Biogen — Jul 31, 2025 release

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. This financial guidance incorporates the Company's view that Biogen's 2025 financial outlook is not currently expected to be materially impacted by potential tariffs announced by the U.S. Administration on April 2, 2025, even if the exemption for pharmaceuticals were to be removed. This expectation is based on both a significant proportion of U.S. revenue being derived from products which have manufacturing operations in the U.S., and the Company's current global inventory positions. The U.S. and international tariff landscape remains uncertain, and this guidance does not include contemplation of any new tariffs. This financial guidance also assumes that foreign exchange rates as of July 25, 2025, will remain in effect for the remainder of the year, net of hedging activities. This financial guidance does not include any impact from potential acquisitions or business developme