Biogen price target lowered to $290 from $295 at Oppenheimer

Oppenheimer lowered the firm’s price target on Biogen to $290 from $295 and keeps an Outperform rating on the shares. The firm notes Biogen provided mixed Q4 financial results and focused on a business update suggesting progress in multiple areas, including 2024 financial guidance with low- to mid-single-digit percentage revenue decline and about 5% non-GAAP EPS growth; plans for two potentially transformative product launches with promising signals; cost management and R&D prioritization plans with innovative new therapeutic options in Alzheimer’s Disease; additional pipeline optionality in rare diseases; and apparent consideration for continued Bus Dev. However, Oppenheimer remains optimistic about Leqembi and Skyclarys to drive longer-term revenue growth, while Fit-for-Growth initiatives should drive operating margin expansion over time.