Biogen at Morgan Stanley healthcare conference: shift to immunology

On Monday, 14 September 2026, Biogen (BIIB) participated in the Morgan Stanley 24th Annual Global Healthcare Conference to present a strategic realignment of the company. CEO Chris Viehbacher indicated the firm is transitioning away from its previous neuroscience-centric model, focusing instead on immunology and a variety of other medical specialties. However, Viehbacher also acknowledged that some legacy businesses are still underperforming and that several upcoming launches will require time to generate revenue.

Biogen is shifting its portfolio to encompass kidney disease, lupus, dermatology, retinal disease and other areas. The company is currently courting neurologists, nephrologists, transplant nephrologists, rheumatologists, dermatologists, epileptologists, and retina specialists to bolster its commercial relationships. This transformation is meant to generate diversified growth and reduce concentration risk for the company.

Management disclosed that Biogen has ten Phase III trials that may begin reporting results soon, with the potential for eight product launches across five molecules. LEQEMBI, Biogen's Alzheimer's drug, continues to be a significant growth driver; however, uptake has been slower than anticipated due to the complex treatment pathway required for Alzheimer's care. Despite this, growth brands such as SKYCLARYS, ZURZUVAE, and QALSODY are outpacing the decline in the MS franchise.

Viehbacher highlighted that Biogen has ceased the decline in revenue and profit, with shares trading at $215.56, near their 52-week high of $225.80, and up nearly 50% over the past year. InvestingPro analysis suggests the stock remains undervalued relative to its Fair Value, potentially offering further upside as the strategic transformation progresses. The company's market capitalization now stands at $32.1 billion.