Biogen (BIIB) investor relations material

Strategic focus and portfolio evolution

• Immunology is a growing focus, leveraging expertise from MS to expand into new disease areas and diversify beyond neurology.

• Capabilities in R&D, commercialization, and patient services are being transferred from MS to other specialty areas like rheumatology and nephrology.

• Portfolio diversification is guided by scientific opportunity and unmet patient needs, with a willingness to stretch into new specialties where value can be added.

• Targets in immunology and inflammation (I&I) offer multi-indication potential and faster proof-of-concept timelines.

• The future portfolio will be more balanced, with select investments in less saturated diseases with high unmet need.

Pipeline highlights and clinical development

• Litifilimab is advancing in phase III for SLE, with prior phase II data showing strong efficacy in joint and skin manifestations and a notable SRI-4 response rate.

• Success in SLE will be measured by composite endpoints, patient-focused outcomes, and convenience, with litifilimab positioned as competitive, especially in CLE.

• Dapirolizumab complements litifilimab, targeting different immune pathways, with a second phase III readout expected in 2028.

• Multiple late-stage assets in lupus reflect a strategy to offer options for heterogeneous patient populations.

• BTK inhibitors and degraders are in development for MS and broader autoimmune diseases, with upcoming readouts expected mid-year.

Business development and nephrology expansion

• The APRILs deal aims to add new products and expertise, especially in nephrology, leveraging Apellis’s field force.

• EMPAVELI and SYFOVRE are seen as growth drivers, with EMPAVELI showing progressive linear growth in rare disease markets.

• Felzartamab, a CD38-targeted therapy, is being developed for AMR, IgAN, and PMN, with unique biology and chronic use potential.

• The acquisition’s synergies are expected to accelerate nephrology franchise growth and support new market creation.