Biogen’s 3Q Strong as Firm Heads Toward Mix of Pipeline Catalysts and Tecfidera Patent Rulings
Biogen’s 6% sales growth and 16% non-GAAP EPS growth position the firm to meet our estimates for the year, and we’re not making any changes to our $356 per share fair value estimate. We see fundamental strength in the firm’s pipeline, but Tecfidera’s stabilizing sales in multiple sclerosis could become a headwind to growth earlier than the market is assuming, if patent rulings (early 2017) are negative. We think shares look undervalued, even after incorporating Tecfidera declines beginning in 20...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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