Biogen Inc(NASDAQ: BIIB) stock opened positive this morning, as the group reported a solid fiscal year of 2016 results. BIIB stock rallied over 2.6% in January 2017 (as of 10:54 AM EST; Source: Google finance).

BIIB revenues for FY16 rose 6% to $11.4 billion as compared to the same period of last year driven by a 9% rise in TECFIDERA^® global revenues. Better performance from TYSABRI^®, ELOCTATE^®, ALPROLIX^®, and BENEPALI^® also contributed to the positive momentum. On the other hand, the group’s sales were partly affected by the declining global interferon sales.

Meanwhile, the group is positioning themselves with solid transformational pipeline programs to address several diseases like Alzheimer’s disease, Parkinson’s, and ALS. The group intends to continue to pursue their SPINRAZA for spinal muscular atrophy as the first treatment for infants and children with this disease. Accordingly, the group believes that their SPINRAZA has a solid opportunity on a global scale.

The group continued to derive growth from their multiple sclerosis portfolios in 2016 comprising major therapies in orals, the interferons, and the high efficacy agents. They are launching ZINBRYTA with AbbVie for MS patients while the group is planning to offload hemophilia business in future. Given the solid BENEPALI, an etanercept biosimilar performance, they are seeking to commercialize this in Europe.

The group incurred an R&D of $50 million for Eisai post the initiation of Phase 3 trials for elenbecestat (E2609), a BACE inhibitor in development for Alzheimer’s disease.

Recently, the group made a settlement and license agreement with Forward Pharma, for all intellectual property owned by Forward Pharma. This transaction is worth a cash payment of $1.25 billion  With this agreement, he group would pay Forward Pharma royalties on their net sales of Biogen products for the treatment of multiple sclerosis that are covered by a Forward Pharma patent and have dimethyl fumarate (“DMF”) as an active pharmaceutical ingredient.

The group also posted a new data from the Phase 3 ENDEAR study of SPINRAZA, which promised a decline in the risk of death or permanent ventilation in SPINRAZA-treated infants with spinal muscular atrophy (SMA) against untreated infants.

For the fiscal year of 2017, the group expects a Revenue in the range of $11.1 to $11.4 billion and a GAAP diluted EPS is forecasted in the range of $18.00 and $18.80. BIIB stock has an upside potential of 17.8% with a target price of $329.75, as per tipranks.com.