Biogen takes its medicine over Aduhelm fiasco
The sceptre of failure from the infamous Alzheimer’s drug Aduhelm (aducanumab) loomed large over the first-quarter financial results presentation of US biotech Biogen (Nasdaq: BIIB) on Tuesday.
Total revenue of $2.53 billion represented a 6% decrease versus the same period in the prior year, with just $2.8 million of this coming from Aduhelm, yet Biogen booked about $275 million in charges from inventory write-offs relating to the drug in the quarter. The company will effectively shut down its commercial infrastructure supporting the product.
Biogen fell short of Wall Street projections, reporting adjusted net income of $535 million, or $3.62 per share. Analysts forecast earnings of $4.34 per share, according to FactSet.
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