Goldman Sachs lifts Biogen target to $250 on Alzheimer’s drug momentum
Biogen’s Q1 2026 earnings beat consensus, driven by a 74% surge in Alzheimer’s treatment revenue, prompting Goldman Sachs to raise its price target while maintaining a buy rating.
Goldman Sachs has raised its price target for Biogen from $238 to $250, maintaining a buy rating on the pharmaceutical company. The revision follows Biogen’s first-quarter 2026 earnings report, which exceeded analyst expectations and was underpinned by robust commercial performance from its Alzheimer’s treatment, Leqembi.
Analyst Salveen Richter highlighted Leqembi’s growing market presence as the primary driver for the upgrade. The company reported first-quarter revenue of $2.48 billion, a 2% increase year-on-year, alongside non-GAAP earnings per share of $3.57, significantly beating the $2.95 consensus estimate. Leqembi alone generated $168 million in global in-market sales during the quarter, marking a 74% year-on-year increase.
Biogen currently holds an estimated 65% to 70% market share on a patient-number basis against competitor Eli Lilly’s Kisunla, according to guidance from partner Eisai. Richter noted that adoption of blood-based biomarkers is accelerating, particularly through Biogen’s primary care pilot program, which could expand the pool of eligible patients by enabling earlier diagnosis.
The bank identified several near-term catalysts that could sustain this momentum, including the FDA’s expected PDUFA decision on August 24 for IQLIK, a subcutaneous formulation of Leqembi. Additional drivers include Medicare Part D coverage kicking in January 2027 and international approvals in Japan and China. Biogen also announced topline results from the Phase 2 CELIA study for diranersen, an experimental tau-targeting drug, and plans to advance it to registrational development despite missing its primary dose-response endpoint.
Despite the positive outlook, Biogen faces headwinds including a declining multiple sclerosis franchise and a trimmed full-year 2026 non-GAAP EPS guidance of $14.25 to $15.25, citing acquisition-related charges from its $5.6 billion deal to acquire Apellis Pharmaceuticals. UBS upgraded the stock to buy with a $225 target in late April, noting a forward price-to-earnings ratio of roughly 13x, while Guggenheim maintains a $260 target.
