Will Biogen’s (BIIB) New Lecanemab Data and Earnings Shift Its Alzheimer’s Growth Narrative?

• Biogen and its partner Eisai recently announced new clinical results for lecanemab, including promising updates on the investigational subcutaneous autoinjector for early Alzheimer's disease, while also reporting second quarter 2025 earnings with revenue reaching US$2.65 billion and net income at US$634.8 million, both higher than a year ago.
• An interesting insight is that a significant majority of patients in the core lecanemab study chose to continue into a long-term extension, highlighting strong engagement in the company’s Alzheimer’s clinical programs.
• We’ll explore how Biogen’s reported revenue and clinical progress for lecanemab may influence its investment outlook and key growth assumptions.

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Biogen Investment Narrative Recap

To be a Biogen shareholder today, you need to believe in the company’s ability to drive growth through new therapies like LEQEMBI, despite headwinds in legacy multiple sclerosis (MS) markets. The recent clinical and financial updates spotlight LEQEMBI as Biogen’s primary near-term catalyst, but most risks, such as competition in Alzheimer’s and other core franchises, remain unchanged and significant for future revenue stability.

The July update on LEQEMBI’s subcutaneous autoinjector, presented at a major Alzheimer’s conference, stands out. With 95% of patients from the core lecanemab study opting into a long-term extension, this strong engagement could be pivotal as Biogen awaits an important regulatory decision by August 31, 2025, for the new formulation.

Still, investors should be aware that, despite these positive signals around LEQEMBI, competitive pressures in MS therapies remain a …

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

Biogen's outlook anticipates $9.4 billion in revenue and $2.1 billion in earnings by 2028. This scenario assumes a 2.0% annual revenue decline and an earnings increase of $0.6 billion from the current $1.5 billion.

Uncover how Biogen's forecasts yield a $169.85 fair value, a 30% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members offered six fair value estimates for Biogen, ranging widely from US$106 to US$368 per share. While optimism around LEQEMBI’s market potential runs high, the risk of revenue pressure from generics and biosimilars casts a shadow over future margins; you may want to consider additional viewpoints.

Explore 6 other fair value estimates on Biogen - why the stock might be worth 19% 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.

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