Street View: Eli Lilly's Alzheimer's drug approval likely to also benefit Biogen
** The U.S. Food and Drug Administration on Tuesday approved Eli Lilly's LLY.N treatment for early Alzheimer's under the brand name Kisunla, making it the second therapy for slowing progression of the brain-wasting disease that will be available to U.S. patients
** Eli Lilly shares up 0.5% at $911.41 premarket
EXPECTED APPROVAL WITH LABEL IN LINE
** Jefferies ("buy", PT:$906.71) says despite having similar labels, it expects Biogen/Eisai's BIIB.O, 4523.T Leqembi to retain a dominant share of the market because it has a somewhat better risk-benefit profile
** BMO Capital Markets ("outperform", PT: $914.37) says it estimates peak Kisunla sales to reach $7.1 bln, meaningfully diversifying the company's revenue in the second half of the decade
** Approval of Kisunla is likely to expand revenue for both Lilly and Biogen/Eisai as two players are needed to grow infrastructure - BMO
** Cantor Fitzgerald ("overweight", PT: $885) calls LLY a "marketing machine" adding that Kisunla helps diversify sales into an area with blockbuster potential
** In a note on Leqembi, brokerage William Blair says a major debate will be whether to select it as an option for more traditional chronic therapy, or Kisunla for the potential option of stopping therapy if plaque removal is achieved
** Truist Securities ("buy", PT: $914.37) says Kisunla's differentiated profile could potentially lower overall treatment costs
Reporting by Christy Santhosh
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