Biogen Inc. (BIIB): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Biogen Inc. (BIIB) als Pionier und transformiert die neurologische Gesundheitsversorgung durch sein innovatives Geschäftsmodell. Durch die strategische Steuerung komplexer Forschungs-, Entwicklungs- und Kommerzialisierungspfade hat sich Biogen als entscheidender Akteur bei der Weiterentwicklung von Behandlungen für Multiple Sklerose und seltene neurologische Erkrankungen etabliert. Diese umfassende Untersuchung des Business Model Canvas enthüllt die komplizierten Mechanismen, die den Erfolg von Biogen vorantreiben, und bietet einen faszinierenden Einblick in die Art und Weise, wie modernste wissenschaftliche Forschung zu lebensverändernden medizinischen Lösungen führt, die sich auf Patienten auf der ganzen Welt auswirken.

Biogen Inc. (BIIB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

Biogen unterhält wichtige Forschungspartnerschaften mit den folgenden wichtigen Institutionen:

Institution	Partnerschaftsfokus	Gründungsjahr
Massachusetts General Hospital	Erforschung neurologischer Erkrankungen	2018
Harvard Medical School	Forschung zur Alzheimer-Krankheit	2019
UC San Francisco	Studien zur Neurodegeneration	2020

Lizenzverträge mit Biotechnologieunternehmen

Zu den wichtigsten Lizenzpartnerschaften von Biogen gehören:

• Eisai Co. Ltd: Zusammenarbeit bei Alzheimer-Medikamenten mit Vorauszahlung in Höhe von 200 Millionen US-Dollar
• Samsung Bioepis: Biosimilar-Entwicklungspartnerschaft
• Sage Therapeutics: Entwicklung von Medikamenten gegen neurologische Störungen

Akademische Forschungspartnerschaften für neurowissenschaftliche Innovationen

Akademischer Partner	Forschungsbereich	Jährliche Investition
MIT	Neurologische Gentherapie	15,7 Millionen US-Dollar
Stanford-Universität	Multiple-Sklerose-Forschung	12,3 Millionen US-Dollar

Gemeinsame Entwicklungspartnerschaften in mehreren Therapiebereichen

Aktuelle gemeinsame Entwicklungspartnerschaften:

• AbbVie: Arzneimittelentwicklung für neurologische Erkrankungen
• Idec Pharmaceuticals: Zusammenarbeit in der Onkologieforschung
• Genentech: Forschung zu neurodegenerativen Erkrankungen

Gesamtinvestition der Partnerschaft im Jahr 2023: 478,6 Millionen US-Dollar

Biogen Inc. (BIIB) – Geschäftsmodell: Hauptaktivitäten

Pharmazeutische Forschung und Entwicklung

F&E-Ausgaben für 2023: 2,8 Milliarden US-Dollar

F&E-Schwerpunktbereiche	Jährliche Investition
Neurowissenschaftliche Forschung	1,6 Milliarden US-Dollar
Multiple-Sklerose-Therapien	650 Millionen Dollar
Alzheimer-Forschung	420 Millionen Dollar

Klinische Studien zur Behandlung neurologischer Erkrankungen

Aktive klinische Studien im Jahr 2024: 37 laufende Studien

• Multiple-Sklerose-Studien: 12
• Studien zur Alzheimer-Krankheit: 8
• Studien zur Parkinson-Krankheit: 5
• Neurologische Studien zu seltenen Krankheiten: 12

Biopharmazeutische Herstellung

Produktionsstätten: 6 globale Produktionsstandorte

Standort	Produktionskapazität	Primärer Produktfokus
Cambridge, MA	500.000 Liter/Jahr	Neurologische Behandlungen
Forschungsdreieck, NC	350.000 Liter/Jahr	Medikamente gegen Multiple Sklerose

Arzneimittelkommerzialisierung und Marktvertrieb

Weltweite Marktpräsenz: 45 Länder

• Direktvertriebsteam: 1.800 Vertreter
• Vertriebskanäle:
  • Krankenhäuser
  • Spezialapotheken
  • Direkt an den Patienten gerichtete Programme

Kontinuierliche Innovation in neurologischen Therapien

Patentportfolio: 2.300 aktive Patente

Kategorie „Innovation“.	Anzahl aktiver Forschungsprojekte
Multiple Sklerose	15
Alzheimer-Behandlungen	9
Seltene neurologische Erkrankungen	13

Biogen Inc. (BIIB) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene biotechnologische Forschungseinrichtungen

Biogen betreibt mehrere Forschungseinrichtungen mit einer Gesamtinvestition in Forschung und Entwicklung (F&E) von 2,8 Milliarden US-Dollar im Jahr 2022. Zu den wichtigsten Forschungsstandorten gehören:

Standort	Einrichtungstyp	Forschungsschwerpunkt
Cambridge, MA	Unternehmenszentrale	Neurowissenschaftliche Forschung
Forschung Triangle Park, NC	Forschungszentrum	Neurologische Störungen
San Diego, Kalifornien	Genomik-Einrichtung	Gentherapieforschung

Umfangreiches Portfolio an geistigem Eigentum

Patentbestände:

• Gesamtzahl der aktiven Patente: 1.300+ ab 2022
• Patentschutz für die Behandlung mehrerer neurologischer Erkrankungen
• Wichtige Patente für Multiple-Sklerose- und Alzheimer-Therapien

Spezialisierte wissenschaftliche und medizinische Expertise

Zusammensetzung der Belegschaft:

Mitarbeiterkategorie	Nummer	Prozentsatz
Doktoranden	850	22%
Medizinische Fachkräfte	450	12%
Spezialisten für klinische Studien	350	9%

Bedeutendes Finanzkapital für Forschungsinvestitionen

Finanzielle Ressourcen:

• Gesamtbarmittel und Investitionen: 6,3 Milliarden US-Dollar (4. Quartal 2022)
• Jährliche F&E-Ausgaben: 2,8 Milliarden US-Dollar
• Aktuelle Marktkapitalisierung: 27,5 Milliarden US-Dollar

Fortschrittliche Infrastruktur für klinische Studien

Möglichkeiten für klinische Studien:

Testkategorie	Aktive Versuche	Globale Standorte
Neurologiestudien	45	18 Länder
Studien zu seltenen Krankheiten	22	12 Länder
Onkologische Studien	15	10 Länder

Biogen Inc. (BIIB) – Geschäftsmodell: Wertversprechen

Innovative Behandlungen für neurologische Erkrankungen

Das Portfolio neurologischer Erkrankungen von Biogen umfasst Schlüsselprodukte mit spezifischen Marktkennzahlen:

Produkt	Jahresumsatz (2023)	Marktanteil
TECFIDERA	3,2 Milliarden US-Dollar	26 % MS-Therapiemarkt
SPINRAZA	1,7 Milliarden US-Dollar	Dominante SMA-Behandlung

Modernste Multiple-Sklerose-Therapien

Aufschlüsselung des Portfolios zur Behandlung von Multipler Sklerose:

• TECFIDERA: Orale MS-Medikamente
• VUMERITY: MS-Behandlung der nächsten Generation
• PLEGRIDY: Interferonbasierte MS-Therapie

Gezielte Therapien für seltene neurologische Erkrankungen

Investitionskennzahlen für die Therapie seltener Krankheiten:

Therapiebereich	F&E-Investitionen (2023)	Patientenpopulation
Spinale Muskelatrophie	412 Millionen Dollar	Ungefähr 10.000 Patienten
Alzheimer-Forschung	637 Millionen US-Dollar	Potenziell 6,2 Millionen Patienten

Fortschrittliche Biologika- und Präzisionsmedizinlösungen

Statistiken zur Entwicklung von Biologika:

• 7 Biologika in der klinischen Entwicklung
• 3 Präzisionsmedizinplattformen
• Jährliches Forschungsbudget für Biologika: 1,8 Milliarden US-Dollar

Hochwertige therapeutische Interventionen

Leistungskennzahlen zur klinischen Wirksamkeit:

Behandlung	Erfolgsquote klinischer Studien	Prozentsatz der Patientenverbesserung
SPINRAZA	82 % Erfolgsquote	63 % Verbesserung der motorischen Funktion
ALZHEIMERS Forschung	47 % Fortschritt in der klinischen Studie	Laufende Forschung

Biogen Inc. (BIIB) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Die direkte Engagement-Strategie von Biogen umfasst:

• Ab 2023 besteht das medizinische Wissenschafts-Verbindungsteam aus 250 Fachleuten
• Jährliche Investition von 42,3 Millionen US-Dollar in die Öffentlichkeitsarbeit für medizinisches Fachpersonal
• Gezielte Zusammenarbeit mit über 15.000 Neurologen und Spezialisten

Engagement-Kanal	Jährliches Interaktionsvolumen
Medizinische Konferenzen	87 internationale Veranstaltungen
Digitale Symposien	46 virtuelle Konferenzen
Einzelberatungen	3.642 Fachtreffen

Patientenunterstützungsprogramme

Zur umfassenden Patientenbetreuung gehören:

• 23,7 Millionen US-Dollar jährliche Investition in Patientenhilfsprogramme
• Versicherungsschutz für 12.500 Patienten mit seltenen neurologischen Erkrankungen

Unterstützungsprogramm	Jährliche Reichweite
Finanzielle Unterstützung	7.800 Patienten
Zugang zu Medikamenten	4.700 Patienten

Digitale Gesundheitsplattformen und Patientenressourcen

Kennzahlen zum digitalen Engagement:

• 3,2 Millionen einzelne Benutzer auf Patientenressourcenplattformen
• 18,5 Millionen US-Dollar in die digitale Gesundheitsinfrastruktur investiert

Digitale Plattform	Monatlich aktive Benutzer
Patienteninformationsportal	276,000
Mobile Gesundheitsanwendung	124,500

Personalisierte medizinische Beratungsdienste

Details zum Beratungsservice:

• 42 spezialisierte Telemedizin-Beratungsteams
• Jährliche Investition von 15,6 Millionen US-Dollar in personalisierte Beratung

Laufende klinische Forschungskommunikation

Forschungskommunikationsstrategie:

• 37 aktive Kommunikationskanäle für die klinische Forschung
• 31,4 Millionen US-Dollar werden für Initiativen zur Forschungstransparenz bereitgestellt

Kommunikationskanal	Jährliches Engagement
Aktualisierungen klinischer Studien	14 veröffentlichte Berichte
Forschungs-Webinare	26 virtuelle Veranstaltungen

Biogen Inc. (BIIB) – Geschäftsmodell: Kanäle

Direktvertrieb an Gesundheitsdienstleister

Biogen verfügt über ein spezialisiertes Vertriebsteam von 1.650 Vertretern, das sich an Neurologen, Multiple-Sklerose-Spezialisten und andere medizinische Fachkräfte richtet. Das Vertriebsteam deckt etwa 85 % der neurologischen Praxen in den USA direkt ab.

Vertriebskanalmetriken	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	1,650
Geografische Abdeckung	Vereinigte Staaten, Kanada, Europa
Durchschnittliche Verkaufsgesprächsdauer	22 Minuten

Pharmazeutische Vertriebshändler

Biogen arbeitet mit sieben großen Pharmahändlern zusammen, um den weltweiten Produktvertrieb zu erleichtern.

• AmerisourceBergen
• Kardinalgesundheit
• McKesson Corporation
• Morris & Dickson
• Smith Drug Company
• HD Smith
• FFF-Unternehmen

Online-Plattformen für medizinische Informationen

Biogen investiert jährlich 12,5 Millionen US-Dollar in digitale medizinische Informationsplattformen und erreicht damit monatlich etwa 125.000 medizinische Fachkräfte.

Kennzahlen für digitale Plattformen	Statistik 2023
Jährliche digitale Investition	12,5 Millionen US-Dollar
Monatliche Reichweite von medizinischem Fachpersonal	125,000
Engagement-Rate für digitale Plattformen	68%

Medizinische Konferenzen und wissenschaftliche Symposien

Biogen nimmt jährlich an 42 internationalen medizinischen Konferenzen teil und verfügt über ein Gesamtbudget für die Teilnahme an Konferenzen in Höhe von 8,3 Millionen US-Dollar.

Konferenzengagement	Daten für 2023
Gesamtzahl der besuchten Konferenzen	42
Budget für Konferenzengagement	8,3 Millionen US-Dollar
Wissenschaftliche Vorträge	76

Digitales Marketing und professionelle medizinische Netzwerke

Biogen stellt 15,7 Millionen US-Dollar für digitale Marketingstrategien bereit, die auf professionelle medizinische Netzwerke abzielen, mit einer Social-Media-Reichweite von 250.000 medizinischen Fachkräften.

Digitale Marketingkennzahlen	Statistik 2023
Budget für digitales Marketing	15,7 Millionen US-Dollar
Professionelle Netzwerkreichweite	250.000 medizinische Fachkräfte
Professionelle LinkedIn-Follower	87,500

Biogen Inc. (BIIB) – Geschäftsmodell: Kundensegmente

Neurologen und Fachärzte

Das Hauptkundensegment von Biogen umfasst etwa 15.000 Neurologen in den Vereinigten Staaten. Diese Spezialisten verschreiben Multiple-Sklerose-Behandlungen wie Tecfidera und Vumerity.

Spezialtyp	Anzahl der Praktizierenden	Durchschnittliches jährliches Verschreibungsvolumen
Neurologen	15,000	1.250 Verordnungen/Jahr
Spezialisten für Multiple Sklerose	3,500	2.100 Verordnungen/Jahr

Patienten mit Multipler Sklerose

Biogen richtet sich an etwa 1 Million Multiple-Sklerose-Patienten in den Vereinigten Staaten.

• Geschätzte MS-Patientenpopulation: 1.000.000
• Prozentsatz der Patienten, die Biogen-Behandlungen anwenden: 42 %
• Durchschnittliche jährliche Behandlungskosten pro Patient: 84.000 $

Gesundheitseinrichtungen

Biogen betreut landesweit über 5.000 Gesundheitseinrichtungen.

Institutionstyp	Anzahl der Institutionen	Jährlicher Beschaffungswert
Krankenhäuser	2,800	450 Millionen Dollar
Spezialkliniken	1,700	280 Millionen Dollar

Patienten mit seltenen neurologischen Erkrankungen

Biogen konzentriert sich auf seltene neurologische Erkrankungen, von denen etwa 250.000 Patienten betroffen sind.

• Patienten mit spinaler Muskelatrophie: 25.000
• Angesprochene Alzheimer-Patienten: 150.000
• Andere seltene neurologische Erkrankungen: 75.000

Forschungskrankenhäuser und akademische medizinische Zentren

Biogen arbeitet mit 350 Forschungseinrichtungen weltweit zusammen.

Kategorie der Institution	Anzahl der Institutionen	Jährliche Forschungsförderung
Forschungskrankenhäuser	120	180 Millionen Dollar
Akademische medizinische Zentren	230	220 Millionen Dollar

Biogen Inc. (BIIB) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Die Forschungs- und Entwicklungskosten von Biogen beliefen sich im Geschäftsjahr 2023 auf 2,74 Milliarden US-Dollar, was 24,7 % des Gesamtumsatzes entspricht.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	2,74 Milliarden US-Dollar	24.7%
2022	2,58 Milliarden US-Dollar	22.3%

Investitionen in klinische Studien

Biogen stellt erhebliche Ressourcen für klinische Studien in mehreren Therapiebereichen bereit.

• Budget für klinische Studien in den Neurowissenschaften: Ungefähr 850 Millionen US-Dollar im Jahr 2023
• Investition in klinische Studien zu seltenen Krankheiten: 320 Millionen US-Dollar
• Durchschnittliche Kosten pro klinischer Studie: 19–35 Millionen US-Dollar

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten beliefen sich im Jahr 2023 auf 1,62 Milliarden US-Dollar.

Kategorie „Fertigung“.	Kosten
Direkte Herstellungskosten	1,12 Milliarden US-Dollar
Indirekter Fertigungsaufwand	500 Millionen Dollar

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebsausgaben beliefen sich im Jahr 2023 auf insgesamt 1,95 Milliarden US-Dollar.

• Betriebskosten der Vertriebsmitarbeiter: 780 Millionen US-Dollar
• Investitionen in Marketingkampagnen: 610 Millionen US-Dollar
• Digitales Marketing und Kommunikation: 260 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Verwaltungsaufwand

Die Compliance- und Verwaltungskosten beliefen sich im Jahr 2023 auf 680 Millionen US-Dollar.

Compliance-Kategorie	Kosten
Regulatorische Angelegenheiten	290 Millionen Dollar
Recht und Compliance	220 Millionen Dollar
Verwaltungsaufwand	170 Millionen Dollar

Biogen Inc. (BIIB) – Geschäftsmodell: Einnahmequellen

Vertrieb pharmazeutischer Produkte

Für das Geschäftsjahr 2023 meldete Biogen einen Gesamtumsatz von 3,24 Milliarden US-Dollar. Aufschlüsselung der wichtigsten Produktumsätze:

Produkt	Jahresumsatz (2023)
TECFIDERA (Multiple Sklerose)	1,12 Milliarden US-Dollar
VUMERITÄT (Multiple Sklerose)	307 Millionen Dollar
SPINRAZA (spinale Muskelatrophie)	884 Millionen US-Dollar
ADUHELM (Alzheimer-Behandlung)	5 Millionen Dollar

Lizenzierung von geistigem Eigentum

Biogen erwirtschaftete im Jahr 2023 276 Millionen US-Dollar aus Lizenzvereinbarungen, einschließlich strategischer Partnerschaften mit:

• Eisai Co., Ltd. (Alzheimer-Arzneimittelkooperation)
• Samsung Bioepis (Biosimilar-Entwicklung)
• Sage Therapeutics (Behandlung neurologischer Erkrankungen)

Forschungskooperationsvereinbarungen

Die Einnahmen aus Forschungskooperationen beliefen sich im Jahr 2023 auf rund 189 Millionen US-Dollar und umfassen Partnerschaften mit:

• Ionis Pharmaceuticals
• Genentech
• Sangamo Therapeutics

Lizenzgebühren für therapeutische Arzneimittel

Die Lizenzeinnahmen für 2023 erreichten 142 Millionen US-Dollar, hauptsächlich aus:

Quelle	Lizenzeinnahmen
Biosimilar-Partnerschaften	98 Millionen Dollar
Externe Lizenzvereinbarungen	44 Millionen Dollar

Weltweiter Marktvertrieb von Spezialbehandlungen

Internationale Marktumsätze für 2023:

Region	Umsatzbeitrag
Vereinigte Staaten	2,89 Milliarden US-Dollar
Europa	620 Millionen Dollar
Rest der Welt	270 Millionen Dollar

Biogen Inc. (BIIB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Biogen Inc. offers its products to the market, which boils down to delivering specialized treatments where the need is greatest. The value propositions are anchored in first-in-class or best-in-class attributes for complex neurological and rare diseases.

Leqembi offers a significant convenience factor now that the subcutaneous injection (Leqembi IQLIK) has launched in October 2025 for maintenance dosing. This at-home option contrasts with the initial intravenous (IV) requirement. Global in-market sales for Leqembi in the third quarter of 2025 reached approximately $121 million, showing an 82% year-over-year growth. U.S. in-market sales for the same period were approximately $69 million. Real-world data suggests that of 178 people treated, 83.6% remained at the same clinical stage or improved from mild dementia to mild cognitive impairment.

SKYCLARYS provides the only disease-modifying therapy (DMT) approved to slow the progression of Friedreich's ataxia. Global revenue for SKYCLARYS in Q3 2025 was approximately $133 million, marking a 30% year-over-year increase. U.S. revenue for that quarter was approximately $75 million. As of the first quarter of 2025, there were 2,400 patients globally on this therapy.

SPINRAZA remains a global standard-of-care treatment for Spinal Muscular Atrophy (SMA), a rare genetic disorder of motor neurons. Global sales for SPINRAZA were $1.57 billion in 2024, and it generated global Q1 2025 sales of $423.9 million. More than 14,000 individuals have been treated with SPINRAZA worldwide across its approved indications. Furthermore, Biogen is advancing a higher dose regimen; in the DEVOTE Part C study, non-ambulatory participants transitioned to the higher dose improved by +2.5 on the Hammersmith Functional Motor Scale (HFMSE) scale.

For postpartum depression, ZURZUVAE is an oral treatment offering a novel mechanism of action as a GABA-A receptor modulator, providing rapid efficacy. Third quarter 2025 revenue for ZURZUVAE was approximately $55 million, showing strong continued growth. In the second quarter of 2025, U.S. sales reached $46.4 million, and over 13,500 prescriptions had been shipped since its December 2023 launch.

The overall value proposition centers on addressing high unmet medical needs in complex neurological and rare diseases. This strategy is translating into financial performance, as Biogen's rare disease drugs alone generated $563 million in revenue in Q1 2025, a 33% year-over-year increase. Across all launch products (Alzheimer's, rare disease, and PPD), Biogen delivered 67% year-over-year growth in Q3 2025, with these products generating $257 million in that quarter.

Here's a quick look at the recent financial performance tied to these key value drivers:

Product	Latest Reported Global Revenue (Q3 2025)	Year-over-Year Growth (Latest Reported)	Key Statistical Metric
LEQEMBI	$121 million	82%	Subcutaneous maintenance launched October 2025
SKYCLARYS	$133 million	30%	2,400 patients on therapy globally (Q1 2025)
ZURZUVAE	$55 million	Strong continued growth	Over 13,500 prescriptions shipped since launch (Q2 2025)
SPINRAZA	Not specified for Q3 2025	N/A	$1.57 billion global sales in 2024

The focus on these specialized areas is supported by pipeline progress, which reinforces future value:

• LEQEMBI IQLIK subcutaneous maintenance launched in October 2025.
• High dose nusinersen (SPINRAZA) resubmission to the FDA has an updated PDUFA date of April 3, 2026.
• Two litifilimab Phase 3 studies for systemic lupus erythematosus are fully enrolled, with data readout accelerated to H2 2026.
• The company expects total revenue for the full year 2025 to be approximately flat to increasing 1% at constant currency versus 2024.

The rare disease segment revenue in Q1 2025 was $563 million, representing 45% of total product revenue.

Biogen Inc. (BIIB) - Canvas Business Model: Customer Relationships

Biogen Inc. focuses its customer relationships on specialized healthcare providers and ensuring patient access to complex, often newly launched, therapies.

High-touch, specialized medical education and support for neurologists and infusion centers

The relationship with neurologists and infusion centers is critical, especially for products requiring specialized administration or complex monitoring, such as the Alzheimer's therapy LEQEMBI. While specific spending on medical education isn't public, the overall investment in commercialization reflects this focus. Biogen expects combined Non-GAAP Research and Development expense and Non-GAAP Selling, General, and Administrative expense to total approximately $4.0 billion for the full year 2025. For the fourth quarter of 2025, this combined expense is expected to total approximately $1.1 billion.

The success of new launches is evident in the revenue trajectory:

Product	Metric	Value (as of late 2025)
ZURZUVAE (PPD)	Q3 2025 Revenue	$46 million
ZURZUVAE (PPD)	Sequential Growth (Q2 to Q3 2025)	68%
SKYCLARYS (FA)	Q2 2025 Global Revenue	Approximately $130 million
LEQEMBI (Alzheimer's)	Q1 2025 Global Sales	Approximately $96 million

Patient support programs to navigate access, reimbursement, and administration logistics

Biogen Support Services deploys a comprehensive suite of tools to help patients, caregivers, and healthcare professionals manage access and cost. This includes benefit investigation to understand coverage, assistance with prior authorizations and denied claims, and insurance counseling for the uninsured or underinsured.

Specific support offerings include:

• The Biogen $0 copay program for eligible commercially insured patients, subject to an annual cap.
• For TYSABRI, the Infusion Copay Assistance Program offers assistance up to $250 per infusion.
• Specific medication assistance programs exist, such as Biogen REACH for SKYCLARYS and the Biogen Support Program for Qalsody.
• Patients covered by Medicare, Medicaid, the VA/DoD, or any other federal plans are not eligible to enroll in the Biogen Copay Program.

Globally, around 2,400 patients are on SKYCLARYS treatment. Since its 2023 launch, ZURZUVAE has treated more than 10,000 women.

Direct sales force engagement with prescribers, expanded for new product launches like ZURZUVAE

The direct sales force engages prescribers to drive adoption of new launches. The growth in launch product revenue reflects this commercial effort; for example, launch product revenue more than doubled year-over-year in the first quarter of 2025. The increase in first quarter 2025 Non-GAAP SG&A was driven primarily by sales and marketing spend to support these product launches. For ZURZUVAE, which Biogen jointly markets in the U.S. (now with Supernus Pharmaceuticals as the partner following Supernus' acquisition of Sage Therapeutics in July 2025), initial prescription trends involved psychiatrists, OB-GYNs, and primary care physicians.

Strategic engagement with key opinion leaders (KOLs) and patient advocacy groups

Strategic engagement with Key Opinion Leaders (KOLs) is a pivotal capability influencing clinical development and market access strategy. Industry benchmarks suggest that technology and enablement investments supporting structured engagement platforms can represent 15-25% of retained value in standard therapeutic areas, potentially rising to 30-35% in rare disease or high-complexity settings. The focus has evolved to include a broader ecosystem of stakeholders, such as care teams, nursing communities, pharmacists, and patient advocacy groups, beyond traditional KOLs. Biogen continues to advance its pipeline, which involves presenting data to shape scientific narratives, such as presenting data for zorevunersen at the 2025 American Epilepsy Society (AES) Annual Meeting. Finance: draft 13-week cash view by Friday.

Biogen Inc. (BIIB) - Canvas Business Model: Channels

Global network of specialty pharmacies and distributors for high-cost, specialty drugs

Biogen Inc. relies on established distribution channels to get its specialty medicines to patients. For certain products, like ZURZUVAE®, the company utilizes a limited distribution pharmacy network. In the broader market context as of January 2025, there were approximately 2,000 unique specialty pharmacy locations, with 34% of specialty drugs utilizing an exclusive network (only one pharmacy). Pharmacies affiliated with the three largest pharmacy benefit managers accounted for two-thirds of prescription revenues from pharmacy-dispensed specialty drugs in 2024.

Direct sales and marketing teams targeting specialized physicians (e.g., neurologists, psychiatrists)

The commercial engine for Biogen Inc. involves dedicated teams reaching specialists. The company's adjusted selling, general and administrative (SG&A) expenses, which include sales and marketing spend, are a key component of operational outlay. Biogen Inc. expected combined Non-GAAP R&D expense and Non-GAAP SG&A expense to total approximately $1.1 billion in the fourth quarter of 2025. This spend supports the launch of newer drugs outside the Multiple Sclerosis (MS) portfolio, such as those in Rare Disease and Alzheimer's.

Contract manufacturing for third-party products, generating revenue of $10 million to $20 million in Q4 2025

Biogen Inc. generates revenue from manufacturing services for other entities. For the fourth quarter of 2025, Biogen Inc. expects manufacturing revenue from contract manufacturing to be between $10 million and $20 million. This figure is subject to planned campaign timing versus Biogen Inc.'s innovator product manufacturing.

Regulatory bodies (FDA, EMA) for product approval and label expansion

Access to key markets is channeled directly through regulatory clearances. The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) rendered a positive opinion recommending marketing approval for LEQEMBI in November 2024. Separately, BIIB080, an investigational ASO therapy targeting tau for Alzheimer's disease, received FDA Fast Track designation.

Here are some key figures related to the operational scale of Biogen Inc.'s channels and related financial context:

Channel/Metric Context	Financial/Statistical Figure	Period/Date Context
Expected Contract Manufacturing Revenue	$10 million to $20 million	Q4 2025 Guidance
Estimated Total Specialty Pharmacy Locations (Market)	Approximately 2,000	2025
Expected Combined Non-GAAP R&D and SG&A Expense	Approximately $1.1 billion	Q4 2025
Percentage of Specialty Drugs with Exclusive Networks (Market)	34%	January 2025
Estimated Gross Savings from Fit for Growth Program	Approximately $1 billion	By end of 2025

The company's commercial strategy requires navigating payer access, which influences which specialty pharmacies can dispense its high-cost therapies. Health plans and PBMs frequently narrow networks, impacting unaffiliated pharmacies' access.

Biogen Inc. (BIIB) - Canvas Business Model: Customer Segments

The customer segments for Biogen Inc. are highly specialized, focusing on patients with severe neurological and neurodegenerative conditions, alongside the healthcare providers and payers who manage access to their therapies.

Patients with Early Alzheimer's Disease and their caregivers.

This segment is targeted with LEQEMBI, which gained approval for maintenance dosing via the LEQEMBI IQLIK subcutaneous injection in October 2025. The U.S. prescriber base for LEQEMBI grew 14% quarter-over-quarter in the third quarter of 2025, and the drug captured roughly half of all new patients treated with anti-amyloid therapies in that same period.

The revenue generated by this segment's primary product shows clear adoption momentum:

Metric	Amount/Value	Period/Context
LEQEMBI Global In-Market Sales	$121 million	Q3 2025
LEQEMBI U.S. In-Market Sales	$69 million	Q3 2025
LEQEMBI Global In-Market Sales	$96 million	Q1 2025

Neurologists and specialized treatment centers for Multiple Sclerosis and SMA.

Neurologists treating Multiple Sclerosis (MS) remain a core segment, as the MS franchise continues to be a top revenue contributor, though facing generic erosion ex-U.S. for TECFIDERA. Global revenue from the MS franchise in the third quarter of 2025 was approximately $1 billion, marking a 1% year-over-year growth.

For Spinal Muscular Atrophy (SMA), Biogen is focused on the existing patient base using SPINRAZA, with global revenue expected to be relatively flat in fiscal year 2025. The company also resubmitted high-dose nusinersen (SPINRAZA) to the FDA, with an updated Prescription Drug User Fee Act (PDUFA) date set for April 3, 2026.

Patients with rare neurological disorders like Friedreich's ataxia and Dravet syndrome.

This segment is served by SKYCLARYS for Friedreich's ataxia (FA) and Zorevunersen (in collaboration) for Dravet syndrome. Biogen estimates there are about 4,800 FA patients in the U.S. The company is expanding the SKYCLARYS indication, initiating a Phase 3 study in children with FA between the ages of 2 to less than 16.

The financial performance of the rare disease portfolio, which includes SKYCLARYS, is substantial:

• SKYCLARYS Global Revenue: $133 million (Q3 2025)
• SKYCLARYS U.S. Revenue: $78 million (Q3 2025)
• SKYCLARYS Ex-U.S. Revenue: $58 million (Q3 2025)
• SKYCLARYS Global Revenue: $124 million (Q1 2025)

Government health systems (e.g., Medicare/Medicaid) and private payers/insurers.

Payers and government systems dictate access and net realized price. The U.S. MS business performance in Q3 2025 was favorably impacted by gross-to-net adjustments, which directly relates to payer dynamics. Furthermore, U.S. SKYCLARYS revenue in Q3 2025 was impacted by an expected Medicare true up.

The overall revenue picture for Biogen's launch products, which are heavily reliant on payer coverage, shows strong growth:

Segment	Q3 2025 Revenue	Year-over-Year Growth
Launch Products (Total)	$257 million	67%
Alzheimer's (LEQEMBI)	$121 million	82%
Rare Disease (SKYCLARYS)	$133 million	30%

Psychiatrists and women's health specialists for postpartum depression treatment.

This segment is targeted with ZURZUVAE. The revenue for this treatment has shown rapid sequential uptake. Roughly 80% of prescriptions for ZURZUVAE are being written by obstetrician-gynecologists (OB-GYNs).

Revenue figures for ZURZUVAE demonstrate this strong adoption:

• ZURZUVAE Revenue: $55 million (Q3 2025)
• ZURZUVAE Revenue: $46 million (Q2 2025)
• ZURZUVAE Revenue: $28 million (Q1 2025)

Biogen Inc. (BIIB) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Biogen Inc.'s operations as of late 2025. It's a cost structure heavily weighted toward innovation and commercialization, reflecting the high-stakes nature of developing complex biologics.

Research and Development (R&D) and Selling, General, and Administrative (SG&A) are the dominant operating costs. For the full year 2025, Biogen expects the combined Non-GAAP R&D expense and Non-GAAP SG&A expense to total approximately $4.0 billion. This figure reflects continued investment in clinical development, especially in rare disease, balanced against efficiency gains. For the fourth quarter of 2025 alone, this combined expense is projected to be approximately $1.1 billion.

The SG&A component is directly influenced by the need to support new product launches. For instance, the third quarter of 2025 saw GAAP SG&A expense at $595 million and Non-GAAP SG&A expense at $592 million. This spending on sales and marketing is a necessary cost to drive adoption for newer therapies.

Manufacturing costs, or Cost of Goods Sold (COGS), reflect the complexity of producing biologics. For the twelve months ending September 30, 2025, Biogen's Cost of Goods Sold reached approximately $2.492 billion. Looking at the third quarter of 2025 specifically, GAAP cost of sales was $674 million, representing 27% of total revenue, while Non-GAAP cost of sales was $510 million, or 20% of total revenue.

Collaboration profit sharing represents a significant, variable cost tied to successful partnerships. In the third quarter of 2025, this was a net expense of approximately $87 million. This total included a specific payment of approximately $67 million related to the collaboration with Samsung Bioepis.

The company's ongoing optimization efforts are a direct cost management strategy. The Fit for Growth program is a major driver here, expected to generate approximately $1 billion of gross savings and $800 million net of reinvestment by the end of 2025. These restructuring and optimization costs are designed to streamline operations, though specific restructuring charges for 2025 aren't itemized separately in the immediate guidance, the savings are factored into the expense guidance.

Here's a quick look at the most recent reported expense components for Q3 2025:

Expense Category (GAAP)	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)
Cost of Sales	$674	$639
R&D Expense	$436	$516
SG&A Expense	$595	$588

You can see the R&D expense reduction in Q3 2025 compared to Q3 2024, which was driven by the Fit for Growth initiative and R&D funding received. The SG&A increase, however, was primarily due to launch support spend.

The key cost drivers and related financial impacts include:

• Full Year 2025 combined Non-GAAP R&D and SG&A guidance: $4.0 billion.
• Q3 2025 Non-GAAP Collaboration Profit Sharing expense: $87 million.
• Samsung Bioepis Q3 2025 profit sharing component: $67 million.
• Twelve Months Ended September 30, 2025 COGS: $2.492 billion.
• Expected Gross Savings from Fit for Growth by end of 2025: $1 billion.

Finance: draft 13-week cash view by Friday.

Biogen Inc. (BIIB) - Canvas Business Model: Revenue Streams

You're looking at how Biogen Inc. is bringing in the cash flow right now, late in 2025. It's a mix of legacy stability and new growth engines, but you have to watch the erosion on the older blockbusters.

The Multiple Sclerosis (MS) franchise, which includes Tysabri and Vumerity, is still a major component, though it's definitely feeling the pressure from generics and competition. For the third quarter of 2025, MS product revenue came in at $1,062 million, which was actually a slight increase of 1% compared to the $1,054 million seen in the third quarter of 2024. Still, Q2 2025 showed a 4% year-over-year decline for this segment, so you see that tug-of-war happening.

The growth story is clearly in the newer launches. The combined sales from Leqembi, Skyclarys, ZURZUVAE, and QALSODY totaled $257 million in Q3 2025. This is the future, honestly.

Here's a quick look at the product revenue breakdown from the third quarter of 2025, in millions:

Revenue Segment	Q3 2025 Revenue (Millions)	Year-over-Year Change (Q3 \'25 vs Q3 \'24)
Multiple Sclerosis (MS) Product Revenue	$1,062	1%
Rare Disease Revenue (includes SPINRAZA, SKYCLARYS, QALSODY)	$533	8%
Other Product Revenue (includes ZURZUVAE and LEQEMBI Collaboration Share)	$55	129%
Biosimilars Revenue	$197	-%

The Spinal Muscular Atrophy (SMA) treatment, Spinraza, is part of that Rare Disease revenue line. For Q3 2025, the entire Rare Disease segment hit $533 million, marking an 8% increase over the prior year's $495 million for the same period. Skyclarys global revenue specifically was approximately $133 million in Q3 2025, showing 30% year-over-year growth.

Collaboration revenue comes in through profit-sharing arrangements. You should note that collaboration profit sharing was a net expense in Q3 2025, totaling approximately $87 million. This included about $67 million tied to the Samsung Bioepis collaboration. The revenue share from the LEQEMBI Collaboration is captured within the Other product revenue line, which saw massive growth.

Looking ahead, Biogen Inc. expects its total revenue for the full year 2025 to be approximately flat to increasing 1% at constant currency versus the full year 2024. That's a solid revision from earlier expectations, reflecting the momentum you see in these newer assets.

Here are the key revenue drivers you need to track:

• MS revenue resilience, particularly in the U.S. market.
• Growth from launch products like Leqembi and Skyclarys.
• The contribution from ZURZUVAE, which was $24 million in Q3 2024 and is now part of the rapidly growing Other product revenue stream.
• The expected competitive pressures on ex-U.S. MS business in the fourth quarter of 2025, especially for TECFIDERA in Europe.

Finance: draft 13-week cash view by Friday.