Biogen’s controversial Alzheimer’s drug generates gross sales of $ 2 million within the first few weeks after approval
Aduhelm from Biogen
Biogen’s Alzheimer’s drug Adhulem had sales of $ 2 million in the first few weeks after its approval, the company said Thursday when it released its second quarter results along with an open letter about the controversial drug.
Biogen increased its sales guidance for the year and expected total sales for the year of $ 10.65 billion to $ 10.85 billion. That’s an increase from its earlier estimates of $ 10.45 billion to $ 10.75 billion. The new forecast assumes “modest” revenues for Adhulem in 2021 and will rise thereafter, the company said.
Here’s how Biogen performed in the three months ended June 30, compared to Wall Street’s expectations, according to Refinitiv’s average estimates:
- Adjusted earnings per share: $ 5.68 versus $ 4.54 expected
- Revenue: $ 2.78 billion versus an expected $ 2.61 billion
The company’s stock rose slightly in early trading.
Adhulem was approved by the Food and Drug Administration on June 7th. The drug, scientifically known as aducanumab, offers new hope to friends and families of patients living with the disease and is set to generate billions in revenue for the company.
However, its approval has since been questioned, and the head of the FDA is now calling for a state investigation into the interactions between agency employees and the biotech company.
Biogen’s Chief Research Officer, Dr. Al Sandrock, defended the drug in an open letter released Thursday along with the company’s profits, saying its approval was subject to “extensive misinformation and misunderstanding”.
He said it was “normal” for scientists and clinicians to discuss and debate data from experimental and clinical trials, but added that those discussions had taken a turn “outside the boundaries of legitimate scientific reasoning”.
“We welcome a formal review of the interactions between the FDA and Biogen in the process of obtaining aducanumab approval,” said Sandrock. “A better understanding of the facts is good for everyone involved in building confidence in the therapy and the approval process as we prioritize the issues that affect patients.”