I Was Concerned About Biogen Until I Heard These 11 Words From Its CEO
When you think about biotech leaders, the name (NASDAQ: BIIB) may come to mind. Over the years, this biotechnology giant built a powerful multiple sclerosis (MS) treatment platform that has brought in billions of dollars in earnings. And earnings growth helped the stock soar to its peak back in 2015. But, in recent times, Biogen has faced one big challenge: Its top drugs have lost exclusivity. As a result, revenue has been on the decline, and the share price has stagnated.
Biogen prepared for the loss of exclusivity by developing new products, most specifically one to treat Alzheimer's disease. The company and partner Eisai recently scored a win when the U.S. Food and Drug Administration (FDA) granted Leqembi traditional approval. Still, a lot is riding on this Alzheimer's treatment and Biogen's other pipeline candidates, and that equals risk. Considering this, I was concerned about Biogen -- until I heard 11 words from its chief executive officer during the company's July 25 conference call with analysts.
Before we get to the comments from CEO Christopher Viehbacher, let's take a closer look at Biogen's situation. In its second-quarter earnings report this week, the company said MS product revenue fell 15% thanks to generic competition.
Source Fool.com
Biogen Inc. Stock
The stock is one of the favorites of our community with 51 Buy predictions and 2 Sell predictions.
With a target price of 287 € there is a hugely positive potential of 55.22% for Biogen Inc. compared to the current price of 184.9 €.
