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Biogen stock edges lower after Medicare restrictions on Aduhelm finalized

Shares of Biogen Inc. fell 0.3% in the extended session Thursday after the Centers for Medicare and Medicaid Services, which oversees the Medicare program, said they had finalized their policies about covering the biotech’s controversial Alzheimer’s drug Aduhelm and future others. As it signaled in January, CMS said that Food and Drug Administration-approved monoclonal antibodies such as Aduhelm and others in its class would be covered for people with Medicare only if they are enrolled in clinical trials. CMS will provide “enhanced access” and coverage for people with Medicare participating in CMS-approved studies, it said. CMS said it considered more than 10,000 comments and more than 250 peer-reviewed documents in making its final determination. Aduhelm, the first new treatment for Alzheimer’s in 20 years, was approved by the FDA for the treatment of the neurodegenerative disease in June but sales have been disappointing. Shares of Biogen ended the regular trading day up 0.9%.

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