Oppenheimer has raised its price objective on Biogen Inc. to $250.00 from $225.00 and left its Outperform recommendation intact. The revised target is consistent with a Fair Value assessment that indicates Biogen may be undervalued even though the shares are trading close to a 52-week high of $190.20.
Biogen stock outpaced peers on Friday, climbing 7% while the Nasdaq Biotechnology Index rose roughly 3% after the company released its fourth-quarter 2025 results. The shares have shown sustained momentum, delivering a 43.31% total return over the last six months and a 30.2% return over the past year.
For fiscal 2026, Biogen has guided to total revenue declining by a mid-single-digit percentage, and adjusted earnings per share in the range of $15.25 to $16.25. At the midpoint, that EPS range represents about 3% year-over-year growth versus the company's current diluted EPS of $10.97 for the trailing twelve months.
Oppenheimer pointed to a set of specific drivers supporting its longer-term optimism. The firm highlighted 54% year-over-year revenue growth for Leqembi, and said the product’s growth is expected to accelerate in 2027 and beyond. Potential product rollouts in 2028 - felzartamab in AMR and litifilimab in SLE/CLE - were listed as potential future revenue contributors. The analyst report also emphasized pipeline advancement led by an anticipated readout of BIIB080 Phase 2 CELIA data expected in mid-2026, alongside additional business development activity aimed at strengthening earlier-stage programs.
Oppenheimer updated its financial model to incorporate recent actuals and make other adjustments, and that modeling work produced the new $250 price target compared with the prior $225 level.
Separately, Biogen reported fourth-quarter 2025 results that beat consensus forecasts. The company posted earnings per share of $1.99, topping an expected $1.61, and quarterly revenue of $2.28 billion versus an anticipated $2.21 billion. Those results underscore a solid quarter for the company and have been noted by analysts examining potential implications for future valuations. Investors are monitoring these developments as they evaluate Biogen’s financial trajectory.
Context and market implications
The combination of an updated analyst target, better-than-expected quarterly results, and clear pipeline milestones provides a rationale for the shift in Oppenheimer’s view. Market participants weighing Biogen’s outlook will likely focus on how near-term guidance for 2026 aligns with longer-term expectations for product growth and upcoming clinical and regulatory catalysts.
Note - This report presents the facts disclosed by the company and the analyst firm’s stated drivers for the revised target and does not introduce additional projections beyond those described above.