JP Morgan Maintains Neutral for Biogen Idec on Positive Lemtrada Data

In a published note, JP Morgan reiterates its Neutral rating on Biogen Idec Inc. BIIB as positive data on Lemtrada efficacy highlights the company's competition on MS. According to JPM, Lemtrada “showed statistically significant 42% reduction in sustained accumulated disability as measured by EDSS score (Gilenya: 37%, Tysabri: 42%, BG-12: 21%). Lemtrada's ARR rate (vs. active comparator) also appears to be at the high end relative to competitors. … We think today's data increase the likelihood that Lemtrada should obtain approved. Filing is expected in 1Q12 in US and EU; where ‘fast track' designation is granted in US already. We currently forecast WW Lemtrada sales of $212M, $468M and $674M in our WW MS market model for 2013-15 respectively.” BIIB closed at $113.38, up 1.16 percent, on Friday.