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Biogen Inc BIIB Stock Quote

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Morningstar‘s Stock Analysis BIIB

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Biogen/Eisai's Strong Lecanemab Data Raise Prospects for Nascent Alzheimer's Market

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We've raised our Biogen fair value estimate to $330 from $305 following lecanemab's strong phase 3 data in Alzheimer’s disease. We had already incorporated a 50% probability of roughly $5 billion in 2031 sales for lecanemab (profits split equally with partner Eisai), and with this data, we've increased that probability to 90%. We expect accelerated approval of the drug in January 2023, with full approval and strong reimbursement from private payers and Medicare by the end of 2023. Biogen’s neurology-focused portfolio and pipeline continue to support a wide economic moat.

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Company Profile BIIB

Business Description

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel MS drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is co-promoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with SOBI) were spun off as part of Bioverativ in 2017. Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis. Aduhelm was approved as the firm's first Alzheimer's disease therapy in June 2021.

Contact
225 Binney Street
Cambridge, MA, 02142
T +1 617 679-2000
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 9,610

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