Market Movers: Reacting to Biogen’s FDA Approval of Alzheimer’s Treatment
Introduction
Market Movers compiled insights and opinions from investors and analysts regarding Biogen, a biotech company. This article focuses on Biogen’s recent approval from the Food and Drug Administration (FDA) for its Alzheimer’s treatment, Leqembi. The FDA’s decision could potentially lead to broader Medicare coverage for the drug.
Key Details
During clinical trials, Leqembi showed promise in slowing cognitive decline. However, it also carries the risk of brain swelling and bleeding. Furthermore, the annual cost of the medication amounts to $26,500. Biogen developed Leqembi in collaboration with Japanese pharmaceutical company Eisai.
Market Impact
Despite the FDA’s approval, Biogen’s stocks experienced a decline of over 3% at Friday’s market close. Over the past month, Biogen’s shares have dropped by nearly 10%.