Biogen took aim at critics and the media during its quarterly earnings call Thursday, saying the federal approval of the company's new Alzheimer's drug, Aduhelm, "has been the subject of extensive misinformation and misunderstanding," Axios' Bob Herman writes.
Why it matters: Biogen has billions of dollars on the line with this drug, and uptake has been very slow so far, due in part to the blowback. But the company's grievances don't change the fact that Aduhelm failed to slow the progression of Alzheimer's in late-stage clinical trials.
Driving the news: Biogen's head of research and development, Al Sandrock, published a letter that defended the drug's approval.
By the numbers: Aduhelm sales hit $1.6 million in the first few weeks post-approval. Almost all of that came from medical centers purchasing the drug and keeping it in inventory.
Yes, but: Some hospitals and insurers have already said they won't administer or cover Aduhelm due to a lack of evidence it works.
The bottom line: Biogen has a huge financial incentive to make this drug look better than what the clinical trials showed.
Why it matters: Biogen has billions of dollars on the line with this drug, and uptake has been very slow so far, due in part to the blowback. But the company's grievances don't change the fact that Aduhelm failed to slow the progression of Alzheimer's in late-stage clinical trials.
Driving the news: Biogen's head of research and development, Al Sandrock, published a letter that defended the drug's approval.
- "What do you suppose it is about Alzheimer's disease that causes the media to react so negatively to a drug that could actually help patients and their families?" Jay Olson, an analyst at Oppenheimer, asked during Biogen's earnings call.
- "You're absolutely right in your question and your description of what we are exposed to," Biogen CEO Michel Vounatsos responded.
By the numbers: Aduhelm sales hit $1.6 million in the first few weeks post-approval. Almost all of that came from medical centers purchasing the drug and keeping it in inventory.
Yes, but: Some hospitals and insurers have already said they won't administer or cover Aduhelm due to a lack of evidence it works.
The bottom line: Biogen has a huge financial incentive to make this drug look better than what the clinical trials showed.
- The company's strategy "is evidently to gaslight the entire industry," Raymond James analyst Steven Seedhouse wrote Thursday.