Biogen (BIIB) Stock Forecast & Price Target

Biogen has demonstrated strong commercial execution with rapid uptake of new product launches, particularly Leqembi, Skyclaris, and Zurzuvae, which have exceeded consensus expectations. The company is also well-positioned for future growth through strategic initiatives like its expanding biosimilar pipeline and anticipated expansion into international markets, particularly in China and Japan. Furthermore, Biogen is on track to achieve significant cost savings from its "Fit for Growth" initiative, which is expected to contribute positively to earnings and overall stock performance.

Biogen's outlook appears negative primarily due to management's guidance indicating a mid-single-digit decline in total revenue for 2025, largely driven by the expected entry of Sandoz's biosimilar for Tysabri in the U.S. Additionally, the company anticipates a significant impact on non-GAAP EPS from foreign exchange headwinds and continued erosion in its multiple sclerosis business, despite potential revenue growth from newly launched products. Concerns about declining core pharmaceutical revenue, particularly from established MS products affected by biosimilars and generics, further exacerbate the adverse financial outlook.