Biogen has a strong position in the MS market backed by a wide range of products including Avonex, Tysabri, Tecfidera & Plegridy. Launch of Spinraza for spinal muscular atrophy was a huge boost for Biogen. Moreover, the spin-off of the hemophilia business will allow Biogen to focus on neurology, its key area of expertise. Cost cutting efforts and the MS franchise sales should fuel growth. Biogen’s shares have outperformed the Biomed/Genetics industry in the past one year. However, Biogen faces its own set of challenges. Despite its strong position in the MS market, emergence of additional PML cases for Tecfidera would weigh heavily on the stock as would pipeline setbacks. Interferon products are also under pressure with patients shifting to oral therapies. However, positive news flow expected in coming months should retain investor interest in the stock.