Baird has reaffirmed an Outperform rating on Biogen (NASDAQ:BIIB) stock and maintained a $250.00 price target following the company's fourth-quarter earnings release. The shares are trading at $201.18, after a 12.33% gain over the past week and a 53.96% rise over the last six months.
The research firm characterized Biogen's fourth-quarter results as "solid overall," noting the company posted a slight revenue beat while delivering a more pronounced outperformance on the bottom line. Baird said it was encouraged by Biogen's non-GAAP EPS guidance range, which came in ahead of existing consensus estimates. At the same time, the company's outlook for mid-single digit revenue declines was consistent with market expectations.
Data from InvestingPro cited by the research note show Biogen with an overall financial-health score of 2.98, and the firm indicated the shares appear undervalued when compared to Fair Value estimates.
Baird also highlighted the continued commercial rollout of Leqembi, Biogen's treatment for Alzheimer's disease, as a positive driver for the company. The firm focused attention on the pending regulatory decision for a subcutaneous formulation of Leqembi, targeted for May 24. Baird said that an approval of the subcutaneous option could "substantially reduce the treatment burden for patients and infrastructural overhead for physicians."
In related corporate filings, Biogen reported fourth-quarter 2025 earnings that beat Wall Street expectations. The company posted earnings per share of $1.99, above the $1.61 forecast, and revenue of $2.28 billion compared with the $2.21 billion estimate.
Following those results, Oppenheimer raised its price target on Biogen from $225.00 to $250.00 and kept an Outperform rating on the stock.
These developments - a better-than-expected quarter, guidance that outpaces consensus on EPS, an ongoing product launch and a pending regulatory decision - have drawn investor attention. Market participants continue to watch how Biogen navigates the competitive biotechnology sector as it pushes Leqembi adoption and awaits regulatory clarity on the subcutaneous administration option.
Key points
- Baird reaffirmed an Outperform rating and a $250 price target on Biogen after Q4 results that included a slight revenue beat and stronger bottom-line outperformance - impact on biotech and equity markets.
- Biogen reported Q4 EPS of $1.99 versus a $1.61 forecast and revenue of $2.28 billion versus a $2.21 billion estimate; Oppenheimer raised its target to $250 and maintained Outperform - relevant to investors and healthcare equities.
- Regulatory and commercial catalysts center on Leqembi's rollout and a May 24 decision on a subcutaneous formulation, which could alter clinical logistics and adoption - implications for pharmaceutical and clinical services sectors.
Risks and uncertainties
- The May 24 regulatory decision on the subcutaneous Leqembi formulation remains unresolved and represents a key uncertainty for product adoption and physician infrastructure - affects the biotech and clinical services markets.
- Biogen's revenue guidance anticipates mid-single digit declines, which introduces ongoing top-line risk even as EPS guidance outpaces consensus - relevant to equity valuation and healthcare investors.
- Performance is tied to the success of the Leqembi launch; any changes in commercial uptake or regulatory outcomes could affect financial results and investor sentiment - impacts biotechnology and pharmaceutical sectors.