Biogen profit tumbles 71% on rising competition to multiple sclerosis drug By Reuters


© Reuters. FILE PHOTO: A sign marks a Biogen facility in Cambridge, Massachusetts, U.S. January 26, 2017. REUTERS/Brian Snyder

(Reuters) – Biogen Inc (NASDAQ:) on Thursday reported a 70.9% fall in quarterly profit as competition intensifies for multiple sclerosis drug Tecfidera, once the company’s flagship treatment.

The company, which is facing some hesitancy from hospitals and insurers over its recently approved Alzheimer’s drug Aduhelm, earned $448.5 million, or $2.99 per share, in the second quarter ended June 30, from $1.54 billion, or $9.59 per share, a year earlier.

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