Investor Presentation (2009)Full Document 

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Biogen Idec
Investor Presentation

May 2009


Special note regarding presentation

This presentation includes information based on data found in filings with the SEC, independent industry
publications and other sources.  Although we believe that the data is reliable, we do not guarantee the
accuracy or completeness of this information and have not independently verified any such information.  
We have not sought, nor have we received, permission from any third-party to include their information in
this presentation.

Many of the statements in this presentation reflect our subjective belief.  Although we have reviewed and
analyzed the information that has informed our opinions, we do not guarantee the accuracy of any such

Sections of this presentation refer to the experience of our nominees for director at Biogen Idec Inc.
during their tenure as directors of ImClone Systems Inc.  We believe their experience at ImClone was a
success and resulted in an increase in shareholder value that benefited all shareholders.  However, their
success at ImClone is not necessarily indicative of future results at Biogen Idec if our nominees were to
be elected to the Biogen Idec Board of Directors.

All stockholders of Biogen Idec are advised to read the definitive proxy statement, the gold proxy card
and other documents related to the solicitation of proxies by the Participants from the stockholders of the
Company for use at the 2009 annual meeting of stockholders of the Company because they contain
important information.  The definitive proxy statement and form of proxy along with other relevant
documents, are available at no charge on the SEC’s website at or by contacting D.F.
King & Co., Inc. by telephone toll free at 1-800-769-4414 or by visiting their website at  In addition, the Participants will provide copies of the definitive proxy
statement without charge upon request.



Situation Overview

Strategic failures

Operational failures

Business development failures

Research & development failures

Our Qualifications & Proposals

Biographies of our nominees

ImClone Systems case study

Proposals for Biogen Idec


We strongly believe Biogen Idec needs better

Biogen Idec has a collection of valuable assets

AVONEX for relapsing multiple sclerosis and TYSABRI for MS and Crohn’s disease, $2.8B of 2008 sales

RITUXAN for B-cell non-Hodgkin’s lymphoma and rheumatoid arthritis, $1.1B of 2008 sales

Promising pipeline (BG-12, Lixivaptan, ADENTRI, etc.) and biologics manufacturing facilities

Board and management have failed to achieve the full potential of Biogen Idec

Biogen – IDEC merger has not created much value

Management has failed shareholders strategically and operationally

Weak business development and research & development efforts inhibit company’s prospects

Quality of board and management especially crucial today

R&D organization needs to be reinvigorated; Strategic review of pipeline needs to be conducted

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