Analyst pens a barbed note to Biogen: Shed caution, dump Alzheimer’s and retool at the top — go bold
The reviews of Biogen CEO Michel Vounatsos’ Q1 call with analysts and his first steps toward dealing with the crisis the big biotech is in are starting to arrive. And they don’t look good.
Senior SVB Leerink biotech analyst Geoffrey Porges thinks it’s time for some big changes at Biogen $BIIB. And those 3 new additions to the board the company announced on Monday? That can only be just the first, modest step toward retooling its “notoriously cautious boardroom,” the management team and the whole R&D strategy at a bellwether biotech that badly needs to get started doing some bold, high level M&A.
On the board and execs, Porges says it’s time to see some heads roll and new faces come into the picture.
While the new director nominations are a step forward, we would also like to see the key directors and chairman announce retirements from the board, and ultimately changes in strategy, direction, and management, to give us confidence that a much needed turnaround is underway. Otherwise these distinguished directors run the risk of merely dressing up the same cautious strategy and philosophy that already prevails at the company.
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