RBC’s Confidence in Leqembi and MS Pipeline Might Change The Case For Investing In Biogen (BIIB)

• Earlier this week, RBC Capital reaffirmed its positive view on Biogen, highlighting stabilization in the company’s core neurology franchise and growing expectations for Alzheimer’s therapy Leqembi, alongside the upcoming clinical trial start for multiple sclerosis candidate BIIB145.
• The endorsement underscores how Biogen’s deep experience in neurological diseases may help it convert emerging Alzheimer’s demand and new MS research into a more resilient business mix over time.
• We’ll now examine how RBC’s optimism about Leqembi’s growth prospects could influence Biogen’s existing investment narrative and future risk‑reward balance.

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Biogen Investment Narrative Recap

To own Biogen, you need to believe its neurology base can hold up while newer drugs like Leqembi gradually become more meaningful. RBC’s renewed confidence mainly reinforces Leqembi as the key short term catalyst, but does not fundamentally change the biggest risk, which is still how concentrated Biogen’s future depends on a few launches performing to expectations.

Against that backdrop, the upcoming clinical trial start for MS candidate BIIB145 stands out as most relevant, because it leans directly into Biogen’s long history in MS while its ex US MS revenues face generic and biosimilar pressure. If BIIB145 progresses smoothly, it could help offset some of that erosion and slightly rebalance the risk that too much of Biogen’s outlook rests on Alzheimer’s and a handful of other new products.

But even with this support for the story, investors should be aware that...

Read the full narrative on Biogen (it's free!)

Biogen's narrative projects $9.4 billion revenue and $2.1 billion earnings by 2028.

Uncover how Biogen's forecasts yield a $178.76 fair value, in line with its current price.

Exploring Other Perspectives

Seven members of the Simply Wall St Community value Biogen between US$100 and about US$367. You can weigh these views against the concentration risk around a small set of new launches that could shape Biogen’s longer term performance.

Explore 7 other fair value estimates on Biogen - why the stock might be worth over 2x more than the current price!

Build Your Own Biogen Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Biogen research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Biogen research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Biogen's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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