The analyst expects the company to gain from the positive uptake of the Leqembi drug once full approval for Prescription Drug User Fee Act (July 6) and subsequent full CMS reimbursement from the Centers for Medicare and Medicaid (CMS) is gained.
Leqembi drug is used for the treatment of Alzheimer’s disease.
The uptake of the drug is expected to almost quadruple within 6 months. Moreover, peak share is projected at almost 24% of total patients.
Pen to paper, these projections would infer an annual U.S. run rate north of $500 million within 6 months and over $5.4 billion at peak, analyst notes.
The U.S. end-user Leqembi estimates have been raised to $55 million for FY23 from $24 million and $465 million for FY24 from $99 million.
Raymond raised his adjusted EPS estimate to $16.86 from $16.50 in FY24. For FY25 and FY25, adjusted EPS is raised to $17.55 and $19.26 from $16.55 and $17.00, respectively.
Price Action: BIIB shares are trading higher by 0.79% at $290.40 on the last check Monday.
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