Biogen (BIIB) Stock Forecast & Price Target

Biogen's stock outlook appears positive, with shares experiencing approximately a 35% increase since the start of the third quarter of 2025, reflecting broader momentum in the biopharmaceutical sector, supported by the company's strategic expansion in the amyloid-beta space through its Alzheimer’s treatment, Leqembi. The successful launches of key products such as Leqembi, Skyclaris, and Zurzuvae are anticipated to significantly contribute to revenue, with projections estimating that these launches could generate between $2.5 billion and $3 billion by 2030, despite expectations for a delay in overall revenue growth until 2026. Additionally, the company is expected to benefit from its strong collaboration agreements, particularly in oncology and multiple sclerosis, which are essential to offsetting declines in its existing product lines.

Biogen's stock outlook is negatively influenced by anticipated revenue declines in its multiple sclerosis (MS) franchise, which is projected to decrease by approximately 5-8% in the second half of 2025 due to competitive pressure from upcoming biosimilars, notably Tyruko, and ongoing challenges with Tecfidera in Europe. The company's financial model indicates a flat revenue compound annual growth rate (CAGR) from 2026 to 2030, alongside an EBITDA CAGR of -4%, largely driven by lower Ocrevus royalties stemming from the expected biosimilar entry in 2029. Additionally, Biogen faces continued revenue pressure in its newer therapies, particularly Skyclarys in the U.S., alongside uncertainties in clinical trial outcomes in the lupus segment.