Biogen Inc.

Good morning. My name is Cynthia and I will be your conference operator today. At this time, I would like to welcome everyone to the Biogen Second Quarter 2025 earnings call and business update. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad. Please limit yourself to one question to allow other participants time for questions. If you require any further follow up, you may press star one again to rejoin the queue. Today's conference is being recorded. Thank you. I would now like to turn the conference over to Mr. Tim Power, Head of Investor Relations. Mr. Power, you may begin your conference.

Thanks, Cynthia. Good morning, everyone. Welcome to Biogen's Second Quarter 2025 earnings call. During this call, we'll make forward looking statements, which involves risks and uncertainties that may cause actual results to differ materially from our forward looking statements. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review. Our earnings release and other documents related to our results, as well as reconciliations between gap and non-gap results discussed on this call can be found on the investor section of Biogen.com. We've also posted the slides to our website that we'll use during the call. On today's call, I'm joined by our president and Chief Executive Officer Chris V. Backer, Dr. Priya Singhal, Head of Development, Alicia Alimo, our President and Head of North America, and Robin Craver, our Chief Financial Officer. We'll make some opening comments and then move to Q&A and to allow us to get through as many questions as possible, we kindly ask that you limit yourself to just one question. I'll now turn the call over to Chris.

Thank you, Tim. Good morning, everybody. We're very pleased with the performance in the second quarter. In particular, we've seen growth, the growth from our new product launches offsetting our MS decline. MS has also proven to be a little bit more resilient this quarter. There was some growth to net adjustment, but I would like to call out the performance of Vumerity. I think Alicia and her team in the US in particular have put a lot of emphasis on Vumerity over the last two years. And we've been seeing some nice growth and this is a product where we still got a lot of market exclusivity into the future. As we look at the growth products, I think we're also seeing continued consistent growth with LeCenB. We've got a number of enablers coming along that hopefully will remove some of the bottlenecks in the system. Those are things like the blood-based biomarkers. The first one has now been approved, but there are now multiple biomarker tests out there. We have a PDUFA date for our subcutaneous formulation for maintenance coming at the end of August. And I think those are all things that are starting to generate some potential shift in momentum in LeCenB, but Alicia will talk about that more. But I think we're feeling pretty encouraged by what we're seeing there. SkyClarus again now is available in 29 markets. We have probably as many, if not more patients outside the US as inside the US. It's rolling out extremely well. Not all patients are reimbursed yet, and I think as we progress each country, we've been able to get a lot of patients on early access programs. What we have seen is extremely strong take up in those programs, and then we work basically country by country to get reimbursement. So Zuvay has had an extremely nice quarter, and again I think Alicia will be able to give us more color commentary, but I think that's a bit of a sleeper in our portfolio. I think this is certainly outperforming our internal expectations. We also had good news in the quarter. We got approval in Europe, and we're looking forward to planning the launch there. As we turn to the pipeline, Priya is going to obviously be able to say more, but we've had some very good news there. All phase three studies for Felsartumab have been initiated. We potentially have another study being started in microvascular inflammation that could add to that portfolio. We saw some really interesting results for Salinersen. This is our next generation product for SMA, and we're quite excited about that, and that will be another phase three that starts this year. On business development, we continue to look across the spectrum of our development pipeline. We're very excited about the research agreement that we concluded in the past quarter with City Therapeutics. We would expect to see several more of those research collaborations this year. We continue to look at later stage, both M&A and collaborations, but again we remain disciplined in terms of ensuring that anything we do would drive shareholder value. So I think if I look at the quarter, we've got growth top and bottom line. We've had very strong discipline on costs, and so I think the company is performing well. And with that, I'll turn it over to Priya, who can give us a lot more detail about the pipeline.