Biogen Inc at Leerink Partners Global Healthcare Conference Transcript

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

Question: Marc Goodman - Leerink Partners - Analyst : So I think we'll go through the products and just kind of block them off, I think, just -- and I thought we'd start with SKYCLARYS. So let's just kind of jump right into it. I mean, in the United States, back in the first quarter of '24, we learned there are about 1,100 patients on the drug. And you did about $73 million of sales, and some of those patients were not paying patients. And yet it seems like since then, it doesn't feel like the revenue has changed much, $76 million. Then it did an $82 million. You did a $71, million, it's jumping all around. Help us what's going on behind the scenes because sometimes revenues don't help everything, what's going on? So maybe we can start with SKYCLARYS?

Question: Marc Goodman - Leerink Partners - Analyst : Yeah, yeah. I mean the -- is it 4,500 patients that we've identified kind of thing? Is that --

Question: Marc Goodman - Leerink Partners - Analyst : Right. So we got 1,100 of them pretty quickly. And then --

Question: Marc Goodman - Leerink Partners - Analyst : Right, right, right. So what's the last number that you've given us just --?

Question: Marc Goodman - Leerink Partners - Analyst : (multiple speakers) No, you have to obviously give the numbers, yeah, yeah, yeah.

Question: Marc Goodman - Leerink Partners - Analyst : And there was also inventory that moved around. Explain that. What happened there?

Question: Marc Goodman - Leerink Partners - Analyst : Yeah. So I know that you don't -- you're not responsible for outside of North America. But can you just give us a sense of where we are, the drugs in what key regions? What are some key regions it's not in yet? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 3:20PM, BIIB.OQ - Biogen Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : Later this year. Okay. So that will be -- that's probably the most consequential new region to come online this year?

Question: Marc Goodman - Leerink Partners - Analyst : Got it.

Question: Marc Goodman - Leerink Partners - Analyst : Anything else before we move on from SKYCLARYS? What else -- anything that you want to kind of get across? I mean, pricing, Medicare Part D, we talked a little bit about that. I mean, these patients are 30% of Medicare? What it is -- what percentage do you think?

Question: Marc Goodman - Leerink Partners - Analyst : Right, okay, okay. Good. So LEQEMBI -- I mean, look, you smile. I mean, I lived through ADUHELM as well. So I can smile -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 3:20PM, BIIB.OQ - Biogen Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : So maybe the first question is, what have you learned over the past year? And what have you changed over the past year to help adoption better?

Question: Marc Goodman - Leerink Partners - Analyst : I know, loaded question.

Question: Marc Goodman - Leerink Partners - Analyst : Really, even on television?

Question: Marc Goodman - Leerink Partners - Analyst : I mean, it does make sense, especially if these people are coming in and asking for it --

Question: Marc Goodman - Leerink Partners - Analyst : And so you think that some of these physicians were writing for two patients who are asking for it. They're waiting to -- what are they waiting on? Like, are they waiting for the drug -- to seek help? Are they waiting to make sure that it's safe?

Question: Marc Goodman - Leerink Partners - Analyst : Yeah. How many unique prescribers have we had so far? Have you given us that number? I don't remember -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 3:20PM, BIIB.OQ - Biogen Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : Yeah. And what is going on with Lilly now that they're in the market as well? How has that whole change the dynamic? And -- because I have always thought of big market, two players making noise. It doesn't get any better than that. I don't want three, but I love two.

Question: Marc Goodman - Leerink Partners - Analyst : I'm glad you brought that up because -- has that created a lot of confusion?

Question: Marc Goodman - Leerink Partners - Analyst : I mean, from a patient's perspective, you can understand this is a drug to get rid of amyloid, okay. Well, I just had a scan. I have no amyloid. Why am I on drug?

Question: Marc Goodman - Leerink Partners - Analyst : I mean, you can understand why they would say that, right? And so -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 3:20PM, BIIB.OQ - Biogen Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : And that's a little bit of a mixed message given that what Lilly is saying, and what you're saying right now. So that's causing some confusion.

Question: Marc Goodman - Leerink Partners - Analyst : Yeah, yeah. How do you think about blood-based biomarkers in subcu and just -- I mean, to me, I think they're just so -- I mean, isn't there going to be a massive change? I mean -- right?

Question: Marc Goodman - Leerink Partners - Analyst : How massive? Like, why do we quantify that?

Question: Marc Goodman - Leerink Partners - Analyst : Every one of these Alzheimer's meetings that we're going to, CTAD or -- and it doesn't matter -- what we're seeing is the correlation is just pretty high. I don't know how much higher we can get. I mean, we're practically at 90%, aren't we?

Question: Marc Goodman - Leerink Partners - Analyst : Do you think that happens? Is that a this year event? Is that a next year event --?

Question: Marc Goodman - Leerink Partners - Analyst : Right. So it's later this year or early next year.

Question: Marc Goodman - Leerink Partners - Analyst : I mean, the pushback on subcu versus every two weeks or four, I mean, like that's also going to be a huge game changer, right? I mean --

Question: Marc Goodman - Leerink Partners - Analyst : And the physician community knows this is coming, right?

Question: Marc Goodman - Leerink Partners - Analyst : I mean, you can't really market it, obviously, not approved.

Question: Marc Goodman - Leerink Partners - Analyst : But I'm just saying, but they know it's coming. The data is there at the meetings. There are --

Question: Marc Goodman - Leerink Partners - Analyst : And so Biogen's view is, we're committed here to this. We know this is coming. This is going to be a major change.

Question: Marc Goodman - Leerink Partners - Analyst : Yeah, yeah. I mean, it's just -- I don't know, this has been one of those markets where you kind of feel like there's so many patients. But at the same time, there's a lot of friction as we talked about. And you just think that there'd be some offsets, and it will be ramping a little bit better. Well, outside of the United States, anything that's happening different than in the US like -- we're not in Europe yet, I know. But Japan and China, I suppose -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 3:20PM, BIIB.OQ - Biogen Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : Right, right. Interesting. Anything else on LEQEMBI before we -- I want to talk about SPINRAZA a little bit.

Question: Marc Goodman - Leerink Partners - Analyst : I know, I know. But once -- I mean, first of all, I look at it is like -- first of all, it's kind of unique that we have this small market, we have three drugs approved for. And I think that's --

Question: Marc Goodman - Leerink Partners - Analyst : But I kind of feel like when you really look at the data, you guys have the best data. And your high dose now, this is reason to get kind of rejuvenated even more. So I don't know, give us a sense of what's going on. So let's talk about the US. So what's been happening in the US because no one talks about SPINRAZA?

Question: Marc Goodman - Leerink Partners - Analyst : I mean, it's interesting you said that about the perfect storm of COVID because I would think in this market, it's all about efficacy. When we talk to people, they talk about -- that's all they want to really talk about. It's not like the adverse events or anything to scare away from using these products. So it's interesting. So your view is this is a growth product in the US.

Question: Marc Goodman - Leerink Partners - Analyst : We're only on patients. I don't even know when the last time you gave us a patient number.

Question: Marc Goodman - Leerink Partners - Analyst : And on OUS, anything you can help us with there?

Question: Marc Goodman - Leerink Partners - Analyst : Yeah. Do you view this product as we're fully behind it. We're supporting it. We think it's a growth product. The high dose is going to be a changer --

Question: Marc Goodman - Leerink Partners - Analyst : So ZURZUVAE. We're going to hit them all.

Question: Marc Goodman - Leerink Partners - Analyst : So we're going to hit ZURZUVAE. So I guess, the same question I asked before. What have we learned? What have you changed since the launch?

Question: Marc Goodman - Leerink Partners - Analyst : Interesting.

Question: Marc Goodman - Leerink Partners - Analyst : As far as the focus, right, we changed the focus. You've had to change the messaging a little bit, right? So how much advertising do we do? Is this a DTC type of (multiple speakers) --?

Question: Marc Goodman - Leerink Partners - Analyst : I would think so.

Question: Marc Goodman - Leerink Partners - Analyst : Yeah. So you've watched the pipeline evolve in the past few years -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 3:20PM, BIIB.OQ - Biogen Inc at Leerink Partners Global Healthcare Conference

Question: Marc Goodman - Leerink Partners - Analyst : Just curious like what your thoughts are about lupus or -- I don't know, some of these drugs (multiple speakers) --

Question: Marc Goodman - Leerink Partners - Analyst : Well, thank you. Thanks for joining us. Appreciate your time.