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Friedman Billings Cuts Biogen to 'Underperform'


Friedman Billings downgraded Biogen (BGEN) to underperform from market perform.

Analyst Jonathan Aschoff says Pfizer and Serono will team up to co-promote Serono's multiple sclerosis (MS) drug Rebif in the U.S. He says he believes cash infusions, and Pfizer's salesforce will help Rebif put even more pressure on Avonex, which is Biogen's MS drug.

He thinks added pressure on Avonex, and his belief that a Amevive (for psoriasis) launch will proceed cautiously, renders Biogen one of the least attractive big biotech investments around. Aschoff sees $1.50 2002 earnings per share, and $1.56 for 2003. He says he will continue to caution investors about Biogen.


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