BUZZ-Street View: Analysts optimistic on Biogen's Alzheimer's disease drug

Biogen BIIB.O on Wednesday forecast 2025 profit below Wall Street estimates, hit by a stronger dollar and a sharp drop in sales for its multiple sclerosis drugs

Median PT of 37 analysts covering BIIB is $200 - data compiled by LSEG

LEQEMBI'S LONG-TERM GROWTH

Oppenheimer ("outperform", PT: $255) says co's Alzheimer's disease drug Leqembi's Q4 in-market sales of $87 mln reflects steady growth, and expects the trend to continue in 2025

"We remain optimistic about the long-term opportunity of Leqembi, while expecting those catalysts to take time to translate to growth expansion," brokerage says

BMO Capital Markets ("market perform", PT:$139) says Leqembi growth, especially outside the U.S., appears to show increasing momentum that could be further improved with approval for a subcutaneous version of the drug later in the year

But the brokerage says that for now it does not expect this growth to offset declines in co's multiple sclerosis drug sales, "though see improvements as incrementally positive"

J.P.Morgan ("neutral," PT: $185) says, "We see some catalysts for Leqembi, but launch likely to remain gradual in near term"

William Blair ("outperform,") on Leqembi says "expect regulatory decisions on subcutaneous, auto-injector maintenance and initiation, in H22025 and H12026, respectively, to be bigger growth drivers"