Alzheimer’s Drug Has Such Low Sales, It’s Called Worst Launch ‘Of All Time’
Biogen only sold $300,000 worth of controversial Alzheimer's drug Aduhelm in the last quarter, causing one analyst to give it this damning description. News about Amazon Pharmacy, Maricopa County joining the national opioid settlement, and NHL player Jimmy Hale's death are also reported.
Axios:
Aduhelm Is Bombing
Biogen sold $300,000 worth of Aduhelm in the third quarter, well below Wall Street's expectations, which prompted analysts at Raymond James to call the Alzheimer's drug "potentially the worst drug launch of all time" amid Biogen's "persistent hyperbole about the drug's purported benefits." Aduhelm's controversial approval and high price tag have shaped the market reaction. Health insurers are hesitant to cover Aduhelm until Medicare makes a decision next year, and doctors aren't embracing the drug either. (Herman, 10/21)
The Wall Street Journal:
Biogen’s New Alzheimer’s Drug Meets Slow Rollout
Biogen Inc. reported slow uptake of its new Alzheimer’s disease drug Aduhelm in the third-quarter, as some doctors stayed on the fence about whether to prescribe the drug and others struggled to coordinate the complex process of onboarding new patients for treatment. Aduhelm sales were $300,000 in the first full quarter since the drug was approved in June, falling short of the $12 million projected by analysts, according to FactSet. The Cambridge, Mass., company continues to expect minimal Aduhelm revenue this year, but sales should start ramping up in 2022, Biogen said on Wednesday. (Walker and Grossman, 10/20)
AP:
Biogen CEO: 'Major Bottleneck' Still Limits Alzheimer's Drug
A new Alzheimer’s drug from Biogen brought in only $300,000 in sales during its first full quarter on the market, extending a slow debut complicated by coverage questions and doctor concerns. The infused drug, hailed as a potential breakthrough treatment for a fatal disease, has encountered a health care system that “remains a major bottleneck” in keeping the treatment from patients, CEO Michel Vounatsos said Wednesday. (Murphy, 10/20)
In updates on Amazon Pharmacy —
Stat:
How Amazon Pharmacy Stacks Up A Year After Its Ambitious Launch
It was the launch that sent pharmacy stocks into a tailspin. Within hours of Amazon announcing it was starting Amazon Pharmacy last November, analysts began issuing warnings to investors in would-be rivals including CVS and Walgreens. “Today’s announcement is a net negative” for drug stores, one note from Evercore analysts read. “Retail Pharmacy is trading down big pre-market,” noted another, from Baird. But nearly a year after Amazon Pharmacy’s public debut — and three years after its purchase of specialty pharmacy startup PillPack — it remains unclear how Amazon will carve out its corner in an increasingly crowded market. (Brodwin, 10/21)
In news about the opioid crisis —
AP:
Maricopa County Signs Onto National Opioid Settlement
Maricopa County has become the first local government in Arizona to sign onto a massive settlement agreement with pharmaceutical companies over the nation’s opioid epidemic. The county Board of Supervisors voted unanimously Wednesday to approve the settlement, which is expected to bring the county about $80 million of Arizona’s anticipated allocation, which could reach $550 million or more. (10/20)
ABC News:
NHL Player Jimmy Hayes' Death Highlights Spike In Fentanyl-Related Drug Overdose Deaths
Family members of a former NHL player who had cocaine and fentanyl in his system when he died are now speaking out to warn people about the risks of fentanyl, a powerful synthetic opioid. Jimmy Hayes, a 31-year-old father of two who played seven seasons in the NHL, was found dead at his home near Boston on Aug. 23. (Kindelan, 10/19)
