Biogen cut to Hold at Argus on expected earnings decline

As previously reported, Argus downgraded Biogen (BIIB) to Hold from Buy. The company has provided guidance for 2025, noting that it expects revenue to decline at a mid-single-digit rate at constant currency compared with 2024 as further declines in multiple sclerosis, MS, product revenue are expected to overshadow the increases in revenue from product launches, the analyst tells investors in a research note, also noting that its adjusted diluted EPS of $15.25-$16.25 is implying a decline of 1%-7% for the year. Argus adds however that it would consider upgrading the stock as the company lowers its reliance on MS sales, upon the release of further studies reinforcing the safety profile of Leqembi, or on signs that its earnings are expected to reach double-digit growth.