As Biogen (NSDQ:BIIB) continues to struggle to market the controversial drug Aduhelm (aducanumab), the company is eyeing up to 1,000 layoffs, according to a report from STAT.
Biogen did not immediately respond to a request for comment.
Following FDA approval of the drug in June, BIIB shares soared to a record high. However, its stock has fallen steadily since then. BIIB shares are now trading at $232.62, 4.25% down from the beginning of the year.
As of October, the drug had spurred $2 million in sales and only $300,000 of that sum was in the third quarter.
Biogen developed Aduhelm in concert with Eisai (TYO:4523).
Between June to present, Adhelm has faced several setbacks. The approval of the drug has attracted federal investigations. In August, the Department of Veterans Affairs (VA) decided not to include Aduhelm in its drug formulary. In November, the European Medicines Agency (EMA) gave the marketing authorization application for Aduhelm (aducanumab) a “negative trend vote,” meaning approval there is unlikely.
In November, Biogen’s head of research and development, Dr. Al Sandrock, retired. The STAT article said that the company asked Sandrock to leave in the wake of the troubling Aduhelm rollout.