Biogen (BIIB) Stock Forecast & Price Target

Biogen's positive outlook is supported by strong sales growth in its multiple sclerosis drug portfolio, particularly due to seasonal channel dynamics affecting Vumerity, and the anticipated expansion into international markets such as China, where significant sales potential exists. The company is successfully ramping up key new product launches, including Leqembi, Skyclarys, and Zurzuvae, which are exceeding consensus expectations, thereby enhancing revenue generation prospects. Furthermore, Biogen's strategic focus on business development initiatives and a robust biosimilar pipeline suggest a path towards achieving substantial cost savings and sustainable growth through new therapeutic offerings and partnerships.

Biogen is anticipating a mid-single digit decline in total revenue for 2025, primarily due to the impending entry of a biosimilar for Tysabri in the U.S. and increasing generic competition for Tecfidera, which is expected to significantly impact the multiple sclerosis (MS) segment. Despite efforts to offset these declines with revenue growth from new product launches, management's guidance indicates that core pharmaceutical revenue will also decrease, largely attributable to the MS revenue erosion. The company has expressed concerns over inventory challenges and the slower volume growth trajectory for recently approved products, reinforcing a bearish outlook on its financial performance moving forward.