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OverviewAPI
Biogen's Q3 report shows a 1% revenue increase, but the company reduces its full-year guidance due to the costs of acquiring Reata Pharmaceuticals for $7.3 billion. The acquisition leads to a low-single-digit percentage decline in 2023 revenue compared to 2022. Biogen lays off 113 workers from Reata's site in Texas. The company reports a 14% drop in revenue from its multiple sclerosis products but sees a 135% jump in contract manufacturing sales. Biogen plans to drive the launch of Leqembi and advance the development of its tau-directed investigational antisense oligonucleotide (ASO) to strengthen its position in the fight against Alzheimer's disease.

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