Slide 1: Second Quarter 2025 Financial Results and Business Update
July 31, 2025 SECOND 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. Alisha A. Alaimo Robin Kramer President and Chief Head of Development President and Head of Chief Financial Officer Executive Officer North America 4
Slide 5: Key Highlights
KEY HIGHLIGHTS Christopher A. Viehbacher President and Chief Executive Officer
Slide 6: During Q2 We Continued to Deliver Against Our Strategy for Long-Term Growth
DURING Q2 WE CONTINUED TO DELIVER AGAINST OUR STRATEGY FOR LONG-TERM GROWTH • Continued strength from new launches with revenue offsetting MS decline • LEQEMBI showed sustained sequential growth with rising global demand Commercial • SKYCLARYS now available in 29 markets1 globally and Phase 3 pediat
Slide 7: Strong Execution Across an Expanding Pipeline Including More Late-Stage Opportunities
STRONG EXECUTION ACROSS AN EXPANDING PIPELINE INCLUDING MORE LATE-STAGE OPPORTUNITIES Phase 1 Phase 2 Phase 3 Lecanemab (Aβ mAb)* – Preclinical AD Alzheimer’s disease BIIB080 (tau ASO)^ – Early AD Dapirolizumab pegol (anti-CD40L)* – SLE Litifilimab (anti-BDCA2 mAb) – SLE Immunology Litifilimab (anti
Slide 8: Development Update
DEVELOPMENT UPDATE Priya Singhal, M.D., M.P.H. Head of Development
Slide 9: Further Strengthened Our Pipeline in Q2 to Support Our Long-Term Growth Objective
FURTHER STRENGTHENED OUR PIPELINE IN Q2 TO SUPPORT OUR LONG-TERM GROWTH OBJECTIVE Regulatory Review in Phase 1 Phase 2 Phase 3 Certain Markets Development Milestones: Lecanemab (Aβ mAb)* Felzartamab Lecanemab (Aβ mAb)* SC- Felzartamab BIIB080 (tau ASO)^ (anti-CD38 mAb) – LN Early AD SC-AI Initiation
Slide 10: We Ran a Phase 1b Study to Evaluate Once Yearly Salanersen in SMA Patients
WE RAN A PHASE 1B STUDY TO EVALUATE ONCE YEARLY SALANERSEN IN SMA PATIENTS WHO PREVIOUSLY RECEIVED GENE THERAPY Salanersen is a novel ASO leveraging the same mechanism of action of SPINRAZA but designed for high potency to address the remaining unmet need in SMA Primary Endpoint SMA Screening • Safe
Slide 11: Interim Phase 1b Results Support Advancement to Phase 3 and Highlight Salanersen's Potential
INTERIM PHASE 1B RESULTS SUPPORT ADVANCEMENT TO PHASE 3 AND HIGHLIGHT SALANERSEN’S POTENTIAL TO TRANSFORM SMA CARE Data shows that salanersen resulted in substantial slowing of neurodegeneration and clinically meaningful improvements in children previously treated with gene therapy Case study exampl
Slide 12: New Data Highlights the Potential of Dapirolizumab Pegol in Lupus
NEW DATA HIGHLIGHTS THE POTENTIAL OF DAPIROLIZUMAB PEGOL TO ALLEVIATE FATIGUE, REDUCE DISEASE ACTIVITY AND IMPROVE QUALITY OF LIFE IN LUPUS Dapirolizumab pegol showed efficacy across multiple clinical endpoints in the positive PHOENYCS GO Phase 3 study, including fatigue, measures of disease activit
Slide 13: 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 Study Starts 4 Clinical Trial Readouts 3 Regulatory Decisions • Felzartamab Phase 3 in IgAN • Salanersen Phase 1b interim in • Zuranolone in PPD SMA Positive CHMP opinion • Felzartamab Phase 3
Slide 14: Commercial Update
COMMERCIAL UPDATE Alisha A. Alaimo President and Head of North America
Slide 15: Expanding SKYCLARYS Globally to Realize Full Potential
EXPANDING SKYCLARYS GLOBALLY TO REALIZE FULL POTENTIAL For Friedreich Ataxia • Now available in 291 countries with Q2 worldwide sales of $130 million, up 30% YoY and 5% QoQ • U.S. seeing impact of focused investments on reaching community HCPs and slower progressing patients o ~70% of Q2 new U.S. pa
Slide 16: ZURZUVAE Rapidly Growing as a First Line Therapy for PPD
ZURZUVAE RAPIDLY GROWING AS A FIRST LINE THERAPY FOR PPD For Postpartum Depression • Q2 U.S. sales of $46 million, up 213% YoY and 68% QoQ • Field expansion driving performance across key metrics in Q2 o 29% increase in prescribers in Q2 o 70% of prescriptions from repeat prescribers o 80% of prescr
Slide 17: Unlocking New Investments to Drive LEQEMBI Growth
UNLOCKING NEW INVESTMENTS TO DRIVE LEQEMBI GROWTH WITH IMPORTANT OPPORTUNITIES AHEAD For Early Alzheimer's Disease • Q2 worldwide sales of $160 million shows continued growth excluding the $35 million stocking in China; U.S. sales of $63M increased 20% QoQ • U.S. prescriber base grew 34% in first ha
Slide 18: Financial Update
FINANCIAL UPDATE Robin Kramer Chief Financial Officer
Slide 19: Second Quarter 2025 Key Financial Highlights
SECOND QUARTER 2025 KEY FINANCIAL HIGHLIGHTS Total Revenue GAAP Diluted EPS Non-GAAP Diluted EPS $2.65B 7% YoY $4.33 8% YoY $5.47 4% YoY Launch Products* • $252M 26% QoQ and 91% YoY Performance • YoY increase in launch revenue offset YoY decline in MS product revenue GAAP Operating Income • 1% YoY (
Slide 20: Second Quarter 2025 Revenue Highlights
SECOND QUARTER 2025 REVENUE HIGHLIGHTS ($ in Millions) Q2 2025 Q2 2024 YoY CC* Multiple sclerosis product revenue1 $1,107 $1,150 (4%) (4%) Total rare disease revenue2 $543 $534 2% 3% Biosimilars revenue $182 $198 (8%) (8%) Other product revenue3 $47 $18 169% 170% Revenue from anti-CD20 therapeut
Slide 21: Second Quarter 2025 Key P&L Items
SECOND QUARTER 2025 KEY P&L ITEMS ($ in Millions except EPS, Shares in Millions) Q2 2025 Q2 2024 Δ Y/Y ($ in Millions except EPS, Shares in Millions) Q2 2025 Q2 2024 Δ Y/Y Total Revenue $2,646 $2,465 7% Total Revenue $2,646 $2,465 7% GAAP Cost of Sales* $605 $546 (11%) Non-GAAP Cost of Sales* $554 $
Slide 22: Expected Cash Flow Supports a Balance Sheet That Allows for Investment
EXPECTED CASH FLOW SUPPORTS A BALANCE SHEET THAT ALLOWS FOR INVESTMENT TO AUGMENT GROWTH Q2 2025 Cash Flow Balance Sheet* $161M Cash flow from operations $2.8B Cash and cash equivalents Includes impact from $745M of tax payments $27M Capital expenditures $6.3B Debt $134M Free cash flow# $3.5B Net de
Slide 23: Our Business Model and Footprint Positions Us for Potential Resilience
OUR BUSINESS MODEL AND FOOTPRINT POSITIONS US FOR POTENTIAL RESILIENCE IN UNCERTAIN ENVIRONMENTS Significant U.S. Strong Geographic Revenue from Rare Diversified U.S. Payor Manufacturing Footprint Diversification Disease Channel Mix ~75% of 2024 U.S. product revenue is ~31% of 2024 core pharmaceutic
Slide 24: Updated Guidance Reflects an Expected Stronger Business Outlook for Full Year 2025
UPDATED GUIDANCE REFLECTS AN EXPECTED STRONGER BUSINESS OUTLOOK FOR FULL YEAR 2025 Full Year 2025 Non-GAAP Diluted EPS Prior FY 2025 Guidance (May) $14.50 to $15.50 Benefit from stronger business outlook +$0.87 Approx. impact from City Therapeutics transaction ($0.12) Updated FY 2025 Guidance $15.50
Slide 25: Updated Key Considerations for Full Year 2025 Financial Guidance
UPDATED KEY CONSIDERATIONS FOR FULL YEAR 2025 FINANCIAL GUIDANCE Total Revenue P&L • Increased expected full year 2025 total revenue to be • In 2025, we plan to make additional investments in R&D to approximately flat, at constant currency, versus FY 2024, up enable acceleration and expansion of the
Slide 26: Questions & Answers
QUESTIONS & ANSWERS
Slide 27: Appendix
APPENDIX
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 (U.S. and Rest of World) & Total Revenue
PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 30
Slide 31: GAAP to Non-GAAP Reconciliation
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
Slide 32: GAAP to Non-GAAP Reconciliation (Continued)
GAAP TO NON-GAAP RECONCILIATION Continued (unaudited, in millions, except effective tax rates & per share amounts) 32
Slide 33: Revenue Change at Constant Currency vs Q2 2024
GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q2 2024 (unaudited) 33
Slide 34: Free Cash Flow
GAAP TO NON-GAAP RECONCILIATION Continued 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