Biogen Posts Q4 Beat, Analysts Raise Price Targets On 'Significant Pipeline Diversification'

Biogen Inc (NASDAQ:BIIB) reported better-than-expected fourth-quarter results, prompting analysts to share insights on the company’s trajectory.

• Wedbush analyst Laura Chico maintained a Neutral rating, while lifting the price target from $178 to $187.
• HC Wainwright analyst Andrew Fein reiterated a Buy rating and raised the price target from $194 to $228.

Check out other analyst stock ratings.

Wedbush: Biogen reported its quarterly revenues and earnings ahead of expectations for both the fourth quarter and the full year 2025, Chico said in a note. Although the management team did a commendable job in realigning the cost base, revenue growth drivers remain "the critical missing piece for the turnaround story," she added.

While newer products (Leqembi, Skyclarys, Zurzuvae, Qalsody) generated around $980 million in sales in 2025, management expects total sales to decline by about $500 million in 2026, "as competitive/generic/biosimilar threats mount on the MS franchise," the analyst wrote. She further stated that Biogen does have a "stronger" catalyst lineup in 2026 than it had in prior years, including:

• Phase 2 data for BIIB091 in Q2
• Readouts for BIIB122 and BIIB080 in between Q2 and Q3

HC Wainwright: Biogen will have "significant pipeline diversification across renal, lupus, and SMA indications" in 2026 and beyond, Fein said. "While the company’s legacy multiple sclerosis franchise faces ongoing revenue pressure, we believe growth from key assets like Skyclarys, Zurzuvae, and Leqembi is expected to increasingly drive the top line," he wrote.

The felzartamab program for antibody-mediated rejection (AMR) is a "major clinical catalyst" that could significantly impact Biogen’s future valuation, the analyst stated. An analysis of the AMR program that felzartamab achieved an 82% resolution rate in Phase 2 compared to just 20% for placebo, he added.

BIIB Price Action: Shares of Biogen had declined by 3.41% to $194.31 at the time of publication on Monday.

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