Freedom Broker analysts maintain their “Buy” rating on Biogen Inc. (BIIB) shares and raise the target price from $245 to $255 per share. At the current price of $201.8, the upside potential is about 26.4%. In the analysts’ view, the Apellis acquisition is a turning point for the company: for the first time, revenue from the innovative portfolio exceeded sales of multiple sclerosis therapies, confirming Biogen’s shift to a new model of sustainable growth.
What Biogen is
Biogen Inc. is one of the largest biotechnology companies in the United States, specializing in the development of therapies for neurological, immunological, and rare diseases. In recent years, the company has been actively diversifying its business, reducing dependence on its mature multiple sclerosis portfolio through new products and acquisitions.
Financial results beat expectations
In the second quarter of 2026, Biogen’s revenue rose 3.4% year over year to $2.74 billion, exceeding analysts’ expectations. Even excluding the recently acquired drugs SYFOVRE and EMPAVELI, sales came in about $94 million above forecasts. These are two key commercial products that form the backbone of the company’s portfolio in immunology and ophthalmology.
The largest contribution came from prescription drugs intended to treat severe neurological and rare genetic diseases—TYSABRI, SKYCLARYS, and SPINRAZA—helping the rare disease and multiple sclerosis segments deliver results better than the market expected.
Apellis integration confirms improving fundamentals
According to Freedom Broker analysts, the second-quarter report confirmed that the acquisition of biopharmaceutical company Apellis Pharmaceuticals in spring 2026 is already beginning to deliver the expected effect.
In May 2026, Biogen completed its $5.6 billion acquisition of Apellis Pharmaceuticals, securing rights to SYFOVRE for the treatment of geographic atrophy and EMPAVELI, used for rare autoimmune diseases. As early as the second quarter, the new assets made a noticeable contribution to financial results, and the company expects the deal to become accretive to earnings starting in 2027.
Biogen raised its 2026 revenue and profit guidance excluding the impact of the Apellis deal, which analysts view as a sign of strengthening fundamentals. That is why the target price was raised to $255 while maintaining the “Buy” rating.
Analysts improved their 2026 outlook
Management raised the base adjusted EPS guidance to $15.85–16.85 from the previous range of $15.25–16.25. Including Apellis integration expenses, the company now expects total adjusted earnings of $12–13 per share, and total revenue to grow at a mid-single-digit rate in 2026.
New developments and projects support long-term potential
An additional factor supporting the investment case remains the development of the R&D portfolio. By the end of 2026, Biogen expects the release of results from several Phase III studies, including the litifilimab program for systemic lupus erythematosus. In addition, the company continues developing diranersen for Alzheimer’s disease, which, following encouraging Phase II results, is preparing to move into Phase III. Freedom Broker believes that successful advancement of new drugs could become the company’s next stage of growth after completion of the Apellis integration.
In June, Biogen also announced the acquisition of private biotechnology company RayThera for up to $1 billion and expanded its pipeline of promising immunology programs. Earlier, after the release of first-quarter results, Freedom Broker analysts had already upgraded the company’s stock to “Buy,” noting that the Apellis acquisition could change the long-term growth trajectory of the business.
This is not an individual investment recommendation.