Biogen chops expenses in Q2, raises 2022 profit forecast

By TOM MURPHY
AP Health Writer

Cost cutting helped Biogen beat second-quarter expectations soundly even as revenue slid and sales of the drugmaker’s controversial Alzheimer’s treatment collapsed. Aduhelm, a drug once expected to generate billions in annual sales, brought in only $100,000 in the quarter. That’s down from the $1.6 million in sales it recorded after hitting the market in last year’s quarter.  Biogen wound up cutting total costs and expenses by 40% to $1.32 billion in the second quarter. The company also booked a gain of roughly $1.5 billion in the quarter from a sale of the company’s equity stake in a joint venture.