BIIB Insider Update: Dr. Lloyd Minor Receives 2,370-Share Equity Grant

Rhea-AI Filing Summary

Biogen Inc. (BIIB) – Form 4 insider transaction

Independent director Dr. Lloyd Minor reported the acquisition of 2,370 shares of Biogen common stock on 17-Jun-2025. The transaction code “A” indicates that the shares were awarded rather than purchased on the open market; the reported price is $0, consistent with a restricted stock or director equity grant. Following the grant, Dr. Minor’s total direct ownership stands at 2,370 shares. No derivative securities were involved, and there were no dispositions.

The filing is routine director compensation disclosure and does not reveal any change in strategy, operations, or financial condition. However, fresh equity ownership marginally strengthens alignment between the director and shareholder interests.

Positive

• Director Lloyd Minor acquired 2,370 BIIB shares, modestly increasing insider ownership and aligning board and shareholder interests.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received 2,370-share equity grant; routine, modestly positive alignment signal.

Form 4 shows Dr. Minor’s first disclosed stake (2,370 shares) via a zero-cost equity award, typical for director compensation. The lack of market purchase tempers the signaling value versus an open-market buy, but it still increases insider skin-in-the-game. Size is immaterial relative to Biogen’s 146 million shares outstanding; therefore, limited market impact is expected.

Corporate Governance Specialist

TL;DR: Standard director grant—enhances governance alignment, no corporate risk flagged.

The award is consistent with Biogen’s equity-based director pay policy and signals adherence to governance best practices. No red flags such as accelerated vesting, option backdating, or unusual trade timing are present. Thus, the disclosure is neutral from a risk perspective and slightly positive for aligning board incentives.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Minor Lloyd

(Last) (First) (Middle)

225 BINNEY STREET

(Street)

CAMBRIDGE MA 02142

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BIOGEN INC. [ BIIB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/17/2025		A		2,370	A	$0	2,370	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Samuel Ntonme, attorney-in-fact for Dr. Minor	06/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Biogen (BIIB) shares did Dr. Lloyd Minor acquire?

He acquired 2,370 common shares on 17-Jun-2025.

Was the transaction an open-market purchase?

No. Transaction code “A” and a $0 price indicate an equity award, not a market purchase.

What is Dr. Minor’s total Biogen share ownership after the grant?

His direct beneficial ownership totals 2,370 shares.

Does the Form 4 include any derivative securities activity?

No. Table II shows no derivative securities acquired or disposed of.

Is this filing likely to impact Biogen’s stock price?

Impact is expected to be minimal given the small size relative to Biogen’s share count.