Cantor Fitzgerald analyst Brandon Folkes views the institution of Mylan's (MYL) inter partes review challenge of Tecfidera's '514 patent as a potential positive for Alkermes (ALKS). The analyst has assumed Biogen's (BIIB) Tecfidera '514 patent holds through 2028, and thus had ascribed a "more-modest" value to Alkermes' royalty from BIIB098 sales. If Mylan is successful in its IPR challenge, says the analyst, it could provide $4-$7 per share upside to his current Alkermes price target of $33. Biogen reported Tecfidera revenues of $4.3B for 2018, $3.3B of which was generated in the U.S. Alkermes is entitled to a mid-teen royalty on worldwide sales of BIIB098, Folkes tells investors in a research note titled "Giving ALKS a Hall Pass to Support the Away Team This Time." However, he believes the market has discounted the contribution of the BIIB098 royalty to Alkermes, "given the uncertainty about how the product may be included in a Tecfidera life cycle extension given the '514 patent runs to 2028."