Biogen (BIIB) Stock Forecast & Price Target

Biogen has experienced a significant rally in its stock price, rising approximately 35% since the beginning of the third quarter of 2025, reflecting positive sentiment in the biopharma sector. The company's position is strengthened by strong commercial execution with new product launches such as Leqembi, Skyclarys, and Zurzuvae, which have outperformed consensus expectations, contributing to a robust pipeline in emerging areas like Alzheimer’s disease. Additionally, Biogen’s established framework for neuroscience research, coupled with its strategy for business development, offers an avenue for sustained growth and adaptability in response to market dynamics.

Biogen's financial outlook is significantly challenged, with revenue forecasts declining from $9.8 billion in 2025 to $5.1 billion by 2040, consistently falling below consensus estimates despite anticipated expanding operating margins. The company's major revenue sources are under considerable pressure, particularly the multiple sclerosis segment, which is expected to face additional competition from new biosimilars and ongoing declines in royalties associated with their CD20 collaboration with Roche, along with a projected 6% drop in global MS revenues in the second half of 2025. Furthermore, Biogen's earnings per share projection of $1.56 is slightly below the $1.62 consensus estimate, revealing an uncertain profitability landscape, exacerbated by a largely flat revenue CAGR from 2026 to 2030 and a negative EBITDA CAGR of (4%) driven by diminishing Ocrevus royalties.