Missed Biogen's Run? What Holders Had To Believe

This article examines the differing analyst views on Biogen in October 2025 and what factors contributed to its 67.2% return over the past year. It discusses the bullish and bearish narratives at the time, focusing on revenue forecasts, profit margins, and the impact of acquisitions like the Apellis deal. The current share price of US$251 is analyzed against the "Narrative" fair value, suggesting that the market has already priced in successful execution of its growth portfolio, leaving little room for disappointment.