Biogen : Q1 2025 Biogen Earnings Presentation

Published: 2025-05-01 06:49:08 ET BIIB

Published on 05/01/2025 at 06:49

May 1, 2025

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 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 on slides 31-34 this presentation and in the Q1 2025 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; and the ultimate outcome of litigation. 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 trademarks: ADUHELM®, AVONEX®, BYOOVIZ®, PLEGRIDY®, RITUXAN®, RITUXAN HYCELA®, QALSODY®, SKYCLARYS®, SPINRAZA®, TECFIDERA®, TYSABRI®, and

VUMERITY® are registered trademarks of Biogen. BENEPALI , FLIXABI , FUMADERM , IMRALDI , and OPUVIZ are trademarks of Biogen. The following are trademarks of the respective companies listed: LEQEMBI® - Eisai Co., Ltd.; ZURZUVAE - Sage Therapeutics Inc.; COLUMVI®, GAZYVA®, LUNSUMIO®, OCREVUS® - Genentech, Inc. Other trademarks referenced in this presentation are the property of their respective owners.

BIOGEN CALL PARTICIPANTS

Christopher A. Viehbacher

President and Chief Executive Officer

Priya Singhal, M.D., M.P.H.

Head of Development

Robin Kramer

Chief Financial Officer

President and

Chief Executive Officer

DURING Q1 WE CONTINUED TO DELIVER AGAINST OUR STRATEGY FOR LONG-TERM GROWTH

Strategic Objectives Q1 2025 Achievements

Revenue from new launches more than doubled year over year

Execute ongoing drug launches while leveraging opportunities to expand existing franchises

LEQEMBI approved in the E.U. in April

SKYCLARYS approved in the U.K. and Brazil in April

Advance our increasingly de-risked pipeline to deliver innovative therapies to patients

FDA Fast Track Designation granted to our ASO targeting tau (BIIB080)

Initiated Phase 3 TRANSCEND study of felzartamab in AMR

Leverage optionality from our balance sheet to augment the pipeline through external innovation

Acquired rights to zorevunersen in Dravet syndrome in all territories outside the United States, Canada, and Mexico

Note: LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co., Ltd; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc.;

AD = Alzheimer's disease; AMR = antibody mediated rejection; ASO = antisense oligonucleotide

ONGOING PRODUCT LAUNCHES ARE CONTINUING TO BUILD MOMENTUM

LEQEMBI in

Early AD

Q1 worldwide in-market sales of $96 million, up 395% YoY and 11% QoQ

Obtained marketing authorization in the E.U.

Advancing the launch with plans to enhance patient engagement and activation

Introduced IV maintenance while advancing new subcutaneous formulation with the

potential for at-home administration via autoinjector

ZURZUVAE in

postpartum depression

Q1 sales of $28 million, up 123% YoY and 21% QoQ

Over 10,000 women with PPD have been treated since launch

Biogen field force expanded in Q1

SKYCLARYS in

Friedreich ataxia

Q1 worldwide sales of $124 million, up 59% YoY and 21% QoQ

Continued increase in patient demand across all geographies

Potential for future growth driven from continued geographic expansion, supported by new approvals in the U.K. and Brazil

Pediatric Phase 3 BRAVE study expected to start this summer

Note: LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co., Ltd; Eisai serves as the lead for lecanemab development and regulatory submissions globally; ZURZUVAE is being

developed in collaboration with Sage Therapeutics, Inc.; AD = Alzheimer's disease; PPD = postpartum depression; QoQ = quarter over quarter; YoY = year over year 7

GLOBAL SKYCLARYS LAUNCH SUPPORTS CONTINUED GROWTH OPPORTUNITY

~2,400 patients on therapy globally1

SKYCLARYS now available in 26 markets2

Continued market and geographic

expansion expected

Patients on Therapy Globally

3000

2500

2000

1500

1000

500

Jun Sep Dec Mar Jun Sep Dec Mar

2023 2024 2025

1. Numbers as of March 2025. Total patient number includes patients on free and commercial product; 2. Includes markets with either a commercial launch or access through a paid or free early access

mechanism as of May 1, 2025. 8

WE HAVE BUILT A STRONGER, INCREASINGLY DE-RISKED PIPELINE WITH COMPELLING COMMERCIAL POTENTIAL

Now balanced across therapeutic areas

Greater proportion of Phase 3 programs

with established proof-of-concept

100%

Neurology

80%

Immunology

60%

40%

20%

2022

2025

100%

80%

60%

40%

20%

2022

2025

% of Overall Development Pipeline

% of Phase 3 programs with established PoC

Comparison utilized Biogen's 2022 JP Morgan presentation and Biogen Q1 2025 earnings presentation. The lecanemab Phase 3 preclinical AD program was initiated in 2020 and included in the

PoC = proof-of-concept 9

EXPECTING INCREASED MOMENTUM FROM OUR EXPANDING PIPELINE

Program

LEQEMBI - Early AD

LEQEMBI - Presymptomatic AD SKYCLARYS - Pediatric FA BIIB080 - AD

Dapirolizumab pegol - SLE Litifilimab - CLE

Litifilimab - SLE Felzartamab - AMR Felzartamab - IgAN Felzartamab - PMN Zorevunersen - DS

2025

IV maintenance

SC maintenance

Ph. 3 initiation

2026

SC initiation

Phase 2 readout

Phase 3 readout

2027

2028

Phase 3 readout

Phase 3 readout*

2029

Phase 3 readout

2030

Phase 3 readout

Ph. 3 initiation

Phase 3 readout

LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co; BIIB080 is licensed from Ionis Pharmaceuticals, Inc.; Dapirolizumab pegol is being developed in collaboration with UCB ; Zorevunersen is being developed in

collaboration with Stoke therapeutics, Inc.; AD = Alzheimer's disease; AMR = antibody mediated rejection; CLE = cutaneous lupus erythematosus; DS = Dravet syndrome; FA = Friedreich ataxia; IgAN = IgA nephropathy; IV = intravenous;

PD = Parkinson's disease; PMN = primary membranous nephropathy; SC = subcutaneous; SLE = systemic lupus erythematosus; *Readout expected likely in 2028 with potential to accelerate into 2027 depending on recruitment 10

STRENGTH OF BIOGEN'S BUSINESS MODEL AND FOOTPRINT

Impact of U.S. Manufacturing Footprint

Approximately 75% of 2024 U.S. product revenue attributable to products which have manufacturing operations in the U.S.

Strong Presence in International Markets

Approximately 55% of 2024 product revenue attributable to sales outside the U.S.

Biogen's 2025 financial outlook not expected to be materially impacted by

potential tariffs as previously announced by the U.S. Administration on April 2, 2025, even if

the exemption for pharmaceuticals were to be removed

Products with manufacturing operations in the U.S. = AVONEX, PLEGRIDY, SKYCLARYS, SPINRAZA, QALSODY, and TYSABRI

Head of Development

WE ARE ADVANCING AND EXPANDING OUR HIGH-SCIENTIFIC CONVICTION LATE-STAGE PIPELINE

BIIB080

Litifilimab

Early AD

SLE

Dapirolizumab

Pegol

SLE

Felzartamab

IgAN

New Program

Zorevunersen

Dravet syndrome

Collaboration with Stoke Therapeutics

Phase 1/2a data supports potential as the first disease-modifying therapy for Dravet syndrome

Phase 3 expected to start in the coming months

AMR

CLE

PMN

Proof-of-concept Phase 2 data

expected in 2026

Received FDA

Fast Track designation

Potential first-in-class medicine for CLE and SLE

Phase 3 SLE data expected in 2026

Only the 3rd agent with a positive Phase 3

global study in lupus

Second Phase 3 study currently underway

Potential pipeline in a product

Phase 3 study in AMR now underway

Note: BIIB080 is licensed from Ionis Pharmaceuticals, Inc; Dapirolizumab is being developed in collaboration with UCB; Zorevunersen is being developed in collaboration with Stoke Therapeutics, Inc AD = Alzheimer's disease; AMR = antibody-mediated rejection; ASO = antisense oligonucleotide; CLE = cutaneous lupus erythematosus; IgAN = IgA nephropathy; LN = lupus nephritis; PMN = primary membranous nephropathy; SLE = systemic lupus erythematosus

ZOREVUNERSEN HAS THE POTENTIAL TO BE THE FIRST MEDICINE TO TREAT THE UNDERLYING CAUSE OF DRAVET SYNDROME

Zorevunersen is an ASO designed to increase Nav1.1 protein expression with Phase 1/2a data demonstrating >85% reduction in seizure frequency on top of SoC* and improvement in non-seizure manifestations of Dravet syndrome

Improvements in cognition and behavior within 9 months and continuing improvements throughout the OLEs

Cause of Dravet syndrome

85%

of Dravet cases are caused by HAPLOINSUFFICIENCY of the SCN1A gene

Resulting in

50%

Reduction in Nav1.1 protein expression#

Phase 3 study design aligned with global regulators with an expected start in the next few months

*Patients treated with two or three doses of 70mg in the Phase 1/2a study and two doses of 45mg in an open-label extension study at month eight; #Nabbout et al., Orphanet Journal of Rare Disease, 2013

1. Machine learning model constructed using data from EOS Ph1/2a ADMIRAL (all dose cohorts) and data through Month 4 visit in LONGWING OLE (as of Nov. 2023) 2 Mixed-effects model for repeated measures constructed using data through Month 24 from enrolled patients in OLE studies. Data cutoff 28 June 2024

ASO = antisense oligonucleotide; GSV = growth scale values; OLE = open-label extension; SoC = standard of care 14

LEADING IN ALZHEIMER'S TO BUILD THE DISEASE MODIFYING TREATMENT LANDSCAPE

Expanding approvals and enhancing Convenience of LEQEMBI

LEQEMBI is now the only anti-amyloid therapy approved in the E.U. for Alzheimer's

IV Maintenance

FDA Approved

SC-AI Maintenance

FDA decision expected August 2025

SC-AI Initiation

Generating data on the 500 mg dose; Expected regulatory decision in H1 2026

Building on the Proven Efficacy of LEQEMBI in Presymptomatic AD

AHEAD 3-45 Study

Designed to evaluate whether LEQEMBI can preserve cognition and delay onset of Alzheimer's across early to late presymptomatic AD

Study fully enrolled with readout expected in 2028

Advancing the Next Potential Wave

of Alzheimer's therapies

BIIB080, ASO targeting tau

Phase 1b data shows BIIB080 impact across biomarkers, pathology and clinical outcomes trends

Received FDA Fast Track designation

Proof-of-concept Phase 2 study fully enrolled with expected readout in 2026

Building a broader, deeper patient experience through real-world data

Research programs across molecular targets and modalities

LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co., Ltd; Eisai serves as the lead for lecanemab development and regulatory submissions globally; BIIB080 is licensed from Ionis

Pharmaceuticals, Inc; AD = Alzheimer's disease; AI = autoinjector; IV = intravenous; MCI = mild cognitive impairment; SC = subcutaneous 15

BUILDING AND STRENGTHENING OUR PIPELINE TO SUPPORT OUR LONGTERM GROWTH OBJECTIVE

Phase 1

Phase 2

Phase 3

Regulatory Review in Certain Markets

Felzartamab (anti-CD38 mAb) - LN

BIIB080 (tau ASO)^

Early AD

Lecanemab (Aβ mAb)* SC-AI Initiation

Early AD

Lecanemab (Aβ mAb)* SC-AI Maintenance Early AD

Izastobart (C5aR1 mAb) -

complement mediated disease

Felzartamab

(anti-CD38 mAb) - IgAN

Phase 3 planned in 2025

Lecanemab (Aβ mAb)*

Preclinical AD

HD Nusinersen (SMN2 splice modulator)

SMA

Omaveloxolone (Nrf2 activator) -

Pediatric FA

Phase 3 planned in 2025

Felzartamab

(anti-CD38 mAb) - PMN

Phase 3 planned in 2025

Dapirolizumab pegol (anti-CD40L)* - SLE

Zuranolone (GABAA PAM)* - PPD

BIIB115 (SMN ASO)^ - SMA

BIIB122

(LRRK2 inhibitor)* - PD

Now fully enrolled

(BD Litifilimab SLE CA2 mAb) -

BIIB091 (peripheral BTK Inhibitor)

- MS

(BD Litifilimab CLE CA2 mAb) -

Zorevunersen

(SCN1A ASO)* - Dravet syndrome

Phase 3 planned in 2025

Felzartamab

(anti-CD38 mAb) - AMR

AD and Dementia

Immunology

Neuromuscular disorders

Neuropsych Parkinson's disease MS

Neurodevelopmental

Pipeline Updates: Added = Zorevunersen in Dravet syndrome; Advanced = Felzartamab in AMR to Phase 3; *Collaboration program; # Collaboration and option agreement; ^ Licensed from Ionis Pharmaceuticals,

Inc.; AD = Alzheimer's disease; AMR = antibody mediated rejection; ASO = antisense oligonucleotide; CLE = cutaneous lupus erythematosus; DPNP = diabetic peripheral neuropathic pain; FA = Friedreich ataxia;

GABA = γ-Aminobutyric acid; HD = higher dose; IgAN = IgA nephropathy; LN = lupus nephritis; LRRK2 = leucine rich repeat kinase 2; MS = multiple sclerosis; PAM = positive allosteric modulator; PD = Parkinson's

disease; PMN = primary membranous nephropathy; PoC = proof-of-concept; PPD = postpartum depression; SC-AI = subcutaneous autoinjector; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy 16

Chief Financial Officer

FIRST QUARTER 2025 KEY FINANCIAL HIGHLIGHTS

Q1 total revenue $2.4 billion; GAAP diluted EPS $1.64; Non-GAAP diluted EPS $3.02

GAAP and Non-GAAP diluted EPS includes a ~$0.95 impact from the $165 million upfront transaction payment to Stoke Therapeutics related to the collaboration agreement for zorevunersen

Q1 revenue from launch products* of $200M grew 22% QoQ and 105% YoY

Q1 GAAP and Non-GAAP operating income decreased 32% and 17%, respectively, year-over-year. Excluding the impact of the Stoke upfront transaction payment, GAAP and Non-GAAP operating income decreased 2% and increased 7%, respectively, year-over-year

Generated $222M of FCF in Q1, which includes the impact from the $165M upfront

transaction payment to Stoke; $2.6B of cash and $3.7B of net debt as of March 31, 2025

Expected underlying business outlook unchanged - Updated full year 2025 Non-GAAP diluted EPS guidance range of $14.50 to $15.50 reflects the ~($0.95) impact from the Stoke transaction upfront as well as a $0.20 improvement mainly due to FX

* Launch products = SKYCLARYS, QALSODY, and ZURZUVAE, plus Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration

FCF = free cash flow, defined as net cash flow from operations less capital expenditures - see slide 20 for details; FX = foreign exchange; Q1 = first quarter 2025; QoQ = quarter-over-quarter; YoY = year-over-year

FIRST QUARTER 2025 REVENUE HIGHLIGHTS

($ in Millions)

Q1 2025

Q1 2024

 YoY

 CC*

Multiple sclerosis product revenue1

$953

$1,076

(11%)

(10%)

Total rare disease revenue2

$563

$424

33%

36%

Biosimilars revenue

$181

$197

(8%)

(5%)

Other product revenue3

$29

$15

93%

92%

Revenue from anti-CD20 therapeutic programs

$378

$394

(4%)

Alzheimer's collaboration revenue4

$33

NMF

Contract manufacturing, royalty and other revenue

$293

$182

61%

63%

Total revenue

$2,431

$2,290

CC = Constant Currency - Percentage changes in revenue growth at constant currency are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the exchange rates from the end of the previous calendar year.

NMF = no meaningful figure; YoY = year-over-year

Note: Numbers may not foot due to rounding. Percent changes represented as favorable/(unfavorable).

1 includes TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA. Effective January 1, 2025, our collaboration and license agreement for FAMPYRA global commercialization rights was terminated.

2 includes SPINRAZA, SKYCLARYS, and QALSODY.

3 includes ADUHELM, FUMADERM and ZURZUVAE.

4 includes Biogen's 50% share of net revenue and cost of sales, including royalties, from the LEQEMBI Collaboration. 19

FIRST QUARTER 2025 KEY P&L ITEMS

($ in Millions except EPS, Shares in Millions)

Q1 2025

Q1 2024

Δ Y/Y

Total Revenue

$2,431

$2,290

GAAP Cost of Sales*

$629

$542

(16%)

% of revenue

26%

24%

GAAP R&D Expense

$434

$445

GAAP SG&A Expense

$573

$582

GAAP Acquired IPR&D, Upfront and Milestone

Expense

$201

NMF

GAAP Operating Income

$380

$558

(32%)

GAAP Other (Income) Expense

$68

$94

27%

GAAP Taxes %

22.7%

15.4%

GAAP Net Income Attributable to Biogen Inc.

$241

$393

(39%)

Weighted Average Diluted Shares

147

146

(1%)

GAAP Diluted EPS

$1.64

$2.70

(39%)

Approx. impact from $165M Stoke upfront

($0.95)

($ in Millions except EPS, Shares in Millions)

Q1 2025

Q1 2024

Δ Y/Y

Total Revenue

$2,431

$2,290

Non-GAAP Cost of Sales*

$580

$500

(16%)

% of revenue

24%

22%

Non-GAAP R&D Expense

$427

$439

Non-GAAP SG&A Expense

$572

$569

(1%)

Non-GAAP Acquired IPR&D, Upfront and Milestone

Expense

$201

NMF

Non-GAAP Operating Income

$583

$699

(17%)

Non-GAAP Other (Income) Expense

$33

$63

48%

Non-GAAP Taxes %

19.4%

15.9%

Non-GAAP Net Income Attributable to Biogen Inc.

$443

$535

(17%)

Weighted Average Diluted Shares

147

146

(1%)

Non-GAAP Diluted EPS

$3.02

$3.67

(18%)

Approx. impact from $165M Stoke upfront

($0.95)

* Excluding amortization and impairment of acquired intangible assets. The above table is not an income statement. Numbers do not foot.

Percent changes represented as favorable/(unfavorable).

Our GAAP financial measures and a reconciliation of GAAP to Non-GAAP financial results are at the end of this presentation. 20

CASH FLOW SUPPORTS A BALANCE SHEET THAT ALLOWS FOR INVESTMENT TO AUGMENT GROWTH

$37M

Capital expenditures

Q1 2025 Cash Flow Balance Sheet*

$259M

Cash flow from operations^

$2.6B

Cash and cash equivalents

$6.3B

Debt

$3.7B

Net debt

$222M

Free cash flow#^

Note: Numbers may not foot due to rounding.

* As of March 31, 2025. ^ Includes the impact of $165M Stoke transaction upfront payment. # Free cash flow is defined as net cash flow from operations less capital expenditures.

UPDATED GUIDANCE REFLECTS A CONSISTENT UNDERLYING BUSINESS OUTLOOK FOR THE YEAR ADJUSTED FOR THE STOKE TRANSACTION

Full Year 2025 Non-GAAP Diluted EPS

Prior FY 2025 Guidance (February)

$15.25 to $16.25

Approx. impact from $165M Stoke upfront

($0.95)

Benefit mainly from FX

+$0.20

Updated FY 2025 Guidance

$14.50 to $15.50

Please see Biogen's Q1 2025 earnings release, available at the Investors section of Biogen's website at investors.biogen.com, for additional 2025 financial guidance assumptions.

This financial guidance incorporates the Company's view that Biogen's 2025 financial outlook is not currently expected to be materially impacted by potential pharmaceutical tariffs as announced by the U.S. Administration on April 2, 2025, even if the exemption for pharmaceuticals were to be removed. This is based on both a significant proportion of U.S. revenue being derived from products which have manufacturing operations in the United States, and the Company's current global inventory positions. The U.S. and international tariff landscape remains uncertain, and this guidance does not include contemplation of any new tariffs.

This financial guidance does not include any impact from potential acquisitions or business development transactions or pending and future litigation or any impact of potential tax or healthcare reform, as all are hard to predict. Biogen may incur charges, realize gains or losses, or experience other events or circumstances in 2025 that could cause any of these assumptions to change and/or actual results to vary from this financial guidance.

Please see slide 3 of this presentation for additional information on our use of Non-GAAP measures, including forward-looking Non-GAAP financial measures.

FULL YEAR 2025 FINANCIAL GUIDANCE KEY CONSIDERATIONS REMAIN MOSTLY CONSISTENT

Total Revenue

Expect to decline by a mid-single digit percentage at constant currency in 2025 versus 2024

Expected drivers: primarily decline in MS product revenue, partially offset by revenue growth from launch products

Corporate Partner Revenue (CPR)

Expect FY 2025 CPR to be roughly consistent with FY 2024

Expect minimal batch releases in Q4

Other

Expect FY 2025 OIE to be a net expense between $180M and $220M

Expect gross margin percentage and operating margin percentage to remain relatively flat YoY

Tariffs

Our 2025 financial outlook is not expected to be materially impacted from potential tariffs as announced by the U.S. Administration on April 2, 2025, even if the exemption for pharmaceuticals were to be removed

Fit for Growth (OpEx)

On track to deliver $1B/gross and $800M/net savings from Fit for Growth by the end of 2025

Expect FY 2025 OpEx to be ~$3.9B

Foreign Currency

Favorable FX trends expected to benefit FY 2025 Non-GAAP diluted EPS by ~$0.20

EPS = earnings pre share; FY = full year; MS = multiple sclerosis; OIE = Non-GAAP other income and expense; OpEx = Non-GAAP R&D expense and Non-GAAP SG&A expense; YoY = year-over-year

President and

Chief Executive Officer

OUR DISCIPLINED SCIENTIFIC APPROACH IS POISED TO DELIVER KEY EXPECTED MILESTONES OVER THE NEXT 18 MONTHS

Phase 3 Starts

Clinical Trial Readouts

Regulatory Decisions

Zorevunersen Phase 3 in Dravet

syndrome

Felzartamab Phase 3 in IgAN

Felzartamab Phase 3 in PMN

SKYCLARYS Phase 3 in pediatric FA

BIIB080 Phase 2 in Early AD

Litifilimab Phase 3 in SLE

Litifilimab Phase 3 in CLE*

LEQEMBI SC-AI maintenance in Early AD

LEQEMBI SC-AI initiation in Early

Nusinersen (SPINRAZA) higher dose in SMA

Biogen will host a series of investor events to highlight the development pipeline

First event planned to be held on June 11th and will focus on felzartamab and our rare disease portfolio

LEQEMBI (lecanemab-irmb) is being developed in collaboration with Eisai Co; BIIB080 is licensed from Ionis Pharmaceuticals, Inc.; Zorevunersen is being developed in collaboration with Stoke Therapeutics; AD = Alzheimer's disease; AI = autoinjector; CLE = cutaneous lupus erythematosus; DS = Dravet syndrome; FA = Friedreich ataxia; IgAN = IgA nephropathy; PMN = primary membranous nephropathy; SC = subcutaneous; SLE = systemic lupus erythematosus; SMA = spinal muscular atrophy; * Readout expected H2 2026 to H1 2027

CONSOLIDATED STATEMENT OF INCOME

(unaudited, in millions, except per share amounts)

CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

PRODUCT REVENUE (US AND REST OF WORLD) & TOTAL REVENUE

(unaudited, in millions)

Disclaimer

Biogen Inc. published this content on May 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2025 at 10:48 UTC.