Biogen also recently announced a plan to cut costs and focus investment on high-growth areas.
Biogen's shares decline after approval of Alzheimer's treatment Leqembi, which modestly slows cognitive decline. Analysts see hurdles to the rollout.
The biotech's shares have been steadily leaking higher following positive late-stage Alzheimer's disease trial results.
Lecanemab Receives Priority Review Status in Japan
Lilly's FDA rejection puts Biogen and its partner Eisai in the driver's seat in the Alzheimer's disease drug market.
The Food and Drug Administration authorized Leqembi under an accelerated approval pathway this month.
The fountain of youth might not be a myth in the future.
There's more to the story with Biogen after receiving good news for Leqembi.
Eisai Submits Supplemental Biologics License Application to FDA for Traditional Approval of LEQEMBI (lecanemab-irmb) for the Treatment of Alzheimer's Disease
FDA Approves LEQEMBI (lecanemab-irmb) Under the Accelerated Approval Pathway for the Treatment of Alzheimer's Disease