On July 14, Biogen rose 5.26% in regular trading, trading at $209.58/share, with turnover of $335 million. The rally was driven by the FDA formally approving the Leqembi subcutaneous injection formulation as a new initiation dosing regimen for Alzheimer's disease treatment.

The day prior, Biogen and Eisai presented data at the Alzheimer's Association International Conference showing that once-weekly 500 mg subcutaneous Leqembi demonstrated bio-equivalent drug exposure to the approved intravenous initiation regimen, supporting comparable amyloid clearance, clinical efficacy, and safety regardless of administration route. The subcutaneous autoinjector formulation provides a more convenient at-home alternative to intravenous infusions for treatment initiation, potentially improving patient adherence and expanding market access.

The approval is expected to further accelerate Leqembi sales growth. In Q1, Leqembi revenue surged 74% year-over-year to $168 million. Biogen reported Q1 total revenue of $2.5 billion, up 2% year-over-year, with adjusted EPS of $3.57, both exceeding market consensus. Multiple analysts have recently raised price targets, with Oppenheimer setting a $300 target and Goldman Sachs at $250, maintaining overweight ratings.

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