Biogen Stays Steady As Alzheimer’s Programs Falter

 
• By Mary Jo Laffler
  
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Still reeling from aducanumab’s failure in Phase III Alzheimer’s trial, Biogen management played up the company’s progress toward diversification and the promise of its pipeline. 

Risk Dial
Biogen's high-risk pipeline has investors concerned

During its 24 April earnings call, Biogen Inc. tried to redirect attention from the recent Phase III failure of its Alzheimer’s candidate aducanumab and onto the better-than-anticipated performance in the first quarter. But with a key patent for its blockbuster multiple sclerosis drug Tecfidera under challenge, competition coming for its spinal muscular atrophy treatment Spinraza and a high-risk pipeline, the pressure is on.

First quarter revenues of $3.49bn were up 11% quarter-over-quarter, and beat consensus 2%. First quarter GAAP earnings per share were...

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