Biogen Earnings: Encouraging Launches Point to Solid Growth Profile Beyond 2024

Biogen’s new product launches and cost-cutting programs are countering headwinds from a declining portfolio of older multiple sclerosis drugs, and first-quarter product revenue fell 3% while non-GAAP EPS grew 8%. We’re maintaining our $303 fair value estimate, as we think Biogen’s neurology, rare disease, and immunology portfolio and pipeline look well positioned to drive growth beyond 2024 and support a wide moat. Data from programs in ALS, Angelman’s, lupus, and essential tremor should be available by mid-2024, and positive data could create upside to our valuation.