Will LEQEMBI IQLIK’s At-Home Launch Redefine Biogen’s (BIIB) Alzheimer’s Treatment Story?

• Eisai and Biogen announced in early October that the U.S. launch of LEQEMBI IQLIK, a subcutaneous autoinjector formulation for Alzheimer’s disease, has begun, with the product receiving approval in August and being recognized as one of TIME’s Best Inventions of 2025.
• This new formulation offers patients an at-home alternative to intravenous treatment, aiming to ease access and expand treatment capacity for early-stage Alzheimer’s disease, while a companion app and patient support program further support home-based care.
• With LEQEMBI IQLIK’s at-home injection launch aiming to expand access, let’s explore how this innovation may shape Biogen’s investment narrative.

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Biogen Investment Narrative Recap

For shareholders, the core investment case in Biogen rests on the belief that a handful of high-potential launches, particularly LEQEMBI for Alzheimer’s, can offset legacy product declines and rejuvenate earnings. The recent launch of LEQEMBI IQLIK’s at-home injection and patient support ecosystem is a meaningful catalyst in the short-term, with success or setbacks here likely outweighing incremental news from other pipeline or legacy assets.

Among the latest announcements, the promising clinical update on zorevunersen for Dravet syndrome reflects Biogen’s constructive approach to diversifying its neurological pipeline. While significant for long-term growth, this update does not alter the immediate focus or risks surrounding the commercial performance and uptake of new Alzheimer's therapies, which remain most influential for near-term financial outcomes.

Yet, investors should weigh against this optimism the persistent risk of commercial underperformance or regulatory setbacks in Biogen’s limited pool of new launches, because unlike the pipeline’s promise, ...

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

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

Uncover how Biogen's forecasts yield a $172.34 fair value, a 21% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members published seven fair value estimates ranging from US$100 to US$369.78 per share. Against this backdrop of varied opinions, the success of LEQEMBI’s rollout could be a key factor that shapes Biogen’s future growth access and investor sentiment.

Explore 7 other fair value estimates on Biogen - why the stock might be worth over 2x more 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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