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Fly News Breaks for April 24, 2018
BIIB
Apr 24, 2018 | 08:08 EDT
Piper Jaffray analyst Christopher Raymond attributes the "big" revenue miss by Biogen in Q1 to a "sizable" inventory draw down. While multiple sclerosis franchise inventory headwinds upwards of $130M "mitigate the miss somewhat, the optics are still not great, especially with Spinraza posting what we see as a fairly material miss," Raymond tells investors in a first-take post-earnings research note. He has an Overweight rating on Biogen.
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