Biogen Falls After Aduhelm Costs Overwhelm Trickle of Sales
- Alzheimer’s drug pulls in $1 million as marketing costs bulge
- CEO says company is weighing deals to restock its pipeline
Biogen headquarters in Cambridge, Mass.
Photographer: Adam Glanzman/BloombergThis article is for subscribers only.
Biogen Inc. shares slid 5% after Aduhelm, the Alzheimer’s drug that was once supposed to be an important source of growth for the biotechnology company had just $1 million in sales in the fourth quarter.
Aduhelm has faced a series of setbacks since gaining approval from the U.S. Food and Drug Administration in June. The clearance was granted in spite of opposition from the agency’s outside scientific advisers, who said that clinical trial data didn’t clearly show that the drug worked as intended.