Company

Bank

Analyst

Coverage

Opinion

Wk chg

12/6 cls

Biogen Idec Inc. (NASDAQ:BIIB)

Bernstein Research

Geoffrey Porges

Price target

Market perform

0%

$290.90

Leerink

Marko Kozul

Price target

Outperform

Porges raised his target to $296 from $257 after EMA's CHMP said Tecfidera dimethyl fumarate qualifies as a new active substance (NAS). In March, the committee recommended approval of an MAA for Tecfidera to treat adults with relapsing-remitting multiple sclerosis (RRMS), but the recommendation did not include NAS designation, which would entitle Biogen Idec to 10 years of regulatory exclusivity (see BioCentury, Nov. 25). Tecfidera is an oral dimethyl fumarate that activates the NF-E2-related factor 2 (Nrf2) pathway. Porges raised his estimates for ex-U.S. Tecfidera revenues to $160M in 2014, $460M in 2015, $800M in 2016 and $1B in 2017. He previously projected the annual revenues to remain at $56M from 2014-17. Biogen Idec launched Tecfidera in the U.S. in April. Biogen Idec was up 2% for the week ended Nov. 29, when Porges issued his report.

Kozul raised his target to $322 from $300 on the CHMP recommendation. He also raised his 2014 worldwide Tecfidera sales estimate to $2.6B from $2.2B and his 2014 EPS estimate to $11.85 from $11.07.