Biogen's stock underperformed in 2024 due to poor sales of Leqembi and declining multiple sclerosis revenues, despite efforts to diversify its pipeline.
Leqembi's market struggles continue, with underwhelming sales and significant losses, although EU regulators show increased confidence in its risk-benefit profile.
Biogen's financial health remains solid with strong cash flow and a reasonable debt level, supporting ongoing R&D investments despite current revenue challenges.
The current valuation of Biogen is not attractive; sustainable revenue growth is needed, making it a "hold" until a clear path to growth emerges.
RyersonClark
Introduction
Biogen's (NASDAQ:BIIB) stock was a major underperformer in 2024. In February, I downgraded the stock to "sell" due to underwhelming Q4 2023 earnings and disappointing performances from Leqembi, an Alzheimer's treatment, and Zurzuvae, for postpartum depression. In late April, after the stock had
