Drugmaker Biogen tops 4Q forecasts despite sales slip

The Associated Press

Biogen closed 2022 with a better-than-expected fourth quarter, as more cost cutting helped counter sales declines for some key treatments. The drugmaker said Wednesday that total cost and expenses fell 17% in the quarter, and Biogen’s bottom line grew nearly 50% to $550.4 million. Adjusted earnings totaled $4.05 per share. Total revenue slid 7% to $2.54 billion, as sales of multiple sclerosis treatments tumbled.  Analysts expected earnings of $3.48 per share on $2.44 billion in revenue. Biogen embarked on a broad cost-cutting program last year, which included slashing most of its spending on the once highly anticipated Alzheimer’s treatment Aduhelm.