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.