Biogen's Revenue and Profit Shrink as Aduhelm Controversy Takes a Toll

Down Down Down We Go

In a surprise twist of fate Biogen the pharmaceutical company known for their mind bending drugs (no blue pills included) reported a decline in both revenue and profit. It seems their controversial Alzheimer's drug Aduhelm and the slumping sales of their multiple sclerosis therapies have taken a toll on their bottom line.

The Numbers Don't Lie

Biogen's fourth quarter revenue plummeted by 6% reaching a total of $2.39 billion. As for their net income it dropped from $550.4 million to a mere $249.7 million. Adjusting for one time items the company reported earnings per share of $2.95. Ouch that's gonna leave a mark!

Aduhelm: The Shining Star with a Dark Cloud

Ah Aduhelm the drug with a polarizing approval and a rollout that had more twists and turns than the Matrix itself. Unfortunately for Biogen the costs associated with pulling Aduhelm had a negative impact on their earnings per share to the tune of 35 cents. Looks like this pill wasn't the red pill they were hoping for.

Cutting Costs and Pinning Hopes

But fear not my friends for Biogen has a plan. They're cutting costs like Neo dodging bullets and pinning their hopes on other Alzheimer's drugs including their closely watched treatment Leqembi. Plus they've got a slew of new products ready to replace the declining revenue from their multiple sclerosis therapies. The comeback is in motion!

The Slump of Multiple Sclerosis

It seems like Biogen's multiple sclerosis products are feeling a bit of a slump. Their once blockbuster drug Tecfidera is facing fierce competition from cheaper generics resulting in a 17.8% drop in revenue. Come on Tecfidera you need to step up your game! And let's not forget Vumerity which generated lower sales than expected. Looks like the MS crew needs to regroup.

The Matrix of New Drugs

But wait there's more! Biogen's rare disease drugs are here to save the day recording a 3% increase in sales. Spinraza the medication for a rare neuromuscular disorder brought in some impressive revenue. And let's not forget about Biogen's biosimilar drugs which saw an 8% boost in sales. The new drugs are here to break the monotony!