{"schemaVersion":1,"research":true,"symbol":"biib","name":"Biogen","topic":"moat","path":"/stock/biib/moat","status":"published","version":4,"updatedAt":"2026-10-18T00:10:16.811Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Biogen has a narrow, eroding moat supported by product-specific intellectual property and monetized collaboration rights. Existing royalties and successful commercial launches demonstrate current economic value, but generic and biosimilar competition has already reduced legacy demand. Pricing power is mixed: higher pricing for high-dose SPINRAZA coexists with realized reimbursement pressure. Pipeline assets and acquisition synergies remain potential advantages rather than demonstrated durable protection.","advantages":[{"mechanism":"intangible_assets","claim":"Marketed-product patents and established royalty and collaboration rights provide product-specific protection and economic participation. Growing OCREVUS royalties demonstrate monetization; patent litigation establishes asserted rights, not their ultimate validity or remaining exclusivity.","durability":"Limited and uneven across products. Existing commercial rights support a current advantage, but the passages do not establish remaining protection periods or portfolio-wide durability. New launches provide partial replenishment without proving lasting protection.","risks":"Generic and biosimilar entry has already weakened legacy demand. Pending patent challenges, reimbursement restrictions and dependence on commercialization partners constrain protection and pricing. Exclusive development rights to felzartamab establish ownership, not commercial success.","invalidation":"The narrow-moat assessment would fail if patent challenges or entry substantially eliminate protection for remaining marketed products and royalty income and new-product demand cannot offset the resulting erosion. Sustained declines in OCREVUS royalties and growth-product demand alongside further competitive losses would be observable warning signs.","competitors":["Sandoz Inc.","Polpharma Biologics S.A.","Somerset Therapeutics, LLC","Cipla Ltd."],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Legal proceedings / TYSABRI biosimilar patent matter","excerpt":"TYSABRI Biosimilar Patent Matter In September 2022 we filed an action in the U.S."},{"id":"e2","sourceId":"filing-2","location":"Legal proceedings / named TYSABRI patent defendants","excerpt":"District Court for the District of Delaware against Sandoz Inc., other Sandoz entities and Polpharma Biologics S.A."},{"id":"e3","sourceId":"filing-2","location":"Legal proceedings / SPINRAZA patent proceedings","excerpt":"Hatch-Waxman Act Litigation relating to SPINRAZA In May and June 2026, Biogen filed patent infringement proceedings relating to SPINRAZA Orange-Book listed patents (U.S."},{"id":"e4","sourceId":"filing-2","location":"Legal proceedings / named SPINRAZA patent defendants","excerpt":"District Court for the District of Delaware against Somerset Therapeutics, LLC, Somerset Pharma, LLC, Somerset Therapeutics Private Limited f/k/a Somerset Therapeutics Limited and Odin Pharmaceuticals, LLC (collectively, Somerset) and Cipla Ltd."},{"id":"e5","sourceId":"filing-2","location":"MD&A / OCREVUS royalty revenue","excerpt":"For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Royalty revenue on sales of OCREVUS $ 381.4 $ 353.8 $ 698.6 $ 642.6 Biogen’s share of pre-tax profits in the U.S."},{"id":"e6","sourceId":"filing-2","location":"MD&A / collaboration profits and OCREVUS sales growth","excerpt":"for RITUXAN, GAZYVA and LUNSUMIO 125.7 107.7 220.4 191.4 Other revenue from anti-CD20 therapeutic programs 6.4 5.8 13.6 11.5 Total revenue from anti-CD20 therapeutic programs $ 513.5 $ 467.3 $ 932.6 $ 845.5 ROYALTY REVENUE ON SALES OF OCREVUS For the three and six months ended June 30, 2026, compared to the same periods in 2025, the increases in royalty revenue on sales of OCREVUS were primarily due to sales growth of OCREVUS in the U.S."},{"id":"e7","sourceId":"filing-2","location":"MD&A / SKYCLARYS realized revenue and demand growth","excerpt":"•Global SKYCLARYS revenue increased $37.6 million, from $130.3 million in 2025 to $167.9 million in 2026, or 28.9%, primarily related to an increase in global demand mostly driven by the continued launch in Europe and certain other international markets."},{"id":"e8","sourceId":"filing-2","location":"Business development / exclusive worldwide felzartamab rights","excerpt":"With this agreement, we own exclusive worldwide rights to felzartamab."},{"id":"e9","sourceId":"filing-1","location":"MD&A / 2025 revenue, earnings and competitive demand erosion","excerpt":"for the year ended December 31, 2025, compared to the year ended December 31, 2024, reflects the following: TOTAL REVENUE Increased $214.7 million or 2.2% DILUTED EARNINGS PER SHARE Decreased $2.39 or 21.4% PRODUCT REVENUE, NET Decreased $94.1 million or 1.3% •MS revenue decreased $310.9 million, or 7.1% •Rare disease revenue increased $166.1 million, or 8.4% •The decrease in MS product revenue was primarily due to a decrease in global TECFIDERA and TYSABRI demand due to increased competition outside the U.S."},{"id":"e10","sourceId":"filing-1","location":"MD&A / generic and biosimilar competition attribution","excerpt":"from generic and biosimilar competition, respectively, partially offset by an increase in demand for U.S."},{"id":"e11","sourceId":"filing-2","location":"Drug pricing / realized 2025 Medicare Part D revenue impact","excerpt":"The IRA Medicare Part D redesign had a modest net unfavorable impact to our full-year 2025 revenue of approximately $90.0 million, concentrated in our SKYCLARYS and MS portfolio product revenue, approximately a quarter of which was associated with SKYCLARYS."},{"id":"e12","sourceId":"filing-2","location":"Risk factors / launch dependencies and LEQEMBI pricing decisions","excerpt":"In addition to risks associated with new product launches and the other factors described in these Risk Factors, Biogen’s and Eisai’s ability to successfully commercialize LEQEMBI and our ability to successfully commercialize SKYCLARYS may be adversely affected due to: •Eisai’s ability to obtain and maintain adequate reimbursement for LEQEMBI; •the effectiveness of Eisai's and Biogen’s commercial strategy for marketing LEQEMBI; •requirements such as participation in a registry and the use of imaging or other diagnostics for LEQEMBI; •our ability to obtain approval in other markets; •the approval and/or greater acceptance of other new products for the same or similar indications; •Eisai’s and Biogen’s ability to maintain a positive reputation among patients, healthcare providers and others in the Alzheimer’s disease community, which may be impacted by pricing and reimbursement decisions relating to LEQEMBI, which are made by Eisai and/or third parties; •Biogen's ability to obtain and maintain adequate reimbursement for SKYCLARYS; and •the effectiveness of Biogen's commercial strategy for marketing SKYCLARYS."},{"id":"e13","sourceId":"filing-2","location":"Intellectual property risks / potential settlement-related exclusivity reductions","excerpt":"In addition, settlements of such proceedings often result in reducing the period of exclusivity and other protections, resulting in a reduction in revenue from affected products."},{"id":"e14","sourceId":"filing-2","location":"MD&A / international SPINRAZA inventory effects and higher high-dose pricing","excerpt":"•Rest of world SPINRAZA revenue decreased $45.8 million, from $243.4 million in 2025 to $197.6 million in 2026, or 18.8%, primarily due to unfavorable inventory dynamics resulting from timing of shipments of SPINRAZA in certain international markets, partially offset by higher pricing of the high dose regimen and the favorable impact of foreign currency exchange."},{"id":"e15","sourceId":"filing-2","location":"MD&A / six-month U.S. SPINRAZA demand and stocking","excerpt":"•U.S. SPINRAZA revenue increased $42.8 million, from $303.7 million in 2025 to $346.5 million in 2026, or 14.1% primarily driven by demand and stocking for the high-dose regimen."},{"id":"e16","sourceId":"filing-1","location":"MD&A / realized cost increases and litigation charge","excerpt":"TOTAL COST AND EXPENSE Increased $564.2 million or 7.3% •Cost of sales increased $93.8 million, or 4.1% •R&D expense decreased $201.7 million, or 10.2% •SG&A expense increased $29.9 million, or 1.2% •Acquired IPR&D, upfront and milestone expense increased $410.3 million •Impairment of ROU asset of $52.9 million •The increase in cost of sales was primarily due to a charge recorded during 2025 of approximately $104.9 million related to a litigation matter and product mix, including higher contract manufacturing revenue driven by the timing of batch releases."},{"id":"e17","sourceId":"filing-1","location":"Consolidated statements of cash flow / operating cash, investments, acquisitions and financing","excerpt":"AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (In millions) For the Years Ended December 31, 2025 2024 2023 Cash flow from operating activities: Net income $ 1,292.9 $ 1,632.2 $ 1,161.5 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation and amortization 779.9 673.2 494.8 Impairment of intangible assets 7.9 60.2 — Impairment of ROU asset 52.9 — — Excess and obsolescence charges related to inventory 29.2 101.9 124.4 Amortization of acquired inventory step-up 240.8 230.0 31.5 Acquired in-process research and development 85.0 — — Share-based compensation 290.8 291.2 264.2 Contingent consideration 33.6 27.7 — Deferred income taxes 361.6 (158.1) (305.8) (Gain) loss on strategic investments 19.3 101.4 277.1 Gain on sale of priority review voucher, net — (88.6) — Other 68.3 159.6 148.2 Changes in operating assets and liabilities, net of effects of business acquired: Accounts receivable 102.7 222.3 61.3 Due from anti-CD20 therapeutic programs (60.6) (28.1) (4.6) Inventory (64.7) (273.8) (130.9) Accrued expense and other current liabilities 171.1 24.6 (201.6) Income tax assets and liabilities (958.1) 78.5 (299.0) Other changes in operating assets and liabilities, net (248.0) (178.7) (73.9) Net cash flow provided by (used in) operating activities 2,204.6 2,875.5 1,547.2 Cash flow from investing activities: Purchases of property, plant and equipment (153.8) (153.7) (277.0) Proceeds from sales and maturities of marketable securities 23.0 — 7,380.8 Purchases of marketable securities (1,258.3) — (5,140.7) Acquisition of Reata, net of cash acquired — — (6,926.1) Acquisition of HI-Bio, net of cash acquired — (1,074.8) — Proceeds from sale of equity interest in Samsung Bioepis — 406.8 788.1 Proceeds from sale of priority review voucher, net — 88.6 — Acquired in-process research and development (50.0) — — Acquisitions of intangible assets (31.6) (206.1) (34.4) Proceeds from sales of strategic investments 56.7 144.7 119.6 Other 42.9 (4.7) (11.3) Net cash flow provided by (used in) investing activities (1,371.1) (799.2) (4,101.0) Cash flow from financing activities: Payments related to issuance of stock for share-based compensation arrangements, net (10.0) (31.3) (44.3) Proceeds from borrowings 1,733.1 — 997.2 Repayments of borrowings (1,750.0) (650.0) (809.9) Net (distribution) contribution to noncontrolling interest — — 12.3 Contingent consideration payments (280.0) — — Other 5.0 (2.2) (6.0) Net cash flow provided by (used in) financing activities (301.9) (683.5) 149.3 Net increase (decrease) in cash and cash equivalents 531.6 1,392.8 (2,404.5) Effect of exchange rate changes on cash and cash equivalents 101.9 (67.7) 35.1 Cash and cash equivalents, beginning of the year 2,375.0 1,049.9 3,419.3 Cash and cash equivalents, end of the year $ 3,008.5 $ 2,375.0 $ 1,049.9 See accompanying notes to these consolidated financial statements."},{"id":"e18","sourceId":"filing-3","location":"Proxy letter / reported Fit for Growth savings","excerpt":"The program delivered approximately $1 billion in gross and $800 million in net operating expense savings."},{"id":"e19","sourceId":"filing-2","location":"Restructuring note / realized Apellis integration charges","excerpt":"For the three and six months ended June 30, 2026, we recognized approximately $153.2 million of net pre-tax restructuring charges, primarily consisting of employee severance costs and the acceleration of bonus payments that were subject to a double-trigger provision."},{"id":"e20","sourceId":"filing-2","location":"Business development / felzartamab upfront payment","excerpt":"57 Table of Content Under the terms of this agreement we made an upfront payment of $100.0 million to TJ Bio, which was recorded in acquired in-process research and development, upfront and milestone expense within our condensed consolidated statements of income for the three and six months ended June 30, 2026."},{"id":"e21","sourceId":"filing-2","location":"Business development / contingent felzartamab milestone commitments","excerpt":"TJ Bio will also be eligible to receive potential commercial and sales milestone payments of up to $20.0 million and $730.0 million, respectively, if all specified milestones set forth in this collaboration are achieved."},{"id":"e22","sourceId":"filing-3","location":"Compensation discussion / relative returns and actual zero LTI performance payouts","excerpt":"At the same time, the three-year rTSR underperformed peers as we transition our portfolio and, in alignment with our pay-for-performance design, executives (which we define as all employees at the level of Vice President and above) received no payout under the LTI performance program for the second year in a row."},{"id":"e23","sourceId":"filing-3","location":"Corporate governance / shareholder rights, board policies and ownership requirements","excerpt":"Governance Principles Corporate Governance Practice Accountability to Stockholders ✓ Our common stock is our only class of stock, with one vote per share ✓ Our directors are annually elected by majority vote, and we have a director resignation policy related to material changes in a director’s principal occupation or employment and failure to receive a majority of votes cast ✓ Stockholders have the right to call special meetings and act by written consent ✓ Proxy access Bylaw (3%, 3 years, nominees for up to 25% of our Board) Board Independence ✓ 9 of our 10 director nominees qualify as independent under the independence requirements of the Nasdaq Stock Market (Nasdaq) ✓ Our Board is led by an independent Chair ✓ Our independent directors regularly meet without management present (executive sessions) that are led by our Chair and have open access to management and third-party advisors ✓ Our Board committees are comprised entirely of independent directors Board Composition ✓ 7 of our independent directors joined since 2019 ✓ Board tenure policy that seeks to maintain an average tenure of 10 years or less for independent directors ✓ Current average independent director tenure of approximately 7 years Board Policies and Practices ✓ Annual anonymous Board and committee evaluation process ✓ Annual independent director evaluation of CEO ✓ ERM program, IT, privacy, AI and cybersecurity overseen by our Board ✓ Annual compensation risk analysis overseen by the CMDC ✓ Board oversight of corporate social responsibility matters Risk Mitigation and Alignment of Interests ✓ Significant stock ownership requirements for our CEO, Executive Vice Presidents, Chief Accounting Officer and directors ✓ Clawback policies that exceed Dodd-Frank requirements ✓ Corporate Governance Principles and Comprehensive Code of Business Conduct ✓ Related Person Transaction Policy and Conflicts of Interest and Outside Activities Policy 2026 Proxy Statement -11- Table of Contents Corporate Governance Commitment to Stockholder Engagement We value the views of our stockholders and feedback received from them serves as a valuable input to Board and committee discussions and informs actions designed to increase long-term stockholder value."},{"id":"e24","sourceId":"filing-3","location":"Compensation discussion / actual 2025 incentive scorecard outcomes","excerpt":"Metric Weight Threshold Target Max Achieved Company Multiplier Financial Performance Revenue 10% $8,637M $9,188M $9,647M $9,775M(1) 150% Growth Revenue 25% $2,347M $2,551M $2,653M $2,411M 75% Non-GAAP Diluted Earnings Per Share** 35% $13.75 $15.75 $17.04 $17.41(1) 150% Pipeline Development Build and Advance Total Pipeline: ◾ Improve pipeline value creation while maximizing the potential to deliver meaningful medicines for patients 25% Achievement Above Target(2) 138% Corporate Responsibility Execute Corporate Responsibility strategy: ◾ Enroll representative patient population per clinical trial study targets, deliver health access for patients and advance a culture of excellence 5% Achievement Above Target(3) 120% Overall Annual Bonus Program Multiplier Company Multiplier 127%* * Numbers may not recalculate due to rounding **Refer to Appendix A for relevant reconciliation of Non-GAAP measures."},{"id":"e25","sourceId":"filing-3","location":"Compensation discussion / acquisition and collaboration expense adjustment to incentive EPS","excerpt":"EPS was further adjusted to add $2.13 related to the impact of IPR&D from acquisitions and collaborations with Stoke, Alcyone, Vanqua and Dayra."},{"id":"e26","sourceId":"filing-3","location":"Corporate governance / actual independent-director executive sessions","excerpt":"In 2025, the independent directors of our Board met without management present four times."},{"id":"e27","sourceId":"filing-3","location":"Stockholder engagement / 2025 say-on-pay support","excerpt":"Following the 2025 Annual Meeting where our Say on Pay proposal received 67.7% support, the CMDC and our Board conducted stockholder engagement to better understand stockholder perspectives."},{"id":"e28","sourceId":"filing-2","location":"Drug pricing / statutory negotiation, inflation rebates and manufacturer obligations","excerpt":"This includes the following: (i) allowing CMS to negotiate prices for select high-cost Medicare Part D drugs (beginning in 2026) and Part B drugs (beginning in 2028) to reduce out-of-pocket prescription drug costs for beneficiaries, potentially resulting in higher contributions from plans and manufacturers; 54 Table of Content (ii) drug inflationary rebate requirements to penalize manufacturers from raising the prices of Medicare covered single-source drugs and biologics beyond the inflation-adjusted rate, beginning in 2022 for Part D drugs and 2023 for Part B drugs; (iii) to incentivize biosimilar development, the IRA provides an 8.0% Medicare Part B add-on payment for qualifying biosimilar products for a five-year period; and (iv) Medicare Part D redesign which replaces the current coverage gap provisions and establishes a $2,000 cap for out-of-pocket costs for Medicare beneficiaries beginning in 2025, with manufacturers being responsible for up to 10.0% of costs up to the $2,000 cap and up to 20.0% after that cap is reached."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: February 6, April 28 and July 29, 2026; they are not retrieval dates.","Patent expiry schedules, settlement entry dates, comparative clinical efficacy and complete competitor coverage are absent. Named competitors are disclosed patent defendants; their inclusion does not establish approved entry or commercial market share.","Financial results and contractual disclosures support the assessment, but most evidence is issuer-sourced. Proxy descriptions of savings and performance do not independently establish exceptional management or durable advantage.","Demand and royalty trends provide indirect retention evidence; patient persistence, repeat-treatment rates and measured switching costs are absent.","Higher high-dose SPINRAZA pricing is disclosed without a quantified net-price bridge. Aggregate margin trends cannot isolate pricing from mix, litigation, acquisition accounting and spending.","Proxy evidence supports existing governance policies and actual compensation outcomes, but does not provide individual ownership compliance in the supplied passages. Nominee independence and future awards are not treated as completed election or vesting outcomes.","The April proxy described Apellis as pending; the July filing reports its closing and integration charges. Neither establishes realized acquisition returns. Pipeline exclusivity and prospective synergies are not counted as proven commercial protection."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Product-specific patent rights and monetized royalties support a limited intangible-asset advantage. Litigation does not establish enforceability, and legacy products already face realized competitive erosion.","evidenceIds":["e1","e3","e5","e6","e9","e10"]},{"criterion":"durability","grade":1,"rationale":"Growing royalty income supports continuing value, but generic and biosimilar erosion demonstrates fragile protection. Remaining exclusivity periods are missing.","evidenceIds":["e5","e6","e9","e10"]},{"criterion":"customer_dependency","grade":1,"rationale":"Demand growth for newer therapies indicates adoption, but declining legacy demand shows alternatives can displace treatment revenue. No demonstrated switching friction or patient dependency is quantified.","evidenceIds":["e7","e9","e10","e15"]},{"criterion":"erosion_resilience","grade":2,"rationale":"2025 total revenue grew despite MS declines, and newer-product demand and royalties increased subsequently. These offsets demonstrate partial resilience, while product revenue and earnings declined in 2025.","evidenceIds":["e9","e7","e5","e6"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher high-dose SPINRAZA pricing provides positive observed evidence, offset by approximately $90 million of realized 2025 Medicare Part D revenue pressure. Neither establishes broad sustained net-price increases.","evidenceIds":["e14","e11"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from operating demand: SKYCLARYS growth and U.S. SPINRAZA demand support continued use, while competitive legacy declines weaken the picture. SPINRAZA stocking complicates interpretation; patient retention rates are unavailable.","evidenceIds":["e7","e15","e9","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"Positive operating cash generation and reported cost savings provide support, but 2025 costs rose faster than revenue and diluted EPS fell. Litigation and acquisition-related expenses prevent attributing the deterioration solely to pricing.","evidenceIds":["e17","e18","e16","e9"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Statutory pricing and rebate obligations constrain terms, with realized revenue consequences. LEQEMBI pricing and reimbursement decisions are made by Eisai and/or third parties, limiting Biogen's control.","evidenceIds":["e28","e11","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation, disclosed capital spending and reported savings show financial capacity and cost action. Large historical acquisitions, new upfront and contingent commitments, and realized integration charges leave investment returns unproven.","evidenceIds":["e17","e18","e19","e20","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual zero LTI performance payouts for two consecutive years demonstrate consequences for relative underperformance, supported by ownership requirements and clawback policies. Above-target short-term payouts and acquisition-expense adjustments temper the assessment; individual ownership compliance is not supplied.","evidenceIds":["e22","e23","e24","e25"]},{"criterion":"execution","grade":2,"rationale":"New-product demand, royalty growth and reported savings demonstrate operating achievements. Legacy erosion, lower GAAP earnings and below-target growth revenue on the incentive scorecard make execution mixed. Demand is indirect commercial evidence, not proof of durable treatment retention or future pipeline success.","evidenceIds":["e7","e6","e18","e9","e24"]},{"criterion":"governance","grade":3,"rationale":"Disclosed shareholder rights, an independent chair, independent committees and actual independent-director sessions support strong governance practices. The 67.7% prior say-on-pay support signals meaningful shareholder concern; policies alone do not demonstrate exceptional oversight effectiveness.","evidenceIds":["e23","e26","e27"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"424f6be2c9cd63b48759c413c0a2a93bd03e99189c3fb08f5cd41a6beec8066e","updatedAt":"2026-10-18T00:10:16.811Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504526000013/biib-20251231.htm","publishedAt":"2026-02-06","sha256":"2d28ebc7a09516b9444c922a0b6a0f99db24cabada7b110bf34c0d7ed90dc442","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/875045/000087504526000075/biib-20260630.htm","publishedAt":"2026-07-29","sha256":"eb54344d13a72c24f4c2d507862f1af813606037cab7d824bca5dfddabdb8521","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/875045/000119312526187303/d788083ddef14a.htm","publishedAt":"2026-04-28","sha256":"a2e8f5eccf3bb98015be632407c5278553a6afc90cb84d15e3bcdf13e9208d49","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:26ced667088a4390be129749e4e7b6627d28ae7489ffb725f127b2cd1f40bc96","usage":{"input_tokens":51602,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3500,"reasoning_output_tokens":183},"basisSupplement":{"previousHash":"56989c098bdbb459740352414f29ac77ce18561bf59fcc2ccbcd54273a04b48c","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; 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