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Biogen made just $300,000 from the Alzheimer’s disease treatment Aduhelm in the first full quarter since its approval, a number far below Wall Street’s expectations and the company’s internal goals.

Aduhelm’s third-quarter sales, disclosed Wednesday, are nowhere near the roughly $14 million analyst consensus estimate, calculated by the investment bank Cowen. Last month, STAT reported that only about 100 patients had received a dose of Aduhelm between its June approval and Sept. 11. The final revenue number suggests Biogen failed to accelerate the drug’s commercial launch.


Biogen is “not panicking,” CEO Michel Vounatsos said on a conference call with analysts Wednesday, but the company is “obviously disappointed with the delayed uptake of Aduhelm in the U.S.” Biogen has “made steady progress on key metrics,” Vounatsos said, “but the health care system remains a major bottleneck.” The company’s financial projection “assumes minimal Aduhelm revenue in 2021.”

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