Biogen (BIIB) official guidance

We also now expect approximately $50 million of acquired IPR&D in the fourth quarter.

We have now repaid $600 million in total and continue to expect to repay the remaining $1.4 billion of term loans by the end of 27.

We are pleased to be raising the lower end of our reported full year 2026 non-GAAP diluted EPS range to between $12.20 and $13.00

We continue to expect the transaction to be accretive to non GAAP diluted EPS in 2027, generating at least $250 million of run rate synergies by the end of 2027.

As the conversion cohort matures, and dosing patterns normalize, especially in the U.S., we expect global Q4 revenue to be up approximately a mid single digit percentage versus the fourth quarter of 25.

Despite this, we expect fourth quarter revenue to be up approximately a mid single digit percentage versus the $155 million reported by Appellis in the fourth quarter of 25.

As a result, we expect fourth quarter revenue for VUMERITY to be roughly flat sequentially or up approximately a mid single digit percentage versus the fourth quarter of 25.

And we expect to return to top line growth in 2026.

We continue to expect the transaction to be accretive to non GAAP diluted EPS in 2027, generating at least $250 million of run rate synergies by the end of 2027.

Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be approximately $4.95 billion for the full year 2026.

| Expected dilution from the Apellis acquisition | | ~($0.85) | ~($0.55) |

| Expected approximate impact from acquired IPR&D, upfront and milestone charges | -- | ~($3.00) | ~($3.20) |

We expect the transaction to be accretive to non-GAAP diluted EPS in 2027.

In addition, we expect this transaction to materially increase our non-GAAP diluted EPS CAGR through the end of this decade.

Incorporates approximately a $3 non-GAAP diluted EPS impact of charges associated with IPR&D and milestones, including the Q2 TJ Bio transaction, the Ionis milestone associated with achieving the first patient dosed in STELLAR-1, our pivotal Phase III salanersen study in SMA, and the pending RayThera transaction associated with the addition of a Phase I immunology asset into the early-stage pipeline, which is expected to close in Q3, and the expected full-year 2026 $0.85 dilution associated with the Apellis transaction, again, largely driven by the impact of financing costs.

We expect our core operating expenses in the second half of 2026 to be between $2.65 billion and $2.7 billion.

We expect approximately $120 million-$130 million of impact to our other income expense lines in both 2026 and 2027 associated with intrinsic expense and foregone interest income associated with financing the transaction.

We expect approximately $120 million-$130 million of impact to our other income expense lines in both 2026 and 2027 associated with intrinsic expense and foregone interest income associated with financing the transaction.

We expect SYFOVRE and EMPAVELI on a combined basis to grow in the mid to high teens through at least 2028.

Biogen expects combined Non-GAAP R&D expense and Non-GAAP SG&A expense to be between $2.65 billion and $2.70 billion for the second half of 2026.