Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

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<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

Biogen Inc

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