2025-06-11-花旗集团-百健公司（BIIB）_百健公司（Biogen_Inc_BIIB.O）_费扎他单抗在罕见肾病方面的管线进展正在形成；优质资产_但关键数据还需时日_10页_265kb

Biogen Inc (BIIB.O) is advancing its pipeline with felzartamab, an anti-CD38 monoclonal antibody targeting rare kidney diseases including antibody-mediated rejection (AMR), IgA nephropathy (IgAN), and primary membranous nephropathy (PMN). Phase 3 trials are in progress: TRANSCEND (AMR) with data in 2027, PREVAIL (IgAN) with data in 2029, and PROMINENT (PMN) with initiation in 2025 and data in 2029. The company highlights a strong revenue potential, but cites data timelines and market risks. Citi Research maintains a neutral rating with a target price of US$125, based on DCF analysis projecting free cash flows, while noting risks from product competition and franchise erosion.