Piper Sandler cuts Biogen's PT expecting tepid uptake for Alzheimer's drug Leqembi
** Brokerage Piper Sandler cuts Biogen's BIIB.O stock PT to $313 from $335, slashing its near- and long-term sales outlook for co's Alzheimer's disease (AD) drug, Leqembi
** Says its new April-June survey data indicates Leqembi continues to face meaningful uptake barriers and doctors indicate relatively tepid uptake dynamics
** More than halves FY'25 sales est. for drug to $585 mln vs. previous forecast of nearly $1.4 bln
** Leqembi, co-developed by BIIB and Japan's Eisai 4523.T, has so far had a lackluster launch with a slower adoption than markets were expecting
** Rival Eli Lilly's LLY.N Kisunla recently secured U.S. FDA's standard approval for treating early AD
** Brokerage says while access restrictions have eased, doctors remain concerned around safety, infusion logistics, and the drug's perceived modest efficacy profile
** Now models Q2'24 Leqembi rev. of $30 mln from $49 mln; also cuts forecast for Q3 and Q4
** As of last close, stock down 8.5% YTD
Reporting by Pratik Jain in Bengaluru
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