Biogen (BIIB): Mature MS Business - Leerink
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Leerink Partners analyst, Geoffrey Porges, reiterated his Market Perform rating on shares of Biogen (NASDAQ: BIIB) but cut his price target to $361 from $367 after Biogen reported 3Q results with flat (reported) to declining (net of one-time items) MS market results and unfavorable underlying business trends.
Reported revenue was just above consensus (+2%) but would likely have been just in line apart from favorable inventory and gross-to-net adjustments. EPS beat consensus by 4% driven largely by favorable variances in R&D and SG&A.
The company maintained previous mid-year 2016 revenue guidance of $11.2-$11.4bn and GAAP EPS guidance of $18.10-$18.40, both of which appear beatable with these one-time items. The company has now transitioned to a guidance schedule of updates every six months.
No update was provided about the CEO search other than to confirm the process is very active with multiple candidates being considered by the board of directors and search committee
Shares of Biogen closed at $296.46 yesterday.
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