Biogen announced a new round of cost cuts Tuesday, saying that it plans to save $700 million in operating costs and cut 1,000 jobs by 2025.
The company also released second quarter sales and earnings that handily topped the forecasts of Wall Street analysts. In early morning trading, Biogen shares rose more than 1%.
Biogen is attempting to recover from a series of corporate stumbles, the biggest of which involved the development and launch of the Alzheimer’s drug Aduhelm. The medicine was the first of a new class of disease-modifying Alzheimer’s drugs to be approved by the Food and Drug Administration. But doubts about the quality of the data behind the medicine meant that Medicare wouldn’t pay for it and doctors did not prescribe it. The resulting financial disaster cleaned out Biogen’s executive suite.