For Lecanemab, a $25k to $30k annual price ‘could still be appropriate’

By Sam Boughedda 

Wells Fargo analysts said in a note on biotechnology stocks on Friday that for Biogen (NASDAQ:), a $25,000 to $30,000 annual price could still be appropriate for Lecanemab amid the ICER (Institute for Clinical and Economic Review) review.

ICER is a Boston-based independent nonprofit institution that aims to place a value on medical care by providing clinical and cost-effectiveness analyses of treatments, tests, and procedures.

“ICER released pricing analysis for lecanemab, and while the annual price is below Street expectations, we see this as an improvement off their position for aducanumab,” the analysts said.

“While BIIB hasn’t commented on the draft report, ICER’s analysis seems to have similar shortcomings as the aducanumab report. Namely, ICER is looking at evidence on a pooled level (with elevated benefit/risk in heterozygous ApoE-4 and non-carrier populations) and doesn’t consider these therapies to provide lingering benefit once patients reach moderate AD,” they added.

The analysts went on to explain that access was the primary “challenge for aducanumab over price,” so Wells Fargo believes pricing in the $25-30K range could still be appropriate for lecanemab.

“BIIB hasn’t had direct communication from the NCD process that price is a hold-up for coverage and some comm’l plans (such as Aetna) were covering Adu despite CMS’s stance. Also, cost of therapy could come down (within ICER’s range) with longer duration of therapy as BIIB/Eisai investigate less frequent maintenance dosing for both IV and SubQ,” the analysts write.