Biogen’s Q3 Aduhelm Sales Even Worse Than Expected
Executives Emphasize Low Expectations Through Year-End
Analysts expected at least $12m in third quarter sales, but the Alzheimer’s therapy brought in just $300,000. The company says educating doctors and procuring a coverage determination from CMS – not lower pricing – are key to growth.
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The company reported $1m in Q4 sales of its Alzheimer’s drug. Biogen expects Aduhelm to make a minimal contribution to full-year 2022 revenues, which will total about $1bn less than in 2021.
The draft national coverage determination, released shortly before Lilly CEO David Ricks spoke at the J.P. Morgan Healthcare Conference, said Medicare will cover anti-amyloid antibodies only for patients in clinical trials, severely limiting commercial potential for Biogen’s Aduhelm and near-term competitors.
Daily notebook from the virtual J.P. Morgan Healthcare Conference: business development is top of mind for BMS, Merck, J&J and Pfizer, while Novartis, Moderna and Regeneron talk about next steps. Bayer looks to minimize Xarelto patent expiry, a new chief exec debuts for Alnylam and EY suggests 2022 will be another year of bolt-on deals.