Zhi Tong Cai Jing·2026-01-14 13:29Core Insights - The CEO of Biogen, Chris Viehbacher, stated that the home injectable version of Leqembi, developed in collaboration with Eisai, will be a "key advantage" against competitors like Eli Lilly's similar therapies [1] - Biogen and Eisai are expected to receive U.S. approval by mid-year, allowing patients to use Leqembi at home from the start, which could significantly drive growth [1][2] Group 1: Market Competition - Eli Lilly's Kisunla has quickly captured market share despite being launched over a year later than Leqembi, with both companies nearly splitting the new patient market [1] - Biogen believes that the subcutaneous injection will be more appealing to patients compared to infusion treatments [1] Group 2: Growth Potential - The growth of Leqembi has been moderate due to systemic bottlenecks, such as competition for infusion beds between Alzheimer's and cancer patients [2] - New blood testing technologies that accelerate patient diagnosis may also contribute to growth [2] - Biogen and Eli Lilly aim to demonstrate the benefits of early treatment through clinical trials, potentially expanding the market significantly [2] Group 3: Corporate Strategy - Since taking over as CEO, Viehbacher has cut hundreds of jobs and reduced expenses while diversifying the company's R&D and commercial pipeline [2] - Biogen acquired Reata Pharmaceuticals for $7.3 billion in 2023, gaining access to Skyclarys, the first approved treatment for the rare neurological disease Friedreich's ataxia [2] - Viehbacher indicated that Biogen may pursue more acquisitions, although he believes that transaction values are unlikely to exceed $5 billion [3]