Biogen (BIIB) Stock Forecast & Price Target

Biogen has experienced a notable increase in share value, rising approximately 35% since early 3Q25, reflecting both broader market trends in biopharma and specific advances in its product pipeline, particularly with Leqembi in the amyloid-beta space. The company's newer product launches such as Leqembi, Skyclarys, and Zurzuvae have outperformed expectations, which positions Biogen for near-term revenue growth and improved operating margins. Additionally, there is an optimistic outlook for the company’s overall revenue potential, with estimations suggesting that new product launches could contribute between $2.5 billion to $3.0 billion by 2030 as management successfully addresses market entry challenges.

Biogen's financial outlook remains negative primarily due to anticipated revenue declines in its multiple sclerosis (MS) business, particularly with the upcoming launch of the biosimilar Tyruko, which is expected to pressure both Tysabri and Tecfidera revenues. The company's projections indicate a flat revenue compound annual growth rate (CAGR) from 2026-2030, with an estimated EBITDA CAGR of -4%, driven by decreasing royalties from Ocrevus as it faces biosimilar competition starting in 2029. Additionally, ongoing pressures on newer franchises, such as Skyclarys, coupled with the uncertainties surrounding clinical trials in lupus, further contribute to the company's precarious financial position.