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1、 DEEPLY.CHANGING LIVES.2011 ANNUAL REPORT success in 2011 gives us a strong position on which to build.In 2012,we will focus on the continued growth and leadership of our marketed products and the advancement of our strong pipeline.COmmERCIAL ExECUTION StabilizedAVONEXmarketshare IntroducedtheAVONEX
2、PENtoEuropeanmarketsandCanada HitkeymilestonesimportantforunlockingthevalueofTYSABRI JCVassaymadecommerciallyavailableintheUSandEU ProductlabelupdatedintheEUandtheUSin2012 SuccessfulappealofFAMPYRAinEU;launchedinGermanywithadditionallaunchesin2012ADVANCE LATE-STAGE PIPELINE BG-12,oralMScandidate:pot
3、entiallaunch2013 Long-lastingfactorVIIIandfactorIXprogramcandidatesforhemophilia:datareadoutsexpected2012 PEGylatedinterferonbeta-1aforMS:phaseIIIdataexpected2013SECTOR /BiotechnologyCORE BUSINESS /Human TherapeuticsPRODUCTS /AvONEx,TySABRI,RITUxAN,FAMPyRA1STRENGTHEN R&D/EARLY-STAGE PIPELINE Dexpram
4、ipexoleinALS:enrolledfirstphaseIIIstudy;fastestenrollmentincompanyhistory Daclizumab-HYP:positivedatareadoutfromfirstregistrationaltrial CollaborationwithPortolaPharmaceuticalstodevelopandcommercializeanoral,highlyselectiveSykinhibitor Collaborationin2012withIsisPharmaceuticalsforcompoundtotargetspi
5、nalmuscularatrophyCULTURE Of ExCELLENCE Focusedstrategicdirection Advancedinbuildingaculturethatattractsthebestpeople Better,crisperdecision-making Senseofaccountabilitythroughouttheorganization Result:morenimble,focusedandambitiousorganizationOn the cover:Tina Smalls(right),AVONEXpatient,withherdau
6、ghterREVENUES($in millions)20072008200920102011$3,172$4,098$4,377$4,716$5,049NON-GAAP DILUTED EPS($)20072008200920102011$2.74$3.66$4.12$5.15$5.90FREE CASH FLOW($in millions)20072008200920102011$735$1,286$909$1,452$1, Fellow ShareholDerS:In reflecting on my first full year as CEO,I feel very good abo