Biogen BIIB is having a tough year: Its shares are down 15% through early May. The wide-moat drugmaker's new product launches and cost-cutting programs are fighting headwinds from a declining portfolio of older multiple sclerosis drugs. Yet we expect encouraging launches to lead to solid growth beyond 2024, and we think this undervalued stock looks attractive. Biogen appeared on our list of 10 undervalued wide-moat stocks to buy several weeks ago. It's also among Morningstar chief US market strategist Dave Sekera's three stocks to buy after earnings.