Biogen posts a solid quarter but chops drugs and quietly pays out $900M in legal settlement ahead of closely watched readout
Biogen on Wednesday posted a strong second quarter, and increased its revenue guidance for the rest of the year, which the company said was driven primarily by better-than-expected topline performance and continued cost management.
But Biogen’s management struck a variety of sour notes today, chopping several drugs out of the pipeline. The company also quietly announced that it’s spending $900 million, plus estimated fees and expenses, related to an agreement in principle to resolve previously disclosed qui tam litigation relating to conduct prior to 2015. The agreement and payment do not include any admission of liability, the company said.
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