Will slow uptake of Leqembi pose a risk to Biogen’s recovery?
If Biogen’s dismal stock performance on Tuesday is any indication, Leqembi could be the single biggest factor in the company’s ability to right the ship.
“A bet on Biogen growth is a bet on lecanemab,” Stifel’s Paul Matteis told Endpoints News, using the Alzheimer’s drug’s scientific name.
But he noted that it’s also a highly difficult drug to model. Biogen reported Tuesday that Leqembi’s fourth-quarter revenue came in under expectations — a fairly unsurprising development after partner Eisai reported lagging sales last week — and then it experienced the largest single-day stock drop over the last year, closing 7% lower.
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