Biogen — Jul 29, 2026 release

With the integration progressing well, Biogen expects approximately $0.85 dilution to Non-GAAP diluted EPS for full year 2026, driven largely by lower interest income and higher interest expense associated with the transaction financing, and remains on track for the transaction to be accretive to Non-GAAP diluted EPS in 2027. Transaction run rate synergies exiting 2027 are expected to be at least $250 million. Full year 2026 guidance updated to reflect a strengthening in underlying business performance outlook adjusted for the impact from completed and expected transactions and milestones Financial Highlights Q2 '26 Q2 '25 △ r (CC * ) Total Revenue (in millions) $2,736 $2,646 3% 2% GAAP diluted EPS $0.66 $4.33 (85)% N/A Non-GAAP diluted EPS $3.60 $5.47 (34)% N/A Note: Percent changes represented as favorable/(unfavorable) versus the prior year period. N/A = not applicable. * Percentage changes in revenue growth at constant currency (CC) are presented excluding the impact of changes in foreign currency exchange rates and hedging gains or losses. Foreign currency revenue values are converted into U.S. Dollars using the exchange rates from the end of the previous calendar year. A reconciliation of GAAP to Non-GAAP financial measures can be found in Table 4 at the end of this news release. Revenue Summary (in millions) Q2 '26 Q2 '25 △ r (CC * ) Multiple sclerosis (MS) product revenue (1) $963 $1,107 (13)% (14)% Rare disease revenue (2) $602 $543 11% 9% Specialized immunology revenue (3) $128 $— —%