Biogen

Capital allocation has been mixed but improving. The Aduhelm episode was a poor use of capital; since then management pivoted to disciplined BD and focused launches. The Reata acquisition (Skyclarys) added a differentiated, growing rare disease asset; HI‑Bio brought felzartamab, now in Phase 3 across multiple indications.

The company is also seeding immunology (e.g., Vanqua Bio preclinical licensing) and funding litifilimab via a non-dilutive R&D collaboration with Royalty Pharma. Buybacks have been selective with a sizable remaining authorization but were prudently muted during M&A and launch investment; no dividend, consistent with reinvestment focus.

We view the portfolio tilt toward assets with multi-indication option value as sensible, though execution on pivotal readouts and U.S. payer dynamics will determine ultimate returns.