You are considering investing in Biogen Inc (NASDAQ: BIIB). You will need to make an investment recommendation based on the market and your theoretical value of Biogen Inc International. This question is designed such that your answers in this question should build a company and industry profile of Biogen Incand help make your final recommendation. Any assumptions that you rely upon should be clearly stated in your answer.

Please only answer questions 4 and 5. Thank you.

1. Undertake an industry and company analysis for Biogen Inc. This question asks you to consider the factors which influence Biogen Incs share price.

2. What is the current price (any date from December 2020) of ordinary common shares of Biogen Inc (NASDAQ: BIIB)? Using an appropriate chart as reference, describe how this price has evolved over the past 3-years (i.e. December 2017 December 2020), and compare the performance of Biogen Inc to an appropriate benchmark index. You must address what is an appropriate benchmark in your answer.

3. What has been the main driver(s) or influences Biogen Incs share price movement over the past 6 months (looking back from December 2020)? What do you think will impact the share price in the future? Make reference to the analysis you took in i and ii) in discussing your answer .

4. Valuation multiples are often used to compare companies quickly. Identify an appropriate valuation multiple/ratio and evaluate if the company is over or under valued using relative valuation. What are the reasons you picked the multiples that you did and how did you conclude that Biogen Inc is over or under valued?

5. What considerations should you take to identify comparable peers or competitors for the valuation multiples?