Biogen successfully made the transition from a licensing company to a company that manufacturers and markets its own products. Its Avonex treatment for multiple sclerosis is now the world-wide standard of care, and is expected to see continued ~20% annually. Offerings by Chiron and Teva fall short of Avonex's efficacy; Ares-Serono's beta interferon is a knock-off and is excluded from the US due to Avonex's Orphan Drug status.
The current question is, "What next?" Until last fall, anti-CD40L and VLA4 were on the list, but both are stalled at best (Idec's similar anti-CD40L formulation seems not to have shown efficacy for Lupus). But, Amevive for psoraiasis, and Adentri for congestive heart failure are showing great promise (Amevive looks spectacular and is expected on the market within two years).
The company is conservatively managed, has a great drug discovery program, has made good investment choices, is perhaps underaggressive on the acquisition front, and has tremendous financials.
Opinions, information and questions are welcome. |
