Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul><li>2025 guidance reaffirmed despite better-than- expected 1Q25 revenues.</li><li>Despite beating expectations with a 6% Y/Y growth in reported revenues to $2.4B (8% Y/Y growth on a constant currency basis) for 1Q25, Biogen nevertheless maintained its full year revenue guidance for a mid-single digit drop in constant currency (CC) revenues, which will make it the sixth consecutive year of revenue decline for the company.</li><li>Although Biogen lowered its 2025 non-GAAP EPS guidance range to $14.50-$15.50 from the previous range of $15.25- $16.25, this negative revision is not a sign of unanticipated business deterioration. </li></ul>

2025 guidance reaffirmed despite better-than- expected 1Q25 revenues.Despite beating expectations with a 6% Y/Y growth in reported revenues to $2.4B (8% Y/Y growth on a constant currency basis) for 1Q25, Biogen nevertheless maintained its full year revenue guidance for a mid-single digit drop in constant currency (CC) revenues, which will make it the sixth consecutive year of revenue decline for the company.Although Biogen lowered its 2025 non-GAAP EPS guidance range to $14.50-$15.50 from the previous range of $15.25- $16.25, this negative revision is not a sign of unanticipated business deterioration. 

Biogen, Inc. - Steady as She Goes as the Ship Continues to Turn Slowly

<ul><li>Biogen built its reputation on a differentiated modality-agnostic approach to drug development, deploying innovative technologies to address complex and intractable diseases.</li><li>This innovative approach yielded the company’s golden era, which lasted ~20 years from the mid- 1990s to 2017. During this period, Biogen enjoyed near unrivaled leadership in the disease-modifying treatment of multiple sclerosis (MS).</li><li>But the adage of ‘all good things must come to an end’ could not be more of a truism for the company, as genericization and the entry of more efficacious next-generation treatments began to erode revenue from its MS franchise. </li></ul>

Biogen built its reputation on a differentiated modality-agnostic approach to drug development, deploying innovative technologies to address complex and intractable diseases.This innovative approach yielded the company’s golden era, which lasted ~20 years from the mid- 1990s to 2017. During this period, Biogen enjoyed near unrivaled leadership in the disease-modifying treatment of multiple sclerosis (MS).But the adage of ‘all good things must come to an end’ could not be more of a truism for the company, as genericization and the entry of more efficacious next-generation treatments began to erode revenue from its MS franchise. 

Biogen, Inc: Breakthrough Drug Developer in Reset Mode; Initiating Coverage

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Biogen Inc.'s fourth-quarter and full-year 2024 financial results highlight a company in transition, balancing the challenges of competition in its core multiple sclerosis (MS) franchise while seeking growth avenues through new product launches and pipeline prioritization.</li><li>Biogen's earnings call detailed their strategic focus on launching innovative treatments, optimizing their pipeline, and reshaping company operations to align with future growth opportunities.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Biogen Inc.'s fourth-quarter and full-year 2024 financial results highlight a company in transition, balancing the challenges of competition in its core multiple sclerosis (MS) franchise while seeking growth avenues through new product launches and pipeline prioritization.Biogen's earnings call detailed their strategic focus on launching innovative treatments, optimizing their pipeline, and reshaping company operations to align with future growth opportunities.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Biogen Inc.: Expansion into Immunology & Rare Diseases Is Key Diversification Strategy But Will It Work?

<ul><li>Biogen's third-quarter 2024 earnings highlighted both strides and challenges the company is navigating in its ongoing operations and strategic objectives.</li><li>This dual focus underscores Biogen’s efforts in addressing existing market demands while steering through the inherent complexities of pharmaceutical development and market penetration.</li><li>Starting on a positive note, Biogen reported several advancements in key areas.</li></ul>

Biogen's third-quarter 2024 earnings highlighted both strides and challenges the company is navigating in its ongoing operations and strategic objectives.This dual focus underscores Biogen’s efforts in addressing existing market demands while steering through the inherent complexities of pharmaceutical development and market penetration.Starting on a positive note, Biogen reported several advancements in key areas.

Biogen Inc.: Market Expansion & Commercial Execution Of New Launches Driving Our 'Buy' Rating! - Major Drivers

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/ebay-inc" target="_blank" data-smartkarma-citation="entities:1291:1" rel="noopener">eBay Inc (EBAY US)</a> are the main addition candidates for the acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> by mid-2025 and the December 2025 review.</li>
</ul>



MongoDB (MDB US) is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.

Shopify (SHOP US) is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.

Alnylam Pharmaceuticals (ALNY US) and eBay Inc (EBAY US) are the main addition candidates for the acquisition of Ansys Inc (ANSS US) by mid-2025 and the December 2025 review.


MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

United States

Biogen Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company's products address diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, Crohn's disease, and psoriasis.

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Biogen Inc (BIIB US)

Biogen, Inc. - Steady as She Goes as the Ship Continues to Turn Slowly

Despite beating expectations with a 6% Y/Y growth in reported revenues to $2.4B (8% Y/Y growth on a constant currency basis) for 1Q25

Water Tower Research

Biogen, Inc: Breakthrough Drug Developer in Reset Mode; Initiating Coverage

Biogen built its reputation on a differentiated modality-agnostic approach to drug development, deploying innovative technologies to address...

Water Tower Research

Biogen Inc.: Expansion into Immunology & Rare Diseases Is Key Diversification Strategy But Will It Work?

Biogen Inc.'s fourth-quarter and full-year 2024 financial results highlight a company in transition, balancing the challenges of competition in...

Baptista Research

Biogen Inc.: Market Expansion & Commercial Execution Of New Launches Driving Our 'Buy' Rating! - Major Drivers

Biogen's third-quarter 2024 earnings highlighted both strides and challenges the company is navigating in its ongoing operations and strategic...

Baptista Research

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

MDB is set to be removed from Nasdaq100 on 16 May due to its low index weighting, with SHOP expected to replace it. ALNY and EBAY are potential...

Dimitris Ioannidis

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