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Biogen Inc BIIB

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Lowering Biogen's Fair Value Estimate to $389 Following Tecfidera Patent Ruling

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

The U.S. District Court for the Northern District of West Virginia has ruled in favor of Mylan in a Tecfidera-related patent dispute, and we're lowering our Biogen fair value estimate to $389 from $413  as a result of the news. Even though Biogen plans to appeal, we assume this decision in favor of Mylan (key Tecfidera '514 patent deemed invalid) could lead to generic headwinds in 2021 in the U.S. Before the West Virginia decision, U.S. protection looked likely to stand until close to 2028, given positive U.S. IPR (inter partes review) and Forward Pharma litigation rulings in 2017, and another positive IPR ruling (filed by Mylan) in February 2020.

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Company Profile

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.

225 Binney Street
Cambridge, MA, 02142
T +1 617 679-2000
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2019
Stock Type Classic Growth
Employees 7,400