Eisai and Biogen's LEQEMBI IQLIK Recognized by TIME, Bolstering Alzheimer's Treatment Outlook

LEQEMBI IQLIK™ Named to TIME's 'Best Inventions of 2025'

Eisai Co., Ltd. and Biogen Inc. announced that LEQEMBI® IQLIK™ (lecanemab-irmb), a subcutaneous autoinjector for Alzheimer's disease (AD) treatment, has been selected by TIME as one of the "Best Inventions of 2025" in the Medical and Healthcare category. This recognition highlights the innovation's potential to transform AD patient care by enabling at-home administration.

The Event in Detail

The U.S. FDA approved the subcutaneous injection in August 2025, and it was subsequently launched on October 6. Designed as a maintenance dosing option for AD patients with mild cognitive impairment or mild dementia, LEQEMBI IQLIK™ allows patients to transition to weekly self-injections after 18 months of intravenous (IV) treatment. This innovation aims to shorten administration time to approximately 15 seconds, eliminating the need for frequent infusion center visits. Biogen (NASDAQ:BIIIB) demonstrates robust financial health with a gross profit margin of 76.3% and has shown a 15.42% return over the past week, currently trading below its InvestingPro Fair Value, indicating strong market performance amid these developments.

Analysis of Market Reaction

The designation by TIME, coupled with its recent market launch, has fostered a bullish market sentiment towards both Eisai and Biogen. Investors anticipate increased adoption of LEQEMBI due to the enhanced convenience and reduced burden offered by the autoinjector. This shift could streamline AD treatment pathways and potentially lead to increased revenue and market share for the companies in the rapidly evolving Alzheimer's treatment market. The introduction of the LEQEMBI Companion program, offering patient support including nurse educators and a digital app, further underscores efforts to facilitate treatment adherence and expand accessibility.

Broader Context & Implications

LEQEMBI IQLIK™ represents a significant advancement in the biopharmaceutical landscape for neurodegenerative diseases. Unlike traditional IV therapies that require regular clinic visits, the subcutaneous autoinjector addresses logistical barriers to adherence and scalability. Data from the Phase 3 Clarity AD trial supports that patients transitioning to LEQEMBI IQLIK™ maintained cognitive and biomarker benefits with a similar safety profile to the IV formulation, with systemic injection-related reactions being significantly less common (less than 1% for subcutaneous vs. approximately 26% for IV). This positions the therapy as a cornerstone for long-term disease management, a critical factor for chronic conditions like AD.

However, the financial implications of this innovation present a nuanced picture. Jefferies analysts note that while the adoption of LEQEMBI IQLIK™ could boost revenue due to its wholesale acquisition cost of $375 per autoinjector (totaling $19,500 annually) being higher than the average $13,000-$14,000 annual cost of maintenance IV therapy, the profit per patient might decline. This is attributed to the subcutaneous formulation requiring 120% greater antibodies and additional manufacturing costs for the autoinjector device.

Eisai has revised its fiscal 2027 sales projections for LEQEMBI, reducing expectations by as much as half to JPY 250 billion-JPY 280 billion ($1.7 billion-$1.9 billion) from a previous JPY 500 billion ($3.3 billion). This adjustment reflects 'delayed uptake in the US market and learnings from launches in each region,' citing healthcare system bottlenecks and complex diagnostic requirements. To counter these barriers, Eisai is focusing on strengthening collaboration between primary care doctors and integrated delivery networks, and leveraging AI-powered diagnostic tools like icobrain aria to detect amyloid-related imaging abnormalities (ARIA).

Expert Commentary

Analyst firms have largely reacted positively to Biogen's prospects. Jefferies initiated coverage with a 'Buy' rating and a $190 price target, pointing to positive developments ahead. Canaccord Genuity reiterated its 'Buy' rating, setting a $220 price target, citing favorable valuation and Biogen's pipeline. Despite the enthusiasm, Jefferies expressed 'uncertainty' regarding the precise financial impact of LEQEMBI IQLIK™, stating, > 'This approval may have a small positive impact on revenue, because revenue per patient will rise, but profits per patient may decline on higher COGS [cost of goods sold].' This highlights the balance between increased pricing and potentially higher production costs for the subcutaneous formulation.

Looking Ahead

The approval of LEQEMBI IQLIK™ is seen as a precursor to further advancements, with Eisai having initiated a rolling Supplemental Biologics License Application (sBLA) to the U.S. FDA for LEQEMBI IQLIK™ as a subcutaneous starting dose under Fast Track Status. The companies also plan to file for a subcutaneous initiation formulation of LEQEMBI next year, which could further broaden its accessibility. Additionally, Biogen's recent acquisition of Alcyone Therapeutics for $85 million, aimed at improving the delivery of treatments for neurological disorders through its ThecaFlex DRx system, signals a strategic focus on enhancing drug delivery mechanisms across its pipeline. Future market performance will hinge on overcoming healthcare system bottlenecks, increasing patient access, and managing the cost-benefit ratio of the subcutaneous formulation.