Biogen

BIIB · NASDAQ

$243.10+$9.62 (+4.12%)TodayMarket closed · Oct 20, 7:52 PM ET

Prev close $233.48

BIIB analyst rating

BuyConsensus of 27 analysts over the last 12 months. 63% rate it a buy.

Strong buy0
Buy17
Hold9
Underperform1
Sell0

12-month price target · 35 analysts

Average $243.16 (+0.0% upside)

Low: $176.75
Now: $243.10
High: $315.00

Upgrades and downgrades

The latest rating actions, newest first

BIIB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 20, 2026	Maintains	Overweight	$250.00 → $310.00	68%
JP Morgan	Oct 12, 2026	Upgrade	Neutral → Overweight	$210.00 → $300.00	65%
UBS	Oct 9, 2026	Maintains	Buy	$240.00 → $270.00	53%
RBC Capital	Oct 8, 2026	Maintains	Outperform	$260.00 → $256.00	44%
HSBC	Sep 10, 2026	Maintains	Reduce	$165.00 → $175.00	59%
Piper Sandler	Sep 3, 2026	Maintains	Overweight	$225.00 → $245.00	68%
RBC Capital	Aug 25, 2026	Maintains	Outperform	$240.00 → $260.00	44%
Wolfe Research	Aug 13, 2026	Upgrade	Peer Perform → Outperform	$300.00	77%
Mizuho	Aug 4, 2026	Maintains	Outperform	$221.00 → $241.00	40%
Citigroup	Aug 3, 2026	Maintains	Neutral	$200.00 → $215.00	60%

The case for and against

Updated Oct 14, 2026

Bull case

Biogen is attractive fundamentally because its legacy MS decline is increasingly cushioned by growing newer franchises, with the growth portfolio reaching $1.06B in revenue and rising 24% Y/Y, while Leqembi, Skyclarys, Zurzuvae, Qalsody, and Spinraza add diversification across high-value neuro and rare-disease markets. The positive view is further supported by the Apellis transaction, which added Syfovre and Empaveli, helped make erosion in the MS business less consequential, and contributed to higher 2026 revenue and EPS estimates of $10.45B and $12.40. In addition, litifilimab’s Phase II data, Phase III TOPAZ studies expected later in 2H26, and the broader pipeline in CLE, AMR, and SMA create multiple shots on goal that could extend growth beyond the core franchise base.

Bear case

Biogen is under pressure from a deteriorating core franchise mix, as its MS business still drove 40% of total revenue in 2025 but is facing mid-teens erosion and faster genericization, while Tecfidera and Rituxan are also losing revenue momentum. Its newer growth engines are not yet offsetting that decline because Leqembi launch execution, Spinraza competition, and reimbursement or clinical setbacks across Alzheimer’s and other pipeline assets could leave earnings vulnerable. Even with Roche collaboration revenue at 19% of 2025 sales and a mid-single digit revenue growth outlook, the cut in 2026 EPS guidance to $12.00-$13.00 underscores the drag from IPR&D charges, dilution, and heavy R&D spending.

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