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THIRD QUARTER 2026 FINANCIAL RESULTS AND BUSINESS UPDATE October 28, 2026
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This presentation contains forward-looking statements that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the PSLRA) with the intention of obtaining the benefits of the “Safe Harbor” provisions of the PSLRA. This press release contains 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 repositioning the company to create long-term growth; the impact from existing and potential tariffs and trade restrictions; productivity of our R&D pipeline, collaborations, and business development activities; our future financial and operating results; the costs and other anticipated financial impacts of the acquisition of Apellis including Biogen non-GAAP diluted EPS and non-GAAP diluted EPS growth, expected run rate synergies and the expected revenue growth for EMPAVELI and SYFOVRE following the acquisition of Apellis; 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 retaining management, personnel and other organizational changes, including our ability to attract, retain and motivate 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 (SEC), which are available on the SEC’s website at www.sec.gov. These statements speak only as of the date of this press release 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, 2025 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 2026 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®, EMPAVELI®, PLEGRIDY®, QALSODY®, RITUXAN®, RITUXAN HYCELA®, SKYCLARYS®, SPINRAZA®, SYFOVRE®, TECFIDERA®, THECAFLEX DRX®, TYSABRI® and VUMERITY® are registered trademarks of Biogen. BENEPALI , FLIXABI , FUMADERM , IMRALDI and OPUVIZ are trademarks of Biogen. ACTEMRA®, ASPAVELI®, COLUMVI®, ENBREL®, EYLEA®, FAMPYRA , GAZYVA®, LEQEMBI®, HUMIRA®, LUCENTIS®, LUNSUMIO®, OCREVUS®, REMICADE®, TOFIDENCE®, ZURZUVAE® and other trademarks referenced in this presentation are the property of their respective owners. Digital Media Disclosure We use, and 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 Priya Singhal, M.D., M.P.H. Head of Development Alisha Alaimo President, North America Robin Kramer Chief Financial Officer Christopher A. Viehbacher President and Chief Executive Officer
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KEY HIGHLIGHTS President and Chief Executive Officer Christopher A. Viehbacher
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THE NEW BIOGEN STRATEGY IS ENABLING OUR RETURN TO GROWTH 6 1. Growth portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 2. Core Pharmaceutical revenue includes product revenue excluding biosimilars revenue plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 3. Compared to SYFOVRE and EMPAVELI revenue reported in Apellis Q3 2025 10-Q; 4. Refers to the Apellis acquisition GROWTH PORTFOLIO1 $1.26B ~50% Year-over-year growth Represents 63% of Q3 core pharmaceutical revenue2 TOTAL REVENUE $2.8B +11% Year-over-year growth Double-digit growth driven by strong execution and successful ongoing integration of Apellis Full year Total Revenue expected to increase by a mid-single digit percentage year over year Q3 revenue of $243M, +37% Year-over-year growth3 On track to realize ≥$250M of run-rate synergies by end of 20274
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THREE GROWTH ENGINES DRIVING PERFORMANCE THROUGH 2027 AND BEYOND Rebuilding the early pipeline for long-term sustainable growth Continued investment in internal and external innovation to create the next generation of growth drivers ▪ 6 new programs expected with 3 NMEs ▪ RayThera acquisition completed with lead program in Phase 1 Multi-year registrational data flow 5 registrational readouts over the next 12 months, across a total ~$12B total addressable market ▪ Phase 3 readouts expected in SLE, CLE, AMR and Dravet syndrome Growing commercial portfolio Strong momentum across our growth portfolio, further strengthened by the Apellis acquisition ▪ Q3 Growth Portfolio revenue up ~50% YoY ▪ Expected return to top line growth in 2026 AMR = antibody-mediated rejection; CLE = cutaneous lupus erythematosus; NME = new molecular entity; SLE = systemic lupus erythematosus; YoY = year over year Phase 3 EMPEROR Study in Dravet syndrome operationalized by Stoke Therapeutics, Inc. 7
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DEVELOPMENT UPDATE Head of Development Priya Singhal, M.D., M.P.H.
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BIOGEN IS POISED FOR FIVE REGISTRATIONAL STUDY READOUTS OVER THE NEXT FOUR QUARTERS 9 Zorevunersen* Phase 3 readout in DS Felzartamab Phase 3 readout in AMR Data expected in H1 2027 Litifilimab Two Phase 3 readouts in SLE Litifilimab Phase 3 readout in CLE Data expected in H1 2027 Litifilimab Phase 2 CLE 52-week data at EADV 2026 * Phase 3 EMPEROR Study operationalized by Stoke Therapeutics, Inc. Note: Timelines are 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, Diranersen, and Salanersen are licensed from Ionis Pharmaceuticals, Inc; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.; AMR = antibody mediated rejection; CLE = cutaneous lupus erythematosus; DS = Dravet syndrome; EADV = European Academy of Dermatology and Venerology; SC-AI = subcutaneous autoinjector; SLE = systemic lupus erythematosus; # Rare Disease is a commercial designation that includes multiple therapeutic indications. ImmunologyNeurology Rare Disease# = Milestone achieved Salanersen Phase 1b data and FDA Breakthrough Therapy Designation Litifilimab Phase 2 CLE 24-week data High Dose FDA Approved March 2026 Diranersen Phase 2 data SC-AI for Treatment Initiation FDA Approved July 2026 Q4 2026Q3 2026 Q1 2027H1 2026 Q2 2027 Q3 2027 New Phase 2 Data Upcoming data readouts remain on track
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EXPECTED ADDITIONAL REGISTRATIONAL READOUTS 2028-2030 10 Note: Planned data flow, subject to change. LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co; 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; 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 FELZARTAMAB TRANSPIRE in MVI SALANERSEN STELLAR-1 in SMA LEQEMBI AHEAD 3-45 in Preclinical AD FELZARTAMAB PREVAIL in IgAN DAPIROLIZUMAB PEGOL PHOENYCS FLY in SLE FELZARTAMAB PROMINENT in PMN SKYCLARYS Pediatric BRAVE in FA Immunology Neurology Rare Disease#
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FINANCIAL UPDATE Chief Financial Officer Robin Kramer
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THIRD QUARTER 2026: $1.3B OF GROWTH PORTFOLIO REVENUE; EXCEEDING THE LEGACY MS PORTFOLIO 1. Core Pharmaceutical revenue includes product revenue excluding biosimilars revenue plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. 2. Growth Portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. 3. Legacy MS Portfolio includes AVONEX, PLEGRIDY, TECFIDERA and TYSABRI. YoY = year-over-year; QoQ = quarter-over-quarter. $2.0B +18% YoY $1.02B +21% YoY $727M (14%) YoY 12 +9% QoQ (5%) QoQ +9% QoQ Legacy Apellis Product Revenue $1.26B +49% YoY +19% QoQ Total Growth Portfolio (including VUMERITY) $243M Biogen excluding Apellis Legacy MS Portfolio3 (excluding VUMERITY) Growth Portfolio2 (including VUMERITY) Total Core Pharmaceutical Revenue1
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THIRD QUARTER 2026 GROWTH PORTFOLIO PERFORMANCE 13 Growth portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. Legacy Portfolio includes AVONEX, PLEGRIDY, TECFIDERA and TYSABRI. 1. Global in-market sales recorded by Eisai; YoY = year-over-year; QoQ = quarter-over-quarter. Growth Portfolio (revenue in $ millions) Q3 In-market Revenue YoY QoQ $461 +23% +15% $192 (11%) (2%) $2021 +67% +10% $178 +34% +6% $84 +53% +19% $38 +42% +17% $191 +27% +18% $52 +92% +11% Full first quarter following Apellis integration and comparisons are vs total in-market revenue as reported for the indicated period Legacy MS Portfolio (revenue in $ millions) Q3 In-market Revenue YoY QoQ $437 +1% (3%) $157 (17%) (8%) $82 (51%) (10%) $52 (12%) (6%) Q3 Growth Portfolio Reported Revenue YoY QoQ Total: $1.26B 49% 19% Q3 Legacy MS Portfolio Revenue YoY QoQ $727M (14%) (5%)
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APELLIS DELIVERS STRONG QUARTERLY REVENUE PERFORMANCE 14 GA = geographic atrophy; PNH = paroxysmal nocturnal hemoglobinuria QoQ = quarter-over-quarter total in-market revenue comparison; YoY = year-over-year revenue compared to SYFOVRE and EMPAVELI revenue reported in Apellis Q3 2025 10-Q • Total commercial injections increased: − +18% YoY − +7% QoQ • Continues to be the market leader in GA • Q3 benefitted from inventory dynamics • Observed double-digit sequential revenue growth each quarter since launch in Q3 2025 • Strong demand growth in the nephrology indications • Increasing investment in a competitive PNH market Q3 2026 Revenue YoY QoQ $191M 27% 18% Q3 2026 Revenue YoY QoQ $52M 92% 11% Strong commercial performance in Q3 2026 – first full quarter of Apellis contribution
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THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS 15 GAAP Non-GAAP ($ in Millions except EPS) Q3 2026 Q3 2025 Fav/ (Unfav) Q3 2026 Q3 2025 Fav/ (Unfav) Growth Portfolio Revenue1 $1,264 $846 49% $1,264 $846 49% Legacy Portfolio Revenue2 $727 $847 (14%) $727 $847 (14%) Other Revenue3 $813 $842 (3%) $813 $842 (3%) Total Revenue $2,804 $2,535 11% $2,804 $2,535 11% Cost of Sales4 $748 $674 (11%) $553 $510 (8%) % of revenue 27% 27% 20% 20% Core OpEx (R&D + SG&A) $1,326 $1,031 (29%) $1,297 $1,024 (27%) Acquired IPR&D, upfront and milestone expense $284 $2 NMF $284 $2 NMF Other (Income) Expense $137 $34 (303%) $91 $44 (110%) Net Income (Loss) Attributable to Biogen Inc. ($21) $466 (104%) $391 $708 (45%) Diluted EPS ($0.14) $3.17 (104%) $2.62 $4.81 (45%) Approximate per share impact from acquired 00IPR&D, upfront and milestone expense ~($1.65)* ~($0.01) ~($1.70)* ~($0.01) The above table is not an income statement. Numbers do not foot. Percent changes represented as favorable/(unfavorable). NMF = no meaningful figure. Our GAAP financial measures and a reconciliation of GAAP to Non-GAAP financial results are at the end of this presentation. 1. Growth portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 2. Legacy MS portfolio revenue includes AVONEX, PLEGRIDY, TECFIDERA and TYSABRI; 3. Other revenue includes Biosimilars, Revenue from anti-CD20 therapeutic programs, and Contract manufacturing, royalty and other revenue. Core OpEx includes R&D and SG&A expenses. 4. Excluding amortization and impairment of acquired intangible assets. * Difference primarily due to distinct share count and tax rates.
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THIRD QUARTER 2026 CASH FLOW AND BALANCE SHEET 16 Note: Numbers may not foot due to rounding *Free cash flow, a non-GAAP financial measure = net cash flow from operations less capital expenditures Cash and equivalents Debt Net debt $1.3B $7.7B $6.4B Cash flow from operations Capital expenditures Free cash flow* $641M $40M $600M Q3 2026 Cash Flow Balance Sheet as of September 30, 2026 Repaid $400M of the term loan related to the Apellis acquisition in Q3 2026, with $600M in total repaid as of September 30, 2026 – Continue to expect to pay down the remaining $1.4B by end of 2027
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RAISING THE LOWER END OF THE GUIDANCE RANGE TO REFLECT ONGOING BUSINESS STRENGTH AND APELLIS DILUTION FAVORABILITY 17 Key guidance assumptions Note: Please see slide 3 of this presentation for additional information on our use of Non-GAAP measures, including forward-looking Non-GAAP financial measures. FY = full year; Core OpEx = Non- GAAP R&D expense and Non-GAAP SG&A expense; YoY = year-over-year. FY 2026 Non-GAAP diluted EPS Guidance Feb 2026 July 2026 Oct 2026 Underlying guidance $15.25 to $16.25 $15.85 to $16.85 $15.95 to $16.75 Expected approx. impact from acquired IPR&D, upfront and milestone charges -- ~($3.00) ~($3.20) Expected dilution from the Apellis acquisition -- ~($0.85) ~($0.55) Reported Guidance $15.25 to $16.25 $12.00 to $13.00 $12.20 to $13.00 • FY Total Revenue expected to increase by a mid-single digit percentage YoY • FY 2026 Core OpEx expected to be approximately $4.95B and includes Apellis integration and synergies • FY Other Income and Expense expected to be a net expense of $265M to $275M driven by lower interest income and higher interest expense related to financing the Apellis acquisition • FY Non-GAAP Tax Rate expected to be approximately 18%
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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) 20
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CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 21
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PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 22
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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. 23 GAAP TO NON-GAAP RECONCILIATION (unaudited, in millions)
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GAAP TO NON-GAAP RECONCILIATION Continued (unaudited, in millions, except effective tax rates & per share amounts) 24
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GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q3 2025 (unaudited) 25
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GAAP TO NON-GAAP RECONCILIATION Continued Free Cash Flow (unaudited, in millions) 26
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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 27
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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 28