Biogen Remains Undervalued Following 1Q Results; Long-Term Differentiator Is Neurology Pipeline
We’re maintaining our $382 fair value estimate for Biogen following first-quarter results, and we think shares remain significantly undervalued. Biogen’s revenue grew 15% year over year (excluding hemophilia) but shrank 5% sequentially, partly due to inventory drawdowns in MS and U.S. Spinraza declines. However, Biogen appears to be carefully crafting a long-term research and development strategy centered around Ionis’ antisense oligonucleotides, with spinal muscular atrophy drug Spinraza as val...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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