Biogen's Core Business Impresses While Potential Alzheimer's Catalyst Looms

Beyond Alzheimer's, Biogen's SMA drug Spinraza realized the best launch of any orphan asset with $300 million in sales in just the first two quarters after launch, Harrison continued. The therapy could realize peak sales of $4 billion and the therapy could boost the company's topline growth rate by 3 to 4 percent. This would imply that Biogen will be a "mid-single digit percent grower" heading into the key catalyst of Alzheimer's data releases.

Aside from the company's therapies, Biogen's "strong" balance sheet could fund additional M&A activity, the analyst concluded. These forms of business development could prove to be a way for management to "supercharge growth."

At time of publication, shares of Biogen were up 3.67 percent at $326.48.