Biogen Inc. (BIIB) Earnings Call Transcript & Summary

Good afternoon, everybody. I'm Chris Schott from JPMorgan, and it's my pleasure to be introducing Biogen today. We have the company's CEO, Chris Viebacher, who's going to talk about the progress the company has made across its portfolio. So Chris, happy New Year. Looking forward to the presentation, and we'll jump to a Q&A session once Chris is done.

Thank you, Chris. Happy New Year, everybody. I think I should be well managed here. I've got my current Head of IR and my prior Head of IR from Sanofi here with me to make sure I don't screw up. All right. So exciting year at Biogen. We've been on a long journey. The -- obviously, the MS portfolio has been declining. I think the first year I was here as CEO of Biogen, we talked about the melting iceberg. And this is a period where every pharma company gets at one point, where the growth drivers of your business are arriving at the end of their intellectual property lives and the new company has to emerge. And so the playbook for that is really what we've been doing here. The first one, we need to actually manage our cost base. And it's not just about cutting costs. I mean we did achieve the $1 billion in gross cost savings, $800 million in net. But it was really around redesigning the organization. Biogen had been historically focused on multiple sclerosis, and yet we were launching new drugs in Alzheimer's and postpartum depression and not to mention other areas. And so we needed to actually retool the company and rebuild it for the future. So we did actually also reduce headcount by about 15%, which I think brought a nimbleness and agility back to the company. Then of course, you've got to think about your pipeline and going through the pipeline, it's always the case that the more money you have in the company the less discipline you become about what goes into the portfolio because there's always something super interesting in science and the discipline disappears a little bit. So when you come to these to the end of these patent lives, you renew your discipline, and we did that, and we ended up taking out quite a lot of things from our R&D pipeline. I'm very grateful for Priya Singhal our Head of Development, a very steely eye to these things. And it's amazing what you can do because we now have 10 Phase III programs with five potential new products, and yet we are spending 26% of on R&D than we did 3 years ago. So that just shows you how in a lot of the times, how much productivity you can find in the company. Now in the meantime, we've also launched four new medicines of course, true to Biogen's reputation, everything is breakthrough. And so -- sorry, they're not only first-in-class, these are all first in disease therapies. I know there's still -- okay, right. I got to look at the wrong screen. So the -- those are actually in Alzheimer's disease, Friedreich's ataxia, postpartum depression and in ALS. And what did that do? Well, the revenue from those programs are now offsetting the decline in the MS and that's been important because I think we've been able to put a floor under the company. So as the new product pipeline emerges and the MS pipeline slowly declines, we have been able to exercise an awful lot of discipline in how we manage our business. And of course, that has strengthened our growth potential not only because these products all have a long runway for growth, but we've been able to do some transformational transactions as well. So our long-term strategy is really based on three things. So you've got the current growth drivers, which are really LEQEMBI, SKYCLARYS, ZURZUVAE, QALSODY, VUMERITY and also SPINRAZA. Now in here, I would say there were two products that I think had lost a little bit of the love and attention that we needed. So SPINRAZA is in a very competitive situation. And I'm very grateful to our teams for having been able to stabilize our market share in that competitive environment. And that's going to be important because as you see later, we have a successor to SPINRAZA called Nusinersen. And just today, actually, we had the high-dose SPINRAZA approved in the EU. And VUMERITY is still the only branded product in the oral segment of multiple sclerosis, and that has grown at double digits, and we still have market exclusivity into the next decade. LEQEMBI, of course, has grown strongly, SKYCLARYS for Friedreich's ataxia. ZURZUVAE, I think, has been a really nice surprise. We are certainly not only exceeding market expectations but indeed our own expectations. And QALSODY, while it's not going to be a big product, I have said internally that -- we've done this because it has such a positive impact on patients with ALS, but we'll never make any money on it. But fortunately, the teams at Biogen are trying to meet my words on that. And actually that product is doing a lot better than we expected as well. So then this is kind of confusing because the big slide is the one that's the next slide and the one that's up there is the little slide. So that's what I just said. Okay. So here, you can see that these growth drivers collectively grew 53% and $1.9 billion, and those are the ones that are offsetting our revenue. So if I go now next to the pipeline, you can see that we've actually got a whole series of new products that are coming along that will start to read out this year, starting with litifilimab this year. Next year, we start to see litifilimab in CLE. This year, it will be in SLE. But we also start to see results in -- with Zorevunersen and with felzatamab in AMR and then obviously, in '28 to '30, then we have quite a lot of products. Now one of the things that's been important is really having a balanced pipeline. And this is kind of interesting because, again, Biogen has always been dedicated to breakthrough science. Biogen takes an awful lot of pride in going after those diseases where there is no cure and where often quite a number of other companies are not willing to go. But that has created a risk profile that was often difficult for investors to appreciate. So what we tried to do is be true to Biogen's heritage and still have a number of breakthrough products. So if you look on the right, which is our Wave 3, we have a readout of BIIB80 in tau. This is a new modality in Alzheimer's disease. And this is one of the most interesting areas for neurologists who are treating Alzheimer's. It's a great belief that in addition to amyloid beta, you need to treat the tau. And you've seen, of course, that a number of antibodies haven't been able to work in this space. And our belief is that with an ASO, we can act on intracellular tau. Now we know from Phase I studies that we can actually significantly reduce tau. And we saw some tantalizing evidence that actually we can see some pretty amazing efficacy. But obviously, we will need to see this trial to get a real sense of how this drug -- but performs. But we are in uncharted territory. We know we can knock down the tow. We just don't know how long you have to knock down the tow to move the needle on cognition. Equally in here, you've got the partnership with Denali in Parkinson's. LRRK2 has long been a favorite target for people who are treating Parkinson's. But again, until we see the readout, we won't really know the importance of this. So in addition to being of interest to investors, the medical and scientific community are really awaiting the results of these trials. And again, this goes back to who Biogen is doing this breakthrough science. But again, to try to make the company more sustainable, we've moved into areas where we think we can actually get a higher level of conviction because we have a higher level of evidence earlier in the development portfolio. And in there, of course, you have salinersen. This is the next generation of SPINRAZA. We believe that this could be a once-yearly intrathecal injection. We have some Phase II data. We have seen children who have had gene therapy in their infancy, but who still could not sit or stand at the age of 4, 5. But after 3 months of treatment was salinersen, we're able to do so. And I can tell you there's no job satisfaction that you get that really beats that. Then you have Zorevunersen, these are children who suffer incredible numbers of epileptic seizures, and that affects their childhood development. And what we have seen is that we can not only manage the seizures, but we are actually impacting cognition and development. Now that was a Phase II open-label study, and Stoke is leading partner on this incredible medicine that's leading the Phase III program validate those results. But again, this is one where we have high conviction and is still very much true to Biogen with breakthrough medicine. Felzatamab is I think is still a very much underestimated asset within Biogen's pipeline. We are looking at antibody-mediated rejection. There's PMN, there's IgAN. We're looking at another three indications. We have a next-generation anti-CD38 antibody in development. We're developing subcutaneous formulations for the current antibody as well as the next generation. When HI-Bio acquired felzartamab for MorphoSys, they looked at 35 different indications? They clearly went after the initial ones that were the quickest and least expensive to develop. But this is clearly a portfolio and a product. And we're very excited not only about the three indications we've always got -- we've already got running. There's another one called microvascular inflammation for which we'll also start what could be a registration study very shortly. But then there are another three indications for that. And I think if we have two [ mabs ], then we can have two different molecules that could really go after that whole list of potential indications. And then you have lupus coming along. And lupus, I think, is still also very much underappreciated. There are as many, if not more patients with lupus than with multiple sclerosis. And yet I don't think there's anybody that sees the lupus market as being the same size as multiple sclerosis. And I think actually Biogen is the exact right company to unlock that market. This is a heterogeneous disease. We have multiple modalities between the dapirolizumab and litifilimab to attack this disease. We're looking at SLE as well as CLE. And I think what is really going to be important is to really understand the patient journey. We had a number of questions from investors today about what's the clinical data that will really make a difference Well, actually, that's like saying what are the clinical data that will make a difference in multiple sclerosis? Well, it depends on who's the patient? What stage is their disease at? And that's what Biogen is used to doing. And Biogen has this incredible ability to interface with patients.So I think actually, we have an opportunity to really create and go beyond where existing competitors are in building an important market for lupus. So we are -- we have a number of other catalysts coming along, LEQEMBI. As you know, this has been a difficult market, largely because of the complexity that the neurologist has had to deal with. And our job has really been to try to simplify the care pathway. One of the ways that we can do this is with subcutaneous injection. So we already have approval for the maintenance indication. And we are seeing with a very high degree of adherence to therapy that patients who are coming to the end of the 18-month period of elimination of are actually wanting to go on to the maintenance therapy. The next is, of course, we've already submitted for approval, the subcutaneous formulation for induction. That's going to be also extremely important, partly because we do have a competitor and the competitor offers once monthly infusion versus our every 2-week infusion. But that advantage is going to go away once we have a subcutaneous formulation. Because for maintenance, we need one auto-injector per week. And for induction, we will use two auto injectors, but given simultaneously. So that will improve not only the patient experience, but it simplifies the pathway. Now with blood-based diagnostics and with subcutaneous this makes the life of the physician much easier. We also are going to be reading out the studies for SLE. Those are expected at the end of this year. Early next year, we'll have the readout for cutaneous lupus. And then the readout, as I said, for the other two high-risk, high-reward assets, BIIB80, probably about mid-year, probably a little earlier than that, we will have BIIB90, and BIIB122 for LRRK2. So in summary, we can certainly say we're executing on a consistent strategy to deliver long-term sustainable growth. We're delivering on our launch products, including unlocking significant potential for LEQEMBI. We've expanded and strengthened our pipeline in areas where we have strategic advantage. And now we have a more efficient cost structure to balance short-term profitability while investing in long-term growth. So 2026 starts really a transformational era for us. Obviously, 2026 in itself is interesting, but we see not only the cards turning over for lupus this year. But then going into next year, again, lupus in CLE in AMR and Zorevunersen. And then we also have felzartamab and salinersen. As well as the pediatric indication for SKYCLARYS coming in 2028. So where we sit today, we have, I think, a very high conviction in our pipeline. We've been able to stabilize the business, and we're very excited at Biogen. So thank you.

Yes. So maybe to kick off the Q&A. I know we touched on this during the presentation. But Chris, when I know you joined one of your prior view is creating a more balanced, less high binary risk kind of pipeline. How far along in that journey do you feel you are today? So are we kind of there today? Or is there still more work to do?

Well, I think in terms of the pipeline, I would say, we've got 10 Phase III programs, which is quite a lot for us, five new product launches. When we add up the peak sales of those assets, not everything is obviously going to work. But just supposing that everything did work, that's sort of 1 to 1.5x our current business. So I think from a late-stage pipeline, we're in good shape. Where we're still lacking is we have, the covered pretty bare in the early stage development. And in research, we took a pretty radical approach to research this year and are more focused on external. I think the collaboration that we did with Vanqua, with Dayra are indicative of things that we want to do, City Therapeutics. So we're starting to really build a research pipeline because every time I have seen a company have a very solid late-stage pipeline, people ignore the research. And we only come back to research when it looks like, oh, we have to replace that. So I think Biogen has an opportunity to grow well into the 2030s. And so with research, we want to make sure that, that goes also into the 2040s. And I think on -- you probably to think a little bit about business development. I think if we could, I think we'd like to find one more near-term growth asset, something that is already at a phase end of Phase early commercial phase. But I think I said last year, your propensity to do M&A is inversely proportionate to your confidence in R&D. And we're pretty confident, I have to say. As confident as can be in obviously.

And on the earlier stage front, there's a lot of opportunity there from your perspective?

I mean one of the things that we have done is try to expand beyond neuroscience Neuroscience is an extremely important area, but there is -- there hasn't been as many opportunities to do business development, and it's extremely capital-intensive and long to develop assets. So immunology was where we chose to go. And we did that because we felt we were already in immunology. MS is really an autoimmune disease. And immunology is a wonderful big space. And in fact, I see Sebastian sitting there. I mean, when we were at Sanofi and we started developing DUPIXENT. DUPIXENT, I think, was really the product that really got everybody excited about immunology. And so today, we're probably more in the path of looking at rare immunology for the next 5 years. I don't think as Biogen, we necessarily want to get into large indications. But when we look at research, Well, now you have the time to pretty much do anything you want in there. And there's a whole lot of -- a lot of interesting areas that you can get into. And what I particularly like about immunology is it's a cost effective way of doing research. Because when you follow these immunology pathways, it can lead to multiple indications. So instead of one target, one molecule, one indication, when you look at DUPIXENT, you've got atopic dermatitis and asthma and COPD. Now the interesting thing is that companies tend to want to go and do research where you already have a presence. In immunology, you've got to be a little bit more opportunistic. But I think at that point, we could go into any of the indications, including dermatology and rheumatology. At a research level. That's not necessarily we want to go at mid-stage at all.

Excellent. Maybe come back to LEQEMBI. I know we had a steady ramp in 2025. Just expectations we go into '26, especially with subcu induction coming online?

We've been seeing consistent quarter-on-quarter growth on LEQEMBI. And there's a couple of things that I think are a number of things that are coming to help us. The first thing I think we really had to deal with was some level of still residual skepticism around Abeta as a target. And that really became -- that was really the result of so many years of investing against that with no results. And what I think we're seeing out there in the market. And the head of our U.S. business is talking about some of the stories that we're hearing. But physicians are actually seeing the real benefit of treating this disease. And CDR summer of boxes is only used in clinical trials. Physicians don't use this. But when you're seeing patients who are doing well and doing better, Alisha was talking this morning about a priest who couldn't do service anymore in church, but who was able to do a service for Easter this year. I mean that is amazing. And a little feedback here. Is that better? Yes. And so there's, first of all, a realization that it is important to treat. Second is we are making this easier. The blood-based diagnostics, I think there were 350,000 sold last year. Now part of the problem is that you've got 500,000 newly diagnosed patients every year. and only about 13,000 neurologists. So there is a bottleneck in trying to get an appointment with a neurologist. So one of the most important things is how do you improve the throughput there. But one is if you have the blood-based diagnosis is that we are seeing a lot more patients who are actually eligible for treatment to be able to get in. So when you look at PET scans, for example, the rate of PET scans that show someone who is actually eligible for treatment has gone from 50% to 70%. And then the blood-based diagnostic could actually start to eliminate the need for the PET scan. And then when you couple that with the subcutaneous formulations for maintenance, for induction, well, now the physician doesn't really need to think about where do I have to go PET scan. I don't need to think about scheduling the infusion beds. We'll still have the MRIs, but that makes life easier for the physician. We're both Lilly and Biogen and Eisai are doing direct-to-consumer education and that is proving to be important, and that will continue this year. So we've got a number of catalysts coming along this year. Now the subcutaneous is still on formulary exemption. So we will be applying for full reimbursement this year. That happens in -- well, the plans decided in May but don't inform people until the fall, and that would be effective for first of January 2027. But so far, we haven't really seen any problem for those who want the subcutaneous. There seems to be a very high rate of acceptance of these formulary exemptions. So as I say, I think I think we're well on our way to really seeing great progress on LEQEMBI.

That's encouraging. So in that context, is it -- should we think about this accelerating? Or do you think that steady progress kind of approaches the way to think about it.

I think you could maybe see towards the end of this year. I think probably as we get full reimbursement for the subcutaneous, that's where you're really going to see it. But again, I think we're seeing good, steady growth. And I think particularly, think about the maintenance, everybody we put on LEQEMBI, to the extent that they're continuing on maintenance, that is also growing the business because on Lilly's product, you can't come, right? So you've got to be constantly defining new patients. We're adding up to a number of. And what's really interesting in this is normally in a product launch, you'd be looking at NRxs. But this is a launch where the TRxs quite important because we actually can maintain patients on drug. And of course, all of you have ever done a revenue forecast, one of the most important factors is time on drug. And so with maintenance, we're actually extending. So again, I think some very exciting opportunities for LEQEMBI.

Yes, absolutely. We're expecting competitor data potentially for preclinical Alzheimer's sometime next year or so. I guess just help us think through how relevant or not should we that TRAILBLAZER III data to your ahead 3, 4, 5 studies that you're running?

I mean Alzheimer's is a neurodegenerative disease. So every day you have this disease, you're losing neurons. And it seems like it would make sense that the earlier you treat, the more you can preserve neurons. And the evidence for that, I think we've seen in data that we presented from Clarity where we looked at patients with low tau levels. And as you all know, the level of tower really determines the severity of Alzheimer's. When you look at that group, we saw after 6 months, 70% of patients were stable on disease, and 60% actually showed an improvement. Now that compares to the 27% some CDR sum of boxes. So that sort of says, okay, if we can actually replicate that. What you really want to do is get patients before they've lost too many neurons. Now, the really deadly part of this disease is that it's a silent disease. You could be accumulating plaques in your brain. There are people here in this audience who are probably accumulating plaque and they don't know it. and it might be 10 years before you actually get symptoms. Now doing a study in that group is extremely difficult because how do you find them? And we started our study in the presymptomatic patients in 2020. Now back then, we didn't have the blood-based diagnostics. So we had to find people with a family history of Alzheimer. But we've been able to recruit that and now follow them up and Lilly will be doing the same. But even Lilly, you don't know in that preclinical group, how long it takes for them to develop Alzheimer's. So that's why you have to do this study over such a long period of time. But I do think by the end of this decade, that we're probably going to be looking at earlier-stage patients because you're getting so much more benefit from that. But it's a huge opportunity.

Yes absolutely. What level of benefit do you think we need to see from these studies for this to be commercially important?

Well, I think what you're really going to want to see, imagine someone who's sort of 60 years old, right? They've had a blood test. You've got some amyloid plaque and you go do a PET scan and you've got, say, 60 centiloids and you usually get symptoms somewhere around 80%. Now that patient is otherwise healthy. I don't think a physician is really going to want to treat that patient unless you actually show that there is a benefit on cognition. And hopefully, some delay in ever getting Alzheimer's and maybe potential never getting Alzheimer's because there's going to have to be a good sense of the benefit risk of treating. So I think that's the result that we're going to be looking for that there is a very clear benefit managed with the risk to actually treating patients at that level. So I don't think it necessarily has to be any different. We would expect it to be higher. But I think personally, being in that age group that's at risk myself, I think anybody would want to say, I mean, if you think about people in their 60s today. This is the baby boomer generation is still wanting to be active. They want to still go skiing. They still want to keep working. And if you stay fit, you can do it. The one thing that you can't control today is Dimentia. And I can tell you all my friends, I'm really afraid of that. So if you could find that earlier and say, we can help potentially put that off into the future or maybe there's even a chance of you can't get it. I think people will want to do that person.

Staying in Alzheimer's your tau data coming this year. Can you just talk about what gives you confidence in the ASO approach versus others who have gone after the target.

Yes. So there's extracellular tow and intracellular tau. And the antibodies go after the extracellular tau, and it has always been Biogen's belief that you cannot move the needle enough by sopping up the extracellular. So our belief is that with antisense oligonucleotide that we can actually reduce the level of intercellular tau. And actually, our Phase 1 really demonstrated that. We had a very significant reduction in tau, as I said earlier, and some tantalizing efficacy signals. So we think there is a differentiated mechanism. We think the Phase 1 validates at least the reduction of tau. Now we have to see, can we actually move the needle on cognition. And I think -- but most people still don't really realize is how hard it is to move that needle on cognition. And so we get the question often, what level do you have to really see. And I don't think -- my personal view is I don't think you have to see necessarily that much because if we move it at all, it will be already more than anyone has ever done. But of course, you really have to wait for the data, and that's what we're going to do, especially since they're now within reach.

And would you envision these being used with the Abeta antibodies or sequentially.

That's a huge question amongst the neurology community. I can tell you. I mean, there's already people thinking about sequencing. Do you do tau first, you do the Abeta first, you do them in combination, I think we want to see the Abeta first. But the other thing that's quite interesting is if this is in fact positive, the team is already looking at other tauopathies that you can go into. So -- but because we're really in uncharted territory, you really need the first sea data. And then the world as your oyster.

Just pivoting over to the SPINRAZA franchise between HD and with salinersen over time. Just talk about how you see BIB's role kind of evolving within this space. I know there's been a lot of evolution of the category, but with those two assets, kind of how should we think through that?

I mean, I've discovered SPINRAZA obviously coming to Biogen. And this is such an amazing medicine. And Biogen, again, here was a pioneer. And you're talking about infants who can't sit or stand, who often die very early. Whenever I travel, I see a lot of physicians and particularly those who are treating patients with SMA. And physicians get quite emotional when they're seeing now children actually going to school that would otherwise have died. So this is something that Biogen is creating. Now in the meantime, we've seen gene therapy arrive. We've seen oral therapy arrive. And obviously, those are more convenient delivery and sometimes people get tempted to try to go for the one and done on gene therapy or the convenience of the oral. But every physician I talk to still thinks that it's really efficacy that matters most. And the problem has been intrathecal. So what do we do about that? Well, number 1 is we acquired a company called Alcon and this is a company that's developed a device that can be inserted under the skin and has a catheter that runs around to the spinal column and means that we could actually eliminate the intrathecal injection. The second is we have high dose, and that is really around the efficacy. And this delivers a higher level of drug earlier and we get to an even better level of efficacy. And at the end of the day, when you have these really devastating diseases, it's still efficacy that matters. And then the third is obviously salinersen, where we can move to a single intrathecal per year, hopefully, and that's what we believe we can achieve. And that would make life a lot easier for both patients and physicians. So we see SMA as being franchise that we want to be in longer term. And we have been investing, as I say, in devices and in new dosing regimens and new molecules to maintain that leadership.

Excellent. We've got some -- maybe ever to lupus your Phase III data later this year. I know it's hard -- the patients that are heterogeneous. But just help us frame out what you need to see from the study for this to be clinically meaningful on a differentiated asset.

So differentiation is an interesting question. When you talk to Lupus patients, one of the patients tell you your Lupus is not my Lupus. But there are a number of things that are common. One is fatigue. Fatigue is really something that comes out in all of the patient discussions we have. Some suffer from more joint some have the skin conditions. Some might have other organs. When we did four patients at our Global Leadership Summit last year, one patient had to wear sunglasses because they can't tolerate light. So it can manifest itself in a number of different ways. For others, it's really flares and the time between flares. And that's why I think this the Biogen experience in MS is going to be so important because MS is also one where the disease can manifest itself in different ways in different patients where you need multiple modalities to at it. And Biogen is still the only company in this space that still has its own patient services organization. And I think what's really going to be important in which drug is right for which patient at what phase of their disease. And you can't take a mass market approach to that. You really have to know the physician, but you also have to know the patient. And I have to say, in the 3 years I've been in Biogen, this is one of the things that's most impressed me as to how we can do that. So I think if we can replicate the Phase II results, we have all the elements that we need there's clearly two products out there. We think we can do better than those products clinically. But I think this will be a little bit more complicated as well because you're talking about a disease that affects younger women, which is, by the way, also similar, not only to MS, but postpartum depression. And many of them are African-American women. And that's also a patient population that Alisha and her team have gotten to know through post partum depression. And so again, I think really reaching out to patients who are not necessarily seeking therapy. I mean the people who are CLE, for instance, often are covering that up. people don't necessarily want to talk about lupus. But I've been super impressed with our U.S. team and how we, for instance, address postpartum depression. A lot of taboo around as well. And yet, we have seen actually a lot of media coverage. We've been working with different patient groups with physicians and have been able to overcome a lot of those. And again, these are all skills that I think are quite unique to Biogen, and I think will be extremely important as we come to market with lupus. And again, I think I don't see any financial models out there that think about lupus as being the size potentially as MS.

Last couple of minutes here, 2026, just talk high level about some of the pushes and pulls we should think about from a revenue perspective for Biogen this year?

So I'd say we're -- we've been working with our partner, Eisai. I think LEQEMBI has got a lot going on. And I think we've been investing quite significantly in the field, on DTC. So LEQEMBI is obviously quite important with the -- hopefully, now with the approval this year of the subcutaneous induction. I think we're going to continue to see growth in ZURZUVAE, and that's extremely important. We've been rolling SKYCLARYS out around the world. And particularly now we've had approval in Brazil. And this is a medicine that's extremely important countries like Turkey, like the Middle East, like Latin America. So that actually is coming to fruition. And in Europe, we have a lot of patients on drug through expanded access programs, but now we're looking to get reimbursement from governments. And of course, so I think from a revenue perspective, we're going to see pretty much continued results as we saw in 2025. I think continued discipline around OpEx. Again, I think it's pretty impressive that we can move to having 10 Phase III assets and be spending 26% less. And that's particularly a tribute to Priya Singhal who leads our development organization. And I think it's also a factor of the change that we've had in development makeup. I think we can do all three Phase III programs for felzartamab for what it will cost to do one Phase III in Alzheimer's, right? So the constitution of your portfolio matters in this regard. So I think, again, I think we see 2026 as starting a whole new era for Biogen.

Great. Well, a great way to wrap up. Appreciate all the comments. Thank you. Thanks so much. RECONNECT