Oppenheimer analyst Jay Olson lowered the firm’s price target on Biogen to $310 from $320 and keeps an Outperform rating on the shares. The firm notes Biogen provided Q4 financial results and focused on a business update suggesting uncertainty in multiple areas, including 2023 financial guidance with revenues described in rough percentage terms; plans for two potentially transformative product launches with limited insights on timeline to revenue accretion; cost management and R&D prioritization plans with unspecified goals; strategic plans for sustained growth but no Head of Research or Bus Dev to execute; organizational uncertainty surrounding the two aforementioned slots plus the Chairman transition; and apparent consideration for diversifying away from neuroscience. However, Oppenheimer remains optimistic about zuranolone and Leqembi.
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