Biogen’s Q1 2026 earnings beat estimates, driven by 74% year-over-year growth in Leqembi sales, prompting Goldman Sachs to raise its price target.
Goldman Sachs raised its price target for Biogen (NASDAQ: BIIB) to $250 from $238, maintaining a buy rating after the company’s Q1 2026 results exceeded expectations. The upgrade reflects strong performance from Biogen’s Alzheimer’s treatment, Leqembi, which generated $168 million in global sales, a 74% increase year over year.
Biogen reported Q1 revenue of $2.48 billion, up 2% from the same period last year, while non-GAAP earnings per share reached $3.57, surpassing the $2.95 consensus estimate. The company’s experimental next-generation Alzheimer’s drug also showed promising early signals, reinforcing Goldman’s bullish outlook.
The bank’s revised target hinges on continued growth in Leqembi sales and potential catalysts over the next 18 months, rather than relying solely on current performance. Biogen’s stock has struggled in recent years due to declining market share in its multiple sclerosis franchise, but the Alzheimer’s franchise is now driving optimism.