Leerink Partners Reinitiates Biogen (BIIB) at Market Perform

Leerink Partners reinitiatse coverage on Biogen (NASDAQ: BIIB) with a Market Perform rating and a price target of $335.00.

Analyst Geoffrey Porges commented, "Biogen is the leading developer of branded medicines for the treatment of multiple sclerosis (MS), which contributes $8.5bn, or 80% of the company’s revenue today (2015). We see this market as in flux, with new entrants and increasing reimbursement challenges dampening the outlook for the category. Biogen has the resources and research to remain at the forefront of the category, but in our view it is still likely to lose share over time and face flat-to-declining sales in this franchise. We forecast that its MS revenue will grow modestly to $8.9bn by 2020, before eroding to approximately $5.2bn by 2025. This forecast assumes, however, that none of Biogen's ongoing investments into additional medicines for this disease bears fruit; certainly its anti LINGO program has the potential to contribute substantial new revenue in this and other indications, but we are cautious about this program and the drug’s activity, at least until we see the first clinical efficacy data in MS this fall."

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $270.43 yesterday.

You May Also Be Interested In

• Biogen (BIIB) PT Lowered to $300 at H.C. Wainwright
• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
• TechnipFMC (FTI) PT Raised to $30 at BTIG