Biogen Inc. · NASDAQ:BIIB
Biogen — Q3 2026 Earnings Presentation
28 slides from Biogen's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Financial Results and Business Update
THIRD QUARTER 2026 FINANCIAL RESULTS AND BUSINESS UPDATE «= —— ~~ 7.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that are being made pursuent to the provisions of the Private Securities Litigation Reform Act of 1995 (the PSLRA) with the intention of obtaining the benefits of the “Sefe Herbor” provisions of the PSLRA This press rel
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
Slide 5: Key Highlights
KEY HIGHLIGHTS Christopher A. Viehbacher President and Chief Executive Officer 2 Biogen
Slide 6: The New Biogen Strategy Is Enabling Our Return to Growth
THE NEW BIOGEN STRATEGY IS ENABLING OUR RETURN TO GROWTH S 1 . 2 6B napeessies 63% a 93 is - pharmaceutical revenue? Q3 revenue of $243M, SYFOVRE 37% Year-overyear g @ EMPAVE On track to realize >$250M of run-rate synergies by end of 2027+ Full year Total Revenue ex ase by a mia-single digit percent
Slide 7: Three Growth Engines Driving Performance Through 2027 and Beyond
THREE GROWTH ENGINES DRIVING PERFORMANCE THROUGH 2027 AND BEYOND Growing commercial Multi-year registrational portfolio data flow Strong momentum across our 5 registrational readouts over growth portfolio, further the next 12 months, across a strengthened by the Apellis total ~$12B total addressable
Slide 8: Development Update
DEVELOPMENT UPDATE § Priya Singhal, M.D., M.P.H. Head of Development vd Biogen
Slide 9: Biogen Is Poised for Five Registrational Study Readouts
BIOGEN IS POISED FOR FIVE REGISTRATIONAL STUDY READOUTS OVER THE NEXT FOUR QUARTERS iV} Ss SPINRAZA Upcoming data readouts remain on track High Dose FDA Approved March 2026 Slanessan — Felzartamab © Phase 1b data and FDA Breakthrough Litifilimab Phase 3 readout in AMR Therapy Designation Two Phase 3
Slide 10: Expected Additional Registrational Readouts 2028-2030
EXPECTED ADDITIONAL REGISTRATIONAL READOUTS 2028-2030 APIROLIZUMAB PEGOL PHOENYCS FLY in SLE SKYCLARYS Pediatric BRAVE in FA LEQEMBI AHEAD 3-45 in Preclinical AD FELZARTAMAB TRANSPIRE in MVI SALANERSEN STELLAR-1 in SMA FELZARTAMAB PREVAIL in IgAN Be immunology FELZARTAMAB HM Rare Disease* PROMINENT
Slide 11: Financial Update
FINANCIAL UPDATE
Slide 12: Third Quarter 2026: $1.3B of Growth Portfolio Revenue
THIRD QUARTER 2026: $1.3B OF GROWTH PORTFOLIO REVENUE; EXCEEDING THE LEGACY MS PORTFOLIO HI Growth Portfolio? (including VUMERITY) Biogen Legacy MS Portfolio? excluding Total Core (excluding VUMERITY) Apellis Pharmaceutical Revenue* $727M Total Growth Portfolio $1028 $2 OB ue rev (including VUMERITY
Slide 13: Third Quarter 2026 Growth Portfolio Performance
THIRD QUARTER 2026 GROWTH PORTFOLIO PERFORMANCE Growth Portfolio Q3 In-market (revenue in $ millions) Revenue Yor | QoQ SS sPINRAZA $461 +23% | +15% & VUMERITY $192 (11%) (2%) XLEQEMBI $2021 +67% | +10% SKYCLARYS" $178 434% | +6% @3ZURZUVAE $84 | 453% | +19% @ALSODY. $38 +42% | +17% zs — wi feeerers
Slide 14: Apellis Delivers Strong Quarterly Revenue Performance
APELLIS DELIVERS STRONG QUARTERLY REVENUE PERFORMANCE Strong commercial performance in Q3 2026 - first full quarter of Apellis contribution SYFOVRE” 6 EMPAVELT Q3 2026 Revenue YoY QoQ Q3 2026 Revenue YoY QoQ $191M 27% 18% $52M 92% 11% * Total commercial injections increased: * Observed double-digit
Slide 15: Third Quarter 2026 Financial Highlights
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS Q3 2026 93 A Q3 2026 rey ($ in Millions except EPS) | (Unfav) (Unfav) Growth Portfolio Revenue* $1,264 $846 49% $1,264 49% Legacy Portfolio Revenue? $727 $847 (14%) $727 (14%) Other Revenue? $813 $842 (3%) $813 Total Revenue Cost of Sales* $748 $674 (11%) $553
Slide 16: Third Quarter 2026 Cash Flow and Balance Sheet
THIRD QUARTER 2026 CASH FLOW AND BALANCE SHEET Q3 2026 Cash Flow Balance Sheet as of September 30, 2026 $641M ») Cash flow from operations $1.3B ») Cash and equivalents $40M Capital expenditures $7.7B } Debt $600M } Free cash flow* $6.4B ) Net debt Repaid $400M of the term loan related to the Apelli
Slide 17: Raising the Lower End of the Guidance Range
RAISING THE LOWER END OF THE GUIDANCE RANGE TO REFLECT ONGOING BUSINESS STRENGTH AND APELLIS DILUTION FAVORABILITY FY 2026 Non-GAAP diluted EPS Feb 2026 July 2026 Guidance Underlying guidance $15.25 to $16.25 $15.85 to $16.85 $15.95 to $16.75 Expected approx. impact from acquired - “fi IPR&D, upfron
Slide 18: Questions & Answers
Slide 19: Appendix
APPENDIX
Slide 20: Consolidated Statement of Income
CONSOLIDATED STATEMENT OF INCOME (unaudited, in millions, except per share amounts) For the Three Months Ended ‘September 30, ‘September 30. 2026 2025 2026 2025 Revenue: Product revenue, net $ 20887 $ 18469 $ 57574 $ 5.4521 Revenue from ant-CD20 therapeutic programs 497.3 493.9 1,429.9 1,339.4 Alzhe
Slide 21: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited, in millions) Accounts receivable, net Due from antiCD20 therapeutic programs inventory Other current assets Total current assets Marketable secuntes Property, plant and equipment. net Operating lease assets Intangible assets, net Goodwat Deferred tax asset Inv
Slide 22: Product Revenue (U.S. and Rest of World) & Total Revenue
PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE (unaudited, in millions) fer 0 tre Morons (nant Semen 30, Product Revenue = a for he Tree Morens (raed Sepumter 20 = Rem of = ones fest of - a zor, Watee Sewn 5) naes Tene ose Pent ot Sones ee toms Sots co Yona TecRoERA a eee ee Ce Witte Sovoa
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION (unaudited, in millions) Cost of Sales: ‘Total cost of sates, GAAP Less: vogetion matter Less: amortization of inventory tar valve stepu 194.8 00.0 408. 160.4 Total cost of sales, Non GAAP $5525 $5101 7748 $_16443 Research and Development Expense: Tota! research and d
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION (unaudited, in millions, except effective taxrates & per share amounts) ‘September 30. 30. 2026 2025 2026 2025 Etfective Tax Rate: Total effective tax rate, GAAP (128.5% 16.3% 20.9% 16.8% Less: U.S, tax reform - (2.4) - a) Less: impact of GAAP to Non GAAP adjustments
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Revenue changes at constant currency are presented excluding the impact of changes in foreign currency exchange fates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the ene siaitiedinieone vs Q3 2025 (unaudited) ‘exc
Slide 26: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP TO NON-GAAP RECONCILIATION Free Cash Flow (unaudited, in millions) We define free cash flow as net cash provided by (used in) operating activities in the period less capital expenditures made in the period. The following table reconciles net cash provided by (used in) operating activities, a GA
Slide 27: 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 (US) Supernus Pharmaceuticals, which is recognized in the “collaboration
Slide 28: LEQEMBI Collaboration Accounting
LEQEMBI COLLABORATION ACCOUNTING ¢ Eisai records 100% of net product revenue globally Revenue (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