UBS lifts Biogen PT on late-stage pipeline catalysts; shares rise

Eli Lilly and

09/10/2026 17:05

** Shares of drugmaker Biogen BIIB.O rise 2.4% to $223.71 
** UBS raises PT to $270 from $240, reiterates "buy"
** Sees Q3 revenue of $2.69 billion and EPS of $2.11, both slightly above consensus
** Expects Alzheimer's drug Leqembi Q3 sales of $200 million, in line with consensus, and says the recently launched subcutaneous formulation could become a meaningful growth driver from 2027
** Says Biogen is more optimistic on eye disease drug, Syfovre, than at the time of the Apellis acquisition and is refining its launch strategy
     ** Flags late-stage data for lupus drug litifilimab later this year and cutaneous lupus data in H1 2027 as key catalysts
** Also sees upside from late-stage data for kidney-disease drug, felzartamab, due in H1 2027 and potential positive read-through from Eli Lilly's LLY.N pre-symptomatic Alzheimer's trial
** Including session moves, stock up 26.3% YTD 

(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))