Biogen is a global biopharmaceutical company that discovers, develops, and delivers therapies for people living with serious and complex diseases worldwide. The Company’s products include, among others, Leqembi and Aduhelm for the treatment of Alzheimer’s disease (“AD”), as well as various drugs for the treatment of multiple sclerosis (“MS”).  Biogen’s sales of its MS-related products have historically accounted for the majority of the Company’s product revenues. However, in recent years, increased competition from generic biosimilars of Biogen’s MS-related products have eroded those products’ revenue growth and led to declining sales.  As a result, the Company has increasingly focused on developing new products to bolster its revenues.

According to the Complaint, Defendants failed to disclose to investors that: (i) Biogen had overstated its efforts to enhance its transparency, corporate governance, and compliance controls and procedures, as well as the efficacy of those controls and procedures; (ii) accordingly, Biogen maintained inadequate compliance controls and procedures in connection with its business operations in foreign countries; (iii) Biogen and/or its employees were engaged in unlawful or otherwise improper conduct in several foreign countries; (iv) Biogen overstated the strength of its AD-related product portfolio, including the Company’s and Eisai’s efforts and success in launching and providing access to Leqembi; (v) Biogen also downplayed the negative impact that the Reata Acquisition would have on its FY 2023 non-GAAP diluted EPS; and (vi) all the foregoing were likely to have a significant negative impact on Biogen’s 2023 results.

On February 14, 2024, Biogen disclosed in an SEC filing that it had received a subpoena from the DOJ “seeking information relating to [Biogen’s] business operations in several foreign countries” and that “[t]he Company is also providing information relating to [its] business operations in several foreign countries to the SEC.”

On this news, Biogen’s stock price fell $5.91 per share, or 2.61%, to close at $220.74 per share on February 14, 2024.

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