BIIB Shareholder/Stockholder Letter Transcript:
012345 6768
l42 noppoq
!"# $%!!& '%! () *#)+#!, (!+ -.#/ 0#"1,2#
/3"#* ! %2#45#* 67666 47 8*%*,7 .() 5##! ,% 519+
%! '%!:) ),*%!& 9#&("7 %/ !!%2(,%! 57 #0#"1,!& (
),*(,#&" 89(! !,#!+#+ ,% 81, ,.# "%48(!7 5("; %! (
8(,. /%* )1),(!(59# &*%<,.= ># ?1";97 &%, ,% <%*; !
7#(* %!# %/ ,.) ,*(!)/%*4(,%! ,% "*#(,# ( !#< '%!
(!+ <.9# <# ),99 .(2# ( <(7 ,% &% %! ,.(, $%1*!#76
@ 5#9#2# <# 9(+ ( )%9+ /%1!+(,%! ! 6768 <,. (
"9#(* *%(+4(8 /%* 676A=
># (",#+ +#")2#97 (!+6 /%99%#
489#4#!,#+ ( X, /%* Y*%<,. %8#*(,!& 4%+#9 ,.(,
8*%*,Z#+ +#")%!B4(;!&6 (&9,76 (""%1!,(59,7 (!+
"%), )(2!&)= ># #08#", ,% (".#2# (88*%04(,#97
[\ 599%! ! &*%)) "%), *#+1",%!) 57 ,.# #!+ %/ 676^6
(!+ ,.) !,(,2# #!(59#+ 1) ,% *#!2#), 8(*, %/ ,.%)#
)(2!&) ! 8%,#!,(9 ;#7 &*%<,. +*2#*)6 !"91+!& !#<
"(8(59,#) (!+ 8%,#!,(9 /1,1*# 4#+"!#)=
))#!,(9 ,% ,.) #//%*, <() ( ,.%*%1&. *#2#< %/ %1*
#)#(*". (!+ _#2#9%84#!, a_b 88#9!#6 () <#
8*%*,Z# /1,1*# !2#),4#!, (!+ ),*(,#&" ())#,) ,.(,
<# 5#9#2# <99 8*%2+# ,.# &*#(,#), *#,1*!) <.9# (9)%
+#92#*!& 48(",/19 4#+"!#) ,% 8(,#!,) ! !##+=
) ),#<(*+) %/ ).(*#.%9+#* "(8,(96 <# (*# 519+!&
%! %1* 9#&("7 %/ 8%!##*!& )"#!,3" 9#(+#*).8 !
,(";9!& ,.# ,%1&.#), ".(99#!) <,. ( *#/*#).#+
(88*%(". ,% *); 4(!(#!, (!+ *#,1*! %! !2#),4#!,=
.*%1&. ( "%!"#*,#+ /%"1) %! 8*1+#!,97 (99%"(,!&
"(8,(9 (!+ 4(04 Z!& 2(91#6 <# (*# /%"1)#+ %!
489#4#!,!& 88#9!# 8*%&*(4) <# 5#9#2# .(2# ,.#
.&.#), 8*%5(59,7 %/ )1""#))6 <.9# #0,!& ,.%)#
<.#*# <# +% !%, )## 8%,#!,(9 *#,1*!=
r tuvwuxu yz{|}~v z z u xu z u
uvu u}zy u }uu z| t{w}~ vwu }~w}~
z{u z u}zy z| { uz } ~{|
y yz w} tv } r {u w zu z u
|}zw} u y |{z | | { y {u |v u{y
{w}~ z wy u{w| | z{ }y|{ zw|}
Q K J I K E
*#)+#!, (!+ -.#/ 0#"1,2# /3"#*
) 8(*, %/ ,.) #//%*,6 <# (*# ,.%1&.,/1997 5*%(+#!!&
%1* /%"1) (!+ #089%*!& !#< ,*#(,4#!, (*#() <.#*#
<# )## ,.# &*#(,#), %88%*,1!,#) ,% (++*#)) 1!4#,
8(,#!, !##+)= ># .(2# 4(+# ,*#4#!+%1) 8*%&*#))6 %1*
8*%+1", 8%*,/%9% #08(!+#+ +1# ,% ,.# (".#2#4#!, %/
/%1* = = X%%+ (!+ _*1& +4 !),*(,%! `X_ b (88*%2(9)
%/ 3*),B!B"9()) 4#+"!#) +1*!& 6768c d _e ,%
,*#(, (+19,) <,. (47%,*%8." 9(,#*(9 )"9#*%)) ` bf
g g h 6 ! "%99(5%*(,%! <,. ( .#*(8#1,")6
@!"=6 ,% ,*#(, 8%),8(*,14 +#8*#))%! ` _b ! (+19,)f
d i'@6 ! "%99(5%*(,%! <,. )( -%=6 ,+=6 ,% ,*#(,
#(*97 9Z.#4#*:) +)#()# `_bf (!+ je- e 2(
%1* ("?1),%! %/ #(,( .(*4("#1,"(9)6 @!"=6 ,% ,*#(,
8(,#!,) \k 7#(*) (!+ %9+#* <,. X*#+*#".:) (,(0( X b=
012345 6768
", 0 ), 12"3 !,4 5 , 52 6, 2" * - 3(!( , ,
2 12 ) ,) 7 ,2 ,- , 1 2 3(*- #"2 89 : 2
)" ) 2;(* -"2 1 ,( ,) 7(, )1( - )! 2
,2"1 < =>% ? 3 2 - ((* !"-1 ,(,(; ( - ,(1
)! 2")() =%>? . " 2 * !< #2 ! () ) . 7 2 7 ;
2 3< ) !! ))# < 3 ; "1 3 3 !"-- 2!( (@ 3
## !,(; ,2 ,- ,)9
' 676A4 7 7( #"! ) ;( < " B ! ,(* " , )
7 12"3 !, ! ) 3 ) 11"2,(* 1 ,( , 1, 6 9
C"2 (), ! 4 7 ; 5 ( , - 26 , #"2 5" ,
D7 -" , ) 7(, $ %&' 34 ,"* , 2 7(, () (4 7(
"7 (!2 ) , )(@ "# , ) ) #"2! 2 12 ) , ,("
5< 112"B(- , < 87F ( , 9>94 7(, , (- "#
5 ( 3(* 1" , 12"*2 )) 7 ; - 3 4 ) 7
!" ,( ," 3; ! ! ) 3 2 * ,"2< + (*)
" ,)(3 , 9>9 ! ) 5 " 12"*2 ))(;
2 -1 ) 7 !" ,( ," 3 ! , , - 3(! !"-- (,<
5" , , 112"12( , 1 ,( , 12"+ 3 ! 2 1 , 7 <9
: !" ,( ," 5 ( ; ( , " *G, 2- (-1"2, ! "#
$ %&' ," 5", 1 ,( ,) 3 , !"-1 <4 3 , , (,)
! ((! 12"+ 3 " *G, 2- #+! !< 3 , 7(
5 - (*# ," 1 ,( ,) 3 , (2 ! 2 *(; 2)9
H JKLMNOKPMNMQ RMSQMLTPUV WMSX SNQ
YZ[\ZMQ ]^\K^LM K[ HQZSN_M `^L JKLSKMOa
) 1 2, "# " 2 ##"2,) ," ),2 *, &("* 4 7 )"
- 3 ) ; 2 6 < 33(,(" ) ," " 2 3 2) (1 , ( 67684 !"-1 - ,(* " 2 B(),(* B1 2,() 3
) 2(* 7 ; , )6( ) 3 B1 2( ! 3 3 ,"
! ( ; " 2 ;()(" 9
: 7 !"- 3 829 b c2"* ) d 3 "# ) 2! 3
829 3 - e < ) d 3 "# f"21"2 , 8 ; "1- ,4
3 7 12"-", 3 829 2(< >(* 4 %9894 %9 9d94 ,"
d 3 "# 8 ; "1- ,4 ( ( 7(, " 2 ),2 , *< ,"
) 1 2 , ) 2! 3 8 ; "1- , (," ,7" 3(),(!,
# !,(" ) ," (!2 ) #"! ) 3 (-12"; 12"3 !,(;(,<9
f" !,(; <4 , () 33 3 3 1, "# B1 2,() 5 )
&("* ," (3 ,(#< 3 B ! , * (), "11"2, (,( ) #"2
5", (, 2 *2"7, 3 B, 2 1 2, 2) (1) , , ;
, 1", ,( ," 52(* ( "; ,(; - 3(!( ) ," - 26 ,
# ), 2 3 -"2 ## !,(; <9
: )" 2 ;( 7 3 " 2 ! , 2 3 (, 2 ),2 !, 2
," ) 2 , , , 1 "1 7 " 2 ! ") ), ," " 2
! ),"- 2)4 ," " 2 1 ,( ,) 3 ," " 2 )!( ! 2
-1"7 2 3 ," 2 () (3 ) 3 - 6 3 !()(" )9
&("* : < 3 )!2(5 ) , -())(" 3 5 ;("2) .
1(" 24 , (6 52" 3 <4 32(; 2 ) ,)4 , (! 3 (! )(;
. , , 12";(3 , #" 3 ,(" #"2 &("* g) " *G, 2) !! ))9 & ( 3(* 1" " 2 * !< "# 52 6, 2" * ) (
5(" "*<4 7 (, 3 ," !" ,( 1(" 2(* 7 ( , (6(*
52" 3 < 3 32(;(* 2 ) ,) )" 7 ! 52(* -"2
- 3(!( ) ," 1 ,( ,)9
st vwxt ywzt {|tyt}z~ |~ |t
{v ~ t} t} |w}{tz {vt t ~}z
v vt { } y t| ~ w |~xw w { tw|
w}z w } v} ~ | ~yyt| w wxw w t
| { } w ytz }t }
hihj kLU[LUKUMT SNQ lMa
]PLUTK[VPML H UMP S_PML
2 )(3 , 3 f ( # B ! ,(; #+! 2
mMZM\[VXMNK nU\MTK[NMT
%";(* #"27 234 7 2 ) 6(* ," !"-1 - , " 2
1(1 ( 7(, -"2 )) ,) ( 2 2 3() ) 3 ( ! 2, (
3 + 3 2 ) "# (-- " "*<9 &("* ) 7 <) 5
: )" #"2 ) ),2" * * "5 " , ""6 #"2 >epf p>4 !,(; ( (-- " "*<4 3 7 2 2 #2 ) (* " 2 #"! )
7 (! 2 ! , < 5 ! - , +2), ,2 ,- , 112"; 3 ( " (-- " "*< 3 (o -- ,(" 4 7 ( 5 ( 3(* "
, 2"1 (" #"2 ,2 ,- , "# C ( 3 ,) 3 " 2 ),2 *, ( 2" "*(! 3 B1 3(* (," " G
3" )! ,) * 3 Dq < 2) 3 " 3 29 ' , 9>94 7 2" "*(! 2 2 3() ) )4 7 (! 2 ),2" * +, #"2
3 -"2 , D4777 1 ,( ,) " , 2 1< ) "# -(3G " 2 B(),(* !"-- 2!( 3 )!( ,(+! ! 1 5( (,( )9 :
C 52 2<4 7 (! 7 5 ( ; 2 12 ) ,) 2 < 6rF "# 5 ( ; , , 7 ; , 1", ,( ," 3 ; "1 ),2" *
, (*(5 1"1 ,(" 4 3 7 2 7"26(* ,"7 23
5("- 26 2) 3 5 ),G(G! )) 32 *) ( , ) 2 )4 *(;
B1 3(* !! )) ," , () *2" 352 6(* ,2 ,- , " 2 3 2), 3(* "# , * ,(!) 3 3() ) 5(" "*<9
," , 1 3( ,2(! 1"1 ,(" 3 -"2 * "*2 1 ( )9
012345 6768
676 ! " #$%% &' '()' &* &$%$+* +
! ,$!$-' +.' "' / ! )0' / '0')+ % )0.'1 )
/ +.' & $% 23 "$"'%$)'4 #$+. / $!" + )+
0%$)$0 % + $ % ' +1 ',"'0+' $) !$5676 6 . 1' 7&
' + / )+$1')1' %$8 ) 0%' +$' 9: ; + 8'+$)8
+ ,$)56 $) : <=>>=77?@A . 1' 7& ' + / :
$) )8'%! ) 1*) !' <=>>=767@A . 1' 8 ' + /
"$ %$- ! & "'8 % $) 1*1+'!$0 % " 1 ' *+.'! + 1 1
9: ; $) 0 %% & +$ ) #$+. B=A ) . 1' 6& ' +
/ '11')+$ % + '! <=>>=76 @ $) 0 %% & +$ ) #$+. : 8'
.' "' +$014 >)0C .'1' ' '4 'D 1+ +$)8 $1' 1'1
#$+. D' * /'# ',$1+$)8 + ' +!')+ "+$ )1 / " +$')+14
) #' ' " + &' D )0$)8 +.' 'D'% "!')+ /
+ ' +!')+1 #$+. +.' " +')+$ % + $!" D' +0 !'1 )
E %$+* / %$/' / +.'1' " +$')+1 ) +.'$ / !$%$'1C
F' %1 0 )+$) ' + & $% ) & ' G+. 8.
" 1$+$ ) $) 3 ) $)D'1+ $) D )0$)8 +.' 0 ' /
" +$')+1 1 //' $)8 / ! +.$1 $/(0 %+ $1' 1'C F'
&'%$'D' H I=> '" '1')+1 & +. !$5+' ! )
% )85+' ! 8 #+. "" + )$+*4 ) #' ' / 0 1' )
0 ' +$)8 $+$ ) % + ' +!')+ "+$ )1 #$+. H I=> /
" +$')+1C .$1 $)0% '1 1 &0 + )' 1 / ! % +$ ) )
$)+ D') 1 ! $)+') )0' 1$)84 1 #'%% 14 + 8'+.'
#$+. $1 $4 +.' D )0'!')+ / +.' J 3 1+ *4 #.$0.
% G1 + " '1*!"+ ! +$0 " +$')+14 1 #' &'%$'D' +. +
$)+' D')$)8 ' %$' . 1 +.' " +')+$ % + / +.' '% * 4
" +')+$ %%*4 'D') " 'D')+ +.' )1'+ / +.' $1' 1'C
='* ) H I=>4 #'K ' ',0$+' & + 1'D' % +.'
"$"'%$)' " 8 !1 + + ' + 3C F' . D' % ' * $)$+$ +'
. 1' 6 1+ * / ) : +. + + 8'+1 + <=>>=7L7@4
+$%$-$)8 ) ')+$ '%* )'# !'0. )$1!4 ) #' '
%1 1+ *$)8 ) % 1! %% ! %'0 %' $).$&$+ / +
88 '8 +$ ) <=>>=778@ 0 ')+%* $) . 1' 7C
.' 6768 0 !" '.')1$D' "$"'%$)' 'D$'# # 1 ) +
)'5+$!' ',' 0$1'A +.' 4 "$"'%$)' 'D$'# #$%% '! $)
*) !$0C 1 #' D )0' ' 0. / " 8 !1 )
' 0. G'* !$%'1+ )'14 #' ' 0 !!$++' + . %$)8
1'%D'1 00 )+ &%' + '/(0$')+%* 1''G + 10$')+$(0
$)1$8.+1 + & $% +.' "$"'%$)' +. + #' &'%$'D' '" '1')+1
+.' "" " $ +' $1G5 '# & % )0' / " +/ %$ C
MNOPQRSQT VWX YSZZS[Q PQN YP\SQT P
]S^^_X_QR_ SQ PaS_QaZb cSO_Z
> ! $!!')1'%* 8 +'/ % + +.' ')+$ ' +' ! .' ' +
=$ 8')4 #. 0 )+$) ' + $!" '11 !' #$+. +.'$ + %')+4
" 11$ ) ) ' $0 +$ ) + "$ )'' $)8 $)) D +$D' 10$')0'
1 #' $! + '%$D' )'# !' $0$)'1 + + )1/ !
" +$')+1K %$D'1 ) + 0 ' +' D % ' / 1. '. %' 1 )
0 !! )$+$'1C "' "%' . D' "% *' 0 $+$0 % %'
$) +.' . # G +. + . 1 .'%"' 8'+ =$ 8') & 0G )
+ 0G4 #.' ' #' ' + *4 ) > ! + %* % G$)8 / #
+ %% +. + #' #$%% 0.$'D' + 8'+.' C
+ $+1 0 '4 =$ 8') $1 0 !" )* +' $) $8 1
10$')0'4 0 $ 1$+* ) " " 1' + $D' $)) D +$ ) $)
!' $0$)'4 ) 1 #' ','0 +' 8 $)1+ 1+ +'8$0
) () )0$ % &d'0+$D'1 / +.' 0 !$)8 *' 4 #'
'! $) / 0 1' ) $)D'1+$)8 '1 0'1 #.' ' #'
. D' +.' " +')+$ % + ! G' +.' &$88'1+ $//' ')0'C
> &'%$'D' 1+ )8%* +. + #' . D' +.' '%'!')+1 #' )''
+ & $)8 %$/'50. )8$)8 + ' +!')+1 + ! G'+ ) 8 #
1 1+ $) &%*4 ) > "" '0$ +' +.' 0 )+$) ' 1 "" + /
1. '. %' 1 $)8 +.$1 "' $ / + )1/ ! +$ )C
:$)0' '%*4
B. $1+ ".' C e$'.& 0.'
'1$')+ ) B.$'/ ,'0 +$D' /(0'
4/26/2024 Letter Continued (Full PDF)