Eisai's Leqembi Approaches Growth Phase with $194 Million in Sales Amid Expanding Market Demand

Eisai is doubling down on its Alzheimer’s disease antibody, Leqembi, which is showing signs of significant growth potential nearly two years post-launch. Despite a slow start in the U.S. market, the drug generated approximately 13.3 billion Japanese yen (around $87 million) in the third quarter of its fiscal 2024, with a notable 30% increase in U.S. sales, reaching 7.7 billion yen (nearly $51 million).

Over the past nine months, Leqembi has accumulated total sales of 29.6 billion yen (about $194 million), positioning it to achieve a 12-month sales target of 42.5 billion yen (approximately $279 million), according to CEO Tatsuyuki Yasuno. The drug's performance is notably stronger in markets outside the U.S., with Japan showing a 50% increase in quarterly sales to 4.1 billion yen ($27 million) and China seeing a 33% rise to 1.5 billion yen ($9.9 million).

Eisai believes that advancements in blood-based diagnostics and the recent approval of a more convenient dosing schedule could signal that Leqembi is nearing a "growth expansion phase." The company’s chief operating officer, Keisuke Naito, noted that the use of diagnostics is crucial for ensuring patients receive Leqembi at the right time, with a 45% increase in amyloid beta PET testing observed in the last quarter.

Following the initial FDA approval in 2023, Eisai has been focused on reducing the treatment burden for patients. Recently, they secured approval for an intravenous maintenance dosing schedule that allows administration every four weeks, compared to the previous biweekly requirement. This change is expected to facilitate continued treatment and attract new patients.

Leqembi’s dual-action mechanism allows it to clear both amyloid plaques and protofibrils, potentially providing an edge over competitors like Eli Lilly’s Kisunla, which only targets plaques. Eisai has expressed confidence that Leqembi will maintain its market position against competitors.

The company is also planning to enhance collaboration with primary care physicians to improve patient referrals, addressing issues where neurologists receive recommendations for ineligible patients. Eisai aims to initiate educational programs to better equip primary care providers in identifying suitable candidates for Leqembi treatment.

Eisai reported 601.2 billion yen (nearly $4 billion) in total revenue over the last nine months, reflecting a 9% year-on-year growth. With a goal of reaching net sales of approximately 754 billion yen (nearly $5 billion) by the end of the fiscal year on March 31, Eisai’s partnership with Biogen continues to play a pivotal role in the commercialization of Leqembi. As the company navigates this promising phase, the focus remains on expanding its market presence and ensuring effective patient access to this vital treatment.