Biogen upgraded to Buy as Q2 growth and new drugs offset MS portfolio decline

Biogen Inc. received a 'Buy' upgrade due to strong Q2 revenue growth of 3% year-over-year, driven by its acquisition of Apellis, progress in rare disease treatments, and Alzheimer's collaboration. Despite challenges in its multiple sclerosis portfolio, new drugs like LEQEMBI and the potential of Felzartamab support long-term growth. Valuation models suggest Biogen is undervalued, with future growth dependent on accelerating beyond current modest projections. This positions Biogen as a promising investment amid evolving healthcare dynamics.