Raymond James sees EU Leqembi uptake as more modest for Biogen than in U.S.

Raymond James analyst Danielle Brill says the news that the European Medicines Agency’s CHMP reversed course and issued a positive recommendation for the marketing authorization of Leqembi in the EU for early Alzheimer’s “comes at a surprise to us,” but the expanding marketing authorization the the EU doesn’t change the firm’s “overarching view” that the launch is unlikely to achieve the level of success that investors had originally hoped for. With a narrow label, the firm believes uptake in the EU will be “(even) more modest than what we’ve seen in the U.S.,” adds the analyst, who reiterates a Market Perform rating on Biogen (BIIB) shares.