial tables posted on the Investors section of Biogen.com. We believe that these and other Non-GAAP financial measures provide additional insight into the ongoing economics of our business and reflect how we manage our business internally, set operational goals, and form the basis of our management incentive programs. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We do not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because we are unable to predict with reasonable certainty the financial impact of items such as the transaction, integration, and other costs related to acquisitions or business development transactions; unusual gains and losses; potential future asset impairments; gains and losses from our equity security investments; the ultimate outcome of litigation and other non-recurring items. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results. Note Regarding Trademarks ADUHELM®, AVONEX®, BYOOVIZ®, PLEGRIDY®, QALSODY®, RITUXAN®, RITUXAN HYCELA®, SKYCLARYS®, SPINRAZA®, TECFIDERA®, TYSABRI®, and VUMERITY® are registered trademarks of Biogen. BENEPALI , FLIXABI , FUMADERM , IMRALDI , and OPUVIZ are trademarks of Biogen. COLUMVI®, GAZYVA®, LEQEMBI®, LUNSUMIO®, OCREVUS®, ZURZUVAE and other trademarks referenced in this report are the property of their respective owners. Digital Media Disclosure From time to time we have used, or expect in the future to use, our investor relations website (investors.biogen.com), the Biogen LinkedIn account (linkedin.com/company/biogen- ), and the Biogen X account (x.com/biogen) as a means of disclosing information to the public in a broad, non-exclusionary manner, including for purposes of the SEC’s Regulation Fair Disclosure (Reg FD). Accordingly, investors should monitor our investor relations website and these social media channels in addition to our press releases, SEC filings, public conference calls and webcasts, as the information posted on them could be material to investors. OTHER INFORMATION 3
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BIOGEN CALL PARTICIPANTS 4 Christopher A. Viehbacher President and Chief Executive Officer Robin Kramer Chief Financial Officer Priya Singhal, M.D., M.P.H. Head of Development Alisha A. Alaimo President and Head of North America
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KEY HIGHLIGHTS President and Chief Executive Officer Christopher A. Viehbacher
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DURING Q3 WE CONTINUED TO DELIVER AGAINST OUR STRATEGY FOR LONG-TERM SUSTAINABLE GROWTH • Continued strength from launch products, delivering YoY growth of 67% in Q3 • Launch products YTD revenue growth more than offset MS decline YTD • LEQEMBI showed sustained sequential global demand growth with in-market sales of $121M; IQLIK subcutaneous injection for maintenance dosing now approved in the U.S. • SKYCLARYS now available in 34 markets* globally with 30% year over year revenue growth • ZURZUVAE >150% revenue growth year over year with significant first-line use in PPD • Announced agreement to acquire Alcyone Therapeutics to advance delivery of ASOs^ • Expanded our pre-clinical immunology pipeline with the addition of a C5aR1 antagonist through a licensing agreement with Vanqua Bio • Expect to announce 1 – 2 additional research-stage deals by year-end Commercial Performance • Litifilimab Phase 3 studies for SLE fully enrolled with data for both now expected H2 2026 • Continued to build out our early-stage development pipeline with Phase 1 study initiated for BIIB142, an IRAK4 degrader for autoimmune diseases 6 Pipeline Advancement BD and Capital Allocation Note: LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co., Ltd; ZURZUVAE is being developed in collaboration with Supernus Pharmaceuticals, Inc. Launch products are SKYCLARYS, QALSODY, and ZURZUVAE, plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration *Includes markets with either a commercial launch or access through a paid or free early access mechanism as of October 30, 2025. ^ Subject to customary closing conditions. ASO = antisense oligonucleotide; C5aR1 = complement component 5a receptor 1; IRAK4= Interleukin-1 Receptor-Associated Kinase 4; PPD = postpartum depression; SLE = systemic lupus erythematosus; YTD = year to date
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WE HAVE BUILT AN INNOVATIVE PIPELINE WITH COMPELLING COMMERCIAL POTENTIAL 7 Neurology Lecanemab (Aβ mAb)* – Preclinical AD BIIB080 (tau ASO)^ – Early AD BIIB122 (LRRK2 inhibitor)* – Parkinson’s BIIB091 (peripheral BTK Inhibitor) – MS Immunology Dapirolizumab pegol (anti-CD40L)* – SLE Litifilimab (anti-BDCA2 mAb) – SLE Litifilimab (anti-BDCA2 mAb) – CLE BIIB142 (IRAK4 degrader)* – Autoimmune disease Rare Disease# Felzartamab (anti-CD38 mAb) – Late AMR Felzartamab (anti-CD38 mAb) – IgAN Felzartamab (anti-CD38 mAb) – PMN Felzartamab (anti-CD38 mAb) – Late MVI Felzartamab (anti-CD38 mAb) – LN SKYCLARYS (Nrf2 activator) – Pediatric FA Salanersen (SMN ASO)^ – SMA Zorevunersen (SCN1A ASO)* - Dravet syndrome Phase 1 Phase 2 Phase 3 Phase 3 study initiation planned by early 2026 Randomized Phase 2 study planned *Collaboration program; ^ Licensed from Ionis Pharmaceuticals, Inc.; #Rare Disease is a commercial designation that includes multiple therapeutic indications. AD = Alzheimer’s disease; AMR = antibody mediated rejection; ASO = antisense oligonucleotide; CLE = cutaneous lupus erythematosus; FA = Friedreich ataxia; IgAN = IgA nephropathy; LN = lupus nephritis; LRRK2 = leucine rich repeat kinase 2; MS = multiple sclerosis; MVI = microvascular inflammation in kidney transplant patients; NME = new molecular entity; PMN = primary membranous nephropathy; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy 5 Phase 3 NMEs and 10 Phase 3 or Phase 3-ready programs Late-stage high conviction pipeline is positioned to deliver meaningful innovation for patients Investing in pre-launch activities to support future launch success New Phase 1 initiated
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DELIVERING ON OUR PLAN TO RETURN THE COMPANY TO LONG-TERM SUSTAINABLE GROWTH WITH KEY DATA READOUTS NEXT YEAR 8 Business Objective Biogen Today Execute on new potential growth drivers Maximize profitability of legacy business Right-size the cost base Rebuild the pipeline to support sustainable growth • On-track to deliver $1B gross savings / $800M net savings as part of our Fit-for-growth initiative6 • Significant R&D savings driven by portfolio prioritization • 10 Phase 3 studies and 5 Phase 3 NMEs7 in registrational development across neurology, rare and immunology -- with multi-billion-dollar potential • Multi-year registrational readout cycle beginning in 2026 Strong cash flow provides flexibility to reinvest in strategic growth initiatives and opportunistic business development 1 1 2 67% Revenue growth YoY3 $1.18B in trailing twelve-month revenue4 • Reallocated $250M of legacy product OpEx5 to support new launch products • Maintained resilience in the maturing MS business 1. Collaboration program; 2. Licensed from Ionis Pharmaceuticals, Inc; 3. SKYCLARYS, QALSODY, and ZURZUVAE, plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration 4. Includes in-market revenue for Leqembi. 5. 2023 Legacy products OpEx includes MS/SMA/Biosimilars and associated infrastructure; 6. Expected by end of 2025; Expected savings are based upon Biogen internal estimates vs. projected 2023 full year cost base; 7. Includes Phase 3 and Phase 3 ready programs. NME = new molecular entity; OpEx = Non-GAAP SG&A expense; YoY = year-over-year
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DEVELOPMENT UPDATE Head of Development Priya Singhal, M.D., M.P.H.
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FOCUSED EXECUTION HAS POSITIONED US FOR MULTIPLE EXPECTED MILESTONES OVER THE NEXT 18 MONTHS LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co; BIIB080 and salanersen are licensed from Ionis Pharmaceuticals, Inc.; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.. AD = Alzheimer’s disease; CLE = cutaneous lupus erythematosus; DS = Dravet syndrome; FA = Friedreich’s ataxia; IgAN = IgA nephropathy; IND = investigational new drug; LN = lupus nephritis; MVI = microvascular inflammation in kidney transplant patients; PD = Parkinson’s disease; PPD = postpartum depression; PMN = primary membranous nephropathy; SC-AI = subcutaneous autoinjector; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy Study Starts Clinical Trial Readouts Regulatory Decisions • Felzartamab Phase 3 in IgAN • Felzartamab Phase 3 in PMN • SKYCLARYS Phase 3 in pediatric FA • Zorevunersen Phase 3 in DS • BIIB142 Phase 1 in autoimmune disease • Salanersen Phase 3 in SMA • Felzartamab registrational Phase 2 in Late MVI • Expect 3-4 potential new INDs • Salanersen Phase 1b interim in SMA • Litifilimab Phase 3 in SLE • Litifilimab Phase 3 in CLE • BIIB080 Phase 2 in Early AD • Felzartamab Phase 1 in LN • BIIB122 Phase 2 in PD • Zuranolone in PPD • LEQEMBI SC-AI maintenance in Early AD • High Dose Nusinersen (SPINRAZA) in SMA • LEQEMBI SC-AI initiation in Early AD 10 TOPAZ 1 & 2 now fully enrolled with data expected by end of 2026 Data expected in 2027 Data expected by mid-year 2026 Data expected in 2026 Now approved in the U.K. & E.U. Now approved in the U.S. FDA Rolling Submission initiated Now approved in Japan Under review in the E.U. FDA PDUFA April 3, 2026 Denotes completed milestone in 2025 Expected early 2026 Study start expected in coming months Data expected in 2026
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ADVANCING A LATE-STAGE, REGISTRATIONAL PIPELINE WHILE BUILDING AND EXPANDING THE PRE-POC PIPELINE Pre-POC Pipeline Potentially Registrational Pipeline Regulatory Review in Certain Markets BIIB142 (IRAK4 degrader)* – Autoimmune disease Phase 1 now initiated BIIB080 (tau ASO)^ Early AD Phase 2 Lecanemab (Aβ mAb)* Preclinical AD Phase 3 Felzartamab (anti-CD38 mAb) – AMR Phase 3 Lecanemab (Aβ mAb)* SC-AI Initiation Early AD FDA rolling submission underway Felzartamab (anti-CD38 mAb) – LN Phase 1 BIIB122 (LRRK2 inhibitor)* – PD Phase 2 Dapirolizumab pegol (anti-CD40L)* – SLE Phase 3 Felzartamab (anti-CD38 mAb) – IgAN Phase 3 Lecanemab (Aβ mAb)* SC-AI Maintenance Early AD Now approved in the U.S. Felzartamab (anti-CD38 mAb) - Additional indications under assessment BIIB091 (peripheral BTK Inhibitor) – MS Phase 2 Litifilimab (BDCA2 mAb) – SLE Phase 3 Felzartamab (anti-CD38 mAb) – PMN Phase 3 HD Nusinersen (SMN2 splice modulator) - SMA Now approved in Japan Under review in the E.U. FDA PDUFA April 3, 2026 Litifilimab (BDCA2 mAb) – CLE Phase 3 SKYCLARYS (Nrf2 activator) – Pediatric FA Phase 3 Zuranolone (GABAA PAM)* – PPD Now approved in the U.K. and E.U. Salanersen (BIIB115) (SMN ASO)^ – SMA Phase 3 planned by early 2026 Zorevunersen (SCN1A ASO)* – Dravet syndrome Phase 3 Felzartamab (anti-CD38 mAb) Late MVI Phase 2 potentially registrational study expected in coming months Immunology Neurology *Collaboration program; ^ Licensed from Ionis Pharmaceuticals, Inc.; #Rare Disease is a commercial designation that includes multiple therapeutic indications. AD = Alzheimer’s disease; AMR = antibody mediated rejection; ASO = antisense oligonucleotide; BD = business development; CLE = cutaneous lupus erythematosus; FA = Friedreich ataxia; GABA = γ-Aminobutyric acid; HD = higher dose; IgAN = IgA nephropathy; IND = investigational new drug; LN = lupus nephritis; LRRK2 = leucine rich repeat kinase 2; MS = multiple sclerosis; MVI = microvascular inflammation in kidney transplant patients; PAM = positive allosteric modulator; PD = Parkinson’s disease; PMN = primary membranous nephropathy; POC = proof of concept; PPD = postpartum depression; SC-AI = subcutaneous autoinjector; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy Rare Disease# 11 Potential for new INDs and/or BD
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DELIVERING DIFFERENTIATED OPTIONS FOR ALZHEIMER’S PATIENTS WITH LEQEMBI 12 AHEAD 3–45 Study Potential landmark study in preclinical AD Exploring the potential benefits of LEQEMBI in the presymptomatic stages of Alzheimer’s disease • IV Initiation • IV Maintenance LEQEMBI IQLIK • SC-AI Maintenance SC-AI Initiation Expanding the convenience of LEQEMBI Both AHEAD 3-45 studies fully enrolled, data expected in 2028 Increasing utilization of blood-based biomarkers A3 Preventing Aβ accumulation Intermediate Amyloid • 20-40 Centiloids Primary endpoint: • Amyloid PET SUVr at week 216 A45 Preventing onset of cognitive decline Elevated Amyloid • >40 Centiloids Primary endpoint: • PACC5 at week 216 LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co., Ltd; Eisai serves as the lead for lecanemab development and regulatory submissions globally Aβ = amyloid beta; AD = Alzheimer’s disease; IV = intravenous; MCI = mild cognitive impairment; PACC5 = preclinical Alzheimer’s cognitive composite; PET = positron emission tomography; SC-AI = subcutaneous autoinjector; SUVr = Standardized Uptake Value Ratio
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A PERIOD OF SIGNIFICANT REGISTRATIONAL READOUTS BEGINNING IN 2026 13 Note: Planned data flow, subject to change. LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.; Dapirolizumab pegol is being developed in collaboration with UCB; Salanersen is licensed from Ionis Pharmaceuticals, Inc. #Rare Disease is a commercial designation that includes multiple therapeutic indications. AD = Alzheimer’s disease; AMR = antibody mediated rejection; CLE = cutaneous lupus erythematosus; FA = Friedreich ataxia; IgAN = IgA nephropathy; MVI = microvascular inflammation in kidney transplant patients; PMN = primary membranous nephropathy; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy 2028-203020272026 LITIFILIMAB TOPAZ-2 in SLE LITIFILIMAB AMETHYST in CLE FELZARTAMAB TRANSPIRE in Late MVI ZOREVUNERSEN EMPEROR in Dravet syndrome SALANERSEN STELLAR-1 in SMA LEQEMBI AHEAD 3-45 in Preclinical AD FELZARTAMAB PREVAIL in IgAN FELZARTAMAB TRANSCEND in AMR DAPIROLIZUMAB PEGOL PHOENYCS FLY in SLE FELZARTAMAB PROMINENT in PMN SKYCLARYS Pediatric BRAVE in FA LITIFILIMAB TOPAZ-1 in SLE Immunology Neurology Rare Disease# REGISTRATIONAL PIPELINE TO SUPPORT OUR LONG-TERM GROWTH POTENTIAL
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COMMERCIAL UPDATE President and Head of North America Alisha A. Alaimo
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DELIVERING LEQEMBI GROWTH & EXPANDING TREATMENT OPTIONS For Early Alzheimer's Disease LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co.; See LEQEMBI USPI for full prescriber information 1. Data from shipments (units); 2. Data from two of the major lab companies; 3. In the Medical and Healthcare category • Q3 worldwide in-market sales of $121 million grew 82% YoY; U.S. in-market sales of $69 million increased 10% QoQ • U.S. prescriber base grew 14% QoQ as LEQEMBI continues to be #1 prescribed anti-amyloid therapy • Sustained anti-amyloid therapy market growth ~15% in Q31 • Diagnostic process continues to strengthen, more than 350,000 blood-based biomarker tests anticipated this year2 • IQLIK approved and launched for maintenance – awarded by TIME as one of the “Best Inventions of 2025”3
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ACTIVATING THE COMMUNITY TO SUSTAIN GROWTH TRAJECTORY • Q3 worldwide sales of $133 million, up 30% YoY and 2% QoQ • Now available in 34* countries with steady patient growth across geographies • U.S. seeing impact of focused investments on reaching community HCPs and slower progressing patients o Nearly two thirds of U.S. patient starts from first time writers o ~25% of new patient starts from PCPs For Friedreich Ataxia See SKYCLARYS USPI for full prescriber information Actual paid patient * Includes markets with either a commercial launch or access through a paid or free early access mechanism as of October 30, 2025. HCPs = health care professionals; PCPs = primary care physicians
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ZURZUVAE CONTINUES MOMENTUM WITH 19% QOQ GROWTH • Q3 U.S. sales of $55 million, up 151% YoY and 19% QoQ • Continued growth in patient demand • Performance sustains Q3 momentum on key metrics: o 19% increase in prescribers o 75% of prescriptions from repeat prescribers o 80% of prescriptions are for first line therapy* For Postpartum Depression Note: ZURZUVAE is being developed in collaboration with Supernus Pharmaceuticals, Inc.; See ZUZRUVAE USPI for full prescriber information Actual paid patient * Based on claims data through end of August 2025
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FINANCIAL UPDATE Chief Financial Officer Robin Kramer
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THIRD QUARTER 2025 KEY FINANCIAL HIGHLIGHTS Total Revenue 19 Full Year 2025 Guidance Updated $2.53B 3% YoY GAAP Diluted EPS Non-GAAP Diluted EPS Cash and Cashflow $3.17 19% YoY $4.81 18% YoY • $257M 67% YoY • YTD increase in launch product revenue more than offset YTD decline in MS product revenue • Generated $1.23B of free cash flow2 • Approximately $4B in cash and marketable securities as of September 30, 2025 • $2.3B of net debt as of September 30, 2025 Our GAAP financial measures and a reconciliation of GAAP to Non-GAAP financial results are at the end of this presentation. 1. Launch products = SKYCLARYS, QALSODY, and ZURZUVAE, plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. 2. Free cash flow, a non-GAAP financial measure = net cash flow from operations less capital expenditures – see slide 22 for details; FY = full year; IPR&D = in-process research and development; Q3 = third quarter; Q4 = fourth quarter; YoY = year-over-year Launch Products1 Performance Non-GAAP Operating Income 21% YoY – Primarily due to top-line revenue performance and improved cost of sales due to favorable product mix GAAP Operating Income 27% YoY – Primarily due to top-line revenue performance and improved cost of sales, which was primarily due to favorable product mix, partially offset by ~$100 million for a legal judgment related to prior period royalties accrued in Q3 cost of sales • FY 2025 Non-GAAP diluted EPS expected to be between $14.50 and $15.00, including expected improved business impact of ~$0.25 EPS, offset by an expected ~($1.25) EPS impact in Q4 from acquired IPR&D expense associated with business development transactions that are expected to close in Q4 of 2025 • Increased expected FY 2025 total revenue to be approximately flat to increasing 1%, at constant currency, versus FY 2024, up from approximately flat previously
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THIRD QUARTER 2025 REVENUE HIGHLIGHTS CC = Constant Currency – Percentage changes in revenue growth at constant currency are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the exchange rates from the end of the previous calendar year. NMF = no meaningful figure; YoY = year-over-year Note: Numbers may not foot due to rounding. Percent changes represented as favorable/(unfavorable). 1 includes TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. Effective January 1, 2025, our collaboration and license agreement for FAMPYRA global commercialization rights was terminated. 2 includes SPINRAZA, SKYCLARYS, and QALSODY. 3 includes ADUHELM, FUMADERM and ZURZUVAE. 4 includes Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. ($ in Millions) Q3 2025 Q3 2024 YoY CC* Multiple sclerosis product revenue1 $1,062 $1,054 1% 0% Total rare disease revenue2 $533 $495 8% 6% Biosimilars revenue $197 $197 0% 0% Other product revenue3 $55 $24 129% 130% Revenue from anti-CD20 therapeutic programs $494 $446 11% 11% Alzheimer’s collaboration revenue4 $43 $19 130% 129% Contract manufacturing, royalty and other revenue $151 $232 (35%) (35%) Total revenue $2,535 $2,466 3% 2% 20
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THIRD QUARTER 2025 KEY P&L ITEMS GAAP Non-GAAP ($ in Millions except EPS, Shares in Millions) Q3 2025 Q3 2024 Δ Y/Y ($ in Millions except EPS, Shares in Millions) Q3 2025 Q3 2024 Δ Y/Y Total Revenue $2,535 $2,466 3% Total Revenue $2,535 $2,466 3% GAAP Cost of Sales* $674 $639 (6%) Non-GAAP Cost of Sales* $510 $593 14% % of revenue 27% 26% % of revenue 20% 24% GAAP R&D Expense $436 $516 16% Non-GAAP R&D Expense $432 $465 7% GAAP SG&A Expense $595 $588 (1%) Non-GAAP SG&A Expense $592 $556 (6%) GAAP Acquired IPR&D, Upfront and Milestone Expense $2 $27 NMF Non-GAAP Acquired IPR&D, Upfront and Milestone Expense $2 $27 NMF GAAP Operating Income $592 $466 27% Non-GAAP Operating Income $898 $745 21% GAAP Other (Income) Expense $34 $15 (130%) Non-GAAP Other (Income) Expense $44 $54 19% GAAP Taxes % 16.3% 13.9% Non-GAAP Taxes % 17.2% 13.8% GAAP Net Income Attributable to Biogen Inc. $467 $389 20% Non-GAAP Net Income Attributable to Biogen Inc. $708 $596 19% Weighted Average Diluted Shares 147 146 (1%) Weighted Average Diluted Shares 147 146 (1%) GAAP Diluted EPS $3.17 $2.66 19% Non-GAAP Diluted EPS $4.81 $4.08 18% Approx. impact from acquired IPR&D ($0.01) Approx. impact from acquired IPR&D ($0.01) * Excluding amortization and impairment of acquired intangible assets. The above table is not an income statement. Numbers do not foot. Percent changes represented as favorable/(unfavorable). Our GAAP financial measures and a reconciliation of GAAP to Non-GAAP financial results are at the end of this presentation. 21
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EXPECTED CASH FLOW SUPPORTS A BALANCE SHEET THAT ALLOWS FOR INVESTMENT TO AUGMENT GROWTH Balance Sheet* Q3 2025 Cash Flow $4.0B Cash and marketable securities $6.3B Debt $2.3B Net debt $1.3B Cash flow from operations $46M Capital expenditures $1.2B Free cash flow# Note: Numbers may not foot due to rounding. * As of September 30, 2025; # Free cash flow, a non-GAAP financial measure = net cash flow from operations less capital expenditures 22
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UPDATED GUIDANCE REFLECTS AN EXPECTED STRONGER BUSINESS OUTLOOK FOR FULL YEAR 2025 Please see Biogen’s Q3 2025 earnings release, available at the Investors section of Biogen’s website at investors.biogen.com, for additional 2025 financial guidance assumptions. This financial guidance incorporates the Company's view that Biogen's 2025 financial outlook is not currently expected to be materially impacted by potential pharmaceutical tariffs as announced by the U.S. Administration during 2025, even if the exemption for pharmaceuticals were to be removed. This is based on both a significant proportion of U.S. revenue being derived from products which have manufacturing operations in the United States, and the Company's current global inventory positions. The U.S. and international tariff landscape remains uncertain, and this guidance does not include contemplation of any new tariffs. This financial guidance does not include any impact from potential acquisitions or business development transactions, other than those noted here, or pending and future litigation or any impact of potential healthcare reform, as all are hard to predict. Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2025 that could cause any of these assumptions to change and/or actual results to vary from this financial guidance. Please see slide 3 of this presentation for additional information on our use of Non-GAAP measures, including forward-looking Non-GAAP financial measures. *Includes expected EPS impact from deals with Alcyone Therapeutics and Vanqua Bio, as well as an additional deal expected to close in the fourth quarter of 2025 FY = full year Full Year 2025 Non-GAAP Diluted EPS Prior FY 2025 Guidance (July 2025) $15.50 to $16.00 Benefit from stronger business outlook +$0.25 Revised business outlook (October 2025) $15.75 - $16.25 Approx. impact from BD transactions expected to close in Q4 2025* ~($1.25) Updated FY 2025 Guidance $14.50 to $15.00 23
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UPDATED KEY CONSIDERATIONS FOR FULL YEAR 2025 FINANCIAL GUIDANCE Tariffs/Macro Total Revenue Fit for Growth • Expect to deliver the $1B/gross and $800M/net savings from Fit for Growth initiative by the end of 2025 • FY 2025 not expected to be materially impacted by the potential tariffs as announced by the U.S. Administration during 2025, even if the exemption for pharmaceuticals were to be removed • Our guidance does not contemplate any new tariffs that may be announced in the future • Increased expected full year 2025 total revenue to be approximately flat to increasing 1%, at constant currency, versus full year 2024, up from approximately flat previously Contract Manufacturing Revenue P&L • Expect $10-20M of revenue in Q4 due to planned contract manufacturing campaigns versus Biogen innovator product manufacturing • Expect Q4 2025 OpEx to be ~$1.1B, driven by seasonality of spend and additional investments to support the U.S. LEQEMBI launch and late-stage pipeline expansion (e.g., salanersen and felzartamab) • Expect FY 2025 OIE to be a net expense of $170-180M • Expect to incur ~$225M of acquired IPR&D in Q4 associated with potential Q4 business development transactions – included in guidance* • Expect FY 2025 gross margin percentage and operating margin percentage to remain relatively flat versus FY 2024 excluding acquired IPR&D Note: identified acquired IPR&D includes potential milestones and opt-in payments that could occur in the Q4 of 2025 *Includes deals with Alcyone Therapeutics and Vanqua Bio, as well as an additional deal expected to close in the fourth quarter of 2025 FY = full year; GTN = gross-to-net; IPR&D = in-process research and development; MS = multiple sclerosis; OIE = Non-GAAP other (income) expense; OpEx = Non-GAAP R&D expense and Non-GAAP SG&A expense 24 MS Revenue • In light of one-time U.S. MS revenue favorability YTD and increasing generic pressures for TECFIDERA in Europe, we expect second half MS sales to be down roughly 5-8% compared to the first half of 2025
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QUESTIONS & ANSWERS
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APPENDIX
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CONSOLIDATED STATEMENT OF INCOME (unaudited, in millions, except per share amounts) 27
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CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 28
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PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 29
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GAAP TO NON-GAAP RECONCILIATION (unaudited, in millions) Use of Non-GAAP Financial Measures We supplement our GAAP consolidated financial statements and GAAP financial measures with other financial measures, such as adjusted net income, adjusted diluted earnings per share, revenue change at constant currency, which excludes the impact of changes in foreign exchange rates and hedging gains or losses, and free cash flow, which is defined as net flow from operations less capital expenditures. We believe that these and other Non-GAAP financial measures provide additional insight into the ongoing economics of our business and reflect how we manage our business internally, set operational goals and form the basis of our management incentive programs. Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Our “Non-GAAP net income attributable to Biogen Inc.” and “Non-GAAP earnings per share - Diluted” financial measures exclude the following items from “GAAP net income attributable to Biogen Inc.” and “GAAP earnings per share - Diluted”: 1. Acquisitions and divestitures We exclude transaction, integration and certain other costs related to the acquisition and divestiture of businesses/commercial assets and items associated with the initial consolidation or deconsolidation of variable interest entities. These adjustments include, but are not limited to, the amortization of inventory fair value step-up, amortization and impairment of intangible assets, charges or credits from the fair value remeasurement of our contingent consideration obligations and losses on assets and liabilities held for sale. 2. Restructuring, business transformation and other cost saving initiatives We exclude costs associated with our execution of certain strategies and initiatives to streamline operations, achieve targeted cost reductions, rationalize manufacturing facilities or refocus research and development activities. These costs may include employee separation costs, retention bonuses, facility closing/abandonment and exit costs, asset impairment charges or additional depreciation when the expected useful life of certain assets have been shortened due to changes in anticipated usage and other costs or credits that management believes do not have a direct correlation to our ongoing or future business operations. 3. (Gain) loss on equity security investments We exclude unrealized and realized gains and losses on our equity security investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. 4. Other items We evaluate other items of income and expense on an individual basis and consider both the quantitative and qualitative aspects of the item, including (i) its size and nature, (ii) whether or not it relates to our ongoing business operations and (iii) whether or not we expect it to occur as part of our normal business on a regular basis. We also include an adjustment to reflect the related tax effect of all reconciling items within our reconciliation of our GAAP to Non-GAAP net income attributable to Biogen Inc. and earnings per share - diluted. 30
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GAAP TO NON-GAAP RECONCILIATION Continued (unaudited, in millions, except effective tax rates & per share amounts) 31
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GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q3 2024 (unaudited) 32
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GAAP TO NON-GAAP RECONCILIATION Continued Free Cash Flow (unaudited, in millions) 33
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$0 M $20 M $40 M $60 M $80 M $100 M $120 M $140 M $160 M $180 M Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 US Ex-US China Stocking China Demand LEQEMBI: CONTINUED MOMENTUM WITH GLOBAL LAUNCH SHOWING INCREASED SEQUENTIAL IN-MARKET DEMAND China demand satisfied from inventory and not reported as sales
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LEQEMBI COLLABORATION ACCOUNTING Biogen Revenue Product revenue, net Less cost of sales Less royalties Alzheimer's collaboration revenue • Eisai records 100% of net product revenue globally • Biogen’s 50% share of LEQEMBI revenue, net and cost of sales (including royalties) is recorded in “Alzheimer's collaboration revenue” • Biogen manufactures LEQEMBI drug substance • Biogen sells drug substance to Eisai and recognizes contract manufacturing revenue and contract manufacturing cost of sales Revenue (Manufacturing) Revenue (Commercial) Contract manufacturing revenue Less cost of sales Biogen Revenue Biogen Cost of Sales • Biogen’s 50% share of R&D and SG&A expenditures are reflected within Biogen’s R&D expense and SG&A expense, respectively Expenses 35
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ZURZUVAE COLLABORATION ACCOUNTING Commercial Economics (U.S.) Biogen P&L 50% of operating profits (losses) to/from Supernus recorded in Biogen’s collaboration profit sharing/(loss reimbursement) expense line ZURZUVAE net revenue (100%) Biogen cost of sales (100%) Biogen’s SG&A (100%) Collaboration profit sharing/(loss reimbursement) • Biogen’s 50% share of R&D expenditures are reflected within R&D expenseR&D Expense • Outside of the U.S., Biogen is responsible for development and commercialization, excluding Japan, Taiwan and South Korea, and may pay Supernus Pharmaceuticals potential tiered royalties in the high-teens to low-twenties Ex-U.S. • Biogen reflects net revenue on sales of ZURZUVAE and records Biogen’s cost of sales and SG&A in their respective line items. Biogen shares 50% of the profit or loss with Supernus Pharmaceuticals, which is recognized in the “collaboration profit sharing/(loss reimbursement)” line on the P&L 36