Biogens freshly minted CEO told investors Wednesday that the company is in need of transformation, and will be working to reduce the costs and risks associated with its pipeline of drug programs.Our number one goal is to return Biogen to sustainable growth, said Christopher Viehbacher, the former Sanofi chief executive who took over Biogens top spot in mid-November, on an earnings call.Biogens business largely revolves around neuroscience, an area of drug research seen by many as risky given the complicated nature of the brain and nervous system. Last year alone, the company discontinued work on experimental medicines for Alzheimers disease, ALS and schizophrenia-associated cognitive impairment.On the call, Viehbacher noted how, in neuroscience, diseases often progress slowly, so collecting the evidence needed to show a drug works as expected can require long, large and expensive clinical trials.Having a few of those projects in our pipeline is good, he said, having 100% ... is challenging.The goal now, according to Biogen leadership, is to rebalance the companys pipeline. And that effort includes more cuts. Priya Singhal, head of development and interim head of research, disclosed Wednesday that two more drugs are being scrapped: one, called vixotrigine, was under evaluation as a treatment for neuropathic pain, while the other, orelabrutinib, was in testing for multiple sclerosis.There have been a number of pet projects around and other areas where we're spending money, Viehbacher said. And I think one of the things I'm really trying to drive is focus in the company what really matters, what's going to grow the business and how do we align our resources behind that.Whenever it's not one of the major growth drivers, I think we have to look carefully at whether we continue ... to support that business, he added.Historically, Biogens focus on neuroscience hasnt always sat well with investors, and, in the past, the company has made moves to diversify its research. To that end, Viehbacher said he could see Biogen branching deeper into immune disorders, psychiatric conditions and rare diseases.And to do that, the company may look externally.Unlike many of its peers, Biogen hasnt pursued bigger-ticket acquisitions since its merger with Idec two decades ago. That stance could change, though, with a new chief executive at the helm. Viehbacher, notably, signed off on Sanofis $20 billion purchase of Genzyme in 2011.Biogen hasn't necessarily looked at acquisitions as part of its growth strategy, he said. But, I tell people, Well, there wasn't a lot of point hiring me if you don't want to go do deals.So not to say we are, but I think there is now an openness within the company to at least look at it.By the end of December, Biogen had $6 billion worth of cash, cash equivalents, and marketable securities. The company also expects to receive an additional $1.25 billion over the next 15 months from the sale of its equity stake in Samsung Bioepis.Aside from dealmaking, Biogen will also be focused on launching two products considered vital to its near-term growth.The first, zuranolone, was developed by Sage Therapeutics, though Biogen secured rights to it through a multibillion-dollar collaboration inked in 2020. The Food and Drug Administration is currently reviewing zuranolone as a potential treatment for major depressive disorder and postpartum depression, and plans to issue an approval verdict by early August.The second, Leqembi, is already FDA-approved for the treatment of Alzheimers. Wall Street believes Leqembi could generate billions of dollars in annual sales, provided it can overcome the challenges that ultimately derailed Biogens first marketed Alzheimers therapy, Aduhelm.Currently, the commercial use of drugs like Aduhelm and Leqembi which were given so-called accelerated approvals because of their effect on a protein tied to Alzheimers is heavily restricted. Thats in large part because of a policy set by Medicare, the government insurance program expected to cover the bulk of patients eligible to receive these drugs. Biogen predicts that Leqembi revenue will be “modest“ this year, with commercialization expenses exceeding revenue.Many more patients could receive Leqembi, if Biogen and its development partner, Eisai, were to secure a traditional clearance. Eisai has taken steps toward that goal, submitting in early January an application for full approval.Last week, in its own earnings presentation, Eisai said that Leqembi had its first U.S. sale on Jan. 18, its first prescription written on Jan. 23, and its first administration to a patient on Feb. 3.Biogens total revenue in the fourth quarter was 7% lower than the same three-month period a year prior, reaching $2.5 billion. Total revenue for all of 2022 was also down 7%, to almost $10.2 billion.Around half of Biogens revenue still comes from multiple sclerosis medicines like Tecfidera, Tysabri and Vumerity, although a recent loss of patent protection has eroded Tecfidera sales. Viehbacher said he anticipates shifting some of the resources used to sell and market the companys multiple sclerosis franchise to other drug launches.The company reported single-digit increases in sales from its spinal muscular atrophy drug Spinraza as well as a suite of therapies developed in collaboration with Roches Genentech.Though Biogens share price was relatively unchanged at markets open Wednesday, it had fallen about 3%by late morning, to trade at about $280. '