No conviction changes recorded
Fair Value Distribution — percentile bands
65.8% of simulations place fair value above current price
WHAT IS PRICED IN
Revenue-Based Reverse DCF
-0.4%/yr
±3.8% · revenue growth to justify current price
FCF-Based Reverse DCF
1.9%/yr
±2.6% · FCF growth to justify current price
THE GAP
Market pricing margin compression or rising capex
KEY VALUE DRIVERS
Spearman correlation — what moves this valuation most
Eagle will generate this view by the next trading session (~7h).
Eagle will generate this view by the next trading session (~7h).
Biogen's 2025 10-K reveals a company in strategic transition. MS franchise under heavy biosimilar pressure (TECFIDERA generics, TYSABRI biosimilar). Rare disease growth (SPINRAZA, SKYCLARYS, QALSODY) ...