SNY - Biogen: The Price Is Wrong

• Biogen is one of the leading providers of medicines used for the treatment of multiple sclerosis, spinal muscular atrophy.
• Biogen's gross margin is around 83.4%, significantly higher than the medical industry average and one of the highest among the top 20 pharmaceutical companies in terms of revenue.
• Tecfidera's sales were $487.6 million in Q2 2021, down 58.7% from Q2 2020.
• Aduhelm is the first FDA-approved drug for the treatment of Alzheimer's disease since 2003.
• Tysabri's sales were $524.2 million in Q2 2021, up 21.3% from Q2 2020. However, sales of this drug may begin to decline due to the emergence of biosimilar in 2023.

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