Biogen is looking for a new CEO less than a year after the launch of its Alzheimer’s drug largely fizzled.
The company said Tuesday that current CEO Michel Vounatsos will continue to lead the company until a successor is found.
Aduhelm was the first new Alzheimer’s drug introduction in nearly two decades. Initially priced at $56,000 a year, it was expected to quickly become a blockbuster drug that would generate billions for Biogen.
The Cambridge, Massachusetts, company has since slashed the price in half — to $28,000 a year — and Aduhelm’s rollout has been disastrous.
The federal government imposed tight Medicare coverage restrictions on the drug, which brought in $2.8 million in sales in the recently completed first quarter.
Biogen said Tuesday it booked about $275 million in charges from Aduhelm inventory write-offs in the quarter, and it would “substantially eliminate” its commercial infrastructure supporting the drug.
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