Slides
Page 1
Q4 AND FULL YEAR 2025 FINANCIAL RESULTS AND BUSINESS UPDATE February 6, 2026
Page 2
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 2026 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
Page 3
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 Q4 and full year 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®, PLEGRIDY®, QALSODY®, RITUXAN®, RITUXAN HYCELA®, SKYCLARYS®, SPINRAZA®, TECFIDERA®, THECAFLEX DRX ®, TYSABRI®, and VUMERITY® are registered trademarks of Biogen. BENEPALI , FLIXABI , FUMADERM , and IMRALDI are trademarks of Biogen. COLUMVI®, FAMPYRA , GAZYVA®, IQLIK , LEQEMBI®, LUNSUMIO®, OCREVUS®, TOFIDENCE®, 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
Page 4
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
Page 5
KEY HIGHLIGHTS President and Chief Executive Officer Christopher A. Viehbacher
Page 6
CONTINUED STRONG EXECUTION TOWARD DELIVERING THE NEW BIOGEN Commercial Performance1 6 Note: LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co., Ltd; ZURZUVAE is being developed in collaboration with Supernus Pharmaceuticals, Inc. SPIRNAZA and QALSODY are licensed from Ionis Pharmaceuticals 1. Revenue growth represents year-over-year change, as compared to FY 2024; 2. Growth product revenue includes SKYCLARYS, QALSODY, ZURZUVAE, VUMERITY and SPINRAZA, plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 3. Includes SKYCLARYS, QALSODY, and ZURZUVAE, plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 4. Includes: TYSABRI, TECFIDERA, AVONEX and PLEGRIDY ASO = anti-sense oligo nucleotide; BTK = Bruton’s tyrosine kinase; CLE = cutaneous lupus erythematosus; FY = full year; SC-AI = subcutaneous autoinjector Pipeline Advancement Business Development Activity Growth Products2 Generated ~$3.3B for FY 2025, up 19% YoY LEQEMBI IQLIK SC-AI Initiation: • Under review in the U.S., Japan and China • U.S. PDUFA of May 24, 2026 (Priority Review) Litifilimab granted FDA Breakthrough Therapy Designation for CLE Expanded our early-stage pipeline — BIIB145 (BTK degrader) Phase1 initiated Completed the acquisition of Alcyone Therapeutics to advance delivery of ASOs Expanded pre-clinical immunology pipeline — collaborations with Vanqua Bio and Dayra Therapeutics In-market sales >$500M, up ~140% Up ~36% Up >170% Up ~170% Up ~19% Revenue >$1.5B MS excluding VUMERITY4 Generated >$3B for FY 2025 Generated ~$1B in FY ‘25 revenue to Biogen3
Page 7
LEQEMBI IS THE MARKET LEADER WITH THE MOST OPTIONALITY IN AN EXPANDING ANTI-AMYLOID THERAPY MARKET For Early Alzheimer's Disease • Anti-amyloid market continued to grow, more than doubling year- over-year2 • Differentiated options support continued LEQEMBI growth IV maintenance supporting once-monthly infusions IQLIK (SC-AI) maintenance supporting at-home injections IQLIK (SC-AI) for treatment initiation • Granted Priority Review by FDA – PDUFA of May 24, 2026 7 LEQEMBI remains the market leader with >60% of the anti-amyloid therapy market share1 LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co.; See LEQEMBI USPI for full prescriber information 1. Market share based on data from IQVIA DDD units (sourced Jan 2026 for Q4 2025), Symphony Health - U.S. Estimates of institutional pack units accessed via Bloomberg terminal (sourced Feb 2026 for Q4 2025) 2. Represents total estimated market unit growth for Q4 2025 vs. Q4 2024 from IQVIA DDD Units (sourced Jan 2026 for Q4 2025)
Page 8
Dapirolizumab pegol Litifilimab Felzartamab Zorevunersen Salanersen • High-risk/high-reward early-stage pipeline • Research portfolio • Additional early-stage BD 2030s Late 2020s Today Opportunities for longer-term growth Registrational late-stage pipeline Current revenue growth drivers OUR LONG-TERM STRATEGY IS ANCHORED BY THREE SEQUENTIAL SETS OF POTENTIAL GROWTH DRIVERS 8 Potential for additional BD and M&A to add further growth substrate across all three periods Note: Dapirolizumab pegol is being developed in collaboration with UCB; LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co; SPINRAZA, QALSODY, and Salanersen are licensed from Ionis Pharmaceuticals, Inc; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.; ZURZUVAE is being developed in collaboration with Supernus Pharmaceuticals, Inc. # Rare disease is a commercial designation that includes multiple therapeutic indications. LEQEMBI (preclinical AD) ImmunologyNeurology Rare Disease#
Page 9
2026: BUILDING THE NEW BIOGEN WHILE FOCUSING ON DELIVERING RESULTS TODAY * This financial guidance does not include any acquired IPR&D, impact from potential acquisitions or business development transactions 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 2026 that could cause any of these assumptions and expectations to change and/or actual results to vary from this financial guidance. Please see Biogen’s Q4 and full year 2025 earnings release, available at the Investors section of Biogen’s website at investors.biogen.com, for additional 2026 financial guidance assumptions. SC-AI = subcutaneous autoinjector; SLE = systemic lupus erythematosus Key Milestones in 2026 Two Phase 3 studies for litifilimab in SLE LEQEMBI: Potential FDA approval of SC-AI Initiation PDUFA – May 24, 2026 Advancing our high-risk/high- reward pre-PoC pipeline Non-GAAP Diluted EPS $15.25 to $16.25 2026 Full Year Guidance* 9
Page 10
DEVELOPMENT UPDATE Head of Development Priya Singhal, M.D., M.P.H.
Page 11
2026 BEGINS A MULTI-YEAR REGISTRATIONAL DATA FLOW 11 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; SC-AI = subcutaneous autoinjector; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy Immunology Neurology Rare Disease# 2028-203020272026 LITIFILIMAB TOPAZ-2 in SLE LITIFILIMAB AMETHYST in CLE FELZARTAMAB TRANSPIRE in 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 SC-AI For Treatment Initiation FDA PDUFA: May 24, 2026 Denotes new Biogen study in 2025-2026 Denotes study accelerated in 2025
Page 12
WE HAVE BUILT A MORE BALANCED PORTFOLIO OF ASSETS ACROSS THE RISK/REWARD SPECTRUM 12 Note: Dapirolizumab pegol is being developed in collaboration with UCB; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.; BIIB080 and Salanersen are licensed from Ionis Pharmaceuticals, Inc; BIIB122 is being developed in collaboration with Denali Therapeutics, Inc; AD = Alzheimer’s disease; ASO = anti-sense oligo nucleotide; BTK = Bruton Tyrosine Kinase; CLE = cutaneous lupus erythematosus; IND = investigational new drug; LRRK2 = leucine-rick repeat kinase 2; MS = multiple sclerosis; PD = Parkinson’s disease; PoC = proof of concept; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy. # Rare Disease is a commercial designation that includes multiple therapeutic indications. ImmunologyNeurology Rare Disease# High-conviction programs with significant commercial potential Pioneering high-risk/high-reward assets BIIB080 Phase 2 anti-tau ASO in AD BIIB122 Phase 2 LRRK2 inhibitor in PD BIIB142 Phase 1 IRAK4 degrader Dapirolizumab pegol Phase 3 in SLE Litifilimab Phase 3 in SLE and CLE Felzartamab Late-stage studies in nephrology Zorevunersen Phase 3 in Dravet syndrome Salanersen Phase 3 ready in SMA BIIB091 Phase 2 peripheral BTKi in MS Late-Stage Registrational Pipeline Early-Stage Pre-PoC Pipeline Potential for additional INDs over the next 18 months BIIB145 Phase 1 BTK degrader
Page 13
Late-Stage Registrational Pipeline KEY PIPELINE MILESTONES EXPECTED OVER THE NEXT 18 MONTHS Salanersen Phase 1b data1 Litifilimab New Phase 2 CLE data BIIB080 Phase 2 PoC readout BIIB122 Phase 2 PoC readout Litifilimab Two Phase 3 readouts in SLE FDA PDUFA: May 24, 2026 Note: Timeline is not comprehensive and reflects the estimated timing of data flow which is subject to change. LEQEMBI IQLIK (lecanemab-irmb) is being developed in collaboration with Eisai Co; SPIRNAZA, BIIB080, and Salanersen are licensed from Ionis Pharmaceuticals, Inc; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.; BIIB122 is being developed in collaboration with Denali Therapeutics, Inc; AMR = antibody mediated rejection; CLE = cutaneous lupus erythematosus; PoC = proof of concept; SC-AI = subcutaneous autoinjector; SLE = systemic lupus erythematosus; 1. Data expected to be presented at Muscular Dystrophy Association (MDA) Clinical & Scientific Conference 2026; # Rare Disease is a commercial designation that includes multiple therapeutic indications. 13 BIIB091 Phase 2 readout High Dose FDA PDFUA: April 3, 2026 Q4 2026Q3 2026Q2 2026Q1 2026 Q1 2027 Mid-year 2027 Litifilimab Phase 3 readout in CLE Felzartamab Phase 3 readout in AMR Zorevunersen Phase 3 readout in Dravet syndrome Immunology Neurology Rare Disease# Early-Stage Pre-PoC Pipeline SC-AI For Treatment Initiation
Page 14
FINANCIAL UPDATE Chief Financial Officer Robin Kramer
Page 15
FOURTH QUARTER AND FY 2025 KEY FINANCIAL HIGHLIGHTS Total Revenue 15 $2.28B GAAP Diluted EPS Non-GAAP Diluted EPS Full Year Cash and Cashflow • Q4 Revenue: $0.8B, up ~6% YoY • FY Revenue: $3.3B, up ~19% YoY • Generated $2.1B of free cash flow3 • Approximately $4.2B in cash and marketable securities as of December 31, 2025 • $2.0B of net debt as of December 31, 2025 Our GAAP financial measures and a reconciliation of GAAP to Non-GAAP financial results are at the end of this presentation. 1. Growth product revenue includes SKYCLARYS, QALSODY, ZURZUVAE, VUMERITY and SPINRAZA, plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 2. Core OpEx includes R&D and SG&A expenses; 3. Free cash flow, a non-GAAP financial measure = net cash flow from operations less capital expenditures – see slide 18 for details FY = full year; Q4 = fourth quarter; YoY = year-over-year Growth Products1 Performance Q4 ’25: FY ’25: $9.89B $8.79 ($0.33) $1.99 $15.28 Core OpEx2 • GAAP: Q4 was $1.19B; FY was $4.21B • Non-GAAP: Q4 was $1.16B; FY was $4.15B
Page 16
FOURTH QUARTER 2025 REVENUE HIGHLIGHTS ($ in Millions) Q4 2025 Q4 2024 fav/(unfav) LEQEMBI collaboration revenue1 $47 $27 77% SKYCLARYS $133 $102 30% ZURZUVAE $66 $23 187% QALSODY $25 $12 114% SPINRAZA $356 $421 (15%) VUMERITY $181 $177 3% Total Growth Products $808 $761 6% TYSABRI $398 $415 (4%) Interferons2 $226 $236 (4%) TECFIDERA $112 $228 (51%) MS excluding VUMERITY* $736 $894 (18%) Biosimilars $170 $202 (16%) Revenue from anti-CD20 therapeutic programs $521 $465 12% Contract manufacturing, royalty and other revenue $44 $130 (66%) Total Revenue $2,279 $2,455 (7%) 16 ($ in Millions) Q4 2025 Q4 2024 fav/(unfav) LEQEMBI in-market revenue3 $134 $87 54% Note: Revenue is shown in actual currency; Percent changes represented as favorable/(unfavorable) versus the prior year period; Numbers may not foot. * Table does not include FAMPYRA; Effective January 1, 2025, our collaboration and license agreement for FAMPYRA global commercialization rights was terminated 1. Includes Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 2 Interferons includes: AVONEX and PLEGRIDY; 3. LEQEMBI In-market revenue booked by Eisai
Page 17
FOURTH QUARTER 2025 KEY P&L ITEMS GAAP Non-GAAP ($ in Millions except EPS, Shares in Millions) Q4 2025 Q4 2024 Fav/ (Unfav) ($ in Millions except EPS, Shares in Millions) Q4 2025 Q4 2024 Fav/ (Unfav) Total Revenue $2,279 $2,455 (7%) Total Revenue $2,279 $2,455 (7%) GAAP Cost of Sales* $496 $584 15% Non-GAAP Cost of Sales* $445 $541 18% % of revenue 22% 24% % of revenue 20% 22% GAAP R&D Expense $509 $513 1% Non-GAAP R&D Expense $478 $509 6% GAAP SG&A Expense $683 $680 - Non-GAAP SG&A Expense $678 $673 (1%) GAAP Acquired IPR&D, Upfront and Milestone Expense $222 $19 NMF Non-GAAP Acquired IPR&D, Upfront and Milestone Expense $222 $19 NMF GAAP Operating Income $98 $441 (78%) Non-GAAP Operating Income $373 $644 (42%) GAAP Other (Income) Expense $154 $150 (3%) Non-GAAP Other (Income) Expense $46 $72 35% GAAP Taxes % 12.8% 8.5% Non-GAAP Taxes % 10.1% 12.2% GAAP Net Income Attributable to Biogen Inc. ($49) $267 (118%) Non-GAAP Net Income Attributable to Biogen Inc. $294 $502 (42%) Weighted average diluted shares used in calculating GAAP EPS# 147 146 - Weighted average diluted shares used in calculating Non-GAAP EPS 148 146 (1%) GAAP Diluted EPS ($0.33) $1.83 (118%) Non-GAAP Diluted EPS $1.99 $3.44 (42%) Approx. impact from acquired IPR&D ($1.26) Approx. impact from acquired IPR&D ($1.26) * Excluding amortization and impairment of acquired intangible assets. # All unvested equity-based awards are antidilutive for GAAP due to reporting a net loss for the fourth quarter of 2025 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, NMF = non-meaningful number 17
Page 18
WE DELIVERED STRONG CASH FLOW PERFORMANCE IN Q4 AND FOR THE FULL YEAR 2025 Note: Numbers may not foot due to rounding * Free cash flow, a non-GAAP financial measure = net cash flow from operations less capital expenditures 18 Cash flow from operations Q4 2025 FY 2025 $0.5B $44M $0.5B Capital expenditures Free cash flow* $2.2B $154M $2.1B
Page 19
OUR STRENGTHENED BALANCE SHEET PROVIDES US WITH FLEXIBILITY AS WE INVEST FOR GROWTH Note: Numbers may not foot due to rounding 19 Cash and marketable securities Debt Net debt Balance Sheet as of December 31, 2025 $4.2B $6.3B $2.0B
Page 20
DISCIPLINED INVESTMENT TO SUPPORT OUR NEAR-TERM PORTFOLIO EXPANSION OPPORTUNITIES 20 Note: Timelines reflect estimated timing which is subject to change. OpEx = Non-GAAP R&D expense and Non-GAAP SG&A expense; Dapirolizumab pegol (DZP) is being developed in collaboration with UCB 1. Lupus foundation of America; 2. Calculated from annual transplant incidence (Source: https://optn.transplant.hrsa.gov/data/view-data-reports/national-data/#), AMR incidence (Schinstock, C.A., et. al.), 5-year patient survival (Ciancio et al https://onlinelibrary.wiley.com/doi/abs/10.1111/ctr.13392) and assessments of early vs. late AMR (Hart, clin. Transplant., 2021); 3. Based upon Kwon. JHEOR. 2021; Jarrick. Am Soc of Neph. 2019; 4. Based upon Kanigicherla. Nephrol. Dial. Transplant. 2016; McGrogan. Nephrol Dial Transplant. 2011; 36k represents the total number of diagnosed patients who are actively being managed. *Illustrative estimated market opportunity calculated using the estimated 11k late AMR patients in the U.S. and an approximate average annual pricing of drugs that were first approved for IgAN; AMR = antibody-mediated rejection (kidney), CLE = cutaneous lupus erythematosus; FY = full year; IgAN = IgA nephropathy; PMN = primary membranous nephropathy; SLE = systemic lupus erythematosus; WW = worldwide Pre-launch Activities Across Lupus and Nephrology Building commercialization teams FY 2026 core OpEx expected to be roughly consistent vs. FY 2025 Expanding medical and support capabilities Stakeholder engagement Litifilimab + DZP Litifilimab • Phase 3 SLE data: H2 2026 • Phase 3 CLE data: Mid-year 2027 Lupus patients estimated WW1 ~5M Felzartamab Phase 3 data: 2027 AMR patients estimated in the U.S.2 ~11k $2B+ estimated U.S. addressable market* Phase 3 data: 2029 IgAN patients estimated in the U.S.3 Phase 3 data: 2029 PMN patients estimated in the U.S.4 ~130k ~36k DZP Phase 3 SLE data : 2028
Page 21
KEY CONSIDERATIONS FOR FY 2026 FINANCIAL GUIDANCE Revenue Contract Manufacturing Revenue Non-GAAP P&L Line Items • Expect roughly $300M in each of the 1st and 2nd halves of 2026 • Expect FY OpEx to be roughly consistent vs. FY 2025, with continued investment in current and future potential growth drivers offset by reallocation of resources from our legacy business • Expect FY 2026 OIE to be a net expense of $90-130M • Guidance assumes no acquired IPR&D • Expect FY 2026 gross margin percentage to remain roughly consistent with FY 2025 • Expect FY 2026 effective tax rate between 17%-18% 1. Growth products include SKYCLARYS, QALSODY, ZURZUVAE, VUMERITY and SPINRAZA, plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. FY = full year; IPR&D = in-process research and development; MS = multiple sclerosis; OIE = other (income) expense; OpEx = Non-GAAP R&D expense and Non-GAAP SG&A expense 21 Expected Full Year 2026 Non-GAAP Diluted EPS $15.25 to $16.25 • Total revenue is expected to decline by a mid-single digit percentage for 2026 compared to 2025 as further declines in MS product revenue, excluding VUMERITY, are expected to be partially offset by increases in revenue from growth products1. • We expect MS product revenue, excluding VUMERITY, to decline by a mid-teen percentage vs. FY 2025 • Biosimilars are expected to continue to decline by low double-digit percentage vs. FY 2025
Page 22
QUESTIONS & ANSWERS
Page 23
APPENDIX
Page 24
CONSOLIDATED STATEMENT OF INCOME (unaudited, in millions, except per share amounts) 24
Page 25
CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 25
Page 26
PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 26
Page 27
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. 27 GAAP TO NON-GAAP RECONCILIATION (unaudited, in millions)
Page 28
GAAP TO NON-GAAP RECONCILIATION Continued (unaudited, in millions, except effective tax rates & per share amounts) 28
Page 29
GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q3 2024 (unaudited) 29
Page 30
GAAP TO NON-GAAP RECONCILIATION Continued Free Cash Flow (unaudited, in millions) 30
Page 31
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 31
Page 32
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 32