Goldman Sachs
May 26, 2026
Eisai's 3-Year Leqembi Outlook Implies In Line Royalties
Single Stock ReportEquitiesHealth Care
Goldman Sachs maintains a Neutral rating and SEK 339 price target for BioArctic following an updated Leqembi sales outlook from partner Eisai that matched consensus expectations.
Key Takeaways
- 1.Eisai's updated FY2028 simulation for Leqembi sales (JPY 300bn) is in-line with Goldman Sachs and consensus expectations.
- 2.Goldman Sachs remains Neutral on BioArctic with a SEK 339 12-month price target.
- 3.Upcoming milestone is the US FDA's decision on the Leqembi subcutaneous formulation in August 2026.
Table of Contents
- Valuation and risks
- Disclosure Appendix
- Reg AC
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s) BioArctic (BIOAb.ST)
- Regulatory disclosures
- Additional disclosures required under the laws and regulations of jurisdictions other than the United States
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Rajan SharmaMax Da, Ph.D.Avantika BTheodora Rowe Beadle
Securities
BIOAb.STEisaiArgenx SE
Themes
Alzheimer's Disease TherapeuticsPharma Royalty Models
Regions
EuropeNorth AmericaAsia PacificSwedenUnited StatesJapan