•Biogen reported $300,000 in sales of the drug.
•Only 120 sites are offering the new drug in the U.S.
Biogen Inc (BIIB)reported low sales of its new Alzheimer’s disease drug in the third-quarter as doubt surrounds the drug regarding its efficiency.
The pharma company reported $300,000 in sales of the drug Aduhelm in the quarter, compared to analysts’ expectation of$10.79 million, according to Refinitiv data.
Biogen said that only 120 sites across the United States are offering the drug, compared to its expectation of 900 sites.
The company is not expecting high sales from its Alzheimer’s drug this year, but raised forecasts on demand of its sclerosis drugs.
Biogen’s expectations
Biogen expects that Aduhelm, the first treatment for Alzheimer, would be a big hit for the company as its other drugs face rising competition.
The uptake, though, has been slow as insurers are waiting for Medicare’s decision on the drug—which costs $56,000 per year.
We can't actually speculate on the outcome of the (review). But as you know, we do believe it will be a major milestone, and this will alleviate a lot of the confusion that we're seeing with physicians, Biogen U.S. President Alisha Alaimo told analysts on a post-earnings call.
Alaimo added that the price was not the main reason for hospitals denying to use the drug and said Biogen is offering financial assistance programs.
Third-quarter performance
Despite its performance, Biogen raised its expectations for full-year adjusted earnings per share to $18.85 to $19.35 from $17.50 to $19.00.
For the third-quarter, sales declined to $2.78 billion, compared to $3.38 billion in the same quarter last year. Sales of the sclerosis drugs and spinal muscular atrophy drugs, which accounts for maximum revenue of the company, were flat year over year.
Shares of the company were up 1.8% at $272.92 in early trading.
Picture Credits: Reuters