Slide 1: First Quarter 2024 Financial Results and Business Update
First Quarter 2024 Financial Results and Business Update April 24, 2024
Slide 2: Non-GAAP financial information
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 shar
Slide 3: Forward-looking statements
Forward-looking statements This presentation and the 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; clinica
Slide 4: Biogen call participants
Biogen call participants Christopher A. Alisha A. Alaimo Michael McDonnell Priya Singhal, M.D., Viehbacher M.P.H. President and Chief President and Head Chief Financial Officer Head of Development Executive Officer of North America 4
Slide 5: Key Highlights
Key Highlights Christopher A. Viehbacher President and Chief Executive Officer 5
Slide 6: Working to deliver a New Biogen through new product launches, cost discipline and R&D productivity
Working to deliver a New Biogen through an enhanced focus on new product launches, cost discipline and R&D productivity LEQEMBI launch uptake accelerated – number of patients on drug increased nearly 2.5x and in-market revenue nearly tripled in Q1 ’24 vs. Q4 ’23 SKYCLARYS delivered Q1 global revenue
Slide 7: Encouraging recent trends with the LEQEMBI launch
Encouraging recent trends with the LEQEMBI launch Estimated patients on Planned 30% sBLA submitted for IV LEQEMBI increased Expansion in U.S. LEQEMBI maintenance nearly 2.5x in Q1 ’24 Field Force dosing vs. Q4 ’23 • Believe steady progress in infrastructure development and scaling supports the signi
Slide 8: Advancing the global launch of SKYCLARYS
Advancing the global launch of SKYCLARYS Delivering SKYCLARYS to more patients in the U.S. with over 1,100 patients now on therapy* E.U. represents an important opportunity to unlock SKYCLARYS value and first commercial launches underway • Over 300 patients on SKYCLARYS in the E.U.# • Expect commerc
Slide 9: Working to deliver a New Biogen through new product launches, cost discipline and R&D productivity
Working to deliver a New Biogen through an enhanced focus on new product launches, cost discipline and R&D productivity LEQEMBI launch uptake accelerated – number of patients on drug increased nearly 2.5x and in-market revenue nearly tripled in Q1 ’24 vs. Q4 ’23 SKYCLARYS delivered first quarter glo
Slide 10: Commercial Update
Commercial Update Alisha A. Alaimo President and Head of North America 10
Slide 11: Recent trends suggest an acceleration in the LEQEMBI launch
Recent trends suggest an acceleration in the LEQEMBI launch Estimated total patients# More than 20% of total Order volume at priority The number of unique on therapy increased patients# on therapy 100 IDNs more than prescribers more than nearly 2.5x in Q1* were added in March tripled during Q1* doub
Slide 12: SKYCLARYS launch continues to exceed rare disease analogs
SKYCLARYS launch continues to exceed rare disease analogs1 SKYCLARYS SPINRAZA (Analog 1) Analog 2 Analog 3 40% Analog Avg Sustained patient adoption Over 1,100 patients now on SKYCLARYS2 30% representing ~24% of estimated 4,500 addressable U.S. patient population3 % Penetration 20% Strong progress w
Slide 13: Encouraged by the ZURZUVAE launch performance to date
Encouraged by the ZURZUVAE launch performance to date Providers demonstrating an urgency to treat • Substantial engagement from women’s health professionals at the front lines of seeing PPD patients Early signals of breadth driven by trialist behavior • Month over month growth in number of HCPs writ
Slide 14: Financial Update
Financial Update Michael McDonnell Chief Financial Officer 14
Slide 15: First quarter 2024 key financial highlights
First quarter 2024 key financial highlights ✓ First quarter total revenue $2.3B; GAAP diluted EPS $2.70; Non-GAAP diluted EPS $3.67 ✓ New launches produced revenue which more than offset the decline in the MS franchise ✓ U.S. SPINRAZA growth of 1% more than offset by revenue decline outside the U.S.
Slide 16: First quarter 2024 revenue highlights
First quarter 2024 revenue highlights D (Constant ($ in Millions) Q1 2024 Q1 2023 D Y/Y Currency*) Multiple sclerosis product revenue1 $1,076 $1,125 (4%) (4%) Total SKYCLARYS $78 - nm nm Total SPINRAZA $341 $443 (23%) (23%) Total QALSODY $5 - nm nm Total rare disease revenue2 $424 $443 (4%) (4%) Bio
Slide 17: First quarter 2024 financial results summary
First quarter 2024 financial results summary ($ in Millions except EPS, Shares in Millions) Q1 2024 Q1 2023 Δ Y/Y Total Revenue $2,290 $2,463 (7%) GAAP Cost of Sales* $542 $663 18% % of revenue 24% 27% Non-GAAP Cost of Sales* $500 $663 25% % of revenue 22% 27% GAAP R&D Expense $453 $571 21% Non-GAAP
Slide 18: Balance sheet and cash flow
Balance sheet and cash flow Balance Sheet Cash Flow (as of March 31, 2024) (Q1 2024) $1.1B Cash and marketable securities $553M Net cash flow from operations $6.5B Debt $46M Capital expenditures $5.5B Net debt $507M Free cash flow* 1818 Numbers may not foot due to rounding. * Free cash flow is defin
Slide 19: Biogen reaffirms full year 2024 financial guidance
Biogen reaffirms full year 2024 financial guidance Reaffirmed Full Year 2024 Guidance $15.00 to $16.00 Non-GAAP Diluted EPS Reflecting growth of ~5% at the mid-point* * Versus reported full year 2023 Please see Biogen’s Q1 2024 earnings release, available at the Investors section of Biogen’s website
Slide 20: Full year 2024 key guidance assumptions
Full year 2024 key guidance assumptions* Total revenue expected to decline by a low- to mid-single digit percentage Core pharmaceutical# revenue expected to be flat as expected increasing revenue from new product launches offsets expected MS revenue decline Contract manufacturing revenue expected to
Slide 21: Questions & Answers
Questions & Answers 21
Slide 22: Appendix
Appendix 22
Slide 23: Advancing key late-stage assets with a reprioritized pipeline
Advancing key late-stage assets with a reprioritized pipeline Phase 1 Phase 2 Phase 3 Approved Expected Mid-year Readouts Lecanemab (Aβ mAb)* – AD Approved in U.S., Japan and China; Filed in the E.U and other geographies Alzheimer’s Disease Lecanemab (Aβ mAb)* – Preclinical AD BIIB105 # and Dementia
Slide 24: Consolidated Statement of Income
Consolidated Statement of Income (unaudited, in millions, except per share amounts) 24
Slide 25: Consolidated Balance Sheets
Consolidated Balance Sheets (unaudited, in millions) 25
Slide 26: Product Revenue (US and Rest of World) & Total Revenue
Product Revenue (US and Rest of World) & Total Revenue (unaudited, in millions) 26
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Expense, Other (Income) Expense, net and Income Tax (unaudited, in millions, except effective tax rate) Use of Non-GAAP Financial Measures We supplement our GAAP consolidated financial statements and GAAP financial measures with other financial measures, suc
Slide 28: GAAP to Non-GAAP Reconciliation: Net Income & Diluted EPS
GAAP to Non-GAAP Reconciliation Net Income & Diluted EPS (unaudited, in millions, except per share amounts) Footnotes referenced in the tables above are 28 included at the end of this presentation.
Slide 29: GAAP to Non-GAAP Reconciliation: Constant Currency & Free Cash Flow
GAAP to Non-GAAP Reconciliation Constant Currency & Free Cash Flow (unaudited, in millions) Revenue growth at constant currency vs. Q1 2023 Free cash flow 29