Biogen Inc. Q4 FY2025 earnings call

• Pipeline progress: In 2025, significant progress in the pipeline with key readouts expected. iClick has PDUFA date of May 24, Lidofilumab granted FDA breakthrough designation for cutaneous lupus, acquisition of Alcion Therapeutics to improve patient injection experience, new collaborations with Vanqua and Dara Therapeutics. - Product performance: Leukembi is market leader with over 60% anti-amyloid therapy market share. Xerxuve has doubled sales in 2025, changing perception of postpartum depression. SPINRAZA launched high dose in Japan with early positive signs. Skyclaris approved in Brazil and to be launched globally except Asia. - Scientific leadership: Demonstrated scientific leadership with presentations at medical congresses, securing priority review for iClick initiation and breakthrough therapy designation for Lidofilumab.

Biogen finished the year strongly. Growth products generated $3.3 billion in fiscal 2025, up 19%. The four products launched since 2023 (Lekembi, Skyclaris, Xerxuve, and Calcadi) now generate over a billion dollars in revenue. The MS business still generated $3 billion in 2025. In Q4, revenue from growth products exceeded revenue from the MS business excluding VUMERITY. Akembi had end market sales booked by Eisai of approximately $134 million in Q4 2025, up 1054% vs Q3 2025 and Q4 2024. Skyclaris had Q4 global revenue of $133 million, 30% growth y/y. SPINRAZA had global revenue of $356 million in Q4. VUMERITY had Q4 revenue of $181 million, driven by steady y/y demand growth. ZERZUVE and CALSADI had strong performance. Global TESARBRI revenue in Q4 was $398 million. TECFIDERA saw generic erosion in The EU. Revenue from anti CD20 therapeutic programs was $521 million in Q4 2025, up 12% y/y.

• Full year non-GAAP diluted EPS expected to be between $15.25 and $16.25. - Total revenue expected to decline by a mid single digit percentage in 2026 compared to 2025. - MS product excluding VUMERITY expected to decline by a mid teen percentage vs 2025. - Full year contract manufacturing revenue expected to be roughly $300 million in each half of 2026. - Gross margin expected to be roughly consistent with 2025. - Core OpEx in 2026 roughly consistent with 2025, but Q1 expense expected to be roughly 10% higher than Q1 of last year due to phasing spend.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from forward-looking statements. A comprehensive list of risk factors can be found in SEC filings.

Q: Magnitude of one time reimbursement true up for Skyclaris and impact on 2026 quarterly run rate, and impact of European rollout for XERZUVEY?

A: Robin Kramer said the true up for Skyclaris in Ex US was $12 million, periodic true ups or changes in estimates due to country by country reimbursement. Christopher Viehbacher said Friedreich's ataxia has growth opportunity with Brazil launch, Xerxuvey will have selective rollout in Europe due to pricing questions, looking at MFN environment.