Core Viewpoint - Goldman Sachs has assigned a "Buy" rating to Biogen (BIIB.US) with a target price of $225, highlighting a strategic shift in the company's culture towards research and development and cost control to offset declines in its multiple sclerosis business and drive growth [1][2] Group 1: Strategic Initiatives - The management emphasized a cultural shift focused on R&D and cost control as part of its strategy to counteract the decline in the multiple sclerosis business [1] - The company aims to prioritize early rare disease and/or immunology assets as part of its reasonable business development strategy [2] Group 2: Key Leverage Points - Leqembi, a subcutaneous induction therapy, is expected to receive approval in the first half of 2028, potentially diminishing Eli Lilly's (LLY.US) Kisunla's competitive advantage in dosing frequency as the market shifts towards earlier treatment [1] - The R&D pipeline includes the tau-targeting drug BllB080, with Phase II data expected in mid-2026 to demonstrate its impact on cognitive function [1] - Biogen is well-positioned in lupus treatment with litifilimab's Phase III data expected later this year, and the CD38 monoclonal antibody felzartamab is considered an undervalued opportunity with Phase III data anticipated to start in 2027 [1] - The management also mentioned the Phase III drug salanersen for spinal muscular atrophy, which is a next-generation Spinraza effective for patients post-gene therapy and can be administered annually [1]