RBC Capital analyst Brian Abrahams writes that while Biogen's MS franchise is expected to perform "solidly" in 2018 thanks to stable treatment dynamics and competitive setbacks, over the longer term the company may be faced with "branded and generic competitive pressures on share and price". Abrahams notes that emerging data around stem cell transplant - SCT - could be worth watching within an evolving landscape, though the complexity and potential side effects are unlikely to pose competitive threats in the short run. Longer term, the analyst keeps his Sector Perform rating on Biogen, stating that its valuation continues to balance the near-term stability in MS with the need for additional pipeline expansion.

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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