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>Growth outpacing attrition. For the first time, Biogen’s core products LEQEMBI® (Alzheimer’s), SKYCLARYS® (rare disease), and ZURZUVAE® (depression)—achieved sufficient scale to offset the erosion of its legacy multiple sclerosis (MS) franchise.</li><li>In 3Q25, these launch products delivered 67% Y/Y growth, leading Biogen to revise its 2025 revenue guidance from an expected mid-single-digit decline to flat at constant currency at the start of the year to increasing by 1.</li><li>Thus, after several years of decline, the company has stabilized revenue and has been upgrading guidance since the start of the year, marking a clear directional shift.</li></ul>

Growth outpacing attrition. For the first time, Biogen’s core products LEQEMBI® (Alzheimer’s), SKYCLARYS® (rare disease), and ZURZUVAE® (depression)—achieved sufficient scale to offset the erosion of its legacy multiple sclerosis (MS) franchise.In 3Q25, these launch products delivered 67% Y/Y growth, leading Biogen to revise its 2025 revenue guidance from an expected mid-single-digit decline to flat at constant currency at the start of the year to increasing by 1.Thus, after several years of decline, the company has stabilized revenue and has been upgrading guidance since the start of the year, marking a clear directional shift.

BIIB: Turning the Corner and Moving Beyond Multiple Sclerosis with More Momentum

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. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.</li><li>This move signals Biogen's intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.</li><li>The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.</li></ul>

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.This move signals Biogen's intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.

Biogen's $50 Million Immunology Power Move: Are Oral Peptides The Future?

<ul><li>Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.</li><li>The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio's pressures while harnessing new growth avenues primarily through its launch products.</li><li>The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.</li></ul>

Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio's pressures while harnessing new growth avenues primarily through its launch products.The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.

Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shanghai Henlius Biotech announced that PMDA of Japan approved phase 2/3 clinical trial of HLX43 for injection (an anti-PD-L1 antibody-drug conjugate) for advanced squamous non-small cell lung cancer (NSCLC).</li>
<li>Simcere Pharmaceutical announced that, SIM0613 for Injection, an antibody-drug conjugate, received the clinical trial approval in China, and is intended for commencing the clinical trial for advanced solid tumors.</li>
<li>Olympus has signed an exclusive global distribution agreement with EndoRobotics. Under this agreement, robot-assisted technologies manufactured by EndoRobotics will be distributed globally by Olympus exclusively.</li>
</ul>


Shanghai Henlius Biotech announced that PMDA of Japan approved phase 2/3 clinical trial of HLX43 for injection (an anti-PD-L1 antibody-drug conjugate) for advanced squamous non-small cell lung cancer (NSCLC).
Simcere Pharmaceutical announced that, SIM0613 for Injection, an antibody-drug conjugate, received the clinical trial approval in China, and is intended for commencing the clinical trial for advanced solid tumors.
Olympus has signed an exclusive global distribution agreement with EndoRobotics. Under this agreement, robot-assisted technologies manufactured by EndoRobotics will be distributed globally by Olympus exclusively.


APAC Healthcare Weekly (May 10) – Henlius Bio, Simcere, Olympus, Daewoong Pharma

<ul>
<li>Hansoh Pharmaceutical obtained clinical trial approval for HS10587 tablets for advanced solid tumors. CSPC Pharmaceutical got registration approval for Aprepitant Injection for the prevention of postoperative nausea and vomiting.</li>
<li>Chugai Pharmaceutical’s partner Roche has decided to discontinue the clinical development of GYM329 (emugrobart). Otsuka is acquiring the U.S.-based Transcend Therapeutics for an upfront payment of $700M.</li>
<li>Celltrion will invest KRW 1.2T to construct Plants 4 and 5 at its Songdo campus. Alteogen entered license agreement with Biogen for development of subcutaneous formulations of biologics utilizing ALT-B4.</li>
</ul>


Hansoh Pharmaceutical obtained clinical trial approval for HS10587 tablets for advanced solid tumors. CSPC Pharmaceutical got registration approval for Aprepitant Injection for the prevention of postoperative nausea and vomiting.
Chugai Pharmaceutical’s partner Roche has decided to discontinue the clinical development of GYM329 (emugrobart). Otsuka is acquiring the U.S.-based Transcend Therapeutics for an upfront payment of $700M.
Celltrion will invest KRW 1.2T to construct Plants 4 and 5 at its Songdo campus. Alteogen entered license agreement with Biogen for development of subcutaneous formulations of biologics utilizing ALT-B4.


APAC Healthcare Weekly (March 29) – Hansoh, CSPC, Chugai, Takeda, Otsuka, Celltrion, Alteogen

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)

BIIB: Turning the Corner and Moving Beyond Multiple Sclerosis with More Momentum

Thus, after several years of decline, the company has stabilized revenue and has been upgrading guidance since the start of the year, marking a...

Water Tower Research

Biogen's $50 Million Immunology Power Move: Are Oral Peptides The Future?

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator...

Baptista Research

Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth...

Baptista Research

APAC Healthcare Weekly (May 10) – Henlius Bio, Simcere, Olympus, Daewoong Pharma

Henlius Bio and Simcere got trial approval for their respective ADC candidates in Japan and China, respectively. Olympus forges exclusive global...

Tina Banerjee

APAC Healthcare Weekly (March 29) – Hansoh, CSPC, Chugai, Takeda, Otsuka, Celltrion, Alteogen

Hansoh got trial approval, while CSPC obtained new drug approval. Chugai’s partner is discontinuing development of emugrobart. Otsuka is acquiring...

Tina Banerjee

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