BIIB - Eisai: Aduhelm Does Not Look Like A Major Drug Against Alzheimer's
- Eisai is close to delivering treatment to slow the progress of Alzheimer's disease, but on closer inspection, we do not think Aduhelm is the answer.
- Shorter-term earnings visibility may suffer as a result. Earnings outlook longer-term from lecanemab is promising, but any positive impact is not for another 3 years or so.
- If lecanemab does not become a blockbuster drug, Eisai will face problems as its earnings from current core drug Lenvima fall away. We are neutral on the shares.
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Eisai: Aduhelm Does Not Look Like A Major Drug Against Alzheimer's