Biogen tops 3Q expectations as cost cutting continues

The Associated Press

Biogen delivered a better-than-expected third quarter and hiked its 2022 forecast as cost cutting continued to help the drugmaker balance sliding sales. The maker of the multiple sclerosis treatment Tecfidera said Tuesday that it chopped research and development costs 22% and also booked a $504 million gain from the sale of a building. Total costs and expenses fell 54%, and net income more than tripled to $1.13 billion in the quarter.  Sales slid for Tecfidera as well as other key products like Spinraza, which is used to treat a rare spinal disorder in children.