JPMorgan Upgrades Biogen on 2027 Pipeline Catalysts

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: October 12, 2026

Key Moments

JPMorgan raised its rating on Biogen to Overweight from Neutral and set a December 2027 price target of $300 per share.
Analyst Chris Schott highlighted three key clinical readouts by 2027, led by felzartamab in antibody-mediated rejection, targeting a market over $2 billion.
Schott anticipates Biogen’s EPS growth to accelerate from mid single digits to low double digits or higher by 2030, with shares trading at approximately 14x 2027 EPS.

JPMorgan Shifts Stance on Biogen

JPMorgan upgraded Biogen Inc. (NASDAQ:BIIB) to Overweight from Neutral on Monday, citing a more compelling lineup of clinical milestones expected in 2027 and a stronger long-term growth profile.

The firm established a December 2027 price objective of $300 per share for the stock.

From Single-Drug Story to Broader Pipeline Play

Analyst Chris Schott argued that Biogen is transitioning away from being viewed primarily through the lens of its Alzheimer’s therapy Leqembi, describing the company as “one of the more attractive names to own heading into 2027.”

Schott pointed to three upcoming clinical readouts as central to his thesis, underscoring a broader set of potential value drivers for the business.

Key Pipeline Opportunities Driving the Call

Program	Indication	Stage / Timing	Commentary
Felzartamab	Antibody-mediated rejection in kidney transplants	Phase 3 data expected in the first half of 2027	Identified as the most significant pipeline opportunity, tied to a market worth more than $2 billion
Leqembi	Alzheimer’s disease (class implications)	Read-through from Eli Lilly’s TRAILBLAZER-ALZ-3 in pre-clinical Alzheimer’s	JPMorgan assigns a high probability of success to the Lilly trial and sees implications for the Leqembi class
Litifilimab	Cutaneous lupus and systemic lupus	Cutaneous lupus data in the first half of 2027; two systemic lupus Phase 3 trials due in the fourth quarter	Cutaneous lupus is an area with no approved therapies; systemic lupus trials are viewed as higher risk

Felzartamab Seen as Major Value Driver

Schott identified felzartamab in antibody-mediated rejection, a complication associated with kidney transplants, as the most important asset in Biogen’s development portfolio. He estimated this program is tied to a market opportunity exceeding $2 billion.

Phase 3 results for felzartamab are anticipated in the first half of 2027, and Schott expects potential upside to existing Street projections from this single indication.

Leqembi and the Read-Through from Eli Lilly

JPMorgan also pointed to a potential benefit for Leqembi from Eli Lilly’s TRAILBLAZER-ALZ-3 study in pre-clinical Alzheimer’s. The bank assigns a high likelihood of success to that trial and sees it as an important signal for the broader treatment class.

“Along these lines, we believe success in the preclinical setting would translate to a significantly larger addressable market for the class,” wrote Schott.

Litifilimab in Lupus: Opportunity and Risk

The third focal program is litifilimab in cutaneous lupus, an indication where there are currently no approved treatments. Data from this program are expected in the first half of 2027.

In addition, two Phase 3 studies of litifilimab in systemic lupus are scheduled to read out in the fourth quarter. Schott characterized these systemic lupus trials as carrying higher risk but argued that the stock still appears attractive heading into those catalysts, noting that shares could rebound swiftly from any negative outcome.

Valuation, Earnings Trajectory, and Re-rating Potential

Schott projected that Biogen’s revenue growth will accelerate over the coming years. “We expect accelerating topline growth for Biogen as we look out to the 2030s,” the analyst added.

He highlighted that the stock is trading at approximately 14x 2027 earnings per share, despite his expectation that EPS growth will improve from mid single digits to low double digits or higher by 2030. In his view, that setup supports the potential for BIIB shares to re-rate as the company reduces risk across its pipeline over the next 12 months.