Leqembi starts to deliver for Eisai and Biogen

 Three years after its first launch in the US, there are signs that Biogen and Eisai's Alzheimer's disease Leqembi therapy is finally gathering some momentum commercially.

In its fourth-quarter results update, Biogen said global sales of the anti-amyloid antibody climbed 54% to $134 million, including some $78 million from the US market, which helped the company partially offset a steep decline in its multiple sclerosis franchise revenues.

The uptick in Leqembi (lecanemab) sales comes a few months after the FDA approved a once-weekly subcutaneous injection version of the drug that can be used as an alternative to infusions during the maintenance phase of treatment, reducing the need for infusion clinic visits.

At the moment, patients still need to receive the drug by IV infusion for an initial period of 18 months, although Eisai and Biogen are seeking approval to extend the use of the injectable version – Leqembi Iqlik – so it can be used as starting treatment during that induction phase. An FDA decision on the latter application, which could further expand uptake, is due in early May.

Leqembi's sales came ahead of analyst projections, although Biogen still saw its overall revenues in the fourth quarter fall 7% to $2.28 billion, dragged down by a 15% decline in MS sales of $917 million and a 16% drop in sales of spinal muscular atrophy (SMA) therapy Spinraza (nusinersen) to $356 million.

Along with Leqembi, the fall was offset by a 30% increase in sales of Biogen's Skyclarys (omaveloxolone) for Friedreich's ataxia to $133 million, and a rise in sales of amyotrophic lateral sclerosis (ALS) therapy to $25 million from just under $12 million in the final quarter of 2024.

There was also a useful contribution for post-partum depression (PPD) therapy, Zurzuvae (zuranolone), which contributed $66 million compared to $23 million a year ago.

Last year, Biogen tried to take full control Zurzuvae by acquiring Sage Pharma, its development partner for the drug, but was unable to reach an agreement and Sage was eventually acquired by Supernus Pharma. Biogen has commercial rights to the drug outside the US, apart from certain markets in Asia held by Shionogi.

Biogen's chief executive, Chris Viehbacher, said 2025's financial results "reflected continued focus on strong execution and financial discipline," pointing out that growth products Leqembi, Skyclarys, Zurzuvae, and Qalsody had collectively contributed nearly $1 billion to its annual turnover.

He also highlighted the anticipated readouts later this year from phase 3 trials of UCB-partnered anti-BDCA2 antibody litifilimab in cutaneous and systemic lupus erythematosus (CLE/SLE), which has been predicted to have sales potential of $2 billion or more by some analysts.

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