Biogen Inc. (BIIB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Biogen Inc. (BIIB) émerge comme une force pionnière, transformant les soins de santé neurologiques à travers son modèle commercial innovant. En parcourant stratégiquement les voies complexes de recherche, de développement et de commercialisation, Biogen s'est imposé comme un acteur critique dans l'avancement des traitements pour la sclérose en plaques et les conditions neurologiques rares. Cette exploration complète de la toile du modèle commercial dévoile les mécanismes complexes qui stimulent le succès de Biogen, offrant un aperçu fascinant de la façon dont la recherche scientifique de pointe se traduit par des solutions médicales qui changent la vie qui ont un impact sur les patients dans le monde.

Biogen Inc. (BIIB) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Biogen maintient des partenariats de recherche critiques avec les institutions clés suivantes:

Institution	Focus de partenariat	Année établie
Hôpital général du Massachusetts	Recherche de maladies neurologiques	2018
École de médecine de Harvard	Recherche de la maladie d'Alzheimer	2019
UC San Francisco	Études de neurodégénérescence	2020

Accords de licence avec des sociétés de biotechnologie

Les principaux partenariats de licence de Biogen comprennent:

• Eisai Co. Ltd: Alzheimer's Drug Collaboration avec 200 millions de dollars de paiement initial
• Samsung BioEPIS: partenariat de développement biosimilaire
• Sage Thérapeutique: Développement du médicament des troubles neurologiques

Partenariats de recherche universitaire pour les innovations des neurosciences

Partenaire académique	Domaine de recherche	Investissement annuel
Mit	Thérapie génique neurologique	15,7 millions de dollars
Université de Stanford	Recherche de sclérose en plaques	12,3 millions de dollars

Partenariats de développement conjoints dans plusieurs domaines thérapeutiques

Partenariats de développement conjoints actuels:

• ABBVIE: Développement de médicaments aux maladies neurologiques
• IDEC Pharmaceuticals: Collaboration de recherche en oncologie
• Genentech: Recherche de maladies neurodégénératives

Investissement total de partenariat en 2023: 478,6 millions de dollars

Biogen Inc. (BIIB) - Modèle d'entreprise: activités clés

Recherche et développement pharmaceutiques

Dépenses de R&D pour 2023: 2,8 milliards de dollars

Zones de mise au point R&D	Investissement annuel
Recherche de neurosciences	1,6 milliard de dollars
Thérapies de sclérose en plaques	650 millions de dollars
Recherche d'Alzheimer	420 millions de dollars

Essais cliniques pour les traitements de maladies neurologiques

Essais cliniques actifs en 2024: 37 études en cours

• Essais de sclérose en plaques: 12
• Triaux de la maladie d'Alzheimer: 8
• Essais de la maladie de Parkinson: 5
• Essais de maladies rares neurologiques: 12

Fabrication biopharmaceutique

Installations de fabrication: 6 sites de production mondiaux

Emplacement	Capacité de production	Focus du produit primaire
Cambridge, MA	500 000 litres / an	Traitements neurologiques
Triangle de recherche, NC	350 000 litres / an	Médicaments de sclérose en plaques

Commercialisation des médicaments et distribution du marché

Présence du marché mondial: 45 pays

• Équipe de vente directe: 1 800 représentants
• Canaux de distribution:
  • Hôpitaux
  • Pharmacies spécialisées
  • Programmes directs à patient

Innovation continue dans les thérapies neurologiques

Portefeuille de brevets: 2 300 brevets actifs

Catégorie d'innovation	Nombre de projets de recherche actifs
Sclérose en plaques	15
Traitements d'Alzheimer	9
Troubles neurologiques rares	13

Biogen Inc. (BIIB) - Modèle d'entreprise: Ressources clés

Installations de recherche avancée en biotechnologie

Biogen exploite plusieurs installations de recherche avec un investissement total de recherche et développement (R&D) de 2,8 milliards de dollars en 2022. Les principaux emplacements de recherche comprennent:

Emplacement	Type d'installation	Focus de recherche
Cambridge, MA	Siège social	Recherche de neurosciences
Research Triangle Park, NC	Centre de recherche	Troubles neurologiques
San Diego, CA	Génomique	Recherche sur la thérapie génique

Portfolio de propriété intellectuelle étendue

Holdings de brevet:

• Brevets actifs totaux: 1 300+ à partir de 2022
• Protection des brevets pour les traitements neurologiques multiples
• Brevents clés couvrant la sclérose en plaques et les thérapies d'Alzheimer

Expertise scientifique et médicale spécialisée

Composition de la main-d'œuvre:

Catégorie des employés	Nombre	Pourcentage
Chercheurs de doctorat	850	22%
Professionnels de la santé	450	12%
Spécialistes des essais cliniques	350	9%

Capital financier important pour les investissements en recherche

Ressources financières:

• Caisse totale et investissements: 6,3 milliards de dollars (T2 2022)
• Dépenses annuelles de R&D: 2,8 milliards de dollars
• Capitalisation boursière actuelle: 27,5 milliards de dollars

Infrastructure d'essais cliniques avancés

Capacités d'essai cliniques:

Catégorie d'essai	Essais actifs	Emplacements mondiaux
Essais de neurologie	45	18 pays
Essais de maladies rares	22	12 pays
Essais en oncologie	15	10 pays

Biogen Inc. (BIIB) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les troubles neurologiques

Le portefeuille de troubles neurologiques de Biogen comprend des produits clés avec des mesures de marché spécifiques:

Produit	Revenus annuels (2023)	Part de marché
Tecfidera	3,2 milliards de dollars	26% du marché de la thérapie MS
Spinraza	1,7 milliard de dollars	Traitement SMA dominant

Thérapies de sclérose en plaques de pointe

Répartition du portefeuille de traitement de la sclérose en plaques:

• Tecfidera: médicament MS oral
• Vumerité: traitement de la SEP de nouvelle génération
• Plegridy: thérapie MS à base d'interféron

Thérapies ciblées pour des conditions neurologiques rares

Métriques d'investissement de thérapie par la maladie rare:

Zone de thérapie	Investissement en R&D (2023)	Population de patients
Atrophie musculaire spinale	412 millions de dollars	Environ 10 000 patients
Recherche d'Alzheimer	637 millions de dollars	6,2 millions de patients potentiels

Solutions avancées de biologie et de médecine de précision

Statistiques de développement biologique:

• 7 Biologics en développement clinique
• 3 plateformes de médecine de précision
• Budget annuel de recherche biologique de 1,8 milliard de dollars

Interventions thérapeutiques de haute qualité

Mesures de performance d'efficacité clinique:

Traitement	Taux de réussite des essais cliniques	Pourcentage d'amélioration des patients
Spinraza	Taux de réussite de 82%	63% d'amélioration de la fonction moteur
Recherche d'Alzheimer	47% de progression des essais cliniques	Recherche en cours

Biogen Inc. (BIIB) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

La stratégie d'engagement directe de Biogen implique:

• Équipe de liaison des sciences médicales de 250 professionnels en 2023
• Investissement annuel de 42,3 millions de dollars dans la sensibilisation professionnelle des soins de santé
• Engagement ciblé avec plus de 15 000 neurologues et spécialistes

Canal de fiançailles	Volume d'interaction annuel
Conférences médicales	87 événements internationaux
Symposiums numériques	46 conférences virtuelles
Consultations individuelles	3 642 réunions spécialisées

Programmes de soutien aux patients

Le soutien complet des patients comprend:

• 23,7 millions de dollars d'investissement annuel dans les programmes d'aide aux patients
• Couverture pour 12 500 patients souffrant de conditions neurologiques rares

Programme de soutien	Portée annuelle
Aide financière	7 800 patients
Accès aux médicaments	4 700 patients

Plateformes de santé numérique et ressources des patients

Métriques d'engagement numérique:

• 3,2 millions d'utilisateurs uniques sur les plateformes de ressources des patients
• 18,5 millions de dollars investis dans l'infrastructure de santé numérique

Plate-forme numérique	Utilisateurs actifs mensuels
Portail d'information des patients	276,000
Application de santé mobile	124,500

Services de consultation médicale personnalisés

Détails du service de consultation:

• 42 équipes de consultation de télésanté spécialisées
• 15,6 millions de dollars d'investissement annuel dans une consultation personnalisée

Communication de recherche clinique en cours

Stratégie de communication de recherche:

• 37 canaux de communication de recherche clinique actifs
• 31,4 millions de dollars alloués aux initiatives de transparence de la recherche

Canal de communication	Engagement annuel
Mises à jour des essais cliniques	14 rapports publiés
Webinaires de recherche	26 événements virtuels

Biogen Inc. (BIIB) - Modèle d'entreprise: canaux

Force de vente directe aux prestataires de soins de santé

Biogen maintient une force de vente spécialisée de 1 650 représentants ciblant les neurologues, les spécialistes de la sclérose en plaques et d'autres professionnels de la santé. L'équipe commerciale couvre directement environ 85% des pratiques de neurologie américaines.

Métriques du canal de vente	2023 données
Représentants des ventes totales	1,650
Couverture géographique	États-Unis, Canada, Europe
Durée moyenne des appels de vente	22 minutes

Distributeurs pharmaceutiques

Biogen s'associe à 7 principaux distributeurs pharmaceutiques pour faciliter la distribution des produits à l'échelle mondiale.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation
• Morris & Dickson
• Smith Drug Company
• HD Smith
• Entreprises FFF

Plateformes d'information médicale en ligne

Biogen investit 12,5 millions de dollars par an dans des plateformes d'information médicale numériques, atteignant environ 125 000 professionnels de la santé par mois.

Métriques de plate-forme numérique	2023 statistiques
Investissement numérique annuel	12,5 millions de dollars
RECHERCHE MENSUELLE DE SANTÉE CARE	125,000
Taux d'engagement de la plate-forme numérique	68%

Conférences médicales et symposiums scientifiques

Biogen participe à 42 conférences médicales internationales par an, avec un budget total d'engagement de la conférence de 8,3 millions de dollars.

Engagement de la conférence	2023 données
Les conférences totales ont assisté	42
Budget d'engagement de la conférence	8,3 millions de dollars
Présentations scientifiques	76

Marketing numérique et réseaux médicaux professionnels

Biogen alloue 15,7 millions de dollars aux stratégies de marketing numérique ciblant les réseaux médicaux professionnels, avec une portée des médias sociaux de 250 000 professionnels de la santé.

Métriques du marketing numérique	2023 statistiques
Budget de marketing numérique	15,7 millions de dollars
Reach réseau professionnel	250 000 professionnels de la santé
LinkedIn Professional Abolders	87,500

Biogen Inc. (BIIB) - Modèle d'entreprise: segments de clientèle

Neurologues et médecins spécialisés

Le principal segment de la clientèle de Biogen comprend environ 15 000 neurologues aux États-Unis. Ces spécialistes prescrivent des traitements de sclérose en plaques comme Tecfidera et Vumerity.

Type de spécialité	Nombre de pratiquants	Volume de prescription annuel moyen
Neurologues	15,000	1 250 prescriptions / an
Spécialistes de la sclérose en plaques	3,500	2 100 ordonnances / an

Patients atteints de sclérose en plaques

Biogen cible environ 1 million de patients atteints de sclérose en plaques aux États-Unis.

• Population estimée des patients MS: 1 000 000
• Pourcentage de patients utilisant des traitements biogènes: 42%
• Coût de traitement annuel moyen par patient: 84 000 $

Institutions de soins de santé

Biogen dessert plus de 5 000 établissements de santé à l'échelle nationale.

Type d'institution	Nombre d'institutions	Valeur d'achat annuelle
Hôpitaux	2,800	450 millions de dollars
Cliniques spécialisées	1,700	280 millions de dollars

Patients souffrant de conditions neurologiques rares

Biogen se concentre sur des troubles neurologiques rares affectant environ 250 000 patients.

• Patients d'atrophie musculaire spinale: 25 000
• Patients d'Alzheimer ciblés: 150 000
• Autres conditions neurologiques rares: 75 000

Hôpitaux de recherche et centres médicaux universitaires

Biogen collabore avec 350 institutions de recherche dans le monde.

Catégorie d'institution	Nombre d'institutions	Financement de la recherche annuelle
Hôpitaux de recherche	120	180 millions de dollars
Centres médicaux académiques	230	220 millions de dollars

Biogen Inc. (BIIB) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Les dépenses de R&D de Biogen pour l'exercice 2023 étaient de 2,74 milliards de dollars, ce qui représente 24,7% des revenus totaux.

Année	Dépenses de R&D	Pourcentage de revenus
2023	2,74 milliards de dollars	24.7%
2022	2,58 milliards de dollars	22.3%

Investissements d'essais cliniques

Biogen alloue des ressources importantes aux essais cliniques dans plusieurs zones thérapeutiques.

• Budget des essais cliniques de neurosciences: environ 850 millions de dollars en 2023
• Investissement d'essais cliniques de maladies rares: 320 millions de dollars
• Coût moyen par essai clinique: 19-35 millions de dollars

Coûts de fabrication et de production

Les dépenses de fabrication totales pour 2023 étaient de 1,62 milliard de dollars.

Catégorie de fabrication	Frais
Coûts de fabrication directes	1,12 milliard de dollars
Fabrication indirecte aérien	500 millions de dollars

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2023 ont totalisé 1,95 milliard de dollars.

• Force de vente Coûts d'exploitation: 780 millions de dollars
• Investissements de campagne de marketing: 610 millions de dollars
• Marketing et communication numériques: 260 millions de dollars

Conformité réglementaire et frais généraux administratifs

Les frais de conformité et administratifs pour 2023 étaient de 680 millions de dollars.

Catégorie de conformité	Frais
Affaires réglementaires	290 millions de dollars
Juridique et conformité	220 millions de dollars
Frais généraux administratifs	170 millions de dollars

Biogen Inc. (BIIB) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Pour l'exercice 2023, Biogen a déclaré un chiffre d'affaires total de 3,24 milliards de dollars. Réflexion des revenus des produits clés:

Produit	Revenus annuels (2023)
Tecfidera (sclérose en plaques)	1,12 milliard de dollars
Vumérité (sclérose en plaques)	307 millions de dollars
Spinraza (atrophie musculaire spinale)	884 millions de dollars
Aduhelm (traitement d'Alzheimer)	5 millions de dollars

Licence de propriété intellectuelle

Biogen a généré 276 millions de dollars à partir des accords de licence en 2023, y compris des partenariats stratégiques avec:

• Eisai Co., Ltd. (Alzheimer's Drug Collaboration)
• Samsung Bioepis (développement biosimilaire)
• Sage thérapeutique (Traitements des troubles neurologiques)

Accords de recherche collaborative

Les revenus de collaboration de recherche pour 2023 ont totalisé environ 189 millions de dollars, impliquant des partenariats avec:

• Ionis Pharmaceuticals
• Genentech
• Sangamo Therapeutics

Royalités thérapeutiques de la drogue

Les revenus de redevances pour 2023 ont atteint 142 millions de dollars, principalement de:

Source	Revenus de redevances
Partenariats biosimilaires	98 millions de dollars
Accords de licence externe	44 millions de dollars

Distribution du marché mondial des traitements spécialisés

Revenus du marché international pour 2023:

Région	Contribution des revenus
États-Unis	2,89 milliards de dollars
Europe	620 millions de dollars
Reste du monde	270 millions de dollars

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.