-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：Biogen公佈了強勁的2026財年第一季業績，非GAAP每股收益為3.57美元（年成長18%），遠超市場普遍預期的2.95美元；營收為24.78億美元（年成長2%），也高於先前預期的22億美元。成長型產品維持了強勁的成長勢頭，貢獻了8.51億美元的營收（年成長12%），佔總營收的三分之一。其中，LEQEMBI合作計畫營收年增80%至6,000萬美元，而多發性硬化症（MS）業務也展現出超越預期的韌性，營收為7.79億美元（年減4%）。我們認為，成長型產品的持續加速成長顯示Biogen已成功實現產品組合多元化，擺脫了對MS業務的過度依賴。管理階層將2026年非GAAP每股收益預期從15.25-16.25美元下調至14.25-15.25美元，主要原因是收購智慧財產權及研發費用增加。擬議的以56億美元收購Apellis的交易預計將於2026年第二季度完成，屆時SYFOVRE和EMPAVELI將加入增長型產品組合，我們認為該交易預計將在2027年實現盈利增長。我們預計，未來至少兩年內，這些資產的合併收入將維持15%至10%的成長率。
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