Wolfe says Biogen ‘struck a more cautious tone’ on possible Tysabri biosimilar

Wolfe Research notes that Biogen reported Q2 total revenues that came in 1.5% ahead of the firm’s estimate, a 6% EPS beat and FY23 guidance that was unchanged. The firm also contends that Biogen “struck a more cautious tone” in its prepared remarks on the possibility of early Tysabri biosimilar entry and while “this is not how we/consensus model it,” it is a risk the firm has flagged previously regarding what the firm notes is a $2B per year product. Wolfe has a Peer Perform rating and $277 price target on Biogen shares, which are down $10.48, or 4%, to $266.52 in late morning trading after this morning’s report.