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Investing.com - Morgan Stanley (NYSE:MS) has reduced its price target on Biogen (NASDAQ:BIIB) to $144.00 from $146.00 while maintaining an Equalweight rating on the stock. Currently trading at $127.99, with a P/E ratio of 12.55, InvestingPro analysis suggests the stock is undervalued.
The adjustment follows Biogen’s second-quarter performance, which exceeded expectations and prompted the company to raise its guidance. The company maintains strong fundamentals with a 75.65% gross profit margin and robust free cash flow yield.
According to Morgan Stanley, Leqembi’s worldwide sales beat was driven by continued momentum in Japan, while Skyclarys sales were in line with expectations.
The firm noted that Biogen’s legacy multiple sclerosis franchise outperformed during the quarter.
Morgan Stanley identified the FDA action on Leqembi SQ maintenance, with a PDUFA date of August 31, and potential lateral Alzheimer’s prevention data from Eli Lilly (NYSE:LLY)’s Kisunla as the next catalysts for the stock.
In other recent news, Biogen reported impressive financial results for the second quarter of 2025, surpassing earnings expectations. The company achieved an earnings per share (EPS) of $5.47, significantly exceeding the forecasted $3.99. Revenue also surpassed predictions, reaching $2.65 billion, higher than both Oppenheimer’s estimate of $2.29 billion and the consensus estimate of $2.32 billion. This marked a 12.07% revenue surprise. As a result of these strong financials, Biogen has updated its fiscal year 2025 guidance, projecting flat revenues at constant currency compared to fiscal year 2024. Oppenheimer has reiterated its Outperform rating on Biogen with a price target of $205.00. These developments reflect positively on the company’s financial health and future prospects.
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