The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Phil Nadeau - TD Securities - Analyst
: But nonetheless, Chris, we will start with your vision for Biogen. What is your vision for Biogen over the next five years? How do you expect Biogen
to create shareholder value?
Question: Phil Nadeau - TD Securities - Analyst
: Maybe to dive down a little bit more deeply into two points that you made. I guess the first is on the product portfolio. So your guidance for this
year is for revenue to decline by mid-single-digit percentage. Investors, I think, are keenly focused on when Biogen could return to growth. Do you
think the current product portfolio, both what's on the market and in the late-stage pipeline is sufficient to return Biogen to growth? Or do you
need to look externally?
Question: Phil Nadeau - TD Securities - Analyst
: So in light of the pipeline, what is your thinking on business development? I think when you first came into Biogen, you said essentially they wouldn't
hire me if I wasn't going to do deals. Now it sounds like you're actually more enthusiastic about the pipeline than maybe you had been in the past.
So how much urgency does Biogen feel it needs to add to the portfolio to in-license or acquire another asset?
Question: Phil Nadeau - TD Securities - Analyst
: One big picture question before we dive into some of the franchises, specifically. It seems like there's a lot of changes going on in the
biopharmaceutical industry these days. We're seeing unprecedented things, for example, coming out of Washington.
You've been in the C-suite for a long time. Could you maybe give us some of your wisdom? How has the industry changed over the last 10 years?
And what hasn't really changed? What continues to be constant?
Question: Phil Nadeau - TD Securities - Analyst
: That is very helpful. Maybe to dive into the franchises. LEQEMBI, can you talk about the status of LEQEMBI launch into various markets? And how
do you see the launch progressing?
Question: Phil Nadeau - TD Securities - Analyst
: How do you view the current and future competition in Alzheimer's, and is there an opportunity to differentiate LEQEMBI through initiatives like
the subcutaneous version that you mentioned?
Question: Phil Nadeau - TD Securities - Analyst
: We, at TD Cowen, project $3.4 billion in the LEQEMBI revenue in 2030. How does that strike you? Is that conservative, aggressive? And when do
you think ultimately LEQEMBI could begin to contribute to Biogen's topline in a meaningful one?
Question: Phil Nadeau - TD Securities - Analyst
: Moving to SKYCLARYS. Can you discuss how the SKYCLARYS launch is progressing here in the US and overseas? And how do you consider competition,
if anything?
Question: Phil Nadeau - TD Securities - Analyst
: Maybe a minute on the MS franchise, what is the outlook for that franchise? Is a modest contraction reasonable in light of all the competition that
is coming? How do you think about resourcing the MS franchise? What is the appropriate amount of marketing and promotion behind it?
Question: Phil Nadeau - TD Securities - Analyst
: And one last question as we're just about out of time on the R&D portfolio. You mentioned that you feel like there's an opportunity to rebuild
Biogen. What is the optimal structure for an R&D portfolio as you think about that rebuild? And for investors, there's one pipeline program we
should diligence. Which one do you think it is today?
Question: Phil Nadeau - TD Securities - Analyst
: Great. With that, we're out of time. I wanted to thank you for an interesting discussion.
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