Slide 1: Q4 and Full Year 2024 Financial Results and Business Update
Q4 and Full Year 2024 Financial Results and Business Update February 12, 2025
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., Michael McDonnell Viehbacher M.P.H. 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: Executing our strategy for long-term sustainable growth
Executing our strategy for long-term sustainable growth 1. Launched four products in key areas of Alzheimer’s, Friedreich’s ataxia, depression, and ALS 2. Reprioritized the pipeline with key development readouts starting in 2026 3. Redesigned the company with a reduction of OpEx and a focus on inves
Slide 7: New launch products supporting an evolving revenue mix
New launch products supporting an evolving revenue mix ($ in Millions) FY 2024 FY 2023 Y/Y Multiple sclerosis product revenue1 $4,350 $4,662 ($312) Other legacy product revenue2 $2,377 $2,521 ($145) Revenue from launch products3 $547 $63 $484 Revenue from anti-CD20 therapeutic programs $1,750 $1,6
Slide 8: Four launch products delivered $547M revenue to Biogen in 2024
Four launch products delivered $547M revenue to Biogen in 2024 SKYCLARYS in Friedreich’s ataxia LEQEMBI in Early AD Expect continued steady near-term growth Advancing a global launch as the first approved therapy for FA Less frequent once monthly IV maintenance dosing now approved Potential for futu
Slide 9: LEQEMBI demonstrated continued steady growth in 2024
LEQEMBI demonstrated continued steady growth in 2024 $90 M $75 M $60 M Q1 to Q4 2024 Growth: $45 M U.S. ~200% Ex-U.S. ~1,360% $30 M Global ~350% $15 M $0 M Q1 2024 Q2 2024 Q3 2024 Q4 2024 US Ex-US Expect continued steady growth in 2025 with potential catalysts for growth acceleration starting in 202
Slide 10: Building upon the unique position of LEQEMBI in Alzheimer's
Building upon the unique position of LEQEMBI to potentially advance the standard of care in Alzheimer’s starting in 2025 LEQEMBI IV Maintenance LEQEMBI SC-AI initiation LEQEMBI is currently Now FDA Approved approved in 10 markets H1 2026: Regulatory decision* Less frequent dosing predicted to Potent
Slide 11: Building momentum across the late-stage pipeline
Building momentum across the late-stage pipeline Program 2025 2026 2027 2028 2029 2030 IV maintenance LEQEMBI – Early AD SC maintenance SC initiation LEQEMBI – Presymptomatic AD Phase 3 readout SKYCLARYS – Pediatric FA Ph. 3 initiation BIIB080 – AD Phase 2 readout Dapirolizumab pegol – SLE Phase 3 r
Slide 12: Financial discipline continues to support our strategy for long-term growth
Financial discipline continues to support our strategy for long- term growth 2024 Performance Expectations for 2025 $2.7B Generated in free cash flow# Non-GAAP diluted EPS of $15.25 to $16.25 700 Improvement in GAAP operating Non-GAAP operating margin margin; 600 bps improvement in bps Non-GAAP oper
Slide 13: Development Update
Development Update Priya Singhal, M.D., M.P.H. Head of Development 13
Slide 14: Key accomplishments achieved across the portfolio
Key accomplishments achieved across the portfolio • Dapirolizumab pegol in SLE: Second Phase 3 study initiated Advancing a late-stage • Felzartamab in immune-mediated renal disease: Granted orphan immunology pipeline drug designation in the E.U. in solid organ transplantation and IgA nephropathy • S
Slide 15: Alzheimer's is a fatal progressive disease and LEQEMBI data highlights urgency
Alzheimer’s is a fatal progressive disease and LEQEMBI data highlights the urgency to initiate treatment early Clarity AD tau PET substudy (n=342) • Population: Early Alzheimer’s patients, selected by low tau brain pathology (SUVr<1.06) • Result: LEQEMBI resulted in an increased percentage of patien
Slide 16: LEQEMBI shows expanded benefit with continued treatment
Alzheimer’s does not stop after plaque removal and LEQEMBI shows expanded benefit with continued treatment 0.45 • Majority of patients in the Clarity Ph 3 study had achieved amyloid negativity by the 18-month timepoint1 3.09 0.95 ADNI • Early-start LEQEMBI showed expanded benefit at 36 months vs. na
Slide 17: Leading in Alzheimer's with the goal of expanding LEQEMBI treatment options
Leading in Alzheimer’s with the goal of expanding LEQEMBI treatment options for patients Newly approved maintenance dosing regimen allows for transition to once monthly 10 LEQEMBI SC-AI Maintenance mg/kg LEQEMBI IV after 18 months • Received FDA Fast Track designation • Regulatory filing accepted wi
Slide 18: Advancing a high-conviction mid- to late-stage pipeline
Advancing a high-conviction mid- to late-stage pipeline while remaining focused on external scientific innovation Regulatory Review in Phase 1 Phase 2 Phase 3 Certain Markets Lecanemab (Aβ mAb)* Lecanemab (Aβ mAb)* Felzartamab BIIB080 (tau ASO)^ SC-AI Initiation SC-AI Maintenance (anti-CD38 mAb) – L
Slide 19: Financial Update
Financial Update Michael McDonnell Chief Financial Officer 19
Slide 20: Fourth quarter and full year 2024 key financial highlights
Fourth quarter and full year 2024 key financial highlights ✓ Q4 total revenue $2.5 billion, 3% growth YoY; GAAP diluted EPS $1.83, 7% growth YoY; Non-GAAP diluted EPS $3.44, 17% growth YoY ✓ FY total revenue $9.7 billion, 2% decline YoY; GAAP diluted EPS $11.18, 40% growth YoY; Non-GAAP diluted EPS
Slide 21: Fourth quarter and full year 2024 revenue highlights
Fourth quarter and full year 2024 revenue highlights ($ in Millions) Q4 2024 Q4 2023 YoY CC* FY 2024 FY 2023 YoY CC* Multiple sclerosis product revenue1 $1,070 $1,168 (8%) (9%) $4,350 $4,662 (7%) (7%) Total rare disease revenue2 $535 $472 13% 15% $1,988 $1,803 10% 11% Biosimilars revenue $20
Slide 22: Enhanced financial discipline has enabled margin and EPS expansion in 2024
Enhanced financial discipline has enabled margin and EPS expansion in 2024 ($ in Millions except EPS, Shares in Millions) Q4 2024 Q4 2023 Δ Y/Y FY 2024 FY 2023 Δ Y/Y Total Revenue $2,455 $2,386 3% $9,676 $9,836 (2%) GAAP Cost of Sales* $583 $618 6% $2,310 $2,533 9% % of revenue 24% 26% 24% 26% GAAP
Slide 23: Free cash flow supports a strong balance sheet
Free cash flow supports a strong balance sheet that allows for investment to augment growth Free Cash Flow# Balance Sheet (Full Year 2023 vs. 2024) (as of December 31, 2024) $2.4B Cash and cash equivalents $1.3B 2023 $6.3B Debt $2.7B 2024 $3.9B Net debt # Free cash flow is defined as net cash flow f
Slide 24: Biogen full year 2025 financial guidance
Biogen full year 2025 financial guidance Full Year 2025 Guidance Non-GAAP Diluted EPS $15.25 to $16.25 Please see Biogen’s Q4 and full year 2024 earnings release, available at the Investors section of Biogen’s website at investors.biogen.com, for additional 2025 financial guidance assumptions. This
Slide 25: Biogen full year 2025 financial guidance key considerations
Biogen full year 2025 financial guidance key considerations Total Revenue Quarterly Phasing • Expect to decline by a mid-single digit percentage • Expect Q1 to be pressured by seasonality driven at constant currency in 2025 versus 2024 by higher discounts and allowances and channel • Drivers: primar
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, except effective tax rate) Use of Non-GAAP Financial Measures We supplement our GAAP consolidated financial statements and GAAP financial measures with other financial measures, suc
Slide 32: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Effective Tax Rate, Net Income & Diluted EPS (unaudited, in millions, except per share amounts) 32
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Revenue Change at Constant Currency vs Q4 2023 (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 Economics sales and SG&A in their respective line items. Biogen shares 50% of the profit or (U.S.) loss with Sage, which is recognized in the “collaboration profit sharing/(lo