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Leqembi Gross sales To Propel Biogen Inventory To New Heights, Says Bullish Analyst – Biogen (NASDAQ:BIIB)

  • Piper Sandler analyst Christopher J. Raymond upgraded Biogen Inc BIIB to Obese, elevating the cost goal to $346.
  • The analyst expects the corporate to achieve from the sure uptake of the Leqembi drug as soon as complete popularity of Prescription Drug Person Charge Act (July 6) and next complete CMS compensation from the Facilities for Medicare and Medicaid (CMS) is received.
  • Leqembi drug is used for the remedy of Alzheimer’s illness.
  • The uptake of the drug is predicted to just about quadruple inside of 6 months. Additionally, top proportion is projected at nearly 24% of general sufferers. 
  • Pen to paper, those projections would infer an annual U.S. run fee north of $500 million inside of 6 months and over $5.4 billion at top, analyst notes.
  • The U.S. end-user Leqembi estimates were 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.
  • Value Motion: BIIB stocks are buying and selling upper through 0.79% at $290.40 at the final take a look at Monday.
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