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TOKYO/CAMBRIDGE - Eisai Co., Ltd. and Biogen Inc. (NASDAQ:BIIB), a prominent biotechnology player with a market capitalization of $18.79 billion and impressive gross profit margins of 75.65%, presented interim results from a two-year real-world study of lecanemab (LEQEMBI) at the Alzheimer’s Association International Conference in Toronto on Wednesday. According to InvestingPro analysis, Biogen maintains a GOOD financial health score, positioning it well to advance its therapeutic developments.
The retrospective study, which collected data from 178 early Alzheimer’s disease patients across nine U.S. medical centers, showed that 83.6% of patients either remained at the same clinical stage or improved from mild dementia to mild cognitive impairment after treatment. For investors tracking Biogen’s progress, InvestingPro offers comprehensive research reports and real-time financial metrics to evaluate the company’s market position and growth potential in the expanding Alzheimer’s treatment market.
Among patients who received 40 or more doses over 18 months, 86.7% remained stable or showed clinical improvement. The mean duration of lecanemab treatment was 375.4 days, with 87.4% of patients continuing treatment at the time of reporting.
The anti-amyloid beta protofibril antibody, which received traditional FDA approval in July 2023 for early Alzheimer’s disease, demonstrated a safety profile consistent with clinical trials. ARIA (amyloid-related imaging abnormalities) was observed in 12.9% of patients, with most cases (6.7%) being asymptomatic ARIA-E (edema).
The study also examined treatment outcomes based on APOE4 status, finding that 73.3% of homozygote carriers, 88.0% of heterozygote carriers, and 85.2% of non-carriers maintained stable clinical status or improved.
Physician satisfaction with lecanemab treatment averaged 8.7 out of 10, with high scores for cognition (8.1), daily function (8.1), and quality of life (8.0).
The study noted increasing use of blood-based biomarkers for diagnosis, with 27.5% of patients diagnosed using these tests. The final report is scheduled for late in the third quarter of Eisai’s fiscal year ending March 31, 2026.
According to the press release statement, lecanemab targets both amyloid plaque and protofibrils, which are considered the most toxic amyloid beta species contributing to brain damage in Alzheimer’s disease. Trading at a P/E ratio of 12.66 and currently undervalued according to InvestingPro Fair Value metrics, Biogen appears positioned for potential growth as it approaches its next earnings announcement on July 31, 2025.
In other recent news, Biogen Inc. announced plans to invest an additional $2 billion in its manufacturing facilities at North Carolina’s Research Triangle Park. This investment aims to enhance its late-stage clinical pipeline and modernize manufacturing technologies through advanced automation and artificial intelligence. On the analyst front, Truist Securities initiated coverage of Biogen with a Hold rating, downgrading it from a previous Buy rating due to concerns about the company’s growth outlook and lack of potential blockbuster opportunities. UBS adjusted its price target for Biogen to $130, maintaining a Neutral rating, while expressing skepticism about the commercial market for presymptomatic Alzheimer’s treatment despite investor optimism. JPMorgan also reiterated its Neutral rating with a $175 price target, forecasting a gradual increase in Leqembi sales throughout the year. RBC Capital maintained an Outperform rating with a $208 price target, citing potential acceleration for Leqembi and upcoming catalysts in Biogen’s immunology and inflammation portfolio. These developments reflect a mix of strategic investments and varied analyst perspectives on Biogen’s future prospects.
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