Biogen downgraded to Neutral from Buy at UBS

UBS downgraded Biogen to Neutral from Buy with a price target of $276, down from $311. The analyst notes that while the firm still sees Leqembi to be the market leader in MCI/Mild Alzheimers, the drug’s ramp is progressing slower than expected, and UBS has significantly lowered its launch trajectory worldwide, with end user sales now seen at $135M and $935M in FY24 and FY25 respectively vs. $512M and $1.64B previously. There is also risk, albeit low, to the Leqembi subcutaneous filing, which could create further downward pressure on estimates if FDA requires additional data at a lower dose, the firm tells investors in a research note.