Biogen trims pipeline programs to cut costs, focus on Alzheimer's drug launch
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RBC Capital on Biogen (BIIB): 'CMS Makes It Clear - Leqembi Will Be Broadly Reimbursed - Should Reduce Overhang'
April 26, 2023 3:16 PM EDTRBC Capital analyst Brian Abrahams reiterated an Outperform rating and $340.00 price target on Biogen (NASDAQ: BIIB).
The analyst comments "We believe many people have been on the sidelines on BIIB because of concerns around Leqembi events this year - upcoming competitor data from LLY, an AdComm, the PDUFA for potential full approval, and CMS decision on reimbursement. Our sense has been that reimbursement is the biggest uncertainty weighing on the stock and on perceptions around Leqembi's long-term potential, as despite CMS's contention they will broaden reimbursement as soon as the drug... More
