f -650 bps as leverage is achieved with Tecfidera Base DCF Case $395 Bear DCF Case $228 -30%1":'2n° line Tecfidera market share, declining AvonexPlegridy S share, a slow Hemophilia launch and no pipeline. We assume: 1) -$5.58 in global Tech:lora sales by 2020E. 2) Declining Plegridy/Avonex sales to $2