Biogen Scores Surprise Win for Oral Alzheimer's Therapy; Shares Remain Undervalued
Biogen and partner Eisai announced that amyloid antibody BAN2401 yielded positive data in a large Phase 2 study in Alzheimer's disease, and we're raising our Biogen fair value estimate to $404 per share as we add the drug back to our valuation model and now assume a higher (60%) probability of approval for both of the firms' amyloid antibody drug candidates, aducanumab and BAN2401. We estimated that Biogen shares were 20% undervalued before the data announcement, and with our more bullish Alzhei...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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