JPMorgan Reiterates Neutral Rating on Biogen (BIIB)

JPMorgan analyst Chris Schott reiterated a Neutral rating and $175.00 price target on Biogen (NASDAQ: BIIB).

The analyst comments "Ahead of BIIB's 2Q25 earnings (7/31), we wanted to provide our latest thoughts on the quarter and the story more broadly. Overall, Leqembi remains the focus of the story, where our expectations remain for a continued gradual ramp throughout the year with potential acceleration in 2026+ (as more blood-based biomarkers become available/used and subQ induction is approved in early 2026). For 2Q25, we forecast Leqembi sales contribution of $39mm, based on end market sales of $115mm. On the quarter more broadly, we are largely in line with consensus, with sales of $2.4bn (+$70mm vs cons) and EPS of $4.02 (in line with cons). Taking a step back on the BIIB story, despite the stock’s underperformance vs the broader group, we remain on the sidelines given the challenges facing the company’s core portfolio combined with slower ramps for BIIB’s key growth products (Leqembi and Skyclarys). However, we note that an interim readout from LLY’s preclinical Alzheimer’s study (potentially late 2025 or 2026) would have a positive read-through to BIIB’s Leqembi and represent a clear positive catalyst for the stock."

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $135.33 yesterday.

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