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☆ Biogen tops profit estimates as cost cuts take hold, Alzheimer's drug Leqembi launch picks up
  + stars: | 2024-04-24 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +2 min
Biogen on Wednesday reported first-quarter profit that topped estimates as the company's cost-cutting efforts took hold and sales of its closely watched Alzheimer's drug, Leqembi, came in higher than expected. Biogen and Eisai 's Leqembi became the first drug found to slow the progression of Alzheimer's disease to win approval in the U.S. in July. Leqembi brought in about $19 million in sales for the quarter, up from the $10 million the drug generated last year. In February, Biogen CEO Chris Viehbacher told reporters that there were around 2,000 patients currently on Leqembi. Adjusting for one-time items, the company reported earnings of $3.67 per share.
Persons: Biogen, Leqembi, FactSet, Chris Viehbacher, LSEG Organizations: LSEG Locations: U.S
☆ What Eli Lilly investors can learn from the slow launch of a competitor's drug
  + stars: | 2024-02-15 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +8 min
Club holding Eli Lilly is expecting to get approval for its Alzheimer's treatment in the coming weeks, but investors looking for immediate financial success should temper their expectations. The FDA's decision on Lilly's drug, known as donanemab, is expected by the end of March. In the meantime, Eli Lilly's diabetes and obesity drugs, the heart of our investment thesis, should continue to fuel the lion's share of the company's topline growth. About 2,000 patients are currently taking Leqembi, Biogen said Tuesday, up from 800 at the time of the company's third-quarter report in November. LLY YTD mountain Eli Lilly's stock performance so far in 2024.
Persons: Eli Lilly, drugmaker Biogen, Eli Lilly's, —, Lilly, Biogen, Japan's, Chris Viehbacher, Viehbacher, Morgan Stanley, Lilly's, Donanemab, Mounjaro, Jim Cramer, Leqembi, Jim Cramer's, Jim Organizations: Food and Drug Administration, Drug Administration, Alzheimer's Association, FDA, Club, GE Healthcare, FactSet, Pharmaceutical, CNBC Locations: Indianapolis
☆ Biogen cuts annual profit forecast on persistent higher costs
  + stars: | 2023-11-08 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 8 (Reuters) - Biogen (BIIB.O) cut its annual profit forecast below Wall Street expectations on Wednesday, on rising costs related to the recent acquisition of rare disease drugmaker Reata Pharmaceuticals and the launch of its Alzheimer's treatment Leqembi. Biogen is banking on the success of Leqembi and tuck-in deals like its recent $6.5 billion buyout of Reata Pharmaceuticals to grow its revenue. The drugmaker expects full-year adjusted profit per share in the range of $14.50 to $15.00 compared with $15 to $16 forecast previously. On an adjusted basis, Biogen earned $4.36 per share, beating analysts' average estimate of $3.97, according to LSEG data. Reporting by Mariam Sunny and Bhanvi Satija in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, Eisai, Christopher Viehbacher, Biogen, Mariam Sunny, Bhanvi, Arun Koyyur Organizations: REUTERS, Pharmaceuticals, Reata Pharmaceuticals, Thomson Locations: Bengaluru
☆ Biogen, Sage face uphill battle with postpartum depression pill
  + stars: | 2023-08-07 | by ( Bhanvi Satija Mariam E Sunny | Bhanvi Satija | Mariam E Sunny | ) www.reuters.com   time to read: +2 min
REUTERS/Andrew Kelly/File PhotoAug 7 (Reuters) - The U.S. drug regulator's approval of Biogen (BIIB.O) and Sage Therapeutics' (SAGE.O) first-of-its-kind postpartum depression (PPD) pill is unlikely to allay the drugmakers' growth concerns, analysts said on Monday. Adverse commentary after their PPD drug was approved by the U.S. Food and Drug Administration (FDA) on Friday sent Sage shares tumbling 40%, while Biogen dropped 3% in premarket trading. Zurzuvae's use as a clinical depression treatment represents a more than $1 billion sales opportunity compared with $250 million to $500 million potential for postpartum depression, said Jefferies analyst Michael Yee. "Postpartum depression is not necessarily where a big commercial opportunity is," Biogen CEO Christopher Viehbacher said last month. The U.S. FDA said last week that additional studies might be required to support the drug's approval for major depressive disorder (MDD), or clinical depression.
Persons: Andrew Kelly, Sage, Biogen, Baird, Brian Skorney, Skorney, Zurzuvae, Jefferies, Michael Yee, Christopher Viehbacher, Yee, Mariam Sunny, Bhanvi, Manas Mishra, Vinay Dwivedi Organizations: Food and Drug Administration, FDA, REUTERS, Sage Therapeutics, U.S . Food, Drug Administration, U.S, Thomson Locations: White Oak , Maryland, U.S, Bengaluru
☆ Biogen to buy Reata for $6.5 bln to bulk up rare disease portfolio
  + stars: | 2023-07-28 | by ( Manas Mishra Bhanvi Satija | Manas Mishra | Bhanvi Satija | ) www.reuters.com   time to read: +2 min
July 28 (Reuters) - Biogen (BIIB.O) agreed to buy rare disease drugmaker Reata Pharmaceuticals (RETA.O) for nearly $6.5 billion, the first large acquisition under new CEO Christopher Viehbacher as he seeks to return the drugmaker to growth. Through the deal, Biogen said it will gain Texas-based Reata's recently approved drug Skyclarys to treat a rare genetic disorder that causes progressive damage to the nervous system. It already makes Spinraza, a treatment for the rare muscle-wasting disorder called spinal muscular atrophy, and a treatment for a rare type of amyotrophic lateral sclerosis. Biogen said it will pay Reata $172.50 per share in cash, which represents a 58.9% premium to the stock's last closing price. Reuters GraphicsShares of Reata surged nearly 52% to $164.76 in early trading, while Biogen's shares fell marginally to $261.14.
Persons: Christopher Viehbacher, Viehbacher, Biogen, Eisai, Baird, Brian Skorney, Manas Mishra, Bhanvi, Shinjini Organizations: Pharmaceuticals, Reuters, Thomson Locations: Texas, United States, Bengaluru
☆ Biogen to cut 1,000 jobs to save costs as Alzheimer's drug launch gathers pace
  + stars: | 2023-07-25 | by ( ) www.reuters.com   time to read: +2 min
Investors have pinned their hopes on Leqembi as sales of multiple sclerosis drug Tecfidera take a hit from cheaper generic rivals while spinal muscular atrophy drug Spinraza faces rival treatments by Novartis (NOVN.S) and Roche (ROG.S). "Biogen's business is in transition," said CEO Christopher Viehbacher, who was hired in November to help power up growth and put behind a series of setbacks for older Alzheimer's drug Aduhelm. Multiple sclerosis treatments Avonex and Vumerity, as well as SMA therapy Spinraza, beat analyst estimates, while Tecfidera missed expectation as it faced generic rivals. "We see no unexpected surprises in Q2 results, allowing investors to focus on Alzheimer's," said Wells Fargo analyst Mohit Bansal. Reporting by Manas Mishra and Mariam Sunny in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
Persons: Roche, Christopher Viehbacher, Tecfidera, Wells, Mohit Bansal, Manas Mishra, Mariam Sunny, Sriraj Organizations: Biogen, Novartis, Thomson Locations: Massachusetts, Bengaluru
☆ Biogen to cut 1,000 jobs to save costs as company prepares for Leqembi launch
  + stars: | 2023-07-25 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +2 min
Biogen on Tuesday said it expects to cut approximately 1,000 jobs, or about 11% of its workforce, to save costs as the biotech company prepares to launch its newly approved Alzheimer's drug Leqembi. It's the latest round of layoffs after Biogen slashed nearly 900 jobs last year. The larger plan is expected to generate approximately $1 billion in gross operating expense savings by 2025, according to Biogen. About $300 million of those savings will be reinvested into product launches and R&D programs. "There's a need, obviously, to have a strong investment in our new product launches.
Persons: Chris Viehbacher, Wells, Mohit Bansal
☆ Biogen isn't concerned about competing with Eli Lilly in the Alzheimer’s drug space, CEO says
  + stars: | 2023-04-25 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +3 min
Biogen isn't worried about competing with Eli Lilly as they both attempt to bring an Alzheimer's drug to the market, Biogen's CEO said Tuesday. Researchers argue that the accumulation of amyloid plaque is a crucial first step toward the cognitive decline observed in Alzheimer's disease. Eli Lilly didn't immediately respond to a request for comment. He said that will likely require Eli Lilly and Biogen to roll out maintenance doses that will keep plaque levels low. Biogen is banking on the success of its drug leqembi after the disastrous approval and rollout of its old Alzheimer's drug aduhelm last year.
☆ FDA grants accelerated approval for Biogen ALS drug that treats rare form of the disease
  + stars: | 2023-04-25 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +3 min
The Food and Drug Administration on Tuesday granted accelerated approval for Biogen 's drug tofersen, which treats a rare and aggressive form of the disease known as ALS. Accelerated approval is an FDA designation that clears drugs faster if they fill an unmet medical need for serious conditions. If a subsequent trial confirms those benefits, the FDA can grant traditional approval for the drug. An independent panel of advisors to the FDA last month similarly voted that tofersen's effect on neurofilament could produce a clinical benefit in ALS patients. Stephanie Fradette, Biogen's head of ALS development, said those SOD1 protein levels are "indirect evidence" that tofersen targets the rare form of ALS.
☆ Biogen Boss Turns Corner on Alzheimer’s Miscues
  + stars: | 2023-02-15 | by ( David Wainer | ) www.wsj.com   time to read: 1 min
After botching the commercialization of its first Alzheimer’s drug, Biogen got a new lease on life with a second one that surprised skeptics of the amyloid hypothesis. The positive news restored investor excitement for its growth potential and allowed the Boston-area biotech to recruit the veteran Chris Viehbacher as its new boss. Now, he is trying to convince investors he can right the ship. That starts with not messing up the rollout of Alzheimer’s drug Leqembi. Mr. Viehbacher has shown he is intent on doing that by, first and foremost, maintaining a good relationship with lead partner Eisai Co Ltd.
☆ Biogen CEO bets on Alzheimer's drug, pipeline to return to growth
  + stars: | 2023-02-15 | by ( Manas Mishra | ) www.reuters.com   time to read: +2 min
Feb 15 (Reuters) - Biogen Inc (BIIB.O) Chief Executive Officer Christopher Viehbacher said on Wednesday he is banking on high-profile launches of Alzheimer's disease treatment Leqembi and depression drug zuranolone, as well as deals, to help the company return to revenue growth. A controversial approval and problematic launch of previous Alzheimer's disease drug Aduhelm, which like Leqembi was developed with Eisai Co Ltd (4523.T), have further dented investor sentiment. Biogen is also hoping to gain U.S. approval of depression treatment zuranolone this year. Biogen forecast full-year adjusted profit of $15 to $16 per share, compared with analysts' estimates of $15.72 per share. The company reported a fourth-quarter adjusted profit of $4.05 per share, beating estimates compiled by Refinitiv IBES by 57 cents.
☆ Biogen sees modest 2023 revenue from Alzheimer's disease drug
  + stars: | 2023-02-15 | by ( Manas Mishra | ) www.reuters.com   time to read: +2 min
Feb 15 (Reuters) - Biogen Inc (BIIB.O) said on Wednesday that Alzheimer's disease drug Leqembi would bring in modest revenue for the year although it might not be enough to offset costs tied to its launch. Biogen has a 50% share of U.S. profits on Leqembi, which it developed with lead partner Eisai Co Ltd (4523.T). "Over the last couple of years, the company has lost its way somewhat and now it is in a declining revenue," Viehbacher said. Biogen expects full-year adjusted profit of $15 to $16 per share, compared with analysts' estimates of $15.72 per share. The company reported a Q4 adjusted profit of $4.05 per share, above Refinitiv IBES estimates of $3.48 per share.
☆ Depression treatments haven't changed much in decades. Here are the promising new drugs that could be more precise, work faster, and help more people.
  + stars: | 2023-02-02 | by ( Yeji Jesse Lee | ) www.businessinsider.com   time to read: +6 min
Advances in depression treatment have been rare over the past few decades. But treatments for mental-health illnesses, like depression, haven't changed much over the past few decades. Insider put together a roundup of the most promising depression treatments today, both those that have won approval and those that are in the later stages of the research process. Unlike most depression treatments on the market, Auvelity is rapid-acting, which means it offers faster relief for patients. MDD is also known as clinical depression and is defined by persistent depressive symptoms.
☆ The promising new Alzheimer's drugs to watch — and the far-out ideas that could reshape how we treat the disease
  + stars: | 2023-01-20 | by ( Yeji Jesse Lee | ) www.businessinsider.com   time to read: +6 min
But amid some positive news, companies focused on Alzheimer's have said they've received an influx of investor interest. In trials, Leqembi was found to slow the rate of cognitive decline by 27% in Alzheimer's patients over 18 months. Eli Lilly's drug donanemab is expected to have data soon but just faced a setback from the FDAEli Lilly's donanemab is the focus of a late-stage trial. In the first half of this year, Eli Lilly is expected to release data for its Alzheimer's drug donanemab, which is being tested in a late-stage trial. Getty ImagesAduhelm, the first Alzheimer's drug to be approved in 18 years, was OK'd by the FDA in 2021 but has faced controversy.
☆ Biogen CEO Christopher Viehbacher breaks down his outlook for '23
  + stars: | 2023-01-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiogen CEO Christopher Viehbacher breaks down his outlook for '23Biogen CEO Christopher Viehbacher, joins 'Squawk Box' to discuss why he decided to become the chief executive officer of Biogen, the company's growth-track strategy, and insights into the company's Alzheimer's drug.
☆ Biogen's new CEO says Alzheimer's will become a major franchise for the company but that a different drug has the 'biggest undervalued potential'
  + stars: | 2023-01-09 | by ( Yeji Jesse Lee | ) www.businessinsider.com   time to read: +4 min
But new CEO Christopher Viehbacher said that he sees Alzheimer's becoming a new franchise. He added that zuranolone, an antidepressant, is the "biggest undervalued potential" of the company. On the heels of the approval of a new Alzheimer's drug, Cambridge-based biotech company Biogen seems focused on expanding its focus to a wider range of illnesses. New Alzheimer's drug lecanemab could signal a new franchiseThe first is lecanemab, a drug for Alzheimer's disease that was granted an accelerated approval by the US Food and Drug Administration last week. "I think zuranolone is the biggest undervalued potential of Biogen," Viehbacher said.
☆ Eli Lilly has spent years and billions of dollars in search of an effective Alzheimer's drug. But success is not all or nothing for the stock
  + stars: | 2023-01-09 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +22 min
Eli Lilly (LLY) has spent decades researching Alzheimer's disease without successfully bringing to market a treatment that slows the memory-destroying condition. For Eli Lilly as a company, an Alzheimer's drug is an important pursuit. Lilly's Alzheimer's history Eli Lilly's "first real foray" into Alzheimer's came in the 1990s, according to Dr. John Sims, Eli Lilly's head of medical development for donanemab. Financial implications for Lilly LLY mountain 2021-10-08 The Club started a new position in Eli Lilly (LLY) in October 2021. The Eli Lilly logo is shown on one of the company's offices in San Diego, California, September 17, 2020.
☆ Biogen Names Christopher Viehbacher New CEO
  + stars: | 2022-11-10 | by ( Joseph Walker | Colin Kellaher | ) www.wsj.com   time to read: 1 min
Biogen Inc. named veteran pharmaceutical executive Christopher Viehbacher president and chief executive on Thursday, capping a monthslong search for a new leader after the failed launch of its once-promising Alzheimer’s disease drug Aduhelm. Mr. Viehbacher, who will also join the board, succeeds Michel Vounatsos , who has led Biogen since 2017 and in May said he would resign.
☆ Biogen hires former Sanofi head Viehbacher as CEO
  + stars: | 2022-11-10 | by ( Manas Mishra | ) www.reuters.com   time to read: +2 min
The appointment of Viehbacher, who founded private equity firm Gurnet Point Capital after being ousted from French drugmaker Sanofi (SASY.PA) in 2014, concludes a months-long search for a successor to Michel Vounatsos. "The selection of a new CEO has been front-of-mind for Biogen investors since Mr. Vounatsos' announced departure," said Wedbush analyst Laura Chico. Investors and analysts are now pinning their hopes on the second Alzheimer's drug Biogen is developing with Japan's Eisai Co Ltd (4523.T) after it slowed the progress of the memory-robbing disease by 27% in a trial. Viehbacher served as chief executive of Sanofi for six years and was instrumental in the company's $20 billion deal for Genzyme in 2011. Viehbacher will step into his role on Nov. 14, Biogen said.
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