Biogen delivered an all-around beat in the last result. Its MS product revenue was $1.3 billion, representing a decline of 17% in actual currency and 14% in constant currency which was a setback. TECFIDERA generic competition, ongoing interferon declines and some pricing pressure mostly brought on this reduction. Many generic versions of TECFIDERA have continued to be introduced in numerous European nations. The company also kept up with protecting its intellectual property for TYSABRI. SPINRAZA revenue in the U.S. climbed by 5% over the previous year. Besides, LEQEMBI was given fast approval in the US in the quarter. They are also developing a wider pipeline for Alzheimer’s research and have started the Phase II CELIA study with BIIB080 in patients with early Alzheimer’s disease. Moreover, litifilimab may be the first-ever therapy for CLE. The Phase II LILAC study’s CLE component achieved its primary endpoint, and the results were reported in the New England Journal of Medicine. Based on these positive results, they started the Phase II/III AMETHYST investigation of litifilimab in CLE. Also, the team is making a lot of effort to increase operational effectiveness while continuing to be dedicated to building long-term value for its shareholders. We give Biogen a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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