After Much Criticism, Biogen Slashes Aduhelm Price In Half

In a surprise move, Biogen Inc (NASDAQ: BIIB) announced that it would slash the price of its controversial Alzheimer's drug Aduhelm in half from $56,000 to $28,000.

• In Q3, Biogen generated a mere 300k from Aduhelm sales, indicating that less than 100 Alzheimer's patients have received the drug.
• The company also acknowledged the inner crisis, announcing that it will institute "cost-reduction measures" to reach $500 million in annualized savings. 
• Biogen did not release details, but STAT reported that the restructuring plan calls for an almost 11% cut in the workforce in 2022.
• Related Link: EMA's Committee Gives Thumbs Down To Biogen's Controversial Alzheimer's Drug, As Expected.
• Biogen believes that with insurance coverage and access to diagnostics and specialized centers, approximately 50,000 patients may initiate treatment with Aduhelm in 2022.
• Price Action: BIIB shares are up 1.08% at $240 during the premarket session on the last check Monday.