Shares of Japan's Eisai tumble after EU rejects Alzheimer's drug

Shares of Japan's Eisai tumble after EU rejects Alzheimer's drug

TOKYO - Shares of Japan's Eisai tumbled 11% and were on track for their biggest one-day fall in three years on Monday, after the European Union's regulator rejected the drugmaker's Leqembi treatment for early Alzheimer's disease.

"Because EU approval was broadly expected, we consider this a very big negative surprise," Jefferies analyst Stephen Barker wrote in a note to clients. Eliminating European Leqembi sales from estimates could mean an eventual cut of overall sales estimates by around 20% and reduce the"fair value" of Eisai shares about 1,000 yen each, Barker said.

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