Slide 1: First Quarter 2025 Financial Results and Business Update
May 1, 2025 FIRST QUARTER 2025 FINANCIAL RESULTS AND BUSINESS UPDATE
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and the discussions during this conference call 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; clinic
Slide 3: 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 4: Biogen Call Participants
BIOGEN CALL PARTICIPANTS Christopher A. Priya Singhal, M.D., Viehbacher M.P.H. Robin Kramer President and Chief Head of Development Chief Financial Officer Executive Officer 4
Slide 5: Key Highlights
KEY HIGHLIGHTS Christopher A. Viehbacher President and Chief Executive Officer 5
Slide 6: During Q1 we continued to deliver against our strategy for long-term growth
DURING Q1 WE CONTINUED TO DELIVER AGAINST OUR STRATEGY FOR LONG-TERM GROWTH Strategic Objectives Q1 2025 Achievements • Revenue from new launches more than doubled year over year Execute ongoing drug launches while leveraging • LEQEMBI approved in the E.U. in April opportunities to expand existing f
Slide 7: Ongoing product launches are continuing to build momentum
ONGOING PRODUCT LAUNCHES ARE CONTINUING TO BUILD MOMENTUM • Q1 worldwide in-market sales of $96 million, up 395% YoY and 11% QoQ • Obtained marketing authorization in the E.U. LEQEMBI in • Advancing the launch with plans to enhance patient engagement and activation Early AD • Introduced IV maintenan
Slide 8: Global SKYCLARYS launch supports continued growth opportunity
GLOBAL SKYCLARYS LAUNCH SUPPORTS CONTINUED GROWTH OPPORTUNITY Patients on Therapy Globally 3000 • ~2,400 patients on therapy globally1 2500 2000 • SKYCLARYS now available in 26 1500 markets2 1000 500 • Continued market and geographic 0 expansion expected Jun Sep Dec Mar Jun Sep Dec Mar 2023 2024 202
Slide 9: Stronger, increasingly de-risked pipeline with compelling commercial potential
WE HAVE BUILT A STRONGER, INCREASINGLY DE-RISKED PIPELINE WITH COMPELLING COMMERCIAL POTENTIAL Now balanced across Greater proportion of Phase 3 programs therapeutic areas with established proof-of-concept 100% 100% Neurology % of Phase 3 programs with Development Pipeline 80% Immunology 80% establi
Slide 10: Expecting increased momentum from our expanding pipeline
EXPECTING INCREASED MOMENTUM FROM OUR EXPANDING PIPELINE Program 2025 2026 2027 2028 2029 2030 IV maintenance LEQEMBI – Early AD SC initiation SC maintenance LEQEMBI – Presymptomatic AD Phase 3 readout SKYCLARYS – Pediatric FA Ph. 3 initiation BIIB080 – AD Phase 2 readout Dapirolizumab pegol – SLE P
Slide 11: Strength of Biogen's business model and footprint
STRENGTH OF BIOGEN’S BUSINESS MODEL AND FOOTPRINT Impact of U.S. Manufacturing Footprint Strong Presence in International Markets Approximately 75% of 2024 U.S. Approximately 55% of 2024 product revenue attributable to product revenue attributable to products which have manufacturing sales outside t
Slide 12: Development Update
DEVELOPMENT UPDATE Priya Singhal, M.D., M.P.H. Head of Development 12
Slide 13: Advancing and expanding our high-scientific conviction late-stage pipeline
WE ARE ADVANCING AND EXPANDING OUR HIGH-SCIENTIFIC CONVICTION LATE-STAGE PIPELINE New Program Dapirolizumab BIIB080 Litifilimab Felzartamab Zorevunersen Pegol Early AD SLE SLE AMR IgAN Dravet syndrome Collaboration with Stoke CLE PMN LN Therapeutics Received FDA Only the 3rd agent Phase 1/2a data Fa
Slide 14: Zorevunersen has the potential to be the first medicine to treat the underlying cause of Dravet syndrome
ZOREVUNERSEN HAS THE POTENTIAL TO BE THE FIRST MEDICINE TO TREAT THE UNDERLYING CAUSE OF DRAVET SYNDROME Zorevunersen is an ASO designed to increase Nav1.1 protein expression with Phase 1/2a data demonstrating >85% reduction in seizure frequency on top of SoC* and improvement in non-seizure manifest
Slide 15: Leading in Alzheimer's to build the disease modifying treatment landscape
LEADING IN ALZHEIMER’S TO BUILD THE DISEASE MODIFYING TREATMENT LANDSCAPE Expanding approvals and enhancing Building on the Proven Efficacy of Advancing the Next Potential Wave Convenience of LEQEMBI LEQEMBI in Presymptomatic AD of Alzheimer’s therapies • LEQEMBI is now the only anti-amyloid AHEAD 3
Slide 16: Building and strengthening our pipeline to support long-term growth objective
BUILDING AND STRENGTHENING OUR PIPELINE TO SUPPORT OUR LONG- TERM GROWTH OBJECTIVE Regulatory Review in Phase 1 Phase 2 Phase 3 Certain Markets Lecanemab (Aβ mAb)* Felzartamab BIIB080 (tau ASO)^ Lecanemab (Aβ mAb)* SC-AI SC-AI Initiation (anti-CD38 mAb) – LN Early AD Maintenance Early AD Early AD Fe
Slide 17: Financial Update
FINANCIAL UPDATE Robin Kramer Chief Financial Officer 17
Slide 18: First Quarter 2025 Key Financial Highlights
FIRST QUARTER 2025 KEY FINANCIAL HIGHLIGHTS ✓ Q1 total revenue $2.4 billion; GAAP diluted EPS $1.64; Non-GAAP diluted EPS $3.02 ✓ GAAP and Non-GAAP diluted EPS includes a ~$0.95 impact from the $165 million upfront transaction payment to Stoke Therapeutics related to the collaboration agreement for
Slide 19: First Quarter 2025 Revenue Highlights
FIRST QUARTER 2025 REVENUE HIGHLIGHTS ($ in Millions) Q1 2025 Q1 2024 YoY CC* Multiple sclerosis product revenue1 $953 $1,076 (11%) (10%) Total rare disease revenue2 $563 $424 33% 36% Biosimilars revenue $181 $197 (8%) (5%) Other product revenue3 $29 $15 93% 92% Revenue from anti-CD20 therapeuti
Slide 20: First Quarter 2025 Key P&L Items
FIRST QUARTER 2025 KEY P&L ITEMS ($ in Millions except EPS, Shares in Millions) Q1 2025 Q1 2024 Δ Y/Y ($ in Millions except EPS, Shares in Millions) Q1 2025 Q1 2024 Δ Y/Y Total Revenue $2,431 $2,290 6% Total Revenue $2,431 $2,290 6% GAAP Cost of Sales* $629 $542 (16%) Non-GAAP Cost of Sales* $580 $5
Slide 21: Cash flow supports a balance sheet that allows for investment to augment growth
CASH FLOW SUPPORTS A BALANCE SHEET THAT ALLOWS FOR INVESTMENT TO AUGMENT GROWTH Q1 2025 Cash Flow Balance Sheet* $259M Cash flow from operations^ $2.6B Cash and cash equivalents $37M Capital expenditures $6.3B Debt $222M Free cash flow#^ $3.7B Net debt Note: Numbers may not foot due to rounding. * A
Slide 22: Updated guidance reflects a consistent underlying business outlook
UPDATED GUIDANCE REFLECTS A CONSISTENT UNDERLYING BUSINESS OUTLOOK FOR THE YEAR ADJUSTED FOR THE STOKE TRANSACTION Full Year 2025 Non-GAAP Diluted EPS Prior FY 2025 Guidance (February) $15.25 to $16.25 Approx. impact from $165M Stoke upfront ($0.95) Benefit mainly from FX +$0.20 Updated FY 2025 Guid
Slide 23: Full Year 2025 Financial Guidance Key Considerations
FULL YEAR 2025 FINANCIAL GUIDANCE KEY CONSIDERATIONS REMAIN MOSTLY CONSISTENT Total Revenue Tariffs • Expect to decline by a mid-single digit percentage at constant • Our 2025 financial outlook is not expected to be materially currency in 2025 versus 2024 impacted from potential tariffs as announced
Slide 24: Closing
CLOSING Christopher A. Viehbacher President and Chief Executive Officer 24
Slide 25: Key expected milestones over the next 18 months
OUR DISCIPLINED SCIENTIFIC APPROACH IS POISED TO DELIVER KEY EXPECTED MILESTONES OVER THE NEXT 18 MONTHS 4 Phase 3 Starts 3 Clinical Trial Readouts 3 Regulatory Decisions • Zorevunersen Phase 3 in Dravet • BIIB080 Phase 2 in Early AD • LEQEMBI SC-AI maintenance in syndrome Early AD • Litifilimab Pha
Slide 26: Questions & Answers
QUESTIONS & ANSWERS 26
Slide 27: Appendix
APPENDIX 27
Slide 28: Consolidated Statement of Income
CONSOLIDATED STATEMENT OF INCOME (unaudited, in millions, except per share amounts) 28
Slide 29: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 29
Slide 30: Product Revenue (US and Rest of World) & Total Revenue
PRODUCT REVENUE (US AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 30
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Operating Expense, Other (Income) Expense, net and Income Tax (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, a
Slide 32: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Effective Tax Rate, Net Income & Diluted EPS (unaudited, in millions, except effective tax rates & per share amounts) 32
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Revenue Change at Constant Currency vs Q1 2024 (unaudited, in millions) 33
Slide 34: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Free Cash Flow (unaudited, in millions) 34
Slide 35: LEQEMBI Collaboration Accounting
LEQEMBI COLLABORATION ACCOUNTING Revenue • Eisai records 100% of net product revenue globally (Commercial) • Biogen’s 50% share of LEQEMBI revenue, net and cost of sales (including royalties) is recorded in “Alzheimer's collaboration revenue” Product revenue, net Less cost of sales Less royalties Al
Slide 36: ZURZUVAE Collaboration Accounting
ZURZUVAE COLLABORATION ACCOUNTING Commercial • Biogen reflects net revenue on sales of ZURZUVAE and records Biogen’s cost of sales Economics and SG&A in their respective line items. Biogen shares 50% of the profit or loss with (U.S.) Sage, which is recognized in the “collaboration profit sharing/(lo