Biogen

Capital expenditures were approximately $46 million, and free cash flow, a Non-GAAP financial measure defined as net cash flow from operations less capital expenditures, was approximately $1.2 billion.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

3 As of September 30, 2025, Biogen had cash and cash equivalents totaling approximately $4.0 billion and approximately $6.3 billion in total debt, resulting in net debt of approximately $2.3 billion.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION OPERATING EXPENSE, OTHER (INCOME) EXPENSE, NET, AND INCOME TAX (unaudited, in millions) We supplement our GAAP consolidated financial statements and GAAP financial measures with other financial measures, such as adjusted net income, adjusted diluted earnings per share, revenue growth at constant currency, which excludes the impact of changes in foreign exchange rates and hedging gains or losses, and free cash flow, which is defined as net cash flow from operations less capital expenditures.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION FREE CASH FLOW (unaudited, in millions) We define free cash flow as net cash provided by (used in) operating activities in the period less capital expenditures made in the period.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

6 Table of Contents DEFINED TERMS 2025 Form 10-K Annual Report on Form 10-K for the year ended December 31, 2025 2020 Share Repurchase Program Board of Directors authorized program to repurchase up to $5.0 billion of our common stock 2026 Term Loan $2.0 billion term loan credit agreement 2025 Senior Notes Senior Unsecured Notes Issued in May 2025 AbbVie AbbVie Inc.

SEC original ↗Biogen — 10-Q Quarterly report10-QOct 28, 2026

We funded this acquisition of Apellis with available cash and marketable securities on hand, supplemented by the issuance of a $ 2.0 billion term loan under our 2026 Term Loan and a $ 400.0 million drawdown from our revolving credit facility.

SEC original ↗Biogen — 10-Q Quarterly report10-QOct 28, 2026

Viehbacher said We delivered another quarter of strong financial performance driven by continued commercial momentum in our launch products, resilience in our MS franchise and our ongoing focus on disciplined cost management.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Looking ahead we are further advancing our new Biogen roadmap with a cadence of potentially registrational Phase 3 readouts beginning next year, including data now expected in 2026 from both SLE studies for litifilimab which are fully enrolled.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

We believe this execution on our strategic objectives, combined with our resilient business model and footprint, positions Biogen to deliver long-term sustainable growth.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The decrease in third quarter 2025 GAAP and Non-GAAP R D expense was driven primarily by the favorable impact from the Company's Fit for Growth initiative and R D funding received, partially offset by increased investment in late-stage programs including felzartamab and litifilimab.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The increase in third quarter 2025 GAAP and Non-GAAP SG A was driven primarily by sales and marketing spend to support product launches, partially offset by savings from the Company's Fit for Growth initiative.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 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.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

and international tariff landscape remains uncertain, and this guidance does not include contemplation of any new tariffs.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Unless expressly stated above, this financial guidance does not include any impact from potential acquisitions or business development transactions or pending and future litigation or any impact of potential healthcare reform, as all are hard to predict.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Biogen does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the Company is unable without unreasonable effort to predict with reasonable certainty the financial impact of items such as the transaction, integration, and certain other costs related to acquisitions or large business development transactions unusual gains and losses potential future asset impairments gains and losses from equity security investments and the ultimate outcome of pending or future litigation.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected.

SEC original ↗Biogen — Earnings release (8-K exhibit)EX-99Oct 30, 2025