Bullish Case: Biogen's strategic acquisitions and the success of treatments like Leqembi position it well for future growth. Upcoming positive FDA outcomes could further enhance investor confidence and stock value.

Bearish Case: Regulatory setbacks, such as potential issues with Leqembi or the impact from layoffs, may hinder Biogen's growth prospects. High competition in the market could stress revenue and stock performance.

Potential Outcomes:

• 1. Successful FDA approval of Leqembi: 55% chance
• 2. Continued decline in revenue from generics: 40% chance
• 3. Strategic partnerships lead to new drug development: 45% chance
• 4. Negative regulatory news impacts stock price: 35% chance

Trading Oracle: Adopt a bearish credit spread strategy by selling $165 calls and buying $175 calls, leveraging high implied volatility. Focus on stability as the earnings report approaches, as risks may outweigh potential upside. Target a profit while minimizing exposure if the stock price drops, aligning with Helium's high probability of profit metrics and maintaining an edge in this volatile environment.

November 29, 2024