Video: Biogen Rises Following Novo's Weight-Loss Drug Setback in Alzheimer's Treatment
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 24 2025
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Should l Buy BIIB?
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Analyst Views on BIIB
Wall Street analysts forecast BIIB stock price to rise
26 Analyst Rating
11 Buy
14 Hold
1 Sell
Moderate Buy
Current: 180.540
Low
143.00
Averages
204.45
High
246.00
Current: 180.540
Low
143.00
Averages
204.45
High
246.00
About BIIB
Biogen Inc. is a global biopharmaceutical company. The Company is focused on discovering, developing, and delivering advanced therapies for people living with serious and complex diseases worldwide. It operates a portfolio of medicines to treat multiple sclerosis (MS), spinal muscular atrophy (SMA), Alzheimer's disease, and amyotrophic lateral sclerosis (ALS). It is focused on advancing its pipeline in neurology, specialized immunology, and rare diseases. Its marketed products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of Friedreich's Ataxia; QALSODY for the treatment of ALS, and FUMADERM for the treatment of severe plaque psoriasis. It also collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Sage on the commercialization of ZURZUVAE for the treatment of Postpartum Depression (PPD).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Biogen's Quarterly Performance Lags, Future Uncertain
- Weak Financial Performance: Biogen's revenue for 2025 was $9.9 billion, reflecting only a 2% year-over-year increase, while adjusted earnings per share fell by 7% to $15.28, indicating significant competitive pressures in its multiple sclerosis and Alzheimer's markets that are hampering sales growth.
- New Drug Potential: Despite challenges, Biogen's Leqembi, approved in 2023, generated $178 million in revenue last year, a remarkable 197% increase year-over-year, suggesting that the new drug's market acceptance is improving and could provide fresh growth momentum for the company.
- Product Line Expansion: Biogen also received approval for a high-dose formulation of Spinraza, which demonstrated higher efficacy in clinical trials, potentially giving it an edge in a competitive market, while newer products like Skyclarys and Zurzuvae could further drive revenue growth.
- Uncertain Future Outlook: Despite new products and label expansions, Biogen anticipates a year-over-year sales decline in 2026, indicating challenges in regaining growth, which necessitates careful risk assessment by investors considering the stock's potential returns.
See More
Biogen Faces Challenges but Future Potential Remains
- Weak Financial Performance: Biogen's revenue for 2025 was $9.9 billion, reflecting only a 2% year-over-year increase, while adjusted earnings per share fell by 7% to $15.28, indicating struggles in its multiple sclerosis franchise and competitive pressures in the Alzheimer's market that are limiting sales growth.
- New Drug Growth Drivers: The company's Alzheimer's drug Leqembi has generated $178 million in sales since its approval in 2023, marking a 197% year-over-year increase, and the new label expansions allowing at-home treatment are expected to further enhance market adoption.
- Product Line Expansion: Biogen also received approval for a high-dose formulation of Spinraza, which demonstrated higher efficacy and requires fewer initial doses, strengthening its competitive position, while new products like Skyclarys and Zurzuvae are expected to support future growth.
- Uncertain Outlook: Despite the support from new drugs and label expansions, Biogen anticipates a year-over-year decline in sales for 2026, indicating that older products are still dragging down overall performance, with future growth heavily reliant on successful new drug launches and pipeline candidates.
See More
Biogen Shares Rise After Upgrade and Acquisition Announcement
- Stock Price Surge: Biogen (BIIB) shares rose after Piper Sandler upgraded the stock from Neutral to Overweight, raising the price target from $174 to $214, reflecting positive market sentiment regarding its acquisition of eye drug developer Apellis Pharmaceuticals (APLS).
- Acquisition Deal: Biogen is set to complete the $5.6 billion acquisition of Apellis in Q2, which will enhance its Alzheimer's drug portfolio, with Apellis' Empaveli and Syfovre projected to generate $689 million in revenue by 2025, filling the revenue gap from the loss of exclusivity on its multiple sclerosis assets.
- Portfolio Integration: Analysts noted that by integrating Empaveli with an advancing immunology pipeline, Biogen is positioned to achieve “meaningful top-line growth” in the future, helping to offset potential declines in royalties linked to the MS therapy Ocrevus.
- Valuation Expansion Outlook: Piper analysts anticipate that Biogen's EV/2026E EBITDA multiple will expand from approximately 11x to 13x, indicating optimistic investor sentiment regarding the company's future growth potential and reflecting confidence in its profitability trajectory.
See More
Biogen Upgraded by Piper Sandler, Growth Prospects Remain Positive
- Analyst Upgrade: Piper Sandler upgraded Biogen from neutral to overweight and raised its price target from $177 to $214, indicating a 21% upside from Monday's close, reflecting confidence in the company's growth prospects.
- New Drug Revenue: The introduction of Syfovre and Empaveli is expected to fill the revenue gap created by the loss of exclusivity for Ocrevus, indicating that Biogen's market position in multiple sclerosis remains strong.
- Sales Outlook Adjustment: Although Ocrevus's patent is set to expire between 2028 and 2029, potentially impacting sales, analysts believe that the ramp-up of Empaveli and advancements in the immunology pipeline will help Biogen return to meaningful revenue growth.
- Market Performance Analysis: Despite Biogen's stock being flat year-to-date, analysts suggest that the decline in Ocrevus sales will be mitigated by effective lifecycle management, with expectations for multiple expansion from the current enterprise value to EBITDA ratio of approximately 11x.
See More
Latest Rating Changes on Wall Street
- Infleqtion Coverage Initiation: Citigroup initiates coverage of quantum computing firm Infleqtion with a Buy/High Risk rating and a $20 price target, highlighting its uniqueness in the quantum computing sector, which may attract investor interest.
- SAP Downgrade: Piper Sandler downgrades SAP from Overweight to Neutral, citing challenges in the macroeconomic environment and anticipating lower valuation multiples as the software industry transitions from SaaS to AI.
- Positive Catalysts for Alphabet: Citigroup adds a 90-day Catalyst Watch on Alphabet, expecting upcoming product updates during events like Google Cloud Next and YouTube Brandcast to drive stock price appreciation.
- Biogen Upgrade: Piper Sandler upgrades Biogen from Neutral to Overweight, raising the price target from $177 to $214, reflecting confidence in its growth potential moving forward.
See More
Morgan Stanley Raises Biogen Price Target to $200
- Price Target Adjustment: Morgan Stanley raised Biogen's price target from $190 to $200 while maintaining an Equal Weight rating, reflecting a cautiously optimistic outlook on the company's future performance.
- Model Updates: The firm adjusted its models across its biopharma coverage to reflect IQVIA trends and intra-quarter updates, demonstrating keen insights into industry dynamics.
- Competitive Analysis: RBC Capital lowered Biogen's price target to $213, while H.C. Wainwright raised it to $237, indicating differing market perspectives on Biogen's outlook, which could impact investor confidence.
- Financial Expectations: Biogen anticipates that its Q1 results will include a $34 million expense on a pre-tax basis, which may exert pressure on its short-term stock performance, prompting investors to closely monitor the actual results in the upcoming earnings report.
See More
Biogen's Quarterly Performance Lags, Future Uncertain
- Weak Financial Performance: Biogen's revenue for 2025 was $9.9 billion, reflecting only a 2% year-over-year increase, while adjusted earnings per share fell by 7% to $15.28, indicating significant competitive pressures in its multiple sclerosis and Alzheimer's markets that are hampering sales growth.
- New Drug Potential: Despite challenges, Biogen's Leqembi, approved in 2023, generated $178 million in revenue last year, a remarkable 197% increase year-over-year, suggesting that the new drug's market acceptance is improving and could provide fresh growth momentum for the company.
- Product Line Expansion: Biogen also received approval for a high-dose formulation of Spinraza, which demonstrated higher efficacy in clinical trials, potentially giving it an edge in a competitive market, while newer products like Skyclarys and Zurzuvae could further drive revenue growth.
- Uncertain Future Outlook: Despite new products and label expansions, Biogen anticipates a year-over-year sales decline in 2026, indicating challenges in regaining growth, which necessitates careful risk assessment by investors considering the stock's potential returns.
See More
Biogen Faces Challenges but Future Potential Remains
- Weak Financial Performance: Biogen's revenue for 2025 was $9.9 billion, reflecting only a 2% year-over-year increase, while adjusted earnings per share fell by 7% to $15.28, indicating struggles in its multiple sclerosis franchise and competitive pressures in the Alzheimer's market that are limiting sales growth.
- New Drug Growth Drivers: The company's Alzheimer's drug Leqembi has generated $178 million in sales since its approval in 2023, marking a 197% year-over-year increase, and the new label expansions allowing at-home treatment are expected to further enhance market adoption.
- Product Line Expansion: Biogen also received approval for a high-dose formulation of Spinraza, which demonstrated higher efficacy and requires fewer initial doses, strengthening its competitive position, while new products like Skyclarys and Zurzuvae are expected to support future growth.
- Uncertain Outlook: Despite the support from new drugs and label expansions, Biogen anticipates a year-over-year decline in sales for 2026, indicating that older products are still dragging down overall performance, with future growth heavily reliant on successful new drug launches and pipeline candidates.
See More
Biogen Shares Rise After Upgrade and Acquisition Announcement
- Stock Price Surge: Biogen (BIIB) shares rose after Piper Sandler upgraded the stock from Neutral to Overweight, raising the price target from $174 to $214, reflecting positive market sentiment regarding its acquisition of eye drug developer Apellis Pharmaceuticals (APLS).
- Acquisition Deal: Biogen is set to complete the $5.6 billion acquisition of Apellis in Q2, which will enhance its Alzheimer's drug portfolio, with Apellis' Empaveli and Syfovre projected to generate $689 million in revenue by 2025, filling the revenue gap from the loss of exclusivity on its multiple sclerosis assets.
- Portfolio Integration: Analysts noted that by integrating Empaveli with an advancing immunology pipeline, Biogen is positioned to achieve “meaningful top-line growth” in the future, helping to offset potential declines in royalties linked to the MS therapy Ocrevus.
- Valuation Expansion Outlook: Piper analysts anticipate that Biogen's EV/2026E EBITDA multiple will expand from approximately 11x to 13x, indicating optimistic investor sentiment regarding the company's future growth potential and reflecting confidence in its profitability trajectory.
See More
Biogen Upgraded by Piper Sandler, Growth Prospects Remain Positive
- Analyst Upgrade: Piper Sandler upgraded Biogen from neutral to overweight and raised its price target from $177 to $214, indicating a 21% upside from Monday's close, reflecting confidence in the company's growth prospects.
- New Drug Revenue: The introduction of Syfovre and Empaveli is expected to fill the revenue gap created by the loss of exclusivity for Ocrevus, indicating that Biogen's market position in multiple sclerosis remains strong.
- Sales Outlook Adjustment: Although Ocrevus's patent is set to expire between 2028 and 2029, potentially impacting sales, analysts believe that the ramp-up of Empaveli and advancements in the immunology pipeline will help Biogen return to meaningful revenue growth.
- Market Performance Analysis: Despite Biogen's stock being flat year-to-date, analysts suggest that the decline in Ocrevus sales will be mitigated by effective lifecycle management, with expectations for multiple expansion from the current enterprise value to EBITDA ratio of approximately 11x.
See More
Latest Rating Changes on Wall Street
- Infleqtion Coverage Initiation: Citigroup initiates coverage of quantum computing firm Infleqtion with a Buy/High Risk rating and a $20 price target, highlighting its uniqueness in the quantum computing sector, which may attract investor interest.
- SAP Downgrade: Piper Sandler downgrades SAP from Overweight to Neutral, citing challenges in the macroeconomic environment and anticipating lower valuation multiples as the software industry transitions from SaaS to AI.
- Positive Catalysts for Alphabet: Citigroup adds a 90-day Catalyst Watch on Alphabet, expecting upcoming product updates during events like Google Cloud Next and YouTube Brandcast to drive stock price appreciation.
- Biogen Upgrade: Piper Sandler upgrades Biogen from Neutral to Overweight, raising the price target from $177 to $214, reflecting confidence in its growth potential moving forward.
See More
Morgan Stanley Raises Biogen Price Target to $200
- Price Target Adjustment: Morgan Stanley raised Biogen's price target from $190 to $200 while maintaining an Equal Weight rating, reflecting a cautiously optimistic outlook on the company's future performance.
- Model Updates: The firm adjusted its models across its biopharma coverage to reflect IQVIA trends and intra-quarter updates, demonstrating keen insights into industry dynamics.
- Competitive Analysis: RBC Capital lowered Biogen's price target to $213, while H.C. Wainwright raised it to $237, indicating differing market perspectives on Biogen's outlook, which could impact investor confidence.
- Financial Expectations: Biogen anticipates that its Q1 results will include a $34 million expense on a pre-tax basis, which may exert pressure on its short-term stock performance, prompting investors to closely monitor the actual results in the upcoming earnings report.
See More
