Slide 1: Biogen Idec Q1 2009 Earnings Conference Call and Webcast
Biogen Idec Q1 2009 Earnings Conference Call and Webcast April 16, 2009
Slide 2: Forward-looking statements
This presentation includes forward-looking statements about: our 2009 guidance, including our expected revenues, expenses, earnings, tax rate and capital expenditures our financial and operational goals through 2010 estimates of sales and the competitive profile of our products and the size and grow
Slide 3: Q1 2009 Earnings Call Agenda
Q1 2009 Earnings Call Agenda Prepared Remarks Introduction Elizabeth Woo, Vice President, Investor Relations Overview Jim Mullen, Chief Executive Officer Commercial Update Bill Sibold, Senior Vice President, US Commercial AAN Preview Alfred Sandrock, MD, PhD, Senior Vice President, Neurology R&D Fin
Slide 4: Business Overview
James Mullen Chief Executive Officer Business Overview
Slide 5: Q1 2009 Overview: Products, Performance and Pipeline
Q1 2009 Overview Products, Performance and Pipeline Strong Financial Performance Revenues +10% y/y GAAP diluted EPS +56% y/y Non-GAAP diluted EPS +27% y/y Solid Product Performance AVONEX(r) worldwide revenues of $555 million, +4% y/y Revenues to Biogen Idec from RITUXAN(r) of $279 million, +13% y/y
Slide 6: Highest Quality Pipeline
Highest Quality Pipeline 15 Issuer Scorecard: Large U.S. Pharmaceutical Companies published February 2009 Most recent rating methodology mapping for 12 large U.S.-based pharmaceutical and biotech companies Ranking of the 12 companies from strongest to weakest on several important criteria Moody's In
Slide 7: Commercial Update
Bill Sibold Senior Vice President, US Commercial Commercial Update
Slide 8: AVONEX: Most prescribed MS therapy
Most prescribed MS therapy & 13 years as market leader Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 AVONEX U.S. Sales (in $ millions) 279 308 306 322 341 340 AVONEX International Sales (in $ millions) 223.5 228 221 252 225 215 +4% Global Revenue Growth Y/Y AVONEX Disrupts Disease Not Patients' Lives AVONEX L
Slide 9: TYSABRI In Market Sales and Progress
Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 TYSABRI In Market U.S. Sales (in $ millions) 86 115 116 TYSABRI In Market International Sales (in $ millions) 73 102 111 +42% Global Revenue Growth Y/Y TYSABRI A New Level of Efficacy TYSABRI Progress and Data Making Progress on 2009 Marketing Plan Further communi
Slide 10: TYSABRI Utilization and Exposure - End of March 2009
TYSABRI Utilization and Exposure - End of March 2009 YE06 YE07 YE08 End of March 2009 Intl Commercial 1200 7700 16900 18500 US Commercial 4000 12900 20200 20800 Clincial Trials 700 600 600 TYSABRI Utilization TYSABRI Post-Marketing Exposure 37,600 21,300 5,200 Overall Post-marketing Exposure >12 Mon
Slide 11: TYSABRI: A New Level of Efficacy
TYSABRI A New Level of Efficacy Reduction of disease progression Reduction in relapse rate Free of disease activity 54%3 68%3 37%2 Improvement in physical function Failure-based paradigm Improvement paradigm Intermediate 69%1 1. Munschauer,et al. Natalizumab Significantly Increases the Cumulative Pr
Slide 12: TYSABRI Confidence Returning Among MS Prescribers
TYSABRI Confidence Returning Among MS Prescribers Jan, 06 Feb, 06 Mar, 06 Q1 '06 Rolling Average Apr, 06 May, 06 June, 06 Q2 '06 Rolling Average H1 2006 July, 06** Aug., 06 Q3 '06 Rolling Average Oct., 06 Nov., 06 Dec., 06 Q4 '06 Rolling Average H2 2006 Jan., 07 Feb., 07 Mar., 07 Q1 '07 Apr., 07 May
Slide 13: Comprehensive Dialogue with Our Customers
Comprehensive Dialogue with Our Customers Thousands of Interactions With Each of Our Audiences Patient Services Direct Mail / Email Live Programming Sales Details Doctors Nurses Nurse Practitioners Patients Patient Associations Pharmacists Regulators Payers Pharmaco-economists Webcasts Websites Med
Slide 14: R&D Update
Alfred Sandrock, M.D., Ph.D. Senior Vice President, Neurology R&D R&D Update
Slide 15: Biogen Idec at AAN
Biogen Idec at AAN 25 company-sponsored platform and poster presentations at the 61st Annual Meeting of the American Academy of Neurology (AAN) April 25 - May 2, 2009 in Seattle Pipeline Products Daclizumab A poster focusing on results from the Phase II CHOICE trial, showing that reduced T-cell acti
Slide 16: Biogen Idec at AAN Continued
Biogen Idec at AAN Continued 25 company-sponsored platform and poster presentations at the 61st Annual Meeting of the American Academy of Neurology (AAN) April 25 - May 2, 2009 in Seattle Marketed Products AVONEX The 10-year follow up from the CHAMPIONS extension study, which is the longest follow-u
Slide 17: Financial Performance
Paul Clancy Chief Financial Officer Financial Performance
Slide 18: Q1 2009 Financial Worksheet: Revenues
Q1 2009 Financial Worksheet Revenues ($ millions) Q1 2008 Q1 2009 %D Notes AVONEX U.S. Revenues $308 $340 10% AVONEX International Revenues $228 $215 (5%) Total AVONEX Sales $536 $555 4% TYSABRI Revenue to BIIB $115 $165 44% Total Product Sales $665 $733 10% RITUXAN US Profit Share $158 $180 14% RIT
Slide 19: Q1 2009 Financial Worksheet: Costs and Expenses
Q1 2009 Financial Worksheet Costs and Expenses ($ millions) Q1 2008 Q1 2009 %D Notes Non-GAAP Cost of Sales1 $101 $98 (3%) % of Product Sales 15.2% 13.4% Non-GAAP R&D Expenses2 $255 $275 8% % of Total Revenues 27.1% 26.5% Non-GAAP SG&A Expenses3 $213 $217 2% % of Total Revenues 22.6% 21.0% Collabora
Slide 20: Q1 2009 Financial Worksheet: Other Selected Financials
Q1 2009 Financial Worksheet Other Selected Financials ($ millions except EPS) Q1 2008 Q1 2009 %D Notes Other income, net1 $3.1 $6.8 na Non-GAAP Tax Rate2 28.6% 24.5% Non-GAAP Net Income attributable to Biogen Idec, Inc.3 $250 $306 22% Weighted average shares used in calculating diluted EPS (millions
Slide 21: Full Year 2009 Financial Guidance Confirmed
Full Year 2009 Financial Guidance Confirmed Revenue growth is expected to be in the high single digits. Operating Expenses, excluding collaboration profit share, between $2.0 to $2.1 billion. R&D is expected to be approximately 26-28% of total revenue. SG&A is expected to be approximately 19-20% of
Slide 22: GAAP to non-GAAP Reconciliation Q1-09 and FY09 Guidance
GAAP to non-GAAP Reconciliation Q1-09 Diluted EPS & Net Income Attributable to Biogen Idec and FY09 Guidance 22
Slide 23: GAAP to non-GAAP Reconciliation: Five Year History
GAAP to non-GAAP Reconciliation Diluted EPS and Net Income Attributable to Biogen Idec: Five Year History Notes: The non-GAAP financial measures presented in this table are utilized by Biogen Idec management to gain an understanding of the comparative financial performance of the Company. Our non-GA