Biogen’s controversial Alzheimer’s drug generates $2 million in first few weeks after approval

Aduhelm by Biogen

Supply: Biogen

Biogen‘s Alzheimer’s drug, Adhulem, generated $2 million in revenue in the first few weeks of its approval, the firm said Thursday in releasing its second-quarter earnings along with an launch letter referring to the controversial drug.

Biogen upped its revenue guidance for the year, asserting it now expects total sales of $10.65 billion to $10.85 billion this year, up from its outdated estimates of $10.45 billion to $10.75 billion. The new forecast assumes “modest” revenue from Adhulem in 2021, ramping up thereafter, the firm said.

Here’s how Biogen did throughout the three months ended June 30 when put next with what Wall Boulevard expected, per moderate estimates compiled by Refinitiv:

  • Adjusted EPS: $5.68 vs $4.54 expected.
  • Income: $2.78 billion vs $2.61 billion expected.

Shares of the firm were up greater than 1% in premarket buying and selling.

Adhulem used to be accredited by the Food and Drug Administration on June 7. The drug, scientifically identified as aducanumab, gives new hope to mates and families of patients dwelling with the disease and is predicted to generate billions of greenbacks in revenue for the firm.

Its approval has since been known as into query, nonetheless, and the top of the FDA is now calling for a federal investigation having a look into interactions between company group and the biotech firm.

Biogen’s top compare chief Dr. Al Sandrock defended the drug in an launch letter released alongside the firm’s earnings Thursday, asserting its approval has been subject to “large misinformation and misunderstanding.”

He said it is “customary” for scientists and clinicians to focus on about and debate recordsdata from experiments and clinical trials, nonetheless added those discussions comprise taken a flip “outside the boundaries of legitimate scientific deliberation.”

“We welcome a formal evaluation into the interactions between the FDA and Biogen on the path to the approval of aducanumab,” Sandrock said. “A more in-depth thought of the info is tremendous for all people alive to to ensure confidence in both the therapy and the technique by which it used to be accredited as we prioritize the components that comprise an influence on patients.”

The firm earned $5.68 per fragment on an adjusted basis for the second quarter, beating Refinitiv estimates of $4.54 per fragment.

It reported revenue of $2.78 billion, bigger than the $2.61 billion expected.