Biogen Writes Off Aduhelm Stock

Biogen has written off its remaining Aduhelm inventory in a filing to the Securities and Exchange Commission (SEC) filing. The company declared that its stock of the failed Alzheimer’s drug was functionally worthless, in contrast with a $233 million valuation towards the end of 2021. The remaining stock will be available to patients that are already using the drug, such as those in clinical trials.

According to a Biogen spokesperson, “Inventory levels were written off from an accounting standpoint considering the final NCD decision effectively denies all Medicare beneficiaries access to Aduhelm. In the most basic terms, inventory write-offs are a formal recognition of when the financial value of a company’s inventory decreases.”

To read more, click here.

(Source: Fierce Pharma, July 22nd, 2022)