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Biogen stock falls more than 6% after Medicare plans coverage limits for pricy Alzheimer’s drug

Biogen stock falls more than 6% after Medicare plans coverage limits for pricy Alzheimer's drug

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Biogen Inc. BIIB, +2.64% shares fell more than 6% in the extended session Tuesday after the Centers for Medicare and Medicaid Services, which oversees the Medicare program, said it plans to cover the biotech’s controversial Alzheimer’s drug Aduhelm and future others like it only in certain instances. CMS’s proposal is 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 “qualifying clinical trials,” the agency said.

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