Biogen’s stock rises as the cost of Alzheimer’s drugs became known after FDA approval
Revitalizing Alzheimer’s Treatment
Biogen Inc. shares posted their biggest gain on record after the drug maker announced prices for its recently approved Alzheimer’s drug Aduhelm.
Shares in Cambridge, Massachusetts-based company Biogen rose as much as 64% on Monday, hitting a record high of $ 468.55 before reducing profits. Any closing price above $ 438.43 would be the highest ever.
According to Biogen, Aduhelm’s list price is $ 4,312 per monthly infusion, which equates to a cost of $ 56,000 per year. The annual costs decrease in the first year of treatment due to the titration phase when drugs are administered in lower doses.
The company said the list price is not the price that patients with insurance pay, and that the out-of-pocket expenses for patients are dependent on their health insurance.
Aduhelm was approved by the U.S. Food and Drug Administration on Monday after receiving mixed reviews from clinical trials.
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Biogen stock rose 17% this year through Friday, compared with the S&P 500’s 13% gain.