Safe Harbor

This annual report contains forward-looking statements, including statements about our 2012 goals, the anticipated development, timing and therapeutic scope of programs in our clinical pipeline, regulatory filings, prospects for growth, development initiatives and growth strategies for our marketed products, and potential product launches. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “target,” “will” and other words and terms of similar meaning. You should not place undue reliance on these statements. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including our dependence on our three principal products, AVONEX, RITUXAN and TYSABRI; the importance of TYSABRI’s sales growth; uncertainty of success in commercializing other products; product competition; the occurrence of adverse safety events with our products; changes in the availability of reimbursement for our products; adverse market and economic conditions; our dependence on collaborations and other third parties over which we may not always have full control; failure to comply with government regulation; our ability to protect our intellectual property rights, and have sufficient rights to market our products and services, and the cost of doing so; problems with our manufacturing processes and our reliance on third parties; the risks of doing business internationally; failure to execute our growth initiatives; charges and other costs relating to our properties; fluctuations in our effective tax rate; our ability to attract and retain qualified personnel; product liability claims; fluctuations in our operating results; the market; interest and credit risks associated with our portfolio of marketable securities; our level of indebtedness; environmental risks; change of control provisions in our collaborations; and the other risks and uncertainties that are described in the Risk Factors section of our most recent annual or quarterly report and in other reports we have filed with the SEC. These statements are based on our current beliefs and expectations and speak only as of April 5, 2012. We do not undertake any obligation to publicly update any forward-looking statements.


AVONEX®, AVONEX PEN® and RITUXAN® are registered trademarks of Biogen Idec or its subsidiaries. TYSABRI® and TOUCH® are registered trademarks of Elan Pharmaceuticals, Inc. FAMPYRA® is a registered trademark of Acorda Therapeutics, Inc.