Biogen Inc. $(BIIB)$ said Monday it will reduce the price of its Alzheimer's drug aduhelm by 50% starting Jan. 1 in an effort to get it to more patients with early signs of the disease.
"For a patient of average weight (74 kg), the yearly cost at the maintenance dose (10 mg/kg) will be $28,200," the company said in a statement.
It said the decision comes after feedback from stakeholders with too many people unable to access the treatment because of its high cost.
"Biogen is taking this action with the goal of lowering out-of-pocket expenses for patients and reducing the potential financial implications for the U.S. healthcare system," said the statement.
The company is expecting that with insurance coverage and access to specialized centers, about 50,000 patients may start taking aduhelm in 2022.
The company is also planning to cut costs in 2022 to offset a hit to revenue from the continued entry of generics to the multiple sclerosis market and the delayed uptake of aduhelm, which was approved by the U.S. Food and Drug Administration last year despite some shaky trials.
The approval was controversial and Biogen in July requested a narrower indication -- the initial approval was for all people with the disease. Several members of the FDA's advisory committee that voted against the agency approving aduhelm quit in response, and acting FDA commissioner Janet Woodcock in July announced a federal investigation into the approval process.
Biogen shares jumped 3% premarket on the news, but are down 3% in the year through Friday, while the SPDR S&P Biotech ETF $(XBI)$ has fallen 18% and the S&P 500 has gained 23%.
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