JPMorgan has reaffirmed a Neutral rating on Biogen (NASDAQ: BIIB) and maintained a $175.00 price target as investors await the company’s 2026 guidance and fourth-quarter earnings report scheduled for February 6.
The investment bank expects Leqembi, Biogen’s Alzheimer’s treatment, to see a gradual uptake through 2026, pointing to persistent logistical hurdles that are slowing adoption. JPMorgan highlighted an expected approval for subcutaneous induction by late May as a key development that could help mitigate competitive pressure from Eli Lilly’s Kisunla.
Biogen shares experienced a recent selloff after Eli Lilly said its TB-3 trial readout in preclinical Alzheimer’s is likely to occur in 2027 rather than 2026. JPMorgan, however, continues to assign a high probability that the Lilly study will eventually produce a positive result.
Overall, the firm described Biogen’s positioning as "gradually improving," despite the modest uptake of Leqembi to date. JPMorgan pointed to improving structural dynamics that it believes should support the product’s commercial trajectory over time.
JPMorgan also observed that a positive readout from Eli Lilly’s preclinical Alzheimer’s study would likely be constructive for Biogen’s Leqembi and could act as a catalyst for the stock. In addition, the bank flagged that Biogen’s late-stage pipeline may see additional derisking events over the coming 12 to 18 months.
In separate corporate updates, Biogen reported preliminary fourth-quarter 2025 earnings per share of approximately $1.26, below the $1.74 analysts' estimate from Bloomberg Consensus. The company attributed the shortfall to $222 million of pre-tax charges related to acquired in-process research and development as well as upfront and milestone payments.
Other analysts have offered contrasting views on Biogen’s outlook. RBC Capital reiterated an Outperform rating and kept a $220 price target, citing Biogen’s dosing options for Leqembi as a competitive edge even as new prescriptions are currently split roughly 50/50 with Eli Lilly’s Kisunla. Mizuho raised its price target to $207, pointing to an improved catalyst outlook for 2026.
Biogen’s chief executive has publicly emphasized the strategic benefit of the company’s at-home Alzheimer’s dosing option relative to Eli Lilly’s offerings. Taken together, these developments reflect a combination of near-term financial headwinds and potential strategic advantages in a competitive therapeutic area.
JPMorgan’s Neutral stance, the mixed analyst reactions, and the preliminary earnings miss frame a complex picture for Biogen as the market watches for both commercial traction of Leqembi and pipeline progress that could materially change the company’s risk profile over the next year to 18 months.