Slide 1: Q4 and Full Year 2025 Financial Results and Business Update
February 6, 2026 Q4 AND FULL YEAR 2025 FINANCIAL RESULTS AND BUSINESS UPDATE
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and discussions during this conference call contain 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; clinical de
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 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
Slide 6: Continued Strong Execution Toward Delivering the New Biogen
CONTINUED STRONG EXECUTION TOWARD DELIVERING THE NEW BIOGEN Commercial Performance1 Pipeline Advancement Growth Products2 Generated ~$3.3B for FY 2025, LEQEMBI IQLIK SC-AI Initiation: up 19% YoY • Under review in the U.S., Japan and China In-market sales >$500M, up ~140% Generated ~$1B in • U.S. PDU
Slide 7: LEQEMBI Is the Market Leader with the Most Optionality
LEQEMBI IS THE MARKET LEADER WITH THE MOST OPTIONALITY IN AN EXPANDING ANTI-AMYLOID THERAPY MARKET For Early Alzheimer's Disease LEQEMBI remains the market leader with >60% of the anti-amyloid therapy market share1 • Anti-amyloid market continued to grow, more than doubling year- over-year2 • Differ
Slide 8: Our Long-Term Strategy Is Anchored by Three Sequential Sets of Growth Drivers
OUR LONG-TERM STRATEGY IS ANCHORED BY THREE SEQUENTIAL SETS OF POTENTIAL GROWTH DRIVERS 2030s Opportunities for • High-risk/high-reward early-stage pipeline • Research portfolio longer-term growth • Additional early-stage BD 2020s Registrational Litifilimab Zorevunersen Salanersen Late late-stage pi
Slide 9: 2026: Building the New Biogen While Focusing on Delivering Results Today
2026: BUILDING THE NEW BIOGEN WHILE FOCUSING ON DELIVERING RESULTS TODAY Key Milestones in 2026 LEQEMBI: Potential Two Phase 3 studies Advancing our high-risk/high- FDA approval of SC-AI for litifilimab in SLE reward pre-PoC pipeline Initiation PDUFA – May 24, 2026 2026 Full Year Guidance* Non-GAAP
Slide 10: Development Update
DEVELOPMENT UPDATE Priya Singhal, M.D., M.P.H. Head of Development
Slide 11: 2026 Begins a Multi-Year Registrational Data Flow
2026 BEGINS A MULTI-YEAR REGISTRATIONAL DATA FLOW DAPIROLIZUMAB PEGOL Neurology PHOENYCS FLY in SLE Immunology SKYCLARYS Pediatric Rare Disease# BRAVE in FA Denotes new Biogen study in 2025-2026 Denotes study accelerated in 2025 LEQEMBI AHEAD 3-45 in Preclinical AD FELZARTAMAB TRANSPIRE in MVI SC-AI
Slide 12: We Have Built a More Balanced Portfolio of Assets Across the Risk/Reward Spectrum
WE HAVE BUILT A MORE BALANCED PORTFOLIO OF ASSETS ACROSS THE RISK/REWARD SPECTRUM Late-Stage Registrational Pipeline Early-Stage Pre-PoC Pipeline High-conviction programs with significant Pioneering high-risk/high-reward assets commercial potential Litifilimab Felzartamab BIIB080 BIIB122 Phase 3 in
Slide 13: Key Pipeline Milestones Expected Over the Next 18 Months
KEY PIPELINE MILESTONES EXPECTED OVER THE NEXT 18 MONTHS Felzartamab Late-Stage High Dose Phase 3 readout in AMR Registrational FDA PDFUA: April 3, 2026 Pipeline Litifilimab Phase 3 readout in CLE Litifilimab SC-AI For Treatment Initiation New Phase 2 CLE data Litifilimab Zorevunersen Salanersen FDA
Slide 14: Financial Update
FINANCIAL UPDATE Robin Kramer Chief Financial Officer
Slide 15: Fourth Quarter and FY 2025 Key Financial Highlights
FOURTH QUARTER AND FY 2025 KEY FINANCIAL HIGHLIGHTS Total Revenue GAAP Diluted EPS Non-GAAP Diluted EPS Q4 ’25: $2.28B ($0.33) $1.99 FY ’25: $9.89B $8.79 $15.28 Growth Products1 • Q4 Revenue: $0.8B, up ~6% YoY Performance • FY Revenue: $3.3B, up ~19% YoY • GAAP: Q4 was $1.19B; FY was $4.21B Core OpE
Slide 16: Fourth Quarter 2025 Revenue Highlights
FOURTH QUARTER 2025 REVENUE HIGHLIGHTS ($ in Millions) Q4 2025 Q4 2024 fav/(unfav) LEQEMBI collaboration revenue1 $47 $27 77% SKYCLARYS $133 $102 30% ZURZUVAE $66 $23 187% QALSODY $25 $12 114% SPINRAZA $356 $421 (15%) VUMERITY $181 $177 3% Total Growth Products $808 $761 6% TYSABRI $398 $415 (4%) In
Slide 17: Fourth Quarter 2025 Key P&L Items
FOURTH QUARTER 2025 KEY P&L ITEMS GAAP Non-GAAP Fav/ Fav/ Q4 2025 Q4 2024 (Unfav Q4 2025 Q4 2024 (Unfav) ($ in Millions except EPS, Shares in Millions) ) ($ in Millions except EPS, Shares in Millions) Total Revenue $2,279 $2,455 (7%) Total Revenue $2,279 $2,455 (7%) GAAP Cost of Sales* $496 $584 15%
Slide 18: We Delivered Strong Cash Flow Performance in Q4 and for the Full Year 2025
WE DELIVERED STRONG CASH FLOW PERFORMANCE IN Q4 AND FOR THE FULL YEAR 2025 Q4 2025 FY 2025 Cash flow from operations $0.5B $2.2B Capital expenditures $44M $154M Free cash flow* $0.5B $2.1B Note: Numbers may not foot due to rounding * Free cash flow, a non-GAAP financial measure = net cash flow from
Slide 19: Our Strengthened Balance Sheet Provides Us with Flexibility
OUR STRENGTHENED BALANCE SHEET PROVIDES US WITH FLEXIBILITY AS WE INVEST FOR GROWTH Balance Sheet as of December 31, 2025 $4.2B Cash and marketable securities $6.3B Debt $2.0B Net debt Note: Numbers may not foot due to rounding 19
Slide 20: Disciplined Investment to Support Our Near-Term Portfolio Expansion Opportunities
DISCIPLINED INVESTMENT TO SUPPORT OUR NEAR-TERM PORTFOLIO EXPANSION OPPORTUNITIES Pre-launch Activities Across Lupus and Nephrology Building Expanding medical and support Stakeholder engagement commercialization teams capabilities Litifilimab + DZP Felzartamab ~5M ~11k ~130k ~36k Lupus patients esti
Slide 21: Key Considerations for FY 2026 Financial Guidance
KEY CONSIDERATIONS FOR FY 2026 FINANCIAL GUIDANCE Expected Full Year 2026 Non-GAAP Diluted EPS $15.25 to $16.25 Revenue Non-GAAP P&L Line Items • Total revenue is expected to decline by a mid-single digit • Expect FY OpEx to be roughly consistent vs. FY 2025, with percentage for 2026 compared to 202
Slide 22: Questions & Answers
QUESTIONS & ANSWERS
Slide 23: Appendix
APPENDIX
Slide 24: Consolidated Statement of Income
CONSOLIDATED STATEMENT OF INCOME (unaudited, in millions, except per share amounts) 24
Slide 25: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 25
Slide 26: Product Revenue & Total Revenue
PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) 26
Slide 27: 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 28: GAAP to Non-GAAP Reconciliation (Continued)
GAAP TO NON-GAAP RECONCILIATION Continued (unaudited, in millions, except effective tax rates & per share amounts) 28
Slide 29: GAAP to Non-GAAP Reconciliation: Revenue Change at Constant Currency
GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q3 2024 (unaudited) 29
Slide 30: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP TO NON-GAAP RECONCILIATION Continued Free Cash Flow (unaudited, in millions) 30
Slide 31: 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 32: 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