Investment Thesis
Biogen focuses on neurology with durable multiple sclerosis cash flows and new launches in Alzheimer's and rare disease. Pipeline optionality and cost discipline support a return to growth.
- MS Foundation: Tecfidera, Vumerity, and Tysabri fund R&D and BD.
- Alzheimer's Catalyst: Leqembi rollout with Eisai opens blockbuster potential.
- Pipeline Depth: ALS, depression, ophthalmology, and biosimilars diversify revenue.