Biogen

Intangible assets (patents, regulatory exclusivity, know-how) are the primary moat, supported by high clinical, regulatory and manufacturing barriers. Alzheimer’s access improved in 2025 with U.S.

IV monthly maintenance approval and at-home weekly subcutaneous maintenance (IQLIK) launch and EU approval, strengthening brand and channel presence, but competition from Lilly’s Kisunla with a finite dosing paradigm limits long-run pricing freedom and share consolidation.

Switching costs exist for chronic specialty drugs due to neurologist familiarity, diagnostics, REMS-like workflows and payer processes, yet payers can and do prefer alternatives, especially in MS. Network effects are minimal.

Cost advantages are limited in branded pharma; scale helps in trials and global reach but does not secure undercutting power. Efficient scale applies in certain rare diseases and antibody-mediated rejection where few players can justify development and specialty distribution.

Risks to moat durability include: biosimilar pressure (e.g., Tysabri), payer pushback, IRA expansion over time (less near-term for new biologics) and safety/monitoring requirements that can cap Alzheimer’s throughput.

Component view and weights: Intangibles 70/100 (weight 45%), Switching costs 60/100 (25%), Efficient scale 55/100 (15%), Cost advantage 45/100 (10%), Network effects 10/100 (5%). Weighted outcome approximates the score above. Citations for Alzheimer’s approvals and competition provide context.