Biogen (BIIB) seems to be emerging as a "leaner" and "less risky" company, RBC Capital Markets said in a note emailed Friday with a review of the biotech firm's Q1 results.

Biogen's Q1 results reaffirmed the fact that the company can "still effectively grow their launch products, execute on legacy products, keep costs down, and improve the pipeline mix," the investment firm said.

"We think investors should -- and will -- come back to the story into a more action-packed '26 for the company, especially if macro pressures ease," RBC said.

RBC noted, however, that "more may still be needed to excite investors," adding that the gradual launch of Alzheimer's disease drug Leqembi and "fewer pipeline catalysts may have reduced the story's resonance."

Also, multiple sclerosis "erosion will remain a [long-term] headwind to top- and bottom-line growth," RBC said, although it added that due to the "entrenchment of many of Biogen's core therapies," it expects the MS franchise to contribute billions through the end of the decade.

RBC reiterated its outperform on Biogen and lowered the company's price target to $205 from $217.

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