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Biogen started at sell by UBS

March 9, 2017

UBS initiates coverage on Biogen (NASDAQ: BIIB) with a Sell rating and a price target of $260.00.

Analyst Carter Gould comments:

“Key focal points for investors:

  • Is there still growth left in MS for Biogen?
    • UBS View: Not much. We expect the franchise to peak in the next 12 months, given (1) emerging competition, (2) potential for increased payor/PBM management, and (3) potential IP tail risk
  • Will the Spinraza launch beat expectations?
    • UBS View: Yes. However, emerging gene therapies could displace Spinraza by 2020, minimizing benefit of a better launch in our valuation
  • Will phase 3 aducanumab studies read-out positively in Alzheimer’s?
    • UBS View: We assign a 30% POS, but see this as setting up more for a 2018 debate
  • Where could we be wrong? MS growth surprises or Spinraza beats to the upside”


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