Biogen Reports Strong First Quarter, Remains Undervalued in Wake of Aducanumab Failure
We're maintaining our $327 fair value estimate for Biogen following strong first-quarter results, with 11% top-line growth and 15% non-GAAP EPS growth, and we continue to see shares as significantly undervalued in the wake of aducanumab's failure. For the remainder of the year, we expect revenue growth to sink to the single digits (first-quarter performance had a tailwind from a one-time sale of hemophilia inventory to Bioverativ), but that non-GAAP EPS growth will remain strong, benefiting from...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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