Biogen (BIIB) PT Lowered to $217 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the price target on Biogen (NASDAQ: BIIB) to $217.00 (from $219.00) while maintaining a Outperform rating.

The analyst commented: "We see potential for a top/bottomline beat (est. $2,493M vs. $2,339M cons., and $4.43/sh vs. $3.84/sh), albeit one that may be perceived as lower quality, as good MS performance (particularly Tysabri, given strong third party Rx/sales data and no biosimilar launch yet) and solid Skyclarys and Zurzuvae are likely offset by expected inventory drawdowns for Leqembi (China $35M inventory buildup in 2Q; est. $126M vs. $131M WW) and Spinraza (1Q inventory drawdowns likely continue; est. $357M vs. $373M WW) that may not be fully incorporated into consensus. At 10x EPS and <2.5x sales even after the recent upside move, we continue to see a favorable setup into 4Q and into 2026, with potentially positive competitor readthroughs (AD sema could be PR-ed before potential CTAD presentation; LLY pre-sx est. year-end-'25/early-'26), BBB and subQ helping drive Leqembi uptake acceleration, and lupus/kidney pipeline readouts."

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