Biogen Inc (NASDAQ:BIIB, XETRA:IDP) could see its stock move higher over the next two years as progress on its Alzheimer’s drug Leqembi and a series of late-stage pipeline readouts draw more investor attention, according to Jefferies.
The broker, which rates the stock Buy with a price target of $210, said Leqembi’s trajectory in early Alzheimer’s disease “could accelerate” if a subcutaneous induction version wins approval in mid-2026, enabling full at-home use.
Leqembi is already a key growth driver for Biogen, and Jefferies said rising Alzheimer’s diagnoses could further support uptake.
Blood-based biomarkers, while not a replacement for PET scans, are improving the triage of patients who likely have Alzheimer’s, increasing the efficiency of confirming cases and broadening the treated population.
The analysts added that the launch of a subcutaneous maintenance dose should help in 2026, with more meaningful upside expected in 2027 as payer access improves and the potential subQ induction option becomes available. Biogen and Eli Lilly are “growing the abeta market together” rather than competing directly, Jefferies noted.
Biogen is also positioned to benefit if upcoming Alzheimer’s data from Lilly support the broader amyloid-targeting drug class. Lilly’s Kisunla TB-3 readout is expected sometime between late 2025 and the first half of 2026, Jefferies wrote, noting the firm’s base case is now 2027. Positive results could de-risk Leqembi’s major AHEAD 3-45 prevention trial, which is expected to read out in 2028.