Morgan Stanley analyst Matthew Harrison noted that the U.S. Patent and Trademark Appeal Board issued an order indicating that Sawai and Biogen (BIIB) have settled their disputes regarding the key Biogen patent protecting Tecfidera, which he said leaves Mylan (MYL) as the only other IPR challenger. Although he expects investors to view this as a step in the right direction, he still sees the IPR continuing with Mylan remaining a key overhang on Biogen shares. Even if Mylan and Biogen were to settle, the PTAB will likely continue to issue a final written decision by February 2020 since the IPR has had an oral hearing, which puts the patent at risk, said Harrison. He keeps an Underweight rating on Biogen shares.

Wedbush analyst Laura Chico raised the firm's price target on Biogen to $215 from $213 and keeps a Neutral rating on the shares. It remains early days for newly launching products like Skyclarys, Leqembi and Zurzuvae, the firm notes. That being said, it is encouraging to start to see revenue growth for Leqembi and continued growth for Skyclarys. Wedbush continues to see a gap between the newly launching products and earlier-stage development programs that will need to be addressed. However, larger-scale BD deals are likely easier to complete in 2025.

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