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    BIIB   US09062X1037

BIOGEN INC.

(BIIB)
  Report
Real-time Estimate Cboe BZX  -  10:58:48 2023-02-03 am EST
288.08 USD   +0.19%
01/31Eisai-Biogen Gets Priority Review for Alzheimer's Drug in Japan
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01/30Global markets live: Toyota, Unilever, Bayer, Goldman Sachs, Biogen...
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01/30UBS Adjusts Biogen's Price Target to $337 From $338, Maintains Buy Rating
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Biogen confident in Alzheimer's drug ahead of rivals' data

10/25/2022 | 07:17am EST

Oct 25 (Reuters) - Biogen Inc on Tuesday said the Alzheimer's disease drug it is developing with Japan's Eisai Co Ltd would be used by doctors in a competitive market as investors wait for data from rival therapies made by Eli Lilly and Co and Roche.

The drug, lecanemab was shown to slow the progress of the disease by 27% in a trial last month, and additional data is expected next month.

Lecanemab and experimental drugs for the mind-wasting disease from Lilly and Roche belong to a class of treatments that reduces amyloid beta proteins in the brain believed to be an underlying cause of Alzheimer's.

"The data needs to be seen from the other anti-amyloid therapies before we decide what is going to be meaningful," said Biogen interim research chief Priya Singhal.

Singhal added that safety data from lecanemab - showing rates of a type of brain swelling called ARIA also seen with other Alzheimer's drugs were at about 21% - was in-line with Biogen's expectations. That should help doctors make prescribing decisions along with efficacy data, she said.

Biogen raised its annual profit forecast for the second successive quarter based in part on much lower expenses. Its costs were about halved as the company significantly cut back on commercial infrastructure around the launch of Aduhelm, its previous Alzheimer's drug that has sputtered amid controversy over efficacy and lack of coverage by health insurers.

Biogen is now forecasting a full-year profit of $16.50 to $17.15 per share, up from its prior view of $15.25 to $16.75.

The drugmaker's spending on setting up a sales network and other commercial activities for lecanemab once approved would ramp up over time and be tied to its sales, Chief Financial Officer Michael McDonnell said.

Eisai, which is the leading the partnership, is expected to file for a U.S. approval soon with a decision expected in January.

Investors have been pinning hopes on the Alzheimer's drug as cheaper generics of Biogen's multiple sclerosis treatment Tecfidera have entered the market, hurting sales. Growth driver Spinraza for the rare genetic disorder spinal muscular atrophy is also facing competition from Novartis' newer Zolgensma.

Biogen shares were off more than 1% despite posting a higher-than-expected quarterly profit and raising its 2023 forecast.

The earnings highlighted that Biogen's base business is in decline, said BMO analyst Evan Seigerman. That, along with lack of answers around lecanemab's commercialization, could be hurting Biogen's shares, Seigerman said.

Excluding items, Biogen earned $4.77 per share for the third quarter, topping Wall Street estimates by 63 cents.

Biogen did not provide any update on its search since May for a new chief executive. Michel Vounatsos will remain at the helm until a replacement is found. (Reporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Bill Berkrot)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BIOGEN INC. 0.17% 288.02 Delayed Quote.5.30%
EISAI CO., LTD. -0.83% 7869 Delayed Quote.-8.84%
NOVARTIS AG 1.83% 79.69 Delayed Quote.-6.38%
ROCHE HOLDING AG 3.54% 283.7 Delayed Quote.-5.73%
All news about BIOGEN INC.
01/31Eisai-Biogen Gets Priority Review for Alzheimer's Drug in Japan
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01/30Global markets live: Toyota, Unilever, Bayer, Goldman Sachs, Biogen...
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01/30UBS Adjusts Biogen's Price Target to $337 From $338, Maintains Buy Rating
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01/30It's all about central banks this week
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01/30Eisai-Biogen Partnership Pursues Marketing Authorization of Alzheimer's Drug in Europe
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01/30Biogen, Eisai Drug Lecanemab Gets Priority Review Status in Japan
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01/29Japan gives priority review status to Alzheimer's drug developed by Eisai, Biogen
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01/29Japan grants priority review status to Alzheimer's treatment from Eisai-Biogen
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01/29Lecanemab receives priority review status in japan
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Analyst Recommendations on BIOGEN INC.
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Financials (USD)
Sales 2022 10 068 M - -
Net income 2022 2 872 M - -
Net Debt 2022 266 M - -
P/E ratio 2022 14,2x
Yield 2022 -
Capitalization 41 403 M 41 403 M -
EV / Sales 2022 4,14x
EV / Sales 2023 4,07x
Nbr of Employees 9 610
Free-Float 85,2%
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Technical analysis trends BIOGEN INC.
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Mean consensus OUTPERFORM
Number of Analysts 32
Last Close Price 287,52 $
Average target price 322,41 $
Spread / Average Target 12,1%
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Managers and Directors
Christopher A. Viehbacher President, Chief Executive Officer & Director
Michael R. McDonnell Chief Financial Officer & Executive Vice President
Stelios Papadopoulos Director
Alphonse Galdes EVP-Pharmaceutical Operations & Technology
Mahalakshmi Radhakrishnan Chief Medical Officer & Group Senior VP
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