Biogen Inc. · NASDAQ:BIIB
Biogen — Q2 2026 Earnings Presentation
34 slides from Biogen's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Financial Results and Business Update
July 29, 2026 SECOND QUARTER 2026 FINANCIAL RESULTS AND BUSINESS UPDATE
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 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 re
Slide 3: Other Information
OTHER 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
Slide 4: Biogen Call Participants
BIOGEN CALL PARTICIPANTS Christopher A. Priya Singhal, M.D., Viehbacher M.P.H. Robin Kramer Alisha Alaimo President and Chief Head of Development Chief Financial Officer President, North America Executive Officer 4
Slide 5: Key Highlights
KEY HIGHLIGHTS Christopher A. Viehbacher President and Chief Executive Officer
Slide 6: Our Expanded Growth Portfolio Is the Commercial Anchor for the New Biogen
OUR EXPANDED GROWTH PORTFOLIO IS THE COMMERCIAL ANCHOR FOR THE NEW BIOGEN Growth portfolio1 delivered robust performance in the second quarter ~$1.06B in Q2, up 24% YoY, exceeding the Legacy MS Portfolio2 Full Q2 revenue Rapid conversion to high- First-of-its-kind Alzheimer’s up 22% YoY dose observe
Slide 7: Further Strengthening the New Biogen with the Next Wave of Pipeline Opportunities
WE ARE FURTHER STRENGTHENING THE NEW BIOGEN WITH THE NEXT WAVE OF PIPELINE OPPORTUNITIES Advancing the next wave of potential growth drivers Five registrational Phase Rebuilding the 3 data readouts early-stage pipeline 7
Slide 8: Long-Term Strategy Anchored by Three Sequential Sets of Growth Drivers
OUR LONG-TERM STRATEGY IS ANCHORED BY THREE SEQUENTIAL SETS OF EXPANDING POTENTIAL GROWTH DRIVERS 2030s Opportunities for • Renewed early-stage pipeline Diranersen • Research portfolio longer-term growth • Additional early-stage BD 2020s Registrational Litifilimab Zorevunersen Salanersen Late late-s
Slide 9: $12+ Billion of Addressable Market Potential from Pivotal Data
$12+ BILLION OF ADDRESSABLE MARKET POTENTIAL FROM PIVOTAL DATA EXPECTED OVER THE NEXT FOUR QUARTERS Lupus (CLE + SLE) AMR Dravet syndrome >500k ~11k >7k Patients estimated Patients estimated Patients estimated in the U.S.1 in the U.S.2 in Europe3 Phase 3 data: Phase 3 data: Phase 3 data: Q4 ‘26 (SLE
Slide 10: Positioned to Deliver Pipeline Value on Top of a Growing Business
WE ARE NOW POSITIONED TO DELIVER PIPELINE VALUE ON TOP OF A GROWING BUSINESS Potential Biogen Non-GAAP EPS Profile Illustrative, Not drawn to scale + BIIB Late-stage Registrational Pipeline + Apellis marketed products Expected to materially increase Biogen’s Non-GAAP diluted EPS CAGR through the end
Slide 11: Development Update
DEVELOPMENT UPDATE Priya Singhal, M.D., M.P.H. Head of Development
Slide 12: Entering a Multi-Year Registrational Cycle
WE ARE ENTERING A MULTI-YEAR REGISTRATIONAL CYCLE DAPIROLIZUMAB PEGOL PHOENYCS FLY in SLE Neurology SKYCLARYS Pediatric Immunology BRAVE in FA Rare Disease# LEQEMBI AHEAD 3-45 in Preclinical AD FELZARTAMAB TRANSPIRE in MVI SC-AI For Treatment Initiation FELZARTAMAB SALANERSEN Now FDA Approved TRANSC
Slide 13: The Rebuild of Our Early-Stage Pipeline Is Progressing Well
THE REBUILD OF OUR EARLY-STAGE PIPELINE IS PROGRESSING WELL Phase 2 Phase 1 BIIB147 Felzartamab Phase 1 ready stathmin-2 ASO Phase 2 ready in Graves’ disease in broad ALS Felzartamab BIIB144 Phase 1 ready anti-CD-40 mAb Phase 2 ready in rare immunology Expect to add a total of 6 new programs in 2026
Slide 14: Poised for Five Registrational Study Readouts Over the Next Four Quarters
BIOGEN IS POISED FOR FIVE REGISTRATIONAL STUDY READOUTS OVER THE NEXT FOUR QUARTERS High Dose FDA Approved March 2026 Felzartamab Salanersen Litifilimab Phase 3 readout in AMR Phase 1b data Two Phase 3 readouts Data now expected in H1 2027 in SLE Litifilimab New Phase 2 CLE data Litifilimab Phase 3
Slide 15: Financial Update
FINANCIAL UPDATE Robin Kramer Chief Financial Officer
Slide 16: Q2 2026: $1B+ of Growth Portfolio Revenue; Exceeding Legacy MS Portfolio
SECOND QUARTER 2026: $1B+ OF GROWTH PORTFOLIO REVENUE; EXCEEDING THE LEGACY MS PORTFOLIO Growth Portfolio2 Biogen (including VUMERITY) standalone Total Core Pharmaceutical Revenue1 Legacy MS Portfolio3 $933M $767M (excluding VUMERITY) Total Growth Portfolio +9% YoY +10% QoQ $1.8B (14%) YoY (2%) QoQ
Slide 17: Strong Second Quarter 2026 Growth Portfolio Performance
STRONG SECOND QUARTER 2026 GROWTH PORTFOLIO PERFORMANCE Growth Portfolio Legacy MS Portfolio Q2 In-market Q2 In-market YoY QoQ YoY QoQ (revenue in $ millions) Revenue (revenue in $ millions) Revenue $402 2% 7% $451 (1%) 2% $197 (7%) 10% $170 (4%) 4% $1841 15% 9% $91 (53%) (17%) $168 29% 11% $71 53%
Slide 18: Apellis Integration Progressing Well, Strong Quarterly Revenue Performance
APELLIS INTEGRATION PROGRESSING WELL, WITH STRONG QUARTERLY REVENUE PERFORMANCE Strong commercial performance in Q2 2026 – 22% combined growth YoY Q2 2026 Biogen Q2 2026 Total YoY QoQ Q2 2026 Biogen Q2 2026 Total YoY QoQ Revenue Revenue Revenue Revenue $97M1 $162M2 8% 8% $30M1 $46M2 123% 12% • Total
Slide 19: Apellis Integration Progressing Well; Expected Accretive to Non-GAAP EPS in 2027
APELLIS INTEGRATION PROGRESSING WELL; TRANSACTION EXPECTED TO BE ACCRETIVE TO NON-GAAP DILUTED EPS IN 2027 Apellis transaction strengthens Biogen’s near- and long-term growth potential Adds two marketed products, with combined revenue expected to grow in the mid- to high-teens through at least 2028
Slide 20: Second Quarter 2026 Financial Highlights
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS GAAP Non-GAAP Fav/ Fav/ Q2 2026 Q2 2025 (Unfav) Q2 2026 Q2 2025 (Unfav) ($ in Millions except EPS) Growth Portfolio Revenue1 $1,061 $857 24% $1,061 $857 24% Legacy Portfolio Revenue2 $767 $895 (14%) $767 $895 (14%) Other Revenue3 $909 $893 2% $909 $893 2% Tot
Slide 21: Second Quarter 2026 Cash Flow and Balance Sheet
SECOND QUARTER 2026 CASH FLOW AND BALANCE SHEET Q2 2026 Cash Flow Balance Sheet as of June 30, 20261 $449M Cash flow from operations $1.3B Cash and equivalents $41M Capital expenditures $8.1B Debt $408M Free cash flow* $6.8B Net debt The Apellis acquisition closed in Q2 2026 and was financed with ~$
Slide 22: Updated Guidance Reflects Strong Business Outlook and Investment for Growth
UPDATED GUIDANCE REFLECTS A STRONG BUSINESS OUTLOOK AND INVESTMENT FOR GROWTH FY 2026 Guidance Feb 2026 Apr 2026 July 2026 Change Underlying guidance $15.25 to $16.25 $15.25 to $16.25 $15.85 to $16.85 +$0.60 Approx. impact from acquired IPR&D and -- ($1.00) ~($3.00) ~($2.00) milestone charges Expect
Slide 23: Questions & Answers
QUESTIONS & ANSWERS
Slide 24: Appendix
APPENDIX
Slide 25: Additional FY 2026 Financial Guidance Considerations
ADDITIONAL FY 2026 FINANCIAL GUIDANCE CONSIDERATIONS Expected Full Year 2026 Non-GAAP Diluted EPS $12.00 to $13.00 Revenue P&L • Total revenue is expected to increase by a mid-single digit • Expect FY 2026 gross margin percentage to remain roughly percentage for 2026 compared to 2025 driven by growt
Slide 26: Consolidated Statement of Income
CONSOLIDATED STATEMENT OF INCOME (unaudited, in millions, except per share amounts) 26
Slide 27: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 27
Slide 28: Product Revenue (U.S. and Rest of World) & Total Revenue
PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 28
Slide 29: 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 30: GAAP to Non-GAAP Reconciliation (Continued)
GAAP TO NON-GAAP RECONCILIATION Continued (unaudited, in millions, except effective tax rates & per share amounts) 30
Slide 31: GAAP to Non-GAAP Reconciliation: Revenue Change at Constant Currency
GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q2 2025 (unaudited) 31
Slide 32: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP TO NON-GAAP RECONCILIATION Continued Free Cash Flow (unaudited, in millions) 32
Slide 33: 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.) Supernus Pharmaceuticals, which is recognized in the “collaboratio
Slide 34: 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