Street View: Patience needed to see Biogen's steady growth
** Biogen BIIB.O lifted its annual profit forecast on Thursday due to cost cuts and better-than-expected sales of its various treatments, even as the U.S. adoption of its Alzheimer's drug remains slow
ACQUISITIONS NEEDED TO BUILD OUT ITS PORTFOLIO
** Needham ("Buy", PT $285) says "still need patience before we see an inflection point"
** Jefferies ("Buy", PT $250) says more business development deals likely to go beyond Alzheimer's
** Adds overall the market wants to see acceleration in Alzheimer's
** J.P. Morgan ("Neutral", PT $240) continues to think smaller deals are more likely in the near term, but could see Biogen pursue a large acquisition in 2025 and beyond.
** Views co's internal pipeline as fairly limited and believes the company would be well-served looking at partnerships or acquisitions to build out its portfolio
** Oppenheimer ("Outperform", PT $270) says optimistic for launches of postpartum depression drug Zurzuvae and Friedreich's ataxia drug Skyclarys and expects further business development deals
Reporting by Sriparna Roy in Bengaluru
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