Eisai Forecasts Surge in Leqembi Sales with Successful Launch

Eisai has set an ambitious target to achieve $364 million in global sales for its Alzheimer's drug Leqembi by the end of the 2024 fiscal year. This projection marks a significant rise from the approximately $27.4 million in sales recorded during the 2023 fiscal year. Of the total projected sales, the company expects to generate around $279 million from the U.S. alone, with the remaining $85 million coming from other markets including Japan and China.

Reflecting on the company's long journey in developing treatments for Alzheimer’s, CEO Haruo Naito quoted the Japanese poet Takamura Kotaro: “There is no way before us, but there will be a way after us.” This sentiment resonates as Eisai continues to make strides in Alzheimer’s research and treatment. From launching Aricept in the U.S. in 1997 to the more recent approval of Leqembi, Eisai's efforts have been continuous and evolving.

Leqembi, an amyloid-targeting antibody, initially received accelerated approval from the U.S. Food and Drug Administration (FDA) last January. By July, the drug had achieved full FDA approval, thus securing wider Medicare coverage. Despite a sluggish start due to reimbursement delays and logistical challenges, Leqembi's sales have shown promising growth, particularly in the U.S., which represents the largest market for the drug. According to Naito, the U.S. launch has now moved into its "prescription expansion phase" following a year focused on building the necessary infrastructure.

Eisai's efforts to bolster Leqembi’s market presence also include various strategies to improve diagnostic and treatment pathways in both the U.S. and Japan, and to expand the drug’s reach into other countries such as China. For instance, the company aims to launch Leqembi in China by July, following its approval in January.

However, despite the optimistic sales projections, Eisai’s executives have refrained from commenting on whether they will meet their previously stated goal of having 10,000 patients on Leqembi by the end of the 2023 fiscal year. According to estimates by William Blair analysts, there are currently around 5,000 patients undergoing treatment with the drug, which is a notable increase from the 2,000 reported in Biogen's earlier update.

In addition to its sales ambitions, Eisai anticipates a 2.2% increase in selling, general, and administrative expenses to $2.5 billion in 2024. This expenditure aims to support the early expansion of Leqembi’s commercial infrastructure in the U.S. and other markets. These investments are part of a broader strategy to enable a larger patient base to access the drug.

Furthermore, Eisai is working on developing a subcutaneous version of Leqembi, which has recently received fast-track designation from the FDA. This new formulation could potentially be available by 2025, and Naito believes it will become the primary form of the drug for both initial and maintenance treatments, eventually replacing the current intravenous format.

As Eisai continues to drive the momentum behind Leqembi, the company is optimistic about its future prospects in the Alzheimer’s treatment landscape. With substantial investments and strategic expansions, Eisai is committed to enhancing the drug’s accessibility and efficacy for patients worldwide.