Biogen
2Q Revenues: $2.5 billion (-5%)
2Q Earnings: $593.3 million (-44%)
YTD Revenues: $4.9 billion (-4%)
YTD Earnings: $980.9 million (-23%)
Comments: Multiple sclerosis (MS) product revenue was down 15% in the quarter to $1.2 billion. MS includes: TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA. SPINRAZA sales were $437 million, up 1%. Biosimilars revenue was flat at $195 million. Restructuring expenses in the quarter were $34 million. On July 6, the FDA granted traditional approval of LEQEMBI for the treatment of Alzheimer’s disease. Biogen is preparing the launch of LEQEMBI in the U.S. 
 
Biogen announced a new “Fit for Growth” program that includes a headcount reduction of approximately 1,000. The program is expected to generate approximately $1 billion in operating expense savings, approximately $300 million of which will be reinvested into product launches and R&D programs. As a result, the company expects approximately $700 million in operating expense savings by 2025.
 
Biogen’s President and Chief Executive Officer, Christopher A. Viehbacher, said, “Biogen’s business is in transition. Accordingly, we have taken a bottom-up view to shift our resources to the areas of greatest value creation. While we will be making significant investments in our newly prioritized pipeline and new product launches, we will also need to invest less in other areas which are no longer growing.”