1、2023ANNUALREPORTBIOGEN 2023 ANNUAL REPORTDear Shareholders,Since joining Biogen as President and Chief Executive Officer in November 2022,my priority has been to build on Biogens strong legacy of innovation by executing a strategic plan intended to put the company back on a path for sustainable grow
2、th.We quickly got to work in year one of this transformation to create a new Biogen and while we still have a way to go on that journey,I believe we laid a solid foundation in 2023 with a clear roadmap for 2024.We acted decisively and,following a series of strategic changes over the last year,we bel
3、ieve we now have the operational elements in place to achieve our financial and growth goals,bolster our research and development pipeline,and create long-term value for all who place their trust in us including our patients,our partners,our employees and our shareholders.Focus on Operational Execut
4、ion With a Realigned Cost-Base and Four New Product Launches In 2023,we took steps to realign our cost-base to our revenue and to reengineer our business to better support areas of expected future growth.We implemented a Fit for Growth operating model that prioritized decision-making,agility,account
5、ability and cost savings.We expect to achieve approximately$1billion in gross cost reductions by the end of 2025,and this initiative enabled us to reinvest part of those savings in potential key growth drivers,including new capabilities and potential future medicines.Essential to this effort was a t
6、horough review of our Research and Development(R&D)pipeline,as we prioritize future investment and strategic assets that we believe will provide the greatest returns while also delivering impactful medicines to patients in need.As stewards of shareholder capital,we are building on our legacy of pion