Mizuho analyst Salim Syed said after the USPTO released the final written decision on Mylan's (MYL) challenge of the Tecfidera methods patent, and ruled in favor of Biogen (BIIB), that investors should now extend Tecfidera protection from the consensus view of 2024-2025 out to the full length of the '514 patent, or 2028. This ruling is worth about $15-$30 per Biogen shares to discounted cash flow, depending on assumptions, Syed added. While Mylan can appeal to the United States Court of Appeals for the Federal Circuit, Syed would argue that overturning 20 claims "sounds like a tough hill to climb," especially in light of the fact that this marks the third time Biogen has been victorious in a fight over its Tecfidera patents. Syed maintains a Neutral rating and $300 price target on Bigen shares.
RBC Capital analyst Brian Abrahams lowered the firm's price target on Biogen to $341 from $361 and keeps a Sector Perform rating on the shares. The company's base business is performing well but clarity on its aducanumab is "difficult to interpret", the analyst tells investors in a research note. Abrahams adds that adu's processes for P&T, MRI/PET scanning, and reimbursement are all slow and likely to continue to obscure near-term visibility on potential demand and steady-state deliverability.