Biogen Reaches $9.8 Billion in Revenue in 2023, Down 3%

Positive balance for Biogen in 2023, although with a slight decrease. The biotechnology company specialized in the field of neurosciences has recorded revenues of $9.8 billion at the end of 2023 , 3% less than the previous year. The company has reported sales in the fourth quarter of 2023 of $2.4 billion, a decrease of 6% compared to the same period in 2022.

Although the company has forecast a single-digit percentage decline in total revenue by 2024, it has anticipated “relatively stable” pharmaceutical sales. In addition, it has announced that it plans to apply to the United States Food and Drug Administration (FDA) for approval of the subcutaneous formulation of lecanemab at the end of March .

Biogen has also announced that it will focus on improving the promotion of its treatment against Alzheimer’s, which is called Lequembi . The solution received approval from the US Food and Drug Administration for marketing at the beginning of July last year after presenting its clinical trials.

Read more about Biogen and find the most important business news of the day with our companion app Born2Invest.

Biogen plans to apply to the US Food and Drug Administration for approval of lecanemab at the end of March

In July of last year, the biotechnology company Biogen developed an adjustment plan for a thousand employees, 11% of its workforce, with the aim of transferring its resources to areas with greater potential value, among which is the drug Lequembi. Specifically, the company forecast savings of $1 billion in operating expenses, of which it planned to reinvest $300 million in product launches and research and development (R&D) programs.

In August of the same year, Biogen closed the acquisition agreement for Reata Pharmaceuticals after a payment of $7.3 billion, a pharmaceutical company focused on the development of therapies against rare diseases with the aim of adding products of great medical need to its portfolio. Specifically, Reata has made progress in developing therapies that regulate cellular metabolism and inflammation in serious neurological diseases.

Biogen discovers, develops and delivers innovative therapies globally for people living with serious neurological and neurodegenerative diseases, as well as related adjacent therapies. The company was founded in 1978 by Charles Weissmann, Heinz Schaller, Kenneth Murray and Nobel Prize winners Walter Gilbert and Phillip Sharp.

__

(Featured image by Robina Weermeijer via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us