Biogen, in its second-quarter earnings report, said the plan will result in $700 million in net operating expense savings by 2025.
The new layoffs follow landmark approvals of Leqembi and the company's ALS drugInvestors are pinning their hopes on the new medicines as Biogen's blockbuster multiple sclerosis and spinal muscular atrophy treatments face fierce competition from cheaper versions and similar drugs.
Biogen CEO Chris Viehbacher said during an earnings call that the cost-cutting plan is"an opportunity really to make sure that this year, before we get into the product launches, that we are truly fit for growth." "There are an awful lot of patients who depend on Biogen products," he said during the call."There's a need, obviously, to have a strong investment in our new product launches. It's important, clearly, to manage costs, but shareholder value is most optimized if we can really make a success of these launches.
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