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2014 Annual Report SCIENCE THAT TRULY MATTERS SCIENCE THAT truly MATTERS Annual Report 2014 BIOGEN 2014 ANNUAL REPORT 225 Binney Street • Cambridge, MA 02142 46861_Cvr.indd 2-4 4/18/15 7:50 AM CORPORATE Information Board of Directors: FINANCIAL Highlights Stelios Papadopoulos, Ph.D. Nancy L. Leaming Eric K. Rowinsky, M.D. Chairman, Biogen Retired Chief Executive Offi cer and Head of R&D and Chief Medical Offi cer, Chairman, Exelixis, Inc. President, Tufts Health Plan Stemline Therapeutics, Inc. George A. Scangos, Ph.D. Richard C. Mulligan, Ph.D. The Honorable Lynn Schenk Chief Executive Offi cer, Founding Partner, Sarissa Capital and Attorney, former Chief of Staff to the Biogen Mallinckrodt Professor of Genetics, Governor of California and former Emeritus, Harvard Medical School U.S. Congresswoman Alexander J. Denner, Ph.D. Private Investor and Founding Partner, Robert W. Pangia Stephen A. Sherwin, M.D. Sarissa Capital Chief Executive Offi cer, Clinical Professor of Medicine, Ivy Sports Medicine, LLC University of California, San Francisco, Caroline D. Dorsa and Advisor to life sciences companies Executive Vice President and Brian S. Posner Chief Financial Offi cer, Public Service Private Investor and President, Enterprise Group, Inc. Point Rider Group LLC $9,703 $13.83 $2,279 $2,084 $1,625 SHAREHOLDER Information $6,932 $1,520 Corporate Headquarters Independent Accountants Common Stock Price $1,452 $5,516 $8.96 Biogen Inc. PricewaterhouseCoopers LLP $5,049 225 Binney Street 125 High Street $6.53 Cambridge, MA 02142 Boston, MA 02110 HIGH LOW $4,716 Phone: (617) 679-2000 $5.90 News Releases $ $ As a service to our shareholders Q1 358.89 270.62 $5.15 SEC Form 10-K and prospective investors, copies of A copy of Biogen's Annual Report Q2 $322.25 $272.02 on Form 10-K filed with the Securities Biogen news releases issued in the and Exchange Commission is available last 12 months are now available Q3 $349.00 $298.31 at sec.gov and upon request to: almost immediately 24 hours a day, seven days a week, on the Web at Q4 $361.93 $290.85 Investor Relations Department businesswire.com. Biogen's news Biogen Inc. releases are usually posted within 225 Binney Street one hour of being issued and are Cambridge, MA 02142 available at no cost at biogen.com. Phone: (781) 464-2442 Market Information 2014 Transfer Agent Our common stock trades on the 2010 2011 2012 2013 2010 2011 2012 2013 2013 2010 2011 2014 2014 2014 2012 To keep your contact information NASDAQ Global Select Market under current and for shareholder the symbol “BIIB.” HIGH LOW REVENUES NON-GAAP DILUTED EPS* FREE CASH FLOW* questions regarding lost stock $ in millions $ in millions certificates, address changes and The following table shows the high Q1 $192.92 $139.72 changes of ownership or names and low sales price for our common in which the shares are held, stock as reported by the NASDAQ Q2 $242.64 $191.80 direct inquiries to: Global Select Market for each quarter in the years ended December 31, Q3 $248.95 $203.55 Computershare Trust Company NA 2014 and 2013. 250 Royall Street Q4 $298.82 $221.07 Canton, MA 02021 Phone: (781) 575-2879 computershare.com *Non-GAAP diluted Earnings Per Share (EPS) and free cash flow are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP diluted EPS and free cash flow amounts is set forth on pages 16 and 17 of this annual report. 2013 SCIENCE THAT TRULY MATTERS | 7 46861_Cvr.indd 5-7 4/18/15 7:50 AM Michelle Kamel Richard Banjanin World Traveler and Executive Assistant General Contractor and Business Owner Craig McLaughlin Melanie Johnsen Journalist and Storyteller Volunteer and Animal Lover 46861_Text.indd 1 4/16/15 1:08 PPMM GEORGE A. SCANGOS, Ph.D. Chief Executive Officer Dear Fellow Shareholders, 2014 was a remarkable year for Biogen The performance of our new and and for the patients whom we serve. established therapies, and the disciplined We brought new therapies to market, management of our business, resulted expanded our leadership in multiple in our most financially successful year sclerosis (MS) and introduced important ever. In 2014, we reported revenue of new treatments for hemophilia. We delivered $9.7 billion, a 40 percent increase over strong financial performance through 2013, and non-GAAP diluted earnings per solid execution across our commercial share of $13.83, a 54 percent increase organization. And we demonstrated that over 2013. by focusing on novel science and our Our success has fueled investments core areas of expertise, we can create in early-stage research and our clinical meaningful medical advances in areas of pipeline, areas in which we are making critical unmet need — ultimately helping to great progress. In 2014, we advanced improve lives, benefit healthcare systems important clinical programs in MS and serve our shareholders. 2 | BIOGEN 2014 ANNUAL REPORT 46861_Text.indd 2 4/16/15 1:09 PM and Alzheimer’s disease; we significantly have the potential not only to influence our augmented our team of leading researchers; company’s trajectory but to transform the we made important investments in new treatment of debilitating diseases as well. drug development platforms, including At the end of 2014, we reported positive gene therapy; and we began exploring new interim results from our Phase 1b trial of ways to use wearable devices and other aducanumab (BIIB037), an experimental technologies to improve patient outcomes. treatment for Alzheimer’s disease. During the past year we also made a This study found that treatment with decision to shorten our company name aducanumab resulted in a statistically to Biogen. The old Biogen and the old significant time- and dose-dependent IDEC each contributed meaningfully to our reduction in amyloid plaque in the brains current success, but today we are a new of patients with prodromal and mild company, distinct from either parent, and Alzheimer’s disease. In exploratory we hope not only to carry on our heritage analyses we also saw a statistically of excellence but to forge new ground. significant reduction in cognitive decline Our name is intended to acknowledge after one year of treatment. that heritage but also to create a new While the stage of this research is still image to reflect our new reality. early, and there is much to be learned, Today, Biogen is more focused than we believe the Phase 1b results were ever on the areas where we can have compelling. They are the first indication the greatest impact through science that that we might be able to intervene to truly matters. In the year ahead, we hope slow the cognitive decline in Alzheimer’s to continue to demonstrate how the disease patients. Based on the strength pieces we have brought together can of these data and the tremendous need benefit patients worldwide. for effective Alzheimer’s disease therapies, we are working aggressively to initiate a SCIENCE: THE FOUNDATION FOR global Phase 3 clinical trial program in 2015. OUR GROWTH Today we have a robust portfolio of high- We also looked to further expand our quality compounds in clinical development. Alzheimer’s disease pipeline in 2014 We believe that many of these programs by establishing a collaboration with Eisai Co., Ltd. to jointly develop and SCIENCE THAT TRULY MATTERS | 3 46861_Text.indd 3 4/16/15 1:09 PPMM commercialize two of Eisai’s clinical • We reported positive top-line candidates. This collaboration, along Phase 3 results for ZINBRYTA™ in with our internal candidates, creates one relapsing-remitting MS. Along with our of the most robust Alzheimer’s disease collaboration partner AbbVie, we have development programs in the industry. submitted marketing authorization applications for ZINBRYTA in the Early this year we reported results from U.S. and EU. a Phase 2 trial of our experimental remyelinating antibody anti-LINGO-1 • Our collaboration partner Isis in acute optic neuritis (AON). We chose Pharmaceuticals advanced Isis-SMNRX AON for this proof of biology study because for spinal muscular atrophy into it is relatively straightforward to measure Phase 3. an improvement in function of the optic • Through our acquisition in early 2015 nerve, which is demyelinated in AON. of Convergence Pharmaceuticals, The trial showed an improvement in optic we added a compelling Phase 2 nerve latency, which is a reflection of the candidate for trigeminal neuralgia, time it takes a signal to travel from the a nerve disorder that causes severe pain retina to the visual cortex. and for which there are no meaningful These data suggest this was the first treatments. This acquisition complements clinical trial to show evidence of repair our ongoing efforts to develop treatments in the central nervous system through for neuropathic pain. remyelination, increasing our confidence Along with these milestones, we also have in the potential of anti-LINGO-1 in the early- and mid-stage studies underway treatment of MS. We look forward to for lupus nephritis, idiopathic pulmonary the results of an ongoing Phase 2 trial fibrosis and stroke. of anti-LINGO-1 in MS, which we expect to see in 2016. As we look further into the future, our investments in novel science have Beyond these accomplishments, helped accelerate the discovery of new we made additional progress in our targets and the development of therapies clinical pipeline: that we believe will enable us to make a genuine impact for patients. 4 | BIOGEN 2014 ANNUAL REPORT 46861_Text.indd 4 4/16/15 1:09 PPMM SCIENCE THAT TRULY MATTERS | 5 46861_Text.indd 5 4/16/15 1:09 PPMM We are integrating genomics into our of the medicines we are developing — discovery and development efforts, with and whether experimental and existing great promise for how we target diseases therapies are effectively hitting their in the future: targets.
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