Needham downgrades Biogen to Hold on lack of share catalysts

Needham downgraded Biogen to Hold from Buy without a price target. The firm does not see a meaningful source of upside for the shares over the next 12 months. Feedback from physician checks and Needham’s recent expert call suggests Leqembi growth will “remain a slow grind,” the analyst tells investors in a research note. As a result, the firm lowered Leqembi estimates and is now below consensus for 2025 and 2026. Biogen’s revenues are unlikely to return to growth until 2026 as new product launches ramp up enough to offset the declining base business, contends Needham.