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Biogen CEO Michel Vounatsos acknowledged Monday that the company was “wrong” to price its Alzheimer’s disease treatment Aduhelm at $56,000 a year, but added that its decision to later slash the cost nearly in half was “courageous.”

Speaking virtually at the J.P. Morgan Healthcare Conference, Vounatsos described the company’s flagging revenue and the disastrous launch of Aduhem as “near-term challenges [that] are not defining Biogen,” and stressed “the company’s fundamentals are very strong.”

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