2025-06-11-花旗集团-渤健公司（BIIB）_百健公司（BIIB.O）_百健公司额外的DZP_3期数据突显了公司对长期成功发展的关注_10页_266kb

Biogen (BIIB.O) Flash Summary: DZP Phase 3 Data & Valuation

Key Points

• Research Focus: Citi highlights Biogen’s Dapirolizumab Pegol (DZP) Phase 3 data from the PHOENYCS GO trial, showing significant improvements in disease activity and fatigue scores in SLE patients at week 48.
  • DZP achieved better low-disease activity rates (40.9% vs. 19.6%) and remission rates (19.2% vs. 8.4%) compared to standard of care.
  • Functional fatigue scores improved more in the DZP group (change from baseline: -8.9 vs. -5.2).
• Pipeline Outlook: Biogen’s pipeline remains critical for long-term growth, alongside new product launches (Skyclarys, Leqembi). Additional Phase 3 trial for DZP is ongoing.

Citi’s Take

• Valuation: Target price set at $125, down from $133, with a projected 1-year return of -6.1%.
• DCF Model: Uses WACC of 8.3%, terminal growth rate of 1% into 2030.
• Risks & Upside: Patient/Citations:
  • Upside: Improved penetration of Leqembi/Skyclarys/Zurzuvae, positive Spinraza data.
  • Downside: Slower product launches, erosion of MS franchise, or worse clinical trial outcomes.

Analyst Certification

Geoff Meacham and Ross Fladeland certify the report, maintain Neutral rating and $125 target price.