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Biogen faces tough questions over $56K-a-year price of newly approved Alzheimer’s drug

  • Biogen on Tuesday faced tough questions from Wall Street analysts over the $56,000 annual cost of its newly approved Alzheimer's drug, Aduhelm.
  • The biotech company's price for the drug is higher than the $10,000 to $25,000 some Wall Street analysts were expecting.
  • Executives insisted the price is "responsible," noting the disease costs the U.S. billions of dollars each year.

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A person skateboards past Biogen Inc. headquarters in Cambridge, Massachusetts, on Monday, June 7, 2021.Adam Glanzman | Bloomberg | Getty Images

Biogen on Tuesday faced tough questions from Wall Street analysts over the $56,000 annual cost of its newly approved Alzheimer's drug, Aduhelm – a price tag executives are calling "fair" and "responsible."

Shares of Biogen surged 38% on Monday after the FDA announced it approved the company's drug, scientifically known as aducanumab. It is the first medication cleared by U.S. regulators to slow cognitive decline in people living with Alzheimer's and the first new medicine for the disease in nearly two decades.

The biotech company said it is charging $56,000 for an annual course of the new treatment, higher than the $10,000 to $25,000 price some Wall Street analysts were expecting. That's the wholesale price, and the out-of-pocket cost patients will actually pay will depend on their health coverage.

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