VRTX - Slow Market Penetration For Biogen's Another Alzheimer's Drug: UBS Highlights Risks Forecasts | Benzinga
UBS has downgraded Biogen Inc (NASDAQ:BIIB), noting inflection for its second Alzheimer’s drug Leqembi (lecanemab) will take longer than anticipated.
Despite anticipating Leqembi’s continued dominance in the Mild Cognitive Impairment (MCI)/Mild Alzheimer’s market, recent reviews of IQVIA/Symphony data and management commentary by UBS analysts suggest that a substantial increase in sales is not expected in 2024.
This is primarily due to challenges related to neurologist access and uptake, which Biogen may find difficult to address.
Analysts downgrade from Buy to Neutral, with a price target of $276, down from the prior target of $311.
Consequently, the projected launch trajectory has been significantly revised, with 2024/25 estimated worldwide end-user sales now standing at $135/$935 million, as opposed to the previous estimates of ...