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 third quarter 2026 earnings call and business update. All lines have been placed on mute to prevent any background noise. After the speaker's 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 1 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, and good morning, everybody. Welcome to Biogen's third quarter 2026 earnings call. During this call, we will make forward-looking statements which involve risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. We provide you 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 GAAP and non-GAAP results discussed on this call, can be found in 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 Viehbacher, Dr. Priya Singhal, head of development, Robin Kramer, our Chief Financial Officer. Alicia Alimo, President North America, is also available for the Q&A section of the call. We'll make some opening comments and we'll move to the Q&A session. And to allow us to get through as many questions as possible, we'll ask you to kindly limit yourself to just one question. And I'll now hand the call over to Chris.

All right. Thank you, Tim. Good morning, everybody. Very strong quarter this morning. It's actually one of those quarters where the numbers almost just speak for themselves. Total revenue grew 11% year-over-year. Now, of course, that's not all organic. That was significantly benefited from the acquisition of Appellus. But, you know, I'd also say that I think the acquisition and the integration of Appellus has gone even better than expected. The integration team has, I think, been able to identify and eliminate cost synergies faster than we thought. Alicia's here and I have to give Alicia a lot of credit for her leadership in really ensuring that the PELOS team has felt welcome within Biogen. And I think really the most credit goes to the people from PELOS who have joined Biogen, placed their faith in Biogen and have been able to look past the inevitable distraction that comes with an integration and really focus on our customers, the healthcare professionals and patients that we serve. So as I look at it, obviously Appellus has certainly helped us. Our industry has embraced bolt-on acquisitions over the years, but one of the things I've learned is if you're gonna do a bolt-on, you have to bolt on to something solid. And one of the things that we have been working on at Biogen over the last several years is really to improve our cost base but also to really launch our growth products and get those performing on a top level. And that's important because when you do an acquisition, there is an inevitable amount of distraction. And if you've got a team that's already performing well, then it can not only find the time to embrace a new team joining the company, But the new team joining also finds a culture of energy, of positive spirit that becomes infectious in some ways. And so I think we've really realized a synergy between the folks from Apellis who have joined the Biogen teams. They've come together. And when I look at Sifovri and Povelli, you can see 37% year over year growth of 243 million. that's already on a run rate of a billion dollars. And we're on track to realize 250 million of run rate synergies by the end of 2027. And in fact, you'll see from the guidance that we put out, and Robin will detail this more, but we've reduced our estimate of what the dilution will be in this first year of acquisition. In fact, most of the dilution will be really from the financing. At an operating level, The dilution is already pretty much negligible. If I look at Biden's own growth portfolio, one point two six billion, that's 50 percent year over year growth. That's now almost getting to two thirds of our core pharmaceutical revenue in Q3. And so this is where the story has been that, you know, we've obviously had a legacy portfolio that continues to be resilient. But the future is really with the growth products. And so if I go to the next slide, we've really got three key priorities here. One is to continue to grow that commercial portfolio. And as I say, the 50% growth is extremely strong. And we expect to return to top line growth in 2026. I will say, that the resilience of the legacy MS portfolio, I've said this in the past, it's not by accident. Biogen has a unique patient services team. I think we have built strong relationships with key physicians and have earned the trust of a lot of patients. And I think that is a capability that's going to be extremely important as we turn to the next The first point I'd make on that is, given the Appellus acquisition, we now think that the company can grow even without the pipeline. So as the pipeline starts to read out, and I think the first readout will be now just weeks away, we think we can be launching products, assuming that clinical trial results are positive, will be able to launch products on top of a growing base. The other I would say is there are going to be a number of areas where we're still in breakthrough. AMR is a market, for instance, that doesn't exist. MBI is a market that doesn't exist. In fact, a lot of education is needed. But we're already seeing high levels of awareness on those. We do know how to create and build markets We're not a company that is just used to going in and finding an existing market and just taking market share. That will also be important in lupus. And Alicia can provide a lot more insight here. But when you look at the lupus market, is it a fraction of what the MS market is? And there's no real good reason for that. We have found some insights into that. One is that Patients will be expected to be on treatment for many, many years. And with only two approved biologics, physicians tend to conserve those biologics until a patient progresses. And we're certainly seeing an awful lot of feedback from the market that if another biologic does get approved, that there would be an enhanced willingness to actually use biologics in an earlier stage. And I go back to, you know, how Biogen has built its MS business and have been able to retain it in the face of some pretty fierce competition. And I think a lot of those capabilities and skills will really enable us to think about how we can actually develop the lupus market way beyond where it is today. And just, you know, really in the next 18 months, We've got Phase III readouts expected, you know, not only in SLE, but we've got cutaneous lupus, we've got AMR, and our partners at Stoke, we expect to be reporting on the Zorvin-Ursin and Dravet syndrome. And then the third priority, the third priority I think is one of the most important and often most neglected areas of our industry. And this is an area where we at Top Leadership at Biogen are spending a lot of our time. Because it's in research and early development that you are building the future of your company. And we were not necessarily very good with that. We had gone three years without a single IND. Under the leadership of Jane Grogan and in partnership with Priya Singhal, They have done a radical overhaul of the whole research and early development area. We now have six new programs expected with the three NMEs. We've already had five INDs this year. As Priya will tell you, Biogen in its 48 years of history has never had five INDs in a single year. And our ambition is over the next few years to have at least 20 programs in in early stage development. And this is a big shift in how we operate because Biogen historically has looked at things on an asset by asset basis. And we are now really thinking about portfolios of opportunities. How do we balance the risk? How do we balance that with franchise development and breakthrough medicines along with best in class and not always just first in class medicines? So this is an area where we're already planning for the future. You know, in this business, the day you launch a new product is the day you should be thinking about what product is going to succeed it. And so those are the three areas. I think it's exciting. The future of Biogen is before us. And with that, I'll turn it over to Priya who can give us a little bit more insight to the excitement awaiting us.