"Our key takeaway is that if the FDA would have wanted to reject the drug, we would have heard the decision by now," she said, according to Reuters. Morningstar analyst Karen Andersen puts fair value at $346 for Biogen stock. Biogen's "specialty-market-focused drug portfolio and novel, neurology-focused pipeline create a wide economic moat," she wrote in November. "Biogen's strategy has its roots in the 2003 merger of Biogen (multiple sclerosis drug Avonex) and Idec (cancer drug Rituxan)," she explained. "Rituxan's market penetration is high, and patents in the United States (where Biogen derives its profit share from Roche) expired in 2018, leading to biosimilar approvals in the U.S. in late 2019. "While this pressures Biogen's profit share, subcutaneous Rituxan as well as novel antibody Gazyva will allow for extended oncology revenue."