NEW YORK — Facing a challenging launch for the Alzheimer’s drug Leqembi, Biogen CEO Chris Viehbacher said he would welcome competition from other companies, including Eli Lilly, which is aiming for an approval of its therapy later this year.
“We actually think that Lilly coming into the market will just help expand this market,” Viehbacher said Thursday, speaking at the Financial Times’ US Pharma and Biotech Summit, held in partnership with Endpoints News.
Biogen’s most immediate competitor will likely be Lilly, which is developing an Alzheimer’s drug called donanemab. Lilly said last week the FDA will hold an advisory committee hearing for donanemab on June 10 ahead of a potential regulatory decision later this year.
Viehbacher’s comments come as Leqembi, which was developed in partnership with Eisai, continues to run into headwinds following an accelerated approval in January 2023. (Leqembi’s approval was converted to a full approval in July). In the first quarter of 2024, Biogen reported Leqembi had sales of about $19 million, far below analyst estimates of $30 million.
Viehbacher previously noted that the Leqembi launch has been “extraordinarily difficult.” Hospitals are having trouble hiring the right staff and getting enough infusion beds, and the company has to educate physicians about a new treatment landscape.
He reiterated that sentiment Thursday morning in New York after discussing how Biogen needs to find the right balance between taking risks and delivering “value for shareholders.” He said smaller biotechs can better embrace innovation than large pharma companies, but Biogen’s goal is to sit somewhere in the middle.
“That’s where we’re going to go. I think we will get bigger,” Viehbacher said. “But I don’t want to get too big, because I do think there are disadvantages to scaling in this business.”