Biogen raises 2021 revenue forecast, defends Alzheimer’s drug approval

FAN Editor
A sign marks a Biogen facility in Cambridge
FILE PHOTO: A sign marks a Biogen facility in Cambridge, Massachusetts, U.S. January 26, 2017. REUTERS/Brian Snyder

July 22, 2021

(Reuters) -Biogen Inc on Thursday raised its full-year revenue expectations, and defended the approval of its Alzheimer’s disease drug by the U.S. Food and Drug Administration last month.

The decision by the FDA to approve the drug, Aduhelm, despite its panel of outside experts recommending against it has drawn criticism from doctors and hospitals, with some saying they will not prescribe the drug or have prescribed it very slowly.

Biogen now expects total sales of $10.65 billion to $10.85 billion this year, from its prior estimates of $10.45 billion to $10.75 billion.

It expects modest revenue from Aduhelm this year, and expects it to ramp up thereafter. The company earned $448.5 million, or $2.99 per share, in the second quarter ended June 30, down from $1.54 billion, or $9.59 per share, a year earlier.

(Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)

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