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Biogen Alzheimer’s data increases approval confidence, says JPMorgan

JPMorgan analyst Chris Schott says Biogen (BIIB) presented full data from the lecanemab Phase 3 CLARITY-AD study with overall results consistent with the positive headlines results from the trial. He expects a continued debate on the magnitude of benefit seen with lecanemab but says the drug’s impact to patients appears highly consistent along all measurable endpoints "that clearly improved over time." The full data should increase confidence in the likelihood of full approval and reimbursement for lecanemab, Schott tells investors in a research note. He expects Biogen shares, and to a lesser extent Eli Lilly (LLY), shares to react favorably to the results. The CLARITY-AD results continue to support a high probability of success for Eli Lilly’s donanemab, contends Schott.

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