UBS lifts Biogen price target on late-stage pipeline catalysts; shares rise
BIIB•UBS raised its Biogen price target to $270 from $240 and reiterated a buy rating. It expects third-quarter revenue of $2.69 billion and earnings per share of $2.11, both slightly above consensus.
1. Pipeline and estimates
UBS expects Biogen's third-quarter Leqembi sales to reach $200 million, in line with consensus, and says its recently launched subcutaneous formulation could become a meaningful growth driver from 2027. The firm flagged late-stage data for lupus drug litifilimab later this year and cutaneous lupus data in the first half of 2027, as well as kidney-disease drug felzartamab data due in the first half of 2027, as catalysts.
