Biogen Inc at JPMorgan Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christopher Schott - JPMorgan - Analyst : Great. Thanks for those comments. Maybe just to start the conversation, we'd love to kick off with LEQEMBI. It sounds like you're kind of laying out a ramp, this kind of steady ramp that we've been seeing continuing into 2025. When you think about the, let's say, hurdles to adoption that have been out in the market, like how would you rank order at this point? What are the biggest hurdles for physicians who are still considering kind of prescribing the product and how to use it in their practice? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 8:45PM, BIIB.OQ - Biogen Inc at JPMorgan Healthcare Conference

Question: Christopher Schott - JPMorgan - Analyst : Great. Maybe just talk about the -- and you mentioned the blood-based diagnostics coming in. How quickly would you anticipate that those get adopted once they're more broadly available?

Question: Christopher Schott - JPMorgan - Analyst : Yes. And would you expect that with the blood-based diagnostic that PET piece can kind of fall away in this? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 8:45PM, BIIB.OQ - Biogen Inc at JPMorgan Healthcare Conference

Question: Christopher Schott - JPMorgan - Analyst : Yes. On the subcu piece of it, I know the maintenance one first. How important is the maintenance subcu from your perspective?

Question: Christopher Schott - JPMorgan - Analyst : Yes, makes sense. And then in terms -- I guess and just that subcu follow-up, when we think about kind of moving out to the earlier like the patients starting this, what percent of patients is just the infusion too much of a hurdle to get through? So in a sense of like as we make that next approval through, like how big of a step-up could that be?

Question: Christopher Schott - JPMorgan - Analyst : And actually a little bit more duration, how are you finding patients in terms of their willingness to stay on therapy? Is it generally once the patient is on, they're staying on for long periods of time?

Question: Christopher Schott - JPMorgan - Analyst : Maybe just a couple more on this. Competitor coming in the market. Just any early anecdotal comments of just how that has on one hand, maybe a second player helping with the education helps. And on the flip side, you've got a competitor. How's that balance working out?

Question: Christopher Schott - JPMorgan - Analyst : Great. Maybe just shifting over to the AHEAD 3-45 trial. Just timing of that, when can we think about a readout?

Question: Christopher Schott - JPMorgan - Analyst : Yes, absolutely. Yes. It's an exciting study. So maybe just sticking on Alzheimer's, talking about tau. First of all, just how do you think about the opportunity with your tau program relative to LEQEMBI?

Question: Christopher Schott - JPMorgan - Analyst : What do we think about for the bar to move this forward as we think about the Phase II data in 2026? Like what are you hoping for to see in the profile?

Question: Christopher Schott - JPMorgan - Analyst : Great. Bigger picture question on R&D. I know when you started and part of the goal was to maybe rebalance the portfolio a little bit. How far along in the process are we, if you could get your pipeline today? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 8:45PM, BIIB.OQ - Biogen Inc at JPMorgan Healthcare Conference

Question: Christopher Schott - JPMorgan - Analyst : Yes. Just on the lupus programs, how do you kind of position the two programs against each other? How do you think about them?

Question: Christopher Schott - JPMorgan - Analyst : Great. Maybe just tipping over to SKYCLARYS. Would love just an update in terms of how that ramp has been progressing, both US and ex-US.

Question: Christopher Schott - JPMorgan - Analyst : Should we think about the growth of this product coming more ex-US? Or do you think that we could start to see a reacceleration in US?

Question: Christopher Schott - JPMorgan - Analyst : Okay. Yes. Actually, that's a nice ramp there. Just a big (inaudible) in business development. Just talk about appetite right now for BD and how are you thinking about priorities?

Question: Christopher Schott - JPMorgan - Analyst : Is there any bias right now in terms of the opportunities you're seeing looking more at the earlier stage versus mid versus Reata, something that's later stage? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 8:45PM, BIIB.OQ - Biogen Inc at JPMorgan Healthcare Conference

Question: Christopher Schott - JPMorgan - Analyst : Great. Maybe just last few minutes here. Just as we go into 2025, purchase and pulls, we just directionally think about for numbers this year.

Question: Christopher Schott - JPMorgan - Analyst : Because you mentioned in the presentation that kind of balance you saw ex the contract manufacturing. Is that a reasonable way to think about the next few years?

Question: Christopher Schott - JPMorgan - Analyst : Great. I think we are out of time. Thank you so much for the comments. We appreciate it. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 14, 2025 / 8:45PM, BIIB.OQ - Biogen Inc at JPMorgan Healthcare Conference