(Tiper Stock Exchange) – biogena US multinational active in the field of biotechnology, recorded come in equal to 2,456 million dollars in second quarter of 2023, down by 5% compared to the same period of 2022 (-3% at constant currency). EPS was $4.07 (-44%), whileAdjusted EPS it was $4.02 (-23% vs. market expectations for $3.77).
The company announced a new “Fit for Growth” program, which is expected to generate approximately $1 billion in gross operating cost savings, of which approximately $300 million will be reinvested in product launches and R&D programs, resulting in net operating cost savings of approximately $700 million by 2025.
The program includes a net reduction of the workforce of approximately 1,000 people. Biogen had 8,725 employees worldwide at the end of last year.
“In the second quarter, Biogen continued to advance groundbreaking science with FDA approval of two first-in-class therapies for Alzheimer’s disease and ALS, while also meeting our basic commercial expectations,” commented the CEO Christopher Viehbacher – Biogen’s business is in transition“.
“As a result, we have adopted a bottom-up view for move our resources to areas of greatest value creation – he added – While we will make significant investments in our new priority pipeline and new product launches, we will also have to invest less in other areas that are no longer growing. With these changes, I believe Biogen will be in a better position to maximize its growth opportunities going forward.”
(Photo: Photo by National Cancer Institute on Unsplash)