Canaccord Genuity moved up its 12-month price objective for Biogen (NASDAQ:BIIB) to $230 from $220 while retaining a Buy recommendation after the company published fourth-quarter 2025 results. According to InvestingPro data cited around the results, analyst price targets on Biogen span a wide range from $143 to $260, while the shares were trading at $201.18 and were viewed as trading below Fair Value estimates.
For the quarter, Biogen reported revenue of $2.28 billion and adjusted earnings per share of $1.99. Those results exceeded Canaccord’s internal forecasts, which were $2.17 billion for revenue and $1.70 for adjusted EPS, and also topped consensus figures of $2.20 billion and $1.63, respectively.
Management provided guidance for fiscal 2026 that envisions a mid-single-digit decline in both revenue and earnings per share. The company outlined an EPS range of $15.25 to $16.25 for 2026, a projection Canaccord described as "eminently achievable/beatable." Canaccord cited several items that support maintaining a Buy stance, including what it views as an attractive valuation - roughly 12.5x estimated 2026 earnings versus approximately 15.5x for larger biopharma peers - solid protection of core franchises, an underappreciated pipeline with upcoming catalysts, and the early contribution from recent product launches.
Market reaction to the quarterly release was decisive. On Thursday following the report, Biogen shares climbed 8.5%, outperforming the broader sector and market benchmarks: the XBI biotechnology index rose 4.0% while the S&P 500 increased 2.0%.
Other sell-side firms also updated their views in the wake of the results. Oppenheimer lifted its price target on Biogen to $250 and kept an Outperform rating. Baird reiterated an Outperform rating with a $250 target after describing the fourth-quarter results as "solid overall." H.C. Wainwright raised its target to $228 from $194 while maintaining a Buy rating, noting that Biogen’s pipeline diversification across renal, lupus, and spinal muscular atrophy (SMA) indications underpins future growth expectations. H.C. Wainwright also highlighted that despite challenges in the company's multiple sclerosis franchise, new assets including Skyclarys, Zurzuvae, and Leqembi are expected to support top-line performance.
The quarter’s results themselves beat Wall Street expectations: adjusted EPS of $1.99 compared with a projected $1.61, and revenue of $2.28 billion versus an expected $2.21 billion. These beats, coupled with the firm guidance range for 2026, prompted a cluster of positive analyst reactions and upward adjustments to price targets.
Collectively, the analyst commentary and subsequent price-target moves reflect a generally favorable view of Biogen’s near-term financial performance and the strategic contribution of its pipeline and newer products. The company’s 2026 guidance signals at least a modest decline year-over-year, but several analysts expressed confidence that the targets can be met or improved upon given the catalysts they expect from the pipeline and launches.
Key points
- Canaccord increased its Biogen price target to $230 from $220 and kept a Buy rating after Q4 2025 results that exceeded both its estimates and consensus.
- Biogen reported Q4 revenue of $2.28 billion and adjusted EPS of $1.99, beating sell-side and consensus forecasts; the stock jumped 8.5% the day after the report.
- Several other firms raised or reaffirmed bullish stances—Oppenheimer to a $250 target, Baird reaffirming $250, and H.C. Wainwright raising its target to $228—citing pipeline diversification and new product contributions.
Risks and uncertainties
- Management projects a mid-single-digit decline in revenue and EPS for 2026, introducing near-term top-line and earnings risk that will affect biotech and healthcare sector earnings expectations.
- Challenges in Biogen’s multiple sclerosis franchise were noted by at least one analyst, a potential headwind for the company’s core revenues if remediation or offsetting growth from new assets does not materialize.
- Analyst price targets vary widely (from $143 to $260), reflecting divergent views on Biogen’s valuation and future performance and signaling uncertainty that can influence investor sentiment in biotech equities.
These developments will be relevant for market participants focused on the biotechnology and broader healthcare sectors, where earnings revisions, pipeline readouts, and product launches can materially affect valuations and relative performance. Investors will likely watch upcoming catalysts tied to Biogen’s pipeline and the early commercial traction of newly launched products to assess whether analysts’ optimism is sustained.