THIRD QUARTER 2026 FINANCIAL RESULTS AND BUSINESS UPDATE
October 28, 2026
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Non-GAAP Financial InformationThis 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 share, revenue growth at constant currency, which excludes the impact of changes in foreign exchange rates and hedging gains or losses, and free cash flow, which is defined as net cash flow from operations less capital expenditures.
Additional information regarding the GAAP and Non-GAAP financial measures and a reconciliation of the GAAP to Non-GAAP financial measures can be found in the appendix of this presentation and in the Q3 2026 earnings release and related financial tables posted on the Investors section of Biogen.com.
We believe that these and other Non-GAAP financial measures provide additional insight into the ongoing economics of our business and reflect how we manage our business internally, set operational goals, and form the basis of our management incentive programs.
Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
We do not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because we are unable to predict with reasonable certainty the financial impact of items such as the transaction, integration, and other costs related to acquisitions or business development transactions; unusual gains and losses; potential future asset impairments; gains and losses from our equity security investments; the ultimate outcome of litigation and other non-recurring items.
These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.
For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.
Note Regarding TrademarksADUHELM, AVONEX, EMPAVELI, PLEGRIDY, QALSODY, RITUXAN, RITUXAN HYCELA, SKYCLARYS, SPINRAZA, SYFOVRE, TECFIDERA, THECAFLEX DRX, TYSABRI and VUMERITY are registered trademarks of Biogen. BENEPALI , FLIXABI , FUMADERM , IMRALDI and OPUVIZ are trademarks of Biogen. ACTEMRA, ASPAVELI, COLUMVI,
ENBREL, EYLEA, FAMPYRA , GAZYVA, LEQEMBI, HUMIRA, LUCENTIS, LUNSUMIO, OCREVUS, REMICADE, TOFIDENCE, ZURZUVAE and other trademarks referenced in
this presentation are the property of their respective owners.
Digital Media DisclosureWe use, and expect in the future to use, our investor relations website (investors.biogen.com), the Biogen LinkedIn account (linkedin.com/company/biogen-), and the Biogen X account (x.com/biogen) as a means of disclosing information to the public in a broad, non-exclusionary manner, including for purposes of the SEC’s Regulation Fair Disclosure (Reg FD).
Accordingly, investors should monitor our investor relations website and these social media channels in addition to our press releases, SEC filings, public conference calls and webcasts, as the information posted on them could be material to investors.
OTHER INFORMATION
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BIOGEN CALL PARTICIPANTS
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Priya Singhal, M.D., M.P.H.
Head of Development
Alisha Alaimo President, North America Robin Kramer Chief Financial Officer
Christopher A.
Viehbacher President and Chief Executive Officer
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KEY HIGHLIGHTS
President and Chief Executive Officer
Christopher A.
Viehbacher
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THE NEW BIOGEN STRATEGY IS ENABLING OUR RETURN TO GROWTH
61.
Growth portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 2.
Core Pharmaceutical revenue includes product revenue excluding biosimilars revenue plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 3.
Compared to SYFOVRE and EMPAVELI revenue reported in Apellis Q3 2025 10-Q; 4.
Refers to the Apellis acquisition
GROWTH PORTFOLIO $1.26B
~50% ear-over-year growth Represents 63% of Q3 core pharmaceutical revenue
TOTAL REVENUE$2.8B+11%Year-over-year growth
Double-digit growth driven by strong execution and successful ongoingintegration of Apellis
Full year Total Revenue expected to increase by a mid-single digit percentage year over year
Q3 revenue of $243M +37% ear-over-year growth
On track to realize ≥$250M of run-rate synergies by end of 2027
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THREE GROWTH ENGINES DRIVING PERFORMANCE THROUGH 2027 AND BEYOND
Rebuilding the early pipeline for long-term sustainable growth Continued investment in internal and external innovation to create the next generation of growth drivers
• 6 new programs expected with 3 NMEs
• RayThera acquisition completed with lead program in Phase 1
Multi-year registrational data flow 5 registrational readouts over the next 12 months, across a total ~$12B total addressable market
• Phase 3 readouts expected in SLE, CLE, AMR and Dravet syndrome
Growing commercial portfolio Strong momentum across our growth portfolio, further strengthened y the Apellis acquisition
• Q3 Growth Portfolio revenue up ~50% YoY
• Expected return to top line growth in 2026
AMR = antibody-mediated rejection;
CLE = cutaneous lupus erythematosus;
NME = new molecular entity;
SLE = systemic lupus erythematosus;
YoY = year over yearPhase 3 EMPEROR Study in Dravet syndrome operationalized by Stoke Therapeutics, Inc.
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DEVELOPMENT UPDATE
Head of Development
Priya Singhal, M.D., M.P.H.
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BIOGEN IS POISED FOR FIVE REGISTRATIONAL STUDY READOUTS OVER THE NEXT FOUR QUARTERS
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Zorevunersen Phase 3 eadout in DS
FelzartamabPhase 3 readout in AMRData expected in H1 2027LitifilimabTwo Phase 3 eadouts in SLE Litifilimab Phase 3 eadout in CLE Data expected in H1 2027
LitifilimabPhase 2 CLE 52-week data at EADV 2026
* Phase 3 EMPEROR Study operationalized by Stoke Therapeutics, Inc. Note: Timelines are not comprehensive and reflects the estimated timing of data flow which is subject to change.
LEQEMBI IQLIK (lecanemab-irmb) is being developed in collaboration with Eisai Co;
SPIRNAZA, Diranersen, and Salanersen are licensed from Ionis Pharmaceuticals, Inc;
Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.;
AMR = antibody mediated rejection;
CLE = cutaneous lupus erythematosus;
DS = Dravet syndrome;
EADV = European Academy of Dermatology and Venerology;
SC-AI = subcutaneous autoinjector;
SLE = systemic lupus erythematosus; # Rare Disease is a commercial designation that includes multiple therapeutic indications.
ImmunologyNeurology Rare Disease = Milestone achieved
SalanersenPhase 1b data and FDA Breakthrough Therapy DesignationLitifilimabPhase 2 CLE 24-week data
High DoseFDA Approved March 2026
DiranersenPhase 2 data
SC-AI for Treatment InitiationFDA Approved July 2026
Q4 2026Q3 2026 Q1 2027
H1 2026 Q2 2027 Q3 2027
New Phase 2 Data
Upcoming data readouts remain on track
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EXPECTED ADDITIONAL REGISTRATIONAL READOUTS 2028-2030
10Note: Planned data flow, subject to change.
LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co;
Dapirolizumab pegol is being developed in collaboration with UCB;
Salanersen is licensed from Ionis Pharmaceuticals, Inc. # Rare Disease is a commercial designation that includes multiple therapeutic indications.
AD = Alzheimer’s disease;
FA = Friedreich ataxia;
IgAN = IgA nephropathy;
MVI = microvascular inflammation in kidney transplant patients;
PMN = primary membranous nephropathy;
SLE = systemic lupus erythematosus;
SMA = spinal muscular atrophy
FELZARTAMAB TRANSPIRE in MVISALANERSENSTELLAR-1 in SMA
LEQEMBIAHEAD 3-45 in Preclinical AD
FELZARTAMABPREVAIL in IgAN
DAPIROLIZUMAB PEGOLPHOENYCS FLY in SLE
FELZARTAMABPROMINENT in PMN
SKYCLARYS PediatricBRAVE in FA
ImmunologyNeurology
Rare Disease
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FINANCIAL UPDATE
Chief Financial Officer
Robin Kramer
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THIRD QUARTER 2026: $1.3B OF GROWTH PORTFOLIO REVENUE;
EXCEEDING THE LEGACY MS PORTFOLIO
1.
Core Pharmaceutical revenue includes product revenue excluding biosimilars revenue plus Biogen’s 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. 2.
Growth Portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. 3.
Legacy MS Portfolio includes AVONEX, PLEGRIDY, TECFIDERA and TYSABRI.
YoY = year-over-year;
QoQ = quarter-over-quarter.
$2.0B+18% oY
$1.02B+21% YoY
$727M (14%) YoY
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+9% QoQ
(5%) QoQ
+9% QoQ
Legacy Apellis Product Revenue
$1.26B+49% YoY+19% QoQ
Total Growth Portfolio (including VUMERITY)
$243M
Biogenexcluding Apellis
Legacy MS Portfolio (excluding VUMERITY) Growth Portfolio (including VUMERITY) Total Core Pharmaceutical Revenue
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THIRD QUARTER 2026 GROWTH PORTFOLIO PERFORMANCE
13Growth portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration.
Legacy Portfolio includes AVONEX, PLEGRIDY, TECFIDERA and TYSABRI. 1.
Global in-market sales recorded by Eisai;
YoY = year-over-year;
QoQ = quarter-over-quarter.
Growth Portfolio
(revenue in $ millions) Q3 In-market Revenue YoY QoQ
$461 +23% +15%
$192 (11%) (2%)
$202 +67% +10%
$178 +34% +6%
$84 +53% +19%
$38 +42% +17%
$191 +27% +18%
$52 +92% +11%
Full first quarter following Apellis integration and comparisons are vs total in-market revenue as reported for the indicated period
Legacy MS Portfolio
(revenue in $ millions) Q3 In-market Revenue YoY QoQ
$437 +1% (3%)
$157 (17%) (8%)
$82 (51%) (10%)
$52 (12%) (6%)
Q3 Growth Portfolio Reported Revenue YoY QoQ
Total: $1.26B 49% 19% Q3 Legacy MS Portfolio Revenue YoY QoQ
$727M (14%) (5%)
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APELLIS DELIVERS STRONG QUARTERLY REVENUE PERFORMANCE
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GA = geographic atrophy;
PNH = paroxysmal nocturnal hemoglobinuria QoQ = quarter-over-quarter total in-market revenue comparison;
YoY = year-over-year revenue compared to SYFOVRE and EMPAVELI revenue reported in Apellis Q3 2025 10-Q
• Total commercial injections increased:
• +18% YoY
• +7% QoQ
• Continues to be the market leader in GA
• Q3 benefitted from inventory dynamics
• Observed double-digit sequential revenue growth each quarter since launch in Q3 2025
• Strong demand growth in the nephrology indications
• Increasing investment in a competitive PNH market
Q3 2026 Revenue YoY QoQ
$191M 27% 18% Q3 2026 Revenue YoY QoQ
$52M 92% 11%
Strong commercial performance in Q3 2026 – first full quarter of Apellis contribution
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THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS
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GAAP Non-GAAP
($ in Millions except EPS) Q3 2026Q3 2025 Fav/ (Unfav) Q3 2026Q3 2025 Fav/ (Unfav)
Growth Portfolio Revenue $1,264 $846 49% $1,264 $846 49%
Legacy Portfolio Revenue $727 $847 (14%) $727 $847 (14%)
Other Revenue $813 $842 (3%) $813 $842 (3%)
Total Revenue $2,804 $2,535 11% $2,804 $2,535 11%
Cost of Sales $748 $674 (11%) $553 $510 (8%)
% of revenue 27% 27% 20% 20%
Core OpEx (R&D + SG&A) $1,326 $1,031 (29%) $1,297 $1,024 (27%)
Acquired IPR&D, upfront and milestone expense $284 $2 NMF $284 $2 NMF
Other (Income) Expense $137 $34 (303%) $91 $44 (110%)
Net Income (Loss) Attributable to Biogen Inc. ($21) $466 (104%) $391 $708 (45%)
Diluted EPS ($0.14) $3.17 (104%) $2.62 $4.81 (45%)
Approximate per share impact from acquired 00IPR&D, upfront and milestone expense ~($1.65)*~($0.01) ~($1.70)*~($0.01)
The above table is not an income statement.
Numbers do not foot.
Percent changes represented as favorable/(unfavorable).
NMF = no meaningful figure.
Our GAAP financial measures and a reconciliation of GAAP to Non-GAAP financial results are at the end of this presentation. 1.
Growth portfolio includes EMPAVELI, QALSODY, SKYCLARYS, SPINRAZA, SYFOVRE, VUMERITY, ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration; 2.
Legacy MS portfolio revenue includes AVONEX, PLEGRIDY, TECFIDERA and TYSABRI; 3.
Other revenue includes Biosimilars, Revenue from anti-CD20 therapeutic programs, and Contract manufacturing, royalty and other revenue.
Core OpEx includes R&D and SG&A expenses. 4.
Excluding amortization and impairment of acquired intangible assets. * Difference primarily due to distinct share count and tax rates.
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THIRD QUARTER 2026 CASH FLOW AND BALANCE SHEET
16Note: Numbers may not foot due to rounding*Free cash flow, a non-GAAP financial measure = net cash flow from operations less capital expenditures
Cash and equivalents
Debt
Net debt
$1.3B
$7.7B
$6.4B
Cash flow from operations
Capital expenditures
Free cash flow*
$641M
$40M
$600M
Q3 2026 Cash Flow Balance Sheet as of September 30, 2026
Repaid $400M of the term loan related to the Apellis acquisition in Q3 2026, with $600M in total repaid as of September 30, 2026 – Continue to expect to pay down the remaining $1.4B by end of 2027
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RAISING THE LOWER END OF THE GUIDANCE RANGE TO REFLECT ONGOING BUSINESS STRENGTH AND APELLIS DILUTION FAVORABILITY
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Key guidance assumptions
Note: Please see slide 3 of this presentation for additional information on our use of Non-GAAP measures, including forward-looking Non-GAAP financial measures.
FY = full year;
Core OpEx = Non-GAAP R&D expense and Non-GAAP SG&A expense;
YoY = year-over-year.
FY 2026 Non-GAAP diluted EPS Guidance Feb 2026 July 2026 Oct 2026
Underlying guidance $15.25 to $16.25 $15.85 to $16.85 $15.95 to $16.75
Expected approx. impact from acquired IPR&D, upfront and milestone charges -- ~($3.00) ~($3.20)
Expected dilution from the Apellis acquisition -- ~($0.85) ~($0.55)
Reported Guidance $15.25 to $16.25 $12.00 to $13.00 $12.20 to $13.00
• FY Total Revenue pected to increase y a mid-single digit percentage YoY
• FY 2026 Core OpEx xpected to be approximately $4.95B and includes Apellis integration and synergies
• FY Other Income and Expense xpected to be a net expense of $265M to $275M driven by lower interest income and higher interest expense related to financing the Apellis acquisition
• FY Non-GAAP Tax Rate xpected to be approximately 18%
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QUESTIONS & ANSWERS
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APPENDIX
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CONSOLIDATED STATEMENT OF INCOME(unaudited, in millions, except per share amounts)
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CONSOLIDATED BALANCE SHEETS(unaudited, in millions)
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PRODUCT REVENUE (U.S. AND REST OF WORLD) & TOTAL REVENUE(unaudited, in millions)
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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 currency, which excludes the impact of changes in foreign exchange rates and hedging gains or losses, and free cash flow, which is defined as net flow from operations less capital expenditures.
We believe that these and other Non-GAAP financial measures provide additional insight into the ongoing economics of our business and reflect how we manage our business internally, set operational goals and form the basis of our management incentive programs.
Non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Our "Non-GAAP net income attributable to Biogen Inc." and "Non-GAAP earnings per share - Diluted" financial measures exclude the following items from "GAAP net income attributable to Biogen Inc." and "GAAP earnings per share - Diluted": 1.
Acquisitions and divestituresWe exclude transaction, integration and certain other costs related to the acquisition and divestiture of businesses/commercial assets and items associated with the initial consolidation or deconsolidation of variable interest entities.
These adjustments include, but are not limited to, the amortization of inventory fair value step-up, amortization and impairment of intangible assets, charges or credits from the fair value remeasurement of our contingent consideration obligations and losses on assets and liabilities held for sale.
2.
Restructuring, business transformation and other cost saving initiativesWe exclude costs associated with our execution of certain strategies and initiatives to streamline operations, achieve targeted cost reductions, rationalize manufacturing facilities or refocus research and development activities.
These costs may include employee separation costs, retention bonuses, facility closing/abandonment and exit costs, asset impairment charges or additional depreciation when the expected useful life of certain assets have been shortened due to changes in anticipated usage and other costs or credits that management believes do not have a direct correlation to our ongoing or future business operations.
3. (Gain) loss on equity security investmentsWe exclude unrealized and realized gains and losses on our equity security investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
4.
Other itemsWe evaluate other items of income and expense on an individual basis and consider both the quantitative and qualitative aspects of the item, including (i) its size and nature, (ii) whether or not it relates to our ongoing business operations and (iii) whether or not we expect it to occur as part of our normal business on a regular basis.
We also include an adjustment to reflect the related tax effect of all reconciling items within our reconciliation of our GAAP to Non-GAAP net income attributable to Biogen Inc. and earnings per share - diluted. 23
GAAP TO NON-GAAP RECONCILIATION(unaudited, in millions)
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GAAP TO NON-GAAP RECONCILIATIONContinued(unaudited, in millions, except effective tax rates & per share amounts)
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GAAP TO NON-GAAP RECONCILIATION Continued Revenue Change at Constant Currency vs Q3 2025(unaudited)
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GAAP TO NON-GAAP RECONCILIATION ContinuedFree Cash Flow(unaudited, in millions)
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ZURZUVAE COLLABORATION ACCOUNTING
Commercial Economics(U.S.)
Biogen P&L 50% of operating profits (losses) to/from Supernus recorded in Biogen’s collaboration profit sharing/(loss reimbursement) expense line ZURZUVAE net revenue (100%) Biogen cost of sales (100%) Biogen’s SG&A (100%) Collaboration profit sharing/(loss reimbursement)
• Biogen’s 50% share of R&D expenditures are reflected within R&D expenseR&D Expense
• Outside of the U.S., Biogen is responsible for development and commercialization, excluding Japan, Taiwan and South Korea, and may pay Supernus Pharmaceuticals potential tiered royalties in the high-teens to low-twenties
Ex-U.S.
• Biogen reflects net revenue on sales of ZURZUVAE and records Biogen’s cost of sales and SG&A in their respective line items.
• Biogen shares 50% of the profit or loss with Supernus Pharmaceuticals, which is recognized in the "collaboration profit sharing/(loss reimbursement)" line on the P&L
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LEQEMBI COLLABORATION ACCOUNTING
Biogen Revenue
Product revenue, netLess cost of salesLess royaltiesAlzheimer's collaboration revenue
• Eisai records 100% of net product revenue globally
• Biogen’s 50% share of LEQEMBI revenue, net and cost of sales (including royalties) is recorded in "Alzheimer's collaboration revenue"
• Biogen manufactures LEQEMBI drug substance
• Biogen sells drug substance to Eisai and recognizes contract manufacturing revenue and contract manufacturing cost of sales
Revenue (Manufacturing)
Revenue (Commercial)
Contract manufacturing revenue Less cost of sales Biogen Revenue Biogen Cost of Sales
• Biogen’s 50% share of R&D and SG&A expenditures are reflected within Biogen’s R&D expense and SG&A expense, respectivelyExpenses
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