Aducanumab's Failure Weighs on Our Biogen FVE; Firm Remains a Wide-Moat Neurology Innovator
We plan to lower our $385 fair value estimate for Biogen following the news that both phase 3 trials of Alzheimer's drug aducanumab, Engage and Emerge, are being discontinued due to futility. We had previously assigned the drug a 60% probability of approval based on strong data in a smaller trial and the drug's differentiation from other failed amyloid antibodies. While there is a still a chance that these drugs could work in the preventive setting, we are removing all amyloid antibody revenue f...Biogen is a biopharmaceutical company focused on discovering, developing and delivering therapies for people living with neurological and neurodegenerative diseases as well as related therapeutic adjacencies. The company's main growth areas include multiple sclerosis (MS) and neuroimmunology; Alzheimer's disease and dementia; neuromuscular disorders, including spinal muscular atrophy (SMA) and amyotrophic lateral sclerosis; movement disorders, including Parkinson's disease; and ophthalmology. The company's marketed products include TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, VUMERITY and FAMPYRA for the treatment of MS, SPINRAZA for the treatment of SMA and FUMADERM for the treatment of severe plaque psoriasis.
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