My move
I currently have a 4% position and I won't buy more cause its very unclear if Leqembi has a chance against Kisunla even with the new approval. I think Biogen is still a cheap Biotech that has some potential. Even if they won't win the Alzheimer race and their MS marketshare is more declining, they still have a strong portfolio of other drugs and a stable fundamentals with no dillution.
Biogen
Biogen is cash flow positive and doesn't dillute shares. Cash/Debt situations looks also okay. 93% of its holders are institutions while they have almost zero insider holding. The analyst rating is neutral. CEO is Christopher Viehbacher a controversial leader with a strong track record (was CEO of Sanofi). The main revenue stream comes from their multiple sclerosis drugs which is declining constantly. Leqembi got approved in 2023 for alzheimer and is projected by some bullish analysts to reach billions in annual revenue by 2030.
Leqembi Iqlik
Leqembi IQLIK is a new formulation of Leqembi for patients who've already completed 18 months of intravenous Leqembi treatment. It is the first approved subcutaneous autoinjector for Alzheimer which could give Biogen an edge against the main Competitor Kisunla by Eli Lilly. Cause you can take this drug at home now. They are also seeking approval to allow Leqembi IQLIK to be used from the very start of Alzheimer treatment. If this gets approved we would have an Alzheimer drug on the market that you can take anywhere, anytime to a fair price.
However Biogen has already failed its previous Alzheimer drug in 2021. Kisunla has its advantages when it comes to costs so its very unclear who will win the red race. Leqembi Iqliks launch is planned for October 6, 2025, at an annual list price of approximately $19,500. They will share the costs/profits with Eisai on a 50/50 deal.