Part 7/9:
Biogen finds itself at a crossroads, facing declining revenues primarily rooted in its multiple sclerosis (MS) franchise, which represents two-thirds of its sales. Recent earnings reports highlighted a 7% year-over-year drop for this core business, creating urgency for growth. Compounding the company's challenges is reliance on a single Alzheimer's drug—an inherently risky investment given that over 90% of Alzheimer's drug candidates fail.
Adding to this pressure, Biogen's existing drug, Spinraza, has seen disappointing growth. The complex dosing paradigm and socioeconomic barriers have limited patient accessibility, leading to a significant drop in patient starts. A looming competitor, Novartis, is also entering the market with a gene therapy targeting the same space.