Biogen revenue and profit shrink on Aduhelm costs, slumping sales of multiple sclerosis therapies
Publishing timestamp: 2024-02-13 10:40:34
Summary
Biogen reported a decrease in fourth-quarter revenue and profit due to charges related to dropping its Alzheimer's drug Aduhelm and a slump in sales of its multiple sclerosis therapies. The company's earnings per share and revenue were lower than expected. Biogen is cutting costs and focusing on other Alzheimer's drugs and newly launched products to replace declining revenue. The company also issued full-year 2024 guidance and expects sales to decline but pharmaceutical revenue to be flat. The article also mentions the performance of Biogen's rare disease drugs and the low adoption rate of its Alzheimer's drug Leqembi.
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Keywords: eisai co ltd, biotechnology, breaking news, business news, health care industry, pharmaceuticals, business, earnings, biotech and pharmaceuticals, sage therapeutics inc, biogen inc,
Source: https://www.cnbc.com/2024/02/13/biogen-biib-earnings-q4-2023.html