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Year in Review: Our Commitment to Corporate Responsibility Report for More Detail OUR COMMITMENT TO CORPORATE RESPONSIBILITY 2 OUR PURPOSE PIONEERING SCIENCE PATIENTS OUR PEOPLE ENVIRONMENT COMMUNITY REPORTING TABLE OF CONTENTS 13 34 61 88 20 47 75 03 2020 Highlights 04 CEO Letter PIONEERING OUR PURPOSE SCIENCE PATIENTS OUR PEOPLE ENVIRONMENT COMMUNITY REPORTING 13 Highlights 20 Highlights 34 Highlights 47 Highlights 61 Highlights 75 Highlights 88 About this Report 15 ESG Governance 22 Innovating for 35 Advancing 48 Prioritizing Health 63 Healthy Climate, 76 Providing Pandemic 90 ESG Materiality and Strategy Patients Health Access and Well-being Healthy Lives™ Relief Globally Assessment Process 16 Principles, Policies 23 Building Depth 38 Striving for During the 65 Progress Update 79 Caring Deeply: 92 Additional Resources Pandemic & Positions in Our Pipeline Health Equity 67 Sustainable Drug Corporate 93 Safe Harbor 16 Responsible 26 Advancing Our 41 Caring for 49 Our Culture Development Community 94 ESG Data Table Engagement and Ethical Portfolio Patient Health 51 Diversity, Equity 69 Supplier Engagement 101 SASB Content Index Supply Chain 29 Strengthening 44 Pioneering Digital & Inclusion 70 Scientific 85 Changing Lives: 107 GRI Content Index 19 Recognition Our Pipeline Health Solutions 57 Employee Collaboration and Biogen Foundation 32 Operating Engagement Advocacy Responsibly 60 Workplace Health 71 Employee and Safety Engagement 73 Additional Progress BIOGEN 2020 YEAR IN REVIEW 3 OUR PURPOSE PIONEERING SCIENCE PATIENTS OUR PEOPLE ENVIRONMENT COMMUNITY REPORTING 2020 HIGHLIGHTS Product Revenue by Region ~ 240,000 (% of total product revenue) patients treated with U.S. Rest of the world biosimilars1 Total Revenue ($ in millions) 2018 2019 2020 100% score as Corporate Equality 2020 $13,445 Index for the 8th time: 63% 59% 55% 2019 $14,378 2018 $13,453 37% 41% 45% 2017 $12,274 BEST PLACES 2016 $11,449 TO WORK for LGBTQ Equality Product Revenue Biogen’s anti-TNF ($ in millions and % of total product revenue) biosimilars are estimated $18.9M $3,905 36.5% to have saved healthcare granted from Biogen Fumarate 3 $4,438 39.0% systems across Europe Foundation to $1,878 17.6% Interferon 4 100 organizations $2,102 18.5% €2.4BN $1,946 18.2% TYSABRI $1,892 16.6% $2,052 19.2% SPINRAZA $2,097 18.4% $911 8.5% Other5 Enhanced Diversity, $851 7.5% 57,000 Equity & Inclusion 2020 strategy aims to boost 2019 STUDENTS diversity2 in U.S. manager engaged in our STEM positions and above by Community Labs since 2002 with focus on underrepresented students 30% 1 Biogen data on file as of December 31, 2020. 2 Percent of U.S. manager positions and above held by Black, African American and Latinx employees, as well as Asian employees where underrepresented by level and function; by year end 2021. 3 Fumarate includes TECFIDERA and VUMERITY. VUMERITY became commercially available in the U.S. in November 2019. 4 Interferon includes AVONEX and PLEGRIDY. 5 For 2020 and 2019, Other includes product revenue from FAMPYRA, FUMADERM, BENEPALI, FLIXABI and IMRALDI. BIOGEN 2020 YEAR IN REVIEW 4 OUR PURPOSE PIONEERING SCIENCE PATIENTS OUR PEOPLE ENVIRONMENT COMMUNITY REPORTING CEO LETTER 2020 was a year like no other. The COVID-19 pandemic stole millions of lives while throwing many others into economic hardship. Disasters escalated the urgency of our global climate crisis. And events throughout the year intensified the need for action in addressing persistent racial injustice within our communities. The impact of all of these will be with us for a long time. At Biogen, these unprecedented challenges have strengthened We are focused our purpose to address science for the betterment of humanity. We found the resilience to deliver a strong operating on advancing our performance and maintain global leadership across our broader purpose core businesses. My dedicated colleagues, rather than being as an organization, overcome by hardship and everyday challenges, continued to advance our pipeline and our strategy to build a as we aim to multi-franchise portfolio leveraging the interconnectivity pioneer science within neuroscience. for the betterment In 2020, we continued to carry out our Biogen FORWARD of humanity.” strategy that we have been building upon for the past four years. This strategy aims to leverage science and research Michel Vounatsos CHIEF EXECUTIVE OFFICER to execute on our core business today while also developing and expanding our neuroscience portfolio to deliver for tomorrow. In doing so, we give hope to millions of patients as well as their loved ones and their caregivers, while positioning the company for what we believe will be a transformative 2021. We now have 10 programs either in Phase 3 or filed with regulatory agencies, including in Alzheimer’s disease, neuropsychiatry, amyotrophic lateral sclerosis (ALS) and ophthalmology. In 2020, we added or advanced 12 clinical programs, bolstering our early- and late-stage pipelines through both internal development and collaborations with leading neuroscience companies, including Sangamo Therapeutics, Inc. (Sangamo), Denali Therapeutics Inc. BIOGEN 2020 YEAR IN REVIEW 5 OUR PURPOSE PIONEERING SCIENCE PATIENTS OUR PEOPLE ENVIRONMENT COMMUNITY REPORTING (Denali) and Sage Therapeutics, Inc. (Sage). We believe we are well This cash flow generation continued to provide us with significant 8 positioned for future growth with readouts expected in 2021 from flexibility to allocate capital with the goal to maximize returns for business development eight clinical programs, of which four are pivotal readouts. our stockholders. As part of our capital allocation strategy, we also deals for a total returned approximately $6.7 billion to stockholders through share value of approximately One of the most promising and near-term of these investigational repurchases during the year. $3 billion therapies is aducanumab, which we are developing in collaboration with Eisai Co., Ltd. (Eisai). We completed regulatory We executed eight business development deals for a total value filings of aducanumab in multiple geographies during 2020, and of approximately $3 billion in 2020 and ended the year with we remain ready to launch should our application be approved $3.4 billion in cash, cash equivalents and marketable securities. by the U.S. Food and Drug Administration (FDA). If approved, aducanumab would be the first therapy to meaningfully change We will continue to allocate capital efficiently, effectively and the course of Alzheimer’s disease. appropriately. As we have demonstrated in the past, we will always strive to have an optimal capital structure as well as aim We are focused on advancing our broader purpose as an for superior returns from the investments we make. organization, as we aim to pioneer science for the betterment of humanity. We strive to be leaders by taking meaningful action for Delivering on Our Core Business the patients we serve, our employees, the environment and the Very few therapeutic areas have as much need or hold as community – including accelerating our efforts in diversity, equity much promise for medical breakthroughs as neuroscience. Our and inclusion. We believe that taken together, all of these steps work over the years has centered on pursuing therapies that contribute to sustainable, long-term stockholder value. meaningfully slow or halt the progression of neurological and neurodegenerative diseases. That focus has resulted in our Financial Performance leadership in MS and spinal muscular atrophy (SMA). I am proud of the more than 9,000 members of the Biogen team for their dedicated focus on day-to-day execution in order While new entrants in these areas have pressured our market to serve all of our stakeholders. Despite the uncertainties and position, we have repeatedly demonstrated resilience with hardship caused by the COVID-19 pandemic for our society and strong execution and a commitment to advancing treatment our industry, full-year GAAP diluted earnings per share were options for patients. $24.80 and Non-GAAP diluted earnings per share were $33.70. We generated $13.4 billion in revenue, representing a 6% In addition, a key part of our Biogen FORWARD strategy is to decrease versus the prior year. This decline was largely due unlock the potential of our biosimilars business. We believe to an erosion in U.S. TECFIDERA revenue. biosimilars can lower healthcare system costs broadly, creating headroom for innovation. They can enable governments to We achieved multiple sclerosis (MS) product revenue in the U.S. potentially redirect savings to priorities such as increasing of $2.86 billion through June 30, 2020, the period before multiple, access to transformative therapies. deeply discounted TECFIDERA generics entered the U.S. market. During the second half of 2020, MS product revenue in the U.S. Multiple Sclerosis was $2.25 billion. Globally, 2.8 million people suffer from MS. It is a progressive disease that causes damage to the central nervous During 2020, Biogen generated approximately $4.2 billion in system, resulting in physical disability as well as neurological net cash flow from operations and $3.8 billion in free cash flow. dysfunctions involving movement, vision and cognition. BIOGEN 2020 YEAR IN REVIEW 6 OUR PURPOSE PIONEERING SCIENCE PATIENTS OUR PEOPLE ENVIRONMENT COMMUNITY REPORTING For nearly 25 years, we have led in the research and BIOGEN FORWARD development of new therapies to treat this disease, and we Our approach to deliver sustainable value remain focused on developing next-generation treatments. PIONEERING AND LEADING IN Our portfolio of 5 MS
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