February 22, 2024

Why Biogen Shares Are Falling Today

Biogen Inc (NASDAQ: BIIB) is trading lower Wednesday following a U.S. Centers For Medicare listing for “Monoclonal Antibodies Directed Against Amyloid for the Treatment of Alzheimer’s Disease.”

Biogen released a statement in response to the listing. The company believes the proposed coverage with evidence development decision for anti-amyloid therapies denies nearly all Medicare beneficiaries from accessing ADUHELM, as well as future amyloid-directed therapies.

“It is imperative to change this draft decision to be aligned with reimbursement for other therapies for progressive diseases, where patients have immediate and equal access to medicines approved by the FDA,” Biogen said. 

Thousands of patients progress each day from mild to moderate disease stages, where treatment may potentially no longer be an option, according to the company. 

If the final draft (expected in April) continues to require a randomized controlled trial, it would likely take in excess of a year to begin enrolling patients. 

“We at Biogen urge CMS to align Medicare coverage for the class of amyloid-directed therapies consistent with the criteria used in the respective clinical trials and guided by expert recommendations for appropriate use.”

See Also: What 20 Analyst Ratings Have To Say About Biogen

BIIB Price Action: Biogen has traded as high as $468.55 over a 52-week period. It’s making new 52-week lows Wednesday morning.

The stock was down 8.7% at $220.50 at time of publication.

Photo: Bokskapet from Pixabay.

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