Biogen (BIIB) 3 Feb 222021 Q4 Earnings call transcript

Good morning. My name is Madison and I will be your conference operator today. At this time, I would like to welcome everyone to the Biogen Fourth Quarter Earnings Call and Financial Update. [Operator Instructions] Thank you. I would now like to turn the conference over to Mr. Investor of Head Hencke, Relations. Michael Mr. begin Hencke, conference. you may your

Biogen’s XXXX earnings morning and quarter to welcome Good call. fourth

and find we Before begin, earnings our to Investors to measures the today. and financial I go tables, a release GAAP the reconciliation financial to to discuss encourage measures the of that section will related including financial GAAP of everyone non-GAAP biogen.com we

non-GAAP and financial are our provided we We ongoing our in Table X X internally. financials and of the includes the GAAP manage financial Our GAAP business non-GAAP X to results. believe represent how results reconciliation a Tables business and better reflect of economics

that the plaques approval with data earlier studied. on based of of are in no beta in factors later the also I disease indication which filings disease, will were reduction differ safety beliefs. impairment statements ADUHELM. There Alzheimer’s to consult These with related we for patients certain our out results follow have that be and are observed subject amyloid We effectiveness ADUHELM in is call. be or initiating are Treatment our treated current at to which risk under initiated population be the treatment expectations indicated may to in slides the mild dementia and on to treatment forward-looking should in initiated making based uncertainties point actual patients This trials. Today, clinical encourage website is will discussions ADUHELM. stages in approved we you ADUHELM additional on our detail. cognitive statements, that mild I discussed and of with disease. posted or our materially. on this stage discussing treatment risks would the for accelerated SEC or was like

amyloid-related imaging serious of ADUHELM most at upon symptoms, cause am including ARIA, side abnormalities any in headache that be common full usually or trial ARIA is guide our but Officer, McDonnell. today’s effects serious this and can Continued ADUHELM cause contingent aduhelm.com. can call, approval be allergic medication prescribing ARIA. may and side Priya fall. side can by clinical a Research see On Michel trials. for and verification and information benefit effect indication our patient Chief not cause effects, confirmatory a does Mike or Development; Singhal, I reactions. The Head Please Dr. joined Vounatsos; Interim serious. CFO, Executive of include common

Q&A Alisha the of our Alaimo, We U.S. by of will for be our call also President portion organization. joined

the will you during call, turn reminder, a kindly one that we As Q&A now question. to yourself I to over Michel. the call portion the of limit ask

thank and provide for reviewing details. joining Good will morning, you everyone us. Mike financial will by start and our performance briefly I more

this performance $X.X generated earnings to the non-GAAP Fourth to For continued of We revenue, in we reinforces due billion impact as entry. of U.S. a representing TECFIDERA quarter, well. believe Biogen experience share. ability quarter erosion $X.XX execute in fourth the a year-over-year revenue generic were XXXX decrease approximately of to the Biogen’s X% the

savings of However, $XXX challenges we we measures, additional expected to are reduction details. given faced recently, number in implement yield will a we cost announced million that which annualized provide Mike have approximately will and

NCD, words directed disease. Alzheimer’s few the treatment against now for National antibodies monoclonal for class the a amyloid regarding or say me Let proposed of the Coverage Determination, of

ADUHELM. of and three Center reimbursement this focus which CED, enrolled CMS, an proposed Services, the with Medicare recommendation, of therapies, for of written, for all for Medicaid approved only key proposed will reaching this or controlled development in beneficiaries currently for evidence provide coverage highlighted randomized which for As class trial. have calls the NCD implications Medicare or areas In

are data there these on believes therapies. the gaps CMS benefit the First, clinical of in

Second, CMS disease initiatives Biogen would which to ARIA. CMS areas of additional of risks with focus And believes These prevalent. be already amyloid many data for principally potential is information more also needed third, in the underrepresented underway. like Alzheimer’s communities removing are about generated is more on the important

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generated the from Now real practice. helpful that utilization FDA, we in only really the can is approved most generation world greater believe ADUHELM by data drug be

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appropriate X safety post-marketing study, and Phase to confirmation XX year, completion placebo-controlled trial X,XXX CDR patients data disease by is planned MCI requirements. our of This EMBARK taking long-term mild with disease ongoing overly CED months, extensive therapies. FDA’s expect will to the later. extension We On approximately open existing amyloid which of study be however, the way data anticipated ENVISION Phase note, patient postured, patients, believe raised leveraging study currently amyloid of we antibodies Phase to studies other planned this to will for pathology. study, will trials world best registry; that We the at years requirements advocate mentioned, address to this believe address be CMS or months. ICARE we has X the we anticipated a patients generated endpoint label, any companies concerns due address of the generation to the providing ongoing by by the data X for be a costly treatment XX data begin for believe global access regarding trial only with prohibitive the our primary I which clinical Therefore, over We combined question will As clinical adequately to patient expected studies for the efforts. Phase other an rapid the efficacy supplement for in NCD the other of most of the burdensome, this to X,XXX equitable and our aiming ADUHELM proposed beta and the beta believe generally The CMS. studies. required from and in redosing with generation continue the coverage patients; patients real the to enroll screening opportunity for X,XXX that is provides date FDA-approved May and approximately We and with sum ongoing inflammatory duplicative enrolled multi-pronged to Alzheimer’s as Alzheimer’s generated AD vision, with in and X X boxes up from data population. be approach, of will aligns identified ongoing the questions this should the a class; luring

believe more allow We approach this communities. multi-pronged for all access in also will equal

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Thank you, Michel and good everyone. morning

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in discussion for you $X.X was $X.XX. quarter, non-GAAP the versus and per the of million was quarter declined revenue Outside was versus million. currency. underlying $XXX quarter commentary with of Priya, focus revenue Total of currency. share, diluted actual fourth us. constant actual of for quarter Thank $XX.XX. $X.X United year constant billion and the States. versus royalties prior regarding $XXX diluted year generic MS Total the million. billion increased earnings and XXXX. declined morning, in good was full compared in in with revenue by U.S. at my in the the both of X% growth fourth Thank currency Full XXXX. the VUMERITY billion. the joining earnings fourth I’ll year XX% quarter $XX in year U.S., was million TECFIDERA was driven revenue everyone. the revenue some by TECFIDERA TECFIDERA you, quarter Non-GAAP Total $XXX X% revenue along patients. fourth revenue on million fourth of inclusive fourth for $XXX $XX results the prior fourth year year the mostly entry was share prior per XX% full at the XX% at global This Global to as decline quarter OCREVUS

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XX% RITUXAN revenue $XXX XX% $XXX $XXX X% versus the royalty of we of year. Biologics Closing due pleased the other million year. OCREVUS of are own transaction versus erosion to going anti-CDXX certain the this Samsung effectiveness is regulatory of that registration quarter decreased prior rights So competition. of this but impacts filed our contingent from million not biosimilars COVID-XX only on and mid-XXXX, revenue ability customary anticipated closing have Total conditions. versus with have, biosimilar we of we year pursue also the on securities satisfaction products prior expanded because prior will statement continued additional revenue to commercialization and we of in the an increased the fourth transaction maintain currently by the and in forward. decreased million a

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to including operating reimbursement Eisai’s million losses in of approximately which $XXX collaboration of commercialization, $XX ADUHELM States. with for ADUHELM. profit $XXX and related Eisai sharing costs expense the approximately will low our U.S. $XX to by sharing in Non-GAAP profit was reduced profits by any million Samsung SG&A to $XXX Bioepis. profit million, quarter mid-XX% our related of the sharing expense reimbursement We million, program net the United million approximately includes in SG&A of Fourth this range offset to share collaboration million operating collaboration line. net partially related reflected $XX is from

During QX was our non-GAAP of year, this XX%. approximately rate tax effective

million billion. of repurchased the of we No for XXXX, total stock During value common in shares $X.X approximately of quarter shares fourth were our repurchased X XXXX. a

XX, $X.X the October December which program XXXX, remaining authorized under billion XXXX. in share As of there repurchase of was was

billion flow fourth cash quarter. XXX ended in billion. Our approximately billion and approximately $X.X cash in billion weighted count were with $X.X and year the In $X.X average was free from million and for the shares marketable billion XXXX, in was securities debt. operations. flow million, We Capital approximately net debt, in $XXX diluted $X.X generated $X.X expenditures share we cash

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Let to turn me guidance now our XXXX. for year full

of of TECFIDERA also of assumes well the year TECFIDERA market in half be entry ongoing generics competition guidance TECFIDERA EU revenue billion. We guidance the predict. U.S. first to to expect generic the assumes revenue to ADUHELM due the This early due to of is as billion the difficult as as as continued in as protection declines $X.X challenges entry. This revenue in erosion potential XXXX outcome financial XXXX XXXX, RITUXAN between the minimal biosimilar and $XX full revenue in continued to

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EPS We and between expect full XXXX diluted $XX.XX $XX. year non-GAAP

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expense anticipate savings reimbursable are which approximately billion, is by savings savings These and which These through million Eisai $XXX than R&D. which expect non-GAAP estimate shared and reflected additional gains draft savings, downsizing initiatives, We taking our in expected include our be the may pipeline billion in are of between and be In expected million of XXXX. global is be of $XXX R&D are which collaboration of revenue million implementation expense initiatives. This NCD, yield line. which by base. million estimates reduction in reflected measures, further non-GAAP base ADUHELM, expense approximately to in These be achieved and in various approximately of between the our would to to are cost billion to and the operating $X.X further efficiency our and expense in $X.X not the cost be in would realized NCD we broader and support measures, Alzheimer’s sharing our strategic profit investments of SG&A approximately $XXX SG&A billion. Eisai final with across the guidance SG&A annualized from be not $X.X R&D align $XXX infrastructure offset expected our launch of event approximately which and $XXX previously to that expected with be disclosed includes million to reduction to the reflect SG&A non-GAAP cost $X.X a

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for are Foreign as potential the any for hard December net assumed healthcare remain call XX, acquisitions his to business exchange XXXX, I to Michel remarks. impact potential or to of the as large development included from or now transactions rates of in turn effect predict impact both hedging of any closing back activities, or reform. are not have tax we over year, will

ADUHELM innovation the bring further in on that summary, come. seen the require remaining learnings over is is be will Biogen. the portfolio able first of important pathology advancing to which to as in oncology. this hope scientific we In we the But investment was our patients. year needs of on XXXX we research with years ADUHELM similar goal to disease, first a for have a will addressing options, remain all which unmet Thank targeting ADUHELM We of leading complex we the Alzheimer’s for focused over know, continued is the time, treatment eventful impactful you, FDA-approved additional will from waves build Mike. and an disease. defining now step, an treatment

me Before a working that why are and are integrated more health equitable business our we way corporate touch sustainable the commitment and create efforts, and we to Signature responsibility, for that Biogen’s let strong climate, and demand and advance deliver bold healthier, initiative, Climate, goal to equity world. I positively live that’s action, our conclude, impact is new on deeply of way Healthy other doing Healthy Through we to the patients. Lives ways challenges

we our been Corporate We recently and create XXX. are shareholder of value communities this closing, actions Jones the XXX to leadership the that of aim World and excess employees, the the in ADUHELM. transparency CMS area environment for are to would the meeting Through Dow Index, by an Global needs we patients, serve. we our and proud reiterate Sustainability forward this with Knights to in work, by stakeholders In I has Just recognized path appropriate patients other committed like finding of the engaging with and hope that

open now the will for We questions. call

Thank with Karnauskas you. from line Robyn [Operator Instructions] Securities. Truist Your question the first comes of

Samsung, gives on about now that or you’re Samsung, you looking cash. little this something bit that or you might – deal now with thoughts just is you at that acquisition utilize optionality? you near-term a a want cash? – just that is your have Thanks. And recent Could did you that things how to you the talk Given there more was

question. Thanks for the

looking have we As deliver how can are you continuously and at sheet, a we we strong balance know, long-term shareholder value.

working business merits, pipeline, the portfolio and own with some So, on look on we based working are strategy. line are our complement enrich we to at we development their on our deals opportunities And will our actively that. in

to that mean It The the first we are have we will deal. as be as prepared to time. priority And remarks, I will relative the And represents to saw capital a in proceeds around invested. Robyn. come release add over in get return the closed, gradually transaction. attractive you we transaction the just I that, said the in will pleased very the our with

would said, sheet, be all of so we We and all get transaction And the And an as the to robust. we will a remains continue BD balance around extremely we first program well. closed lot of Michel our priority to look the sizes our it share of and options explore this continue healthier. make deals will only have pipeline buyback and opportunities, as at healthy and will

I geographies. And may, can Robyn, now create is biosimilars value products, if we with portfolio, more important more consideration that an our more

Okay.

We go our with from Jefferies. Yee will take ahead question Michael and next

expenses. to try it’s And look to you changed to you and actively morning. again, what NCD are would Good not change you. doing regards – I dramatically, further reiterate, ADUHELM, Thank if guess question is cut the cut decision. in to guys my

for for entail? outline So, can that and roadmap about in change, what that ADUHELM the example, you scenario And of thoughts Thank just what BAM the might XXXX? under positive. talk Maybe would with you.

come I my colleagues in. will then Thank you, and will started get Mike.

X. risk all account on we look in on First based engage scientifically on on but real-world the initiatives area being evidence we with disparity. could on areas time order CMS with ENVISION at and have that to together of And now ICARE of has studies, question CMS are set more. more top all, the they underway a on to focus into the of the have we into contemplating even broad initiatives fulfill from benefits communicated. all EMBARK those, being we And underway a lot the of be take being in a registry And lot going like international of already AD, that Phase the disease caution,

are forward will we demonstrating engaging for patients. constructively, the to be CMS empathy path that to with the find try Alisha? So, best

to Yes. policymakers been they submitting advocates what Michel, period. weeks, In CMS Thank this comments question. during and what have the have. patients. doing we for Thank regards will and you, for as in that our the with parallel, have you hello, we also perspective and actually educating this we comment about past questions of answer the any we that three and share our in-depth organization, the an Michael. mean you have In to met And been be coming see will would obviously, days, physicians during

concerns. you seen, as to CED and a I think people, have them. lot draft actually have stakeholders have similar by quite NCD been many confused of have as likely what means had And a you seen, the

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think see against the for week comments You posted X,XXX, see heavily referenced. it’s researched said to days. submitted will I as before, ones the see evidence. CMS. of I important again, in and are to everyone keep that days, today, in you separate of With may have on dementia remaining, from And in around and letters you specialist, NCD. actually comment their with the the over as out I will think seen and final ours you are periods, to that published remember to most have being it’s site the public that indicates are one prior when CMS coming this And that many tend draft seen more we them comments you that that And website helpful X,XXX clinical mind still comments have

with the So, are we we in actively with CMS, April. remain obviously, do all We still to and forward final engaged stakeholders. looking decision do engaged, remain

access the open than not for access scenario a revenue cost planning your measures, And our more into said in it as Should guidance create but on in, we material so we are be we would NCD question what that case, our final patient assume the doing saw does draft. the meaningful over prepared now. not the that does translate in time remarks, would Mike, that in allow

ADUHELM which obviously variety million will we flexible be of ADUHELM that $XXX in it’s have at to a look SG&A, mentioned different have plan guidance, would And We a million $XXX cost resources and a we that as On look mentioned in of well is will impacts we cost hard charges, between not XXXX, potential of could offset our our we order of and certainly guidance. our estimate, we restrictive at $XXX take at measure, need we we in and any million a will that assumed support lecanemab. estimate the launches. in on that other assumed potential and which that. elements NCD, in invest We in which event excess reflected in allocating the measures, inventory are capacity to out $XXX costs of we looking about more take including will in the we much get our initiatives, product million write-downs a

a comment, I if as And Mike closing may.

being to are generation the committed that international this world we ones. on will study CMS. being believe data fully this real And adequately data raised the we As question extensive deliver any address a company, open by

take and Harrison ahead question with Morgan will our go Stanley. Matthew we And next from

understand revenue questions. is Thanks. be this to on are was if this and EU year, to the upside Great. guidance? help we I year, and guidance that continue TECFIDERA hoping to just see could your either it my us you may current expect risk clarify going Thanks that could potential could at to if contribution or learn morning. for what Good which taking you to

for a Thanks do and potential entitled we Matthew. are to for in market protection, believe the – generic is that is there question. going XXXX. we We we at the there the first certainly And point of entry Sure, some half are to believe that. do did opening our of there all generic in release XXXX. do assume press the first in our to somewhere some we half remarks we mentioned, could be But we can and in entry we as reflect assert guidance, that that in our

markets for launching we in assumption at as same this the same already communicated, the are driven time is within – the VUMERITY So, time, XX EU. at

go with we Umer ISI. our and from Raffat question Evercore And next will ahead take

amount Hi questions magnitude second understand increased for my And recall taking X, really to and BANXXXX the Phase sample doses can guys. of the for a two because on there. Thanks you us in you focus patients. I the just some I the versus patients screen I that you of that increased percentage sample ITT, based missed rapid ADUHELM? reflects out analysis, is of of the if will Thank the or wonder primary on learnings size doses. secondly, original wanted One, progressors that And or the very much. missed certain subsets by help question. from the size XXX

Priya?

you for the question. Thank

I read cannot year, that the primary learnings to be can the very that comment back, boxes. this can tell I remains outcome. about But AD we incorporated analysis what details So, endpoint and out that that the of have CDR QX Clarity of the statistical incorporated reiterate that I just is you been in excited remain really just any plan. want will and on stepping sum

you. Thank the readout. to look forward we So,

ahead our with Leerink. Marc SVB Goodman next And we take question and will go from

Yes. Good morning.

So is there look, two right. key events,

obviously, lecanemab CMS waiting We the the data are have that the decision we then in on. have we And quarter. third

you much down goes of kind at infrastructure two one changes, make going mean lecanemab because opportunities by first now process whether your impacted for are So, wondering And right events? the those BD of that the wondering you being just Thanks. kind you before of we looking thought how you are if waiting happens those disappointing, with I development the is these business regardless data to break you are or decisions? data? are Alzheimer’s the of what get do

fair very question. the Thanks for

we believe will strategy. delivering I we agile do but some we preserve our do As will remain results have in communicated, aggressive should on the the NCD on a remain will team, can everything the to steps operating while We take and And leca, as flexible. we obviously, current form.

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Sachs. And question go next take Salveen our with will we Goldman Richter from ahead and

oncology? of question. my as signal looking Good you into Thanks In you for a And light the structural greater areas are morning. BD? pursue Roche recent for any move opt-in there compound, this are the does other at taking

even of we flow No. good now, since I all partnership benefited very have even mean we contribution and appreciate that remarkable and with continuation our from biosimilars. a we it’s cash Genentech have a that rituximab, the with

believe continuation. a sticking are It’s I it’s shift by generation growth, and we a remain focused of set strategy. and we So, of on on – And pillars staying course the communicated shareholder that the not four we delivering value by long-term those. those. for

go with our next Kasimov question Cory and from And we take ahead JPMorgan. will

on robust could be and you NCD on that may to patient underrepresented you Hi. follow-up a Wouldn’t the programs be year? data. address just on Good to? just in X comment lecanemab morning question. comment and in on the this can study I if expectation guys. for terms of adequate later your Thanks communities changed CMS Phase wanted with the for waiting final spoke Thank regards Phase the concerns that enrolled population from Alzheimer’s to for representation X other we you have taking made And the you. positive results Mike’s NCD it

Priya.

Yes. Thank the question. for you

very by the the made the Eisai With it I will that there we comment the the NCD Clarity that the NCD regards currently. actually efforts that outcome of think class be addressing lecanemab, It here. how to encouraged it the but is are a road on impact that, think very and might I we end entire seen the this in is is include believe at percentage, and remains the – but to class, AD. underrepresented to population of is population robust, hope

the April. forward Thank in look outcome to final we you. So, seeing

with So, unfortunately did And And the is better AD. job, to of studies. we XX% including real for received affected do we I incidence to this real-world for by the high a think all the – disease from world well have ENVISION what I and reach hope CMS. aim I diverse that interventional think in a communicate with study, be population, that And are level will to in doing. that XX% population, diverse same we ICARE this we of studies

CMS. So moving gather forward, that we we and same much will the more data, sharing are the evidence real opportunities for with world other

will go Jay and ahead with next we question Olson our from Oppenheimer. And take

a bioequivalent taking with Biogen Hey. could CED self-administered Part the subcu if question. of on purview a for under the for ago. the of updates years think regard the stands to could ADUHELM? potential you finalized, subcu did it’s where I of development comment you a study few the fall outside formulation and Medicare therefore, Since Thanks scope ADUHELM D of and lie

be could subcu a option? that something near-term relatively is So,

will and patients. action we on words. the of class terms and Priya communicated on obviously in cycle So, to draft from concern questioning formulation. any the But opportunity. independent of area NCD, and this benefit is risk basically in the positive certainly mode comment Priya? want the just which the and is management few the a hypothesis impact And will back I life outline of to say come first

thanks, Thank you question, the Michel, comments. and for for those

forward And definitely development. are currently with will on be building on regulators formulation we ADUHELM development. subcutaneous engaging We a having for prior learnings this plan in our robust

is that So, ongoing. Thank you.

from Geoff next Bank of And our we will with question Meacham take America.

to Good about the much capital taking the earlier allocation. Geoff. morning on on Thanks your and questions is I Jason so everyone. for bit This dots a wanted little color. for our comments connect

terms going Specifically, be here? what are what decision it the to NCD how ongoing? And things priorities of meted be is out, going to Thank or Is you. activities the candidly are are the deciding final in factor?

Mike reiterating what said Yes, And of thanks bit for a Jason, speaking. we the before. just It’s question.

that pipeline, transaction that sizes, all deals and we And opportunities, of cash primarily invest across. in regardless the our gamut, outcome on NCD stage it’s the closes. is early continue focus. focused have regardless We looking now runs neuroscience, will if of continue the different that, Samsung late will we It to which options fact stage, to and we – once on our the do are the and we constantly get is around of incremental the at

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We will all explore of around we doing that. to options continue actively, BD our and are

take will Markets. we RBC Brian our And question Capital from next with Abrahams

NCD? you light to still filing COVID your my the of to just ADUHELM? guys. to of accelerated make any And intact in frequent infrastructure On lecanemab, follow-ups can study. the to Are Thanks. dosing any give more modifications a of need Thanks for much Hi approval couple that taking so versus plans question. in for for upon data that us you on a quick for sense impact that, just might collection accommodate success accelerated

Priya?

the Thank you question. for

on So, track I out. to can that lecanemab is read say

As previously XXXX. in communicated, will be QX of this

So, that along don’t to changes point, any at with expect we Eisai. this

no to outcomes there the changes in And included study. other So, real one. on that that I that’s number think communicate on been or measures the have the are second,

another here? there is I am that question missing So,

the to know pandemic. with sites. it’s study due of follow-ups Patient global a a I lot

Yes. really well. it’s I managed been think that And

approval. terms don’t second was accelerated the about of expect in I delays question I readouts. any your And So, think

you breakthrough will on there designation filing. this As be – product. we they know, breakthrough have a have And

filing on study year. been while for We the many will which out as is read is lecanemab filing, is important accelerated the think be the that the it that Clarity The components are this And to thing complete, that go an AD, intent filing. might filed. communicated in already here remember most confirmatory have will filing I once

clarifies. expect the during conformatory I AD study this out for period do review So, I program. the Clarity to that hope read

we at I just with terms organizations that outline synergies and both Eisai we in of are very compounds. finding both value can want capabilities closely to the more optimize how working for of once

time for have we think question. more I one

And from take last from Salim we question Mizuho. our Syed will

to you of And constructively, can appreciate an Great. the elephant I in Thanks question wanted I hope Michel, the guys. address bit asked so much that. for room. a and this I question

and late and that would your development now commentary stage. or XXXX, at all early much. management is you BD expect appreciate guys, that Board Biogen, misalignment there business can But obviously make is a guys view, key something focus deals sizes, looking a the about misalignment obviously, we people So at between that and in occur? difficult in has Thanks changed here the that talk so to of meaningful for something you I all are

positive strategic the at in compared together the biosimilars, of today period cash move eventually, pillars in idea of give we previous almost in it’s are a the losing forward mean but in were unfortunate ADUHELM, year we with best with believe open a the delay really Thank secure an is that question. doing an means work opportunity by even and think opportunity. have we and to this that you, cash you for management launch generation four And TECFIDERA We to if will alignment, situation the giving I we to look able the are enriching need position are Salim, flow me Board you growth, It to continue the about X we before. versus generation multibillion we but we years. between together the position and organization the work to still in it And X during management. answer challenges flow a if doesn’t closely. we what this the able we we invite will to the performed way for the allocate are be order discussion NCD are look very and at road. that to years I have to capital, the best opportunity. deals that rituximab easy were are past Look all We BD the

CMS you you attention to other patient ADUHELM. an access like stakeholders Thank with that and engagement. for I thank we all So, for your this are reiterate all to would immediate path finding engaging the of good appropriate And committed really to with for all hope the today.

all Thank And this concludes today’s call. you for your participation.

You may now disconnect.