Biogen — Jul 31, 2025 release

Full year 2025 Non-GAAP diluted EPS range is expected as follows: Full Year 2025 Non-GAAP Diluted EPS Prior Guidance (May 2025) $14.50 to $15.50 Benefit from stronger business outlook +$0.87 Approx. impact from City Therapeutics transaction ($0.12) Updated Guidance $15.50 to $16.00 This updated Non-GAAP diluted EPS guidance range reflects an $0.87 benefit from an expected stronger business outlook for the full year, partially offset by the ~($0.12) impact from the City Therapeutics transaction. For 2025 as compared to 2024, Biogen expects total revenue to be approximately flat, at constant currency, up from a mid-single digit decline previously. This reflects the strong first half revenue performance, including the resilient performance of the U.S. MS business. Biogen expects increased competitive pressures on the ex-U.S. MS business in the second half of 2025, particularly for TECFIDERA in Europe. Due to planned plant maintenance activities, Biogen expects minimal contract manufacturing revenue in the fourth quarter of 2025. The Fit for Growth program is expected to generate approximately $1 billion of gross savings and $800 million net of reinvestment by the end of 2025. In 2025, Biogen plans to make additional investments in R&D to enable acceleration and expansion of the clinical development activities, primarily in support of rare disease. Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to total approximately $4.0 billion in 2025.