After Biogen reported top-line results from the Phase 3 EVOLVE-MS-2 study comparing Vumerity head-to-head versus Tecfidera, Piper Jaffray analyst Christopher Raymond said he thinks investors may be disappointed after "digging into" the update. Vumerity looks "decidedly better" than Tecfidera on flushing, diarrhea, nausea and AE-related discontinuations, but the drug showed "meaningfully worse" tolerability than previously seen, according to Raymond, who also said that adverse events now seem more in-line with what had been seen in Tecfidera's much larger pivotal trials. Given that he continues to see increased competitive pressure on Tecfidera and Tysabri, he remains comfortable on the sidelines with respect to Biogen shares and keeps a Neutral rating on the stock.

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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