Three takeaways and three burning questions for Chris Viehbacher's cost-cutting future at Biogen
Chris Viehbacher has unveiled his most dramatic move yet as Biogen’s CEO, aiming to save $1 billion per year with a cost-cutting plan to chart a path back to growth for the biotech giant.
On Tuesday’s earnings call, Viehbacher announced a “return to growth” plan that includes lowering the headcount by 1,000 employees over the next couple of years. Viehbacher said he hopes to make Biogen nimbler and more capital-efficient through the changes, including looking beyond neurology for safer pipeline bets. The immediate investor reaction appeared unconvinced as Biogen’s stock price $BIIB fell by nearly 5% after the market opened.
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