Biogen Inc., a renowned biotech company had mixed financial advancements recently. It announced a
9.9% increase in short interest during September, positive
Phase 1/2 study results of a drug for Amyotrophic Lateral Sclerosis, and a significant
turnaround effort. Furthermore, Biogen's
profit forecasts were lifted as new drugs and cost cuts improved profit, and Wall Street predicted a skyrocketing future for the company's stock. However, there were also challenges such as terminated collaborations, realignment of resources for Alzheimer's Disease franchise, and lower-than-expected revenue growth. Another source of concern was the
rejection of Biogen/Eisai's Alzheimer's drug Leqembi by the European Union and the
discontinuation of the development of an experimental ALS drug with Ionis. Some positives included the approval of its rare disease drug,
Qalsody, by the EU and positive results for new and existing products, which were enough to lift Biogen's profit estimate again for 2024.
Biogen BIIB News Analytics from Wed, 25 Oct 2023 07:00:00 GMT to Sun, 29 Sep 2024 20:23:52 GMT -
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