Highlights include Biogen Idec, Inc. (BIIB), AstraZeneca plc (AZN), Bristol-Myers Squibb, Inc. (BMY) and Sanofi-Aventis SA (SNY).R&D Day Highlights the Best Pipeline In Biotech

Last week, Biogen Idec (BIIB) held an R&D Day, highlighting the broad depth of the company's pipeline. In total, Biogen Idec boasts 7 programs in phase III registration programs and 20 other programs in phase II "proof-of-concept" programs. Biogen's development programs span oncology, neurology and cardiovascular disease, and include both small molecules and biologics. In our opinion, it's the best pipeline in biotech.

Phase III / Registration programs include:   

BG-12: An anti-inflammatory second generation oral fumaric acid molecule that offers a more convenient and potentially neuroprotective treatment option for multiple sclerosis. BG-12 is currently in 2 phase III trials, DEFINE and CONFIRM, with data expected in 2010 and 2011.     ...

Highlighted companies include Biogen Idec (BIIB), Genentech (DNA), Merck (MRK) and Sanofi-Aventis (SNY).At 13x our 2009 EPS of $4.05 per share, we believe that Biogen Idec's (BIIB) stock is too attractive to ignore. Valuation is below the biotech peer-group average, where several names are trading at a significant premium.The company should post non-GAAP EPS up roughly 11% in 2009, even with all the Tysabri PML issues. However, valuation alone is not enough of a reason to buy the stock. We are comfortable with owning the name here based on two other reasons.Firstly, Biogen has a significant late-stage pipeline. There are 22 programs in phase II or beyond. Six of these products are in phase III registration programs right now: lumiliximab for chronic lymphocytic leukemia (CLL), galiximab for non-Hodgkin's lymphoma (NHL), BG-12 for relapsing / remitting multiple sclerosis (RR-MS), ...