Slide 1: Biogen Idec Response to Icahn Proposal Spring 2009
Biogen Idec Response to Icahn Proposal Spring 2009
Slide 2: Forward Looking and Proxy Solicitation Statements
Forward Looking and Proxy Solicitation Statements This presentation includes forward looking statements about the cross therapeutic opportunities for our products and the consequences of a breakup at Biogen Idec Each forward-looking statement is subject to risks and uncertainties that could cause ac
Slide 3: Icahn's Proposal Is Another Attempt To Pursue His Goal to Sell The Company
Icahn's Proposal Is Another Attempt To Pursue His Goal to Sell The Company Icahn Biogen Idec Investor Presentation What does his plan do to truly enhance shareholder value? How would he operationalize the separation? - Icahn's plan would require the creation of complicated and potentially burdensome
Slide 4: Icahn's Proposal Would Destroy Shareholder Value on Multiple Fronts
Icahn's Proposal Would Destroy Shareholder Value on Multiple Fronts 13 Icahn's proposed breakup will not make the company a more attractive acquisition candidate It creates significant operational inefficiencies It will impose meaningful direct and indirect costs on the organization, including poten
Slide 5: A Breakup Will Not Facilitate a Sale of All or Part of the Company
A Breakup Will Not Facilitate a Sale of All or Part of the Company 13 "Separating Biogen assets will enhance shareholder value as management focus should improve and disparate assets appeal to buyers" - Icahn Presentation, May 11 2009 ? Biogen Idec's Approach Today We are open to any credible acquis
Slide 6: A Breakup Would Create Significant Operational Inefficiencies
A Breakup Would Create Significant Operational Inefficiencies 13 Nullifies scale advantages; Ability to compete for business development opportunities Global Clinical Operations infrastructure Global commercial capabilities Protein design and process development Large molecule manufacturing capabili
Slide 7: A Breakup Would Incur Meaningful Direct and Indirect Financial Costs
A Breakup Would Incur Meaningful Direct and Indirect Financial Costs 13 Increases redundant efforts among many divisions of the business (HR, Administrative, Legal, Finance, Business Development, etc.) Effectively eliminates synergies realized after the 2003 merger Operations Potential credit rating
Slide 8: A Breakup Would Eliminate Cross Therapeutic Opportunities
14 A Breakup Would Eliminate Cross Therapeutic Opportunities ? Our core science / biology has application across a broad range of therapeutic areas BG-12 HSP90 Neurology Oncology Immunology Note: Rituxan includes Ocrelizumab Limited strategic logic for Break-Up
Slide 9: Product Diversity is Key for Large Cap Biotechnology Companies
Product Diversity is Key for Large Cap Biotechnology Companies 13 Several of our peers that Icahn compares us to in his filing are multi-therapy and multi- product companies: Biogen Amgen Celgene Genentech Genzyme Gilead Therapeutic Areas Oncology Neurology Hematology Inflammation Immunology Oncolog
Slide 10: A Breakup Does Nothing to Unlock Trapped Value
A Breakup Does Nothing to Unlock Trapped Value 13 Biogen Idec is a pure model: specialty biopharmaceutical Our research touches multiple therapeutic areas scientists collaborate across them Benefit from significant product technology synergies Splitting the company will neither drive cost savings no
Slide 11: Drivers of Shareholder Value
Drivers of Shareholder Value 13 Leverage Excess Cash in a Disciplined Manner Extend AVONEX and RITUXAN through Lifecycle Management Accelerate TYSABRI Growth Advance Our Robust Pipeline SHAREHOLDER VALUE
Slide 12: GAAP to non-GAAP Reconciliation
GAAP to non-GAAP Reconciliation Diluted EPS and Net Income Attributable to Biogen Idec Inc 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-GAAP financial me