Biogen’s CEO Is Out After Management Changes, Stalled Sales
- George Scangos to leave in ‘coming months’; search beginning
- Adjusted earnings beat estimates; share buyback announced
George Scangos.
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Biogen Inc. Chief Executive Officer George Scangos, who helped build the U.S. drugmaker into a powerful player in multiple sclerosis treatments, will leave the company after a series of top managers were replaced and sales of its biggest product stalled.
Scangos, 68, will stay on until a replacement is found, Biogen said in a statement Thursday in which it also reported second-quarter earnings. In the last year, the Cambridge, Massachusetts-based company announced new heads of sales and research, and its biggest product, the multiple sclerosis pill Tecfidera, disappointed investors.