Biogen Beats Q1 Earnings as Goldman Raises Target to $250 — Leqembi Alzheimer Drug Sales Surge 74%

Biogen (BIIB) posted a strong Q1 2026 earnings beat, driven by a 74% year-over-year surge in global in-market sales of its Alzheimer's drug Leqembi to $168 million. Goldman Sachs immediately raised its price target from $238 to $250, maintaining its buy rating.

Biogen reported Q1 2026 revenue of $2.48 billion, up 2% year over year, and non-GAAP EPS of $3.57 — 21% above the $2.95 Wall Street consensus estimate. The beat comes as Biogen's multiple sclerosis (MS) franchise continues to lose market share to generics and biosimilars, making the Leqembi growth trajectory increasingly important to the company's long-term story.

Leqembi Holds the Lead — What 74% Growth Actually Signals

Leqembi is an FDA-approved therapy for early Alzheimer's disease that works by clearing amyloid plaques from the brain. Co-developed by Biogen and Eisai, the drug holds 65% to 70% market share on a patient-number basis over Eli Lilly's competing drug Kisunla, according to Eisai's most recent guidance.

While $168 million in quarterly in-market sales is still a modest absolute number, a 74% growth rate signals that Leqembi is still in the early part of its commercial ramp. As diagnostic infrastructure improves, reimbursement coverage expands, and physician awareness grows, the growth curve has room to steepen.

The combination of Leqembi's commercial trajectory and the potential of Biogen's next-generation Alzheimer's pipeline means the growth story is not fully reflected in today's stock price.

Goldman Sachs analyst Salveen Richter, May 2026

Blood-Based Biomarkers — Expanding the Patient Pool

Goldman Sachs flagged the accelerating adoption of blood-based biomarkers as a key upside driver. Diagnosing Alzheimer's previously required a PET scan or lumbar puncture — expensive and invasive procedures that limited early-stage identification. Blood-based tests that detect amyloid pathology are now becoming more widely used, lowering the barrier to diagnosis.

Biogen's primary care pilot program is showing higher biomarker usage rates among enrolled physicians, according to management comments on the Q1 earnings call. Earlier diagnosis means a larger pool of patients eligible for Leqembi treatment at the stage where the drug is approved and most effective.

MS Decline vs Alzheimer Growth — Biogen's Transition in Numbers

• Q1 2026 total revenue: $2.48 billion (+2% YoY)
• Non-GAAP EPS: $3.57 vs $2.95 consensus (21% beat)
• Leqembi global in-market sales: $168 million (+74% YoY)
• Leqembi market share by patient count: 65–70% vs Kisunla
• Goldman Sachs price target: $238 → $250, Buy maintained

Biogen is in a structural transition: offsetting MS franchise erosion with Alzheimer's-driven growth. Goldman's $250 target reflects not just a single strong quarter but a medium-term conviction that the Alzheimer's market is approaching a meaningful inflection — and that Leqembi, with its current lead in market share and an expanding diagnostic pipeline, is positioned to capture a substantial portion of it.