Slide 1: First Quarter 2026 Financial Results and Business Update
April 29, 2026 FIRST 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 presenta
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: Delivering the New Biogen Through Strong Execution and Strategic Action
DELIVERING THE NEW BIOGEN THROUGH STRONG EXECUTION AND STRATEGIC ACTION Continued momentum across our growth portfolio and development pipeline Proposed Apellis Acquisition Growth Products* Generated ~$850M for Expands our commercial Two marketed products Q1 2026, up 12% YoY growth portfolio New Hig
Slide 7: The Apellis Deal Strengthens Our Expected EPS Growth Outlook
THE APELLIS DEAL STRENGTHENS OUR EXPECTED EPS GROWTH OUTLOOK 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 of the decade B
Slide 8: Development Update
DEVELOPMENT UPDATE Priya Singhal, M.D., M.P.H. Head of Development
Slide 9: Building Momentum Across Marketed and Late-Stage Pipeline Programs
BUILDING MOMENTUM ACROSS MARKETED AND LATE-STAGE PIPELINE PROGRAMS HD SPINRAZA Salanersen1 HD Spinraza now approved in the U.S. New additional Phase 1b data at MDA HD SPINRAZA* Standard dose Nusinersen • Data support the safety and effectiveness of salanersen over one year in children with SMA who p
Slide 10: Advancing Toward a More Balanced, Multi-Asset Growth Profile
ADVANCING TOWARD A MORE BALANCED, MULTI-ASSET GROWTH PROFILE DAPIROLIZUMAB PEGOL PHOENYCS FLY in SLE Neurology SKYCLARYS Pediatric Immunology BRAVE in FA Rare Disease# LEQEMBI Denotes new Biogen study in 2025-2026 AHEAD 3-45 in Preclinical AD FELZARTAMAB TRANSPIRE in MVI SC-AI For Treatment Initiati
Slide 11: Key Pipeline Milestones Expected Over the Next 18 Months
KEY PIPELINE MILESTONES EXPECTED OVER THE NEXT 18 MONTHS Late-Stage Felzartamab Registrational High Dose Phase 3 readout in AMR FDA Approval Pipeline Litifilimab Phase 3 readout in CLE Litifilimab SC-AI For Treatment Initiation New Phase 2 CLE data Litifilimab Zorevunersen Salanersen FDA PDUFA: May
Slide 12: Financial Update
FINANCIAL UPDATE Robin Kramer Chief Financial Officer
Slide 13: First Quarter 2026 Key Financial Highlights
FIRST QUARTER 2026 KEY FINANCIAL HIGHLIGHTS Total Revenue GAAP Diluted EPS Non-GAAP Diluted EPS $2.5B 2% YoY $2.15 31% YoY $3.57 18% YoY Growth Products1 • Revenue of $851M, up 12% YoY Performance • LEQEMBI WW in-market sales2: $168M; US: $86M; ROW: $82M • GAAP: $1.15B Core OpEx3 • Non-GAAP: $1.08B
Slide 14: First Quarter 2026 Revenue Highlights
FIRST QUARTER 2026 REVENUE HIGHLIGHTS ($ in Millions) Q1 2026 Q1 2025 fav/(unfav) 1 LEQEMBI collaboration revenue $60 $33 80% SKYCLARYS $151 $124 22% ZURZUVAE $55 $28 100% QALSODY $33 $16 110% SPINRAZA $374 $424 (12%) VUMERITY $179 $139 29% Total Growth Products $851 $763 12% TYSABRI $441 $381 16% I
Slide 15: First Quarter 2026 Key P&L Items
FIRST QUARTER 2026 KEY P&L ITEMS GAAP Non-GAAP Fav/ Fav/ Q1 2026 Q1 2025 (Unfav Q1 2026 Q1 2025 (Unfav) ($ in Millions except EPS, Shares in Millions) ) ($ in Millions except EPS, Shares in Millions) Total Revenue $2,478 $2,431 2% Total Revenue $2,478 $2,431 2% GAAP Cost of Sales* $661 $629 (5%) Non
Slide 16: First Quarter 2026 Cash Flow and Balance Sheet
FIRST QUARTER 2026 CASH FLOW AND BALANCE SHEET Q1 2026 Cash Flow Balance Sheet as of March 31, 2026 $646M Cash flow from operations $4.7B Cash and marketable securities $51M Capital expenditures $6.3B Debt $594M Free cash flow* $1.5B Net debt Apellis transaction expected to close in the second quart
Slide 17: Our Business Model and Footprint Positions Us for Potential Resilience
OUR BUSINESS MODEL AND FOOTPRINT POSITIONS US FOR POTENTIAL RESILIENCE IN UNCERTAIN ENVIRONMENTS Does not include the impact from the proposed Apellis transaction Significant U.S. Strong Geographic Revenue from Rare Diversified U.S. Payor Manufacturing Footprint Diversification Disease Channel Mix ~
Slide 18: Updated Guidance Reflects Continued Strong Business Outlook
UPDATED GUIDANCE REFLECTS CONTINUED STRONG BUSINESS OUTLOOK AND INVESTMENT FOR GROWTH Does not include the impact from the proposed Apellis transaction Full Year 2026 Non-GAAP Diluted EPS Prior Guidance (February 2026) $15.25 to $16.25 Approx. impact from acquired IPR&D charges recorded in Q1 2026 a
Slide 19: Key Considerations for FY 2026 Financial Guidance
KEY CONSIDERATIONS FOR FY 2026 FINANCIAL GUIDANCE Expected Full Year 2026 Non-GAAP Diluted EPS $14.25 to $15.25 Does not include the impact from the proposed Apellis transaction Revenue Non-GAAP P&L Line Items • Total revenue is expected to decline by a mid-single digit • Expect Q2 OpEx to be roughl
Slide 20: Apellis Expected to Significantly Strengthen Our Growth Profile
APELLIS EXPECTED TO SIGNIFICANTLY STRENGTHEN OUR GROWTH PROFILE Expect combined SYFOVRE and EMPAVELI revenue to grow in the mid- to high-teen percentage for at least the next two years Transaction close expected in Q2 2026 Expect ~$120-130M OIE impact from financing costs and foregone interest incom
Slide 21: Questions & Answers
QUESTIONS & ANSWERS
Slide 22: Appendix
APPENDIX
Slide 23: Consolidated Statement of Income
CONSOLIDATED STATEMENT OF INCOME (unaudited, in millions, except per share amounts) 23
Slide 24: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 24
Slide 25: Product Revenue (U.S. and Rest of World) & Total Revenue
PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 25
Slide 26: 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 27: GAAP to Non-GAAP Reconciliation (Continued)
GAAP TO NON-GAAP RECONCILIATION Continued (unaudited, in millions, except effective tax rates & per share amounts) 27
Slide 28: GAAP to Non-GAAP Reconciliation: Revenue Change at Constant Currency
GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q1 2025 (unaudited) 28
Slide 29: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP TO NON-GAAP RECONCILIATION Continued Free Cash Flow (unaudited, in millions) 29
Slide 30: 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 31: 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