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Did China’s At‑Home LEQEMBI Review Just Shift Biogen's (BIIB) Alzheimer’s Care Investment Narrative?

Simply Wall St · 4d ago
  • Biogen and Eisai previously announced that China’s National Medical Products Administration accepted their Biologics License Application for a subcutaneous, once-weekly at-home formulation of Alzheimer’s therapy LEQEMBI, advancing it into formal regulatory review.
  • This move could materially change how Alzheimer’s care is delivered in China by shifting treatment from hospital-based infusions to more convenient at-home self-administration.
  • Next, we’ll explore how the potential for at-home LEQEMBI dosing in China could influence Biogen’s longer-term investment narrative.

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Biogen Investment Narrative Recap

To own Biogen, you need to believe that a focused neurology pipeline can offset pressure on the legacy multiple sclerosis and branded drug portfolio. The Chinese review of at-home, subcutaneous LEQEMBI touches a key near term catalyst in Alzheimer’s, but its ultimate impact will hinge on regulatory, reimbursement, and competitive outcomes in a still crowded and evolving treatment field.

Among recent developments, Bank of America Securities reiterating a Hold rating on Biogen with a US$189.00 price target, alongside a Moderate Buy analyst consensus and relatively stable recent financial results, frames expectations around execution rather than rapid transformation. In that context, progress on LEQEMBI’s subcutaneous formulation in China feeds directly into how investors think about Biogen’s ability to convert a small set of new launches into durable earnings.

However, behind the promise of at home Alzheimer’s treatment, investors should also be aware of rising competitive pressure in Biogen’s ex U.S. multiple sclerosis franchise and...

Read the full narrative on Biogen (it's free!)

Biogen's narrative projects $9.4 billion revenue and $2.1 billion earnings by 2028.

Uncover how Biogen's forecasts yield a $180.69 fair value, a 3% upside to its current price.

Exploring Other Perspectives

BIIB 1-Year Stock Price Chart
BIIB 1-Year Stock Price Chart

Seven fair value estimates from the Simply Wall St Community span roughly US$100 to about US$334 per share, reflecting very different views on Biogen’s potential. When you set those opinions against Biogen’s reliance on a few new launches such as LEQEMBI to support future earnings, it underlines why exploring several alternative viewpoints on the company’s prospects can be so important.

Explore 7 other fair value estimates on Biogen - why the stock might be worth 43% less than the current price!

Build Your Own Biogen Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

  • A great starting point for your Biogen research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
  • Our free Biogen research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Biogen's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.