Report
Karen Andersen
EUR 101.80 For Business Accounts Only

Biogen’s 3Q Reflects Solid MS Sales, Pipeline Progress; Our Spinraza Peak Estimates Below Consensus

We’re maintaining our $338 per share fair value estimate for Biogen following a solid third quarter, with 13% top-line growth (excluding the hemophilia business, which was spun off in the first quarter) and non-GAAP EPS growth of 22%. While Roche’s Ocrevus pressured demand for Biogen’s MS drugs in the U.S., with particularly high discontinuations for JC-virus positive Tysabri patients, it also led to a $65 million royalty in the quarter, partially offsetting the hit. The focus remains on spinal ...
Underlying
Biogen Inc.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Karen Andersen

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