Biogen has reported plans to cut 11.5% of its workforce, equating to about 1,000 employees, by 2025. This move forms part of the company’s strategy to save $1 billion in operating expenses by 2025. What prompted this plan was a series of unsuccessful attempts to develop and introduce the Alzheimer’s treatment, Aduhelm. Biogen will now funnel these resources into more profitable prospects, such as the launch of key products like Leqembi, a new Alzheimer’s disease drug. Despite these drastic measures, Biogen reported a 5% decline in revenues for the quarter, being $2.46 billion, but this figure exceeded analyst expectations by $89 million. The company also predicts a mid-single-digit percentage revenue drop from its $10.2 billion figure in 2022.
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[Source: Fierce Pharma, July 25th, 2023]