Wachovia Ups Biogen Idec to 'Outperform'

Wachovia upgraded Biogen Idec (BIIB

) to outperform from market perform. Yesterday the company and Elan (ELN

) said they expect to submit an application to FDA for approval of Antegren by mid-2004.

Wachovia analyst Martin Auster says the mid-2004 filing would set up an end of 2004 to early 2005 launch, 1 year ahead of his expectation. He says the filing is based on 1 year of relapse data, rather than more common 2-year period, which implies superior treatment experience.

Auster sees $130 million in Antegren sales in 2005, reaching $941 million in 2008. He says Biogen Idec will be one of the few large-cap biotechs with accelerating EPS trends over the next few years.

He ups his $41 to $46 valuation range to $60 to $64. He sees EPS of $1.24 in 2004.