Biogen's (BIIB) Announces Updated ADUHELM Label, Analyst Expects No Material Change

Biogen (Nasdaq: BIIB) and Eisai Co., Ltd. announced the U.S. Food and Drug Administration (FDA) has approved an updated label for its controversial Alzheimer’s disease drug ADUHELM.

The new label includes an addition to the indication to emphasize that only mild cognitive impairment or mild dementia stage of disease were studied during clinical trials.

Despite the update, Truist Securities analyst Robyn Karnauskas does not see any material change in the addressable market.

“We note that this patient population is in-line with how we model Aduhelm," Karnauskas commented.

She maintains expectations of “peak 2031E sales of ~$12B in US” and awaits the EU approval, which, in her view, could potentially add ~$227/sh to the DCF.

Truist Securities reiterates Biogen at “Buy” with a $647 Price Target.

Shares of Biogen are down 2.3% in pre-open trading.

Written by Vlad Schepkov | [email protected]

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