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☆ Biogen beats expectations, hikes outlook as Alzheimer's drug Leqembi and other new products gain traction
▼ + stars: | 2024-08-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Biogen on Thursday reported second-quarter earnings and revenue that topped estimates and hiked its full-year guidance, as the company's cost cuts showed progress and sales of its breakthrough Alzheimer's drug, Leqembi, and other new products beat expectations. Leqembi, which Biogen shares with Eisai, became the second drug proven to slow the progression of Alzheimer's to win approval in the U.S. last summer. That's above the $31 million analysts had expected, according to estimates compiled by StreetAccount. Tecfidera, for example, booked $252.2 million in revenue in the second quarter, which is relatively flat from the year-earlier period. Analysts had expected the once-blockbuster drug to rake in $233.3 million in revenue for the quarter, according to StreetAccount.

Persons: Biogen, StreetAccount, Leqembi, Drug Administration greenlit Skyclarys, Biogen's Organizations: Eisai, LSEG, Reata Pharmaceuticals, Drug Administration, Sage Therapeutics Locations: U.S, Europe

☆ 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 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.

Oct 25 (Reuters) - Biogen Inc (BIIB.O) on Tuesday said the Alzheimer's disease drug it is developing with Japan's Eisai Co Ltd (4523.T) would be used by doctors in a competitive market as investors wait for data from rival therapies made by Eli Lilly and Co (LLY.N) and Roche (ROG.S). The drug, lecanemab was shown to slow the progress of the disease by 27% in a trial last month, and additional data is expected next month. "The data needs to be seen from the other anti-amyloid therapies before we decide what is going to be meaningful," said Biogen interim research chief Priya Singhal. Its costs were about halved as the company significantly cut back on commercial infrastructure around the launch of Aduhelm, its previous Alzheimer's drug that has sputtered amid controversy over efficacy and lack of coverage by health insurers. read moreInvestors have been pinning hopes on the Alzheimer's drug as cheaper generics of Biogen's multiple sclerosis treatment Tecfidera have entered the market, hurting sales.

☆ Biogen raises full-year profit forecast on cost control
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Biogen Inc (BIIB.O) on Tuesday raised its full-year profit forecast for the second straight quarter, driven by its efforts to cut costs, while investors awaited more data on its new Alzheimer's disease drug next month. The focus of investors as well as Wall Street is squarely on Biogen and Eisai Co Ltd's (4523.T) new drug lecanemab that slowed the progress of the disease by 27% in a trial last month. read moreThe company raised its full-year adjusted earnings per share forecast to between $16.50 and $17.15 from $15.25 to $16.75 previously. Investors have been pinning hopes on the new Alzheimer's disease drug as Biogen faces multiple setbacks including competition for blockbuster drug Tecfidera and a failed launch of Aduhelm, its earlier Alzheimer's drug. Register now for FREE unlimited access to Reuters.com RegisterReporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Biogen sales fall 9.7% on Tecifdera competition
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Oct 25 (Reuters) - Biogen Inc (BIIB.O) reported a 9.7% drop in quarterly sales on Tuesday due to rising competition for its blockbuster multiple sclerosis drug Tecfidera, while investors awaited more data on its new Alzheimer's disease drug next month. The focus of investors as well as Wall Street is squarely on Biogen and Eisai Co Ltd's (4523.T) new drug lecanemab that slowed progress of the disease by 27% in a trial last month. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Manas Mishra and Bhanvi Satija in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Biogen Agrees to Pay $900 Million Over Alleged Improper Physician Payments
▼ + stars: | 2022-09-26 | by ( Joseph Walker | ) www.wsj.com time to read: 1 min

Biogen Inc. agreed to pay $900 million to settle allegations that it paid kickbacks to doctors to induce them to prescribe the company’s drugs, the Justice Department said Monday. From 2009 to 2014, Biogen allegedly used speaking and consulting fees and other remuneration to persuade doctors to prescribe the company’s multiple sclerosis drugs such as Avonex and Tecfidera, which resulted in fraudulent payments by Medicare and Medicaid for the drugs, according to a federal whistleblower lawsuit filed in 2012 by former Biogen employee Michael Bawduniak—and unsealed in 2015

☆ Biogen to pay $900 million to settle allegations it paid doctors kickbacks to prescribe multiple sclerosis drugs
▼ + stars: | 2022-09-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Biogen will pay $900 million to settle a lawsuit that alleged the company gave doctors kickbacks to encourage them prescribe its drugs, the Justice Department announced on Monday. Bawduniak alleged Biogen paid kickbacks to doctors in the form of speaking fees, consulting fees and meals from 2009 through 2014 to encourage them to prescribe its multiple sclerosis drugs. Biogen will pay more than $843 million to the federal government and $56 million to 15 states to settle the case. "Biogen believes its intent and conduct was at all times lawful and appropriate and Biogen denies all allegations raised in this case," the company said. Biogen disclosed in its second quarter report that it had reached an agreement in principle to pay $900 million to resolve the lawsuit.

REUTERS/Dado Ruvic/IllustrationBOSTON, Sept 26 (Reuters) - Biogen Inc (BIIB.O) has finalized a $900 million settlement resolving a whistleblower lawsuit accusing the biotech company of paying doctors kickbacks to prescribe multiple sclerosis drugs, the U.S. Department of Justice said on Monday. The settlement resolves a long-running whistleblower lawsuit in Boston federal court that a former employee pursued on the government's behalf. Biogen in July disclosed it reached a potential settlement, which was subject to government approval. As a reward, Bawduniak will receive $250 million of the federal government's $843.8 million share of the settlement. Another $56.2 million will be paid to 15 states, the Justice Department said.

☆ Frustrated pharmacists are opting out of the insurance system, saving some customers hundreds of dollars a month
▼ + stars: | 2022-08-19 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Headshot_Small.Png | Adiel Kaplan | ) www.nbcnews.com time to read: +14 min

Hux has owned Pickerington Pharmacy, which takes nearly every kind of insurance, since 2016. For some drugs, especially name-brand medications without generic alternatives, the insurance pharmacy, Pickerington, will most likely be the better bet. For other drugs, particularly those that have recently gone generic, it will be the all-cash pharmacy, Freedom. Or is it the noninsurance world?”For Kitchen, a retired registered nurse with arthritis and fibromyalgia, it was the noninsurance world of Freedom Pharmacy. By cutting out the middlemen, Freedom Pharmacy is far cheaper to operate.

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