Biogen (BIIB)

A substantial part of Biogen’s revenue also comes from collaboration economics tied to anti-CD20 medicines developed with Roche. These arrangements include exposure to products such as Rituxan and Gazyva in oncology, as well as Ocrevus in multiple sclerosis, giving Biogen an important stream of partner-derived income outside its wholly owned marketed drugs.

Biogen’s newer growth efforts are concentrated in specialty and rare disease markets where scientific differentiation and regulatory execution are central. Spinraza, developed with Ionis, treats spinal muscular atrophy and remains a key therapy in a competitive field. Leqembi, commercialized with Eisai, represents Biogen’s high-profile participation in Alzheimer’s disease treatment. The company has also expanded through assets such as Skyclarys for Friedreich’s ataxia, Zurzuvae for postpartum depression through its work with Sage Therapeutics, and Qalsody for a genetically defined form of amyotrophic lateral sclerosis.

The investment case for Biogen is closely tied to its ability to offset erosion in legacy products with newer launches, collaboration revenue, pipeline execution and disciplined capital allocation. Its specialist focus, scientific heritage and presence in difficult-to-treat neurological diseases make it a distinctive large-cap biopharmaceutical company.