Biogen’s stock could get a boost after Novo Nordisk shared disappointing results from its big Alzheimer’s trials. This is what analysts at Jefferies are saying. Novo tested semaglutide in people with early Alzheimer’s. The trials did not meet their main goal. This goal is called the CDR sum of boxes. Novo also said it is ending the one year extension of the Evoke program. After the news, Novo’s shares dropped more than ten percent before the market opened.
Jefferies says this failure removes a major worry for Biogen. It makes the competition weaker. It could also help Biogen’s Alzheimer’s drug Leqembi grow faster. Leqembi targets amyloid beta, which is a different approach from Novo’s drug.
The analysts think several things could help Biogen in twenty twenty six and twenty twenty seven. One big driver could be the easier at home version of Leqembi. This is the new subcutaneous IQLIK injection. It may get approval for induction use by mid twenty twenty six. They also think Biogen’s main business will stay strong. And they believe the company could see success in its pipeline studies expected between twenty twenty six and twenty twenty eight.
Novo’s failure was not a shock because expectations were already low. But the negative result actually helps the antibeta drug class. It makes the amyloid targeting approach look more important. This means Leqembi could grow faster, especially with its new at home maintenance treatment that launched in October twenty twenty five.
Jefferies also mentions Eli Lilly’s upcoming Alzheimer’s data. Lilly is studying its own antibeta drug called Kisunla. New data from a TB three preclinical study is expected between the end of twenty twenty five and the first half of twenty twenty six. If that data is positive, it could make the entire antibeta category look stronger. That would be good news for Biogen’s own long term AHEAD 3-45 study, which will not have results until twenty twenty eight or later.
Overall, analysts think the weaker competition, stronger drug class outlook and Biogen’s upcoming product improvements may all work together to lift the stock in the coming years.