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Biogen Inc BIIB

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Morningstar’s Analysis

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Biogen Braces for Aducanumab Uncertainty in 2021; Shares Remain Undervalued

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're maintaining our $346 fair value estimate for Biogen following fourth-quarter results that were in line with our expectations, despite non-GAAP EPS guidance for 2021 that was below our expectations. After factoring in the costs and revenue potential from recent collaborations as well as the cost of launch preparations for aducanumab, we continue to think that the shares trade at a discount to their intrinsic value.

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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.

Contact
225 Binney Street
Cambridge, MA, 02142
T +1 617 679-2000
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 9,100

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