Biogen stock popped Thursday after an analyst suggested the biotech company could reap $8 billion in sales of its Alzheimer’s treatments — assuming everything lines up properly.
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But hours later Biogen (BIIB) began laying off employees as part of what it calls a cost-savings initiative. The company announced its plan to save $500 million in December. Biogen didn’t say whether the layoffs are connected to a slow launch for its approved Alzheimer’s drug, Aduhelm.
However, an official with Biogen reportedly told Endpoints News that two-thirds of the Alzheimer’s sales team and all of the Alzheimer’s field leaders had been laid off. The news comes after RBC Capital Markets analyst Brian Abrahams upgraded Biogen stock on hopes for its Alzheimer’s drugs.
On today’s stock market, Biogen stock rose 1.7% to 211.23.
Biogen Stock: Alzheimer’s Drugs Are Key
Biogen says the layoffs are…
