Public comments overwhelmingly support CMS decision on Biogen Aduhelm coverage
FG Trade/E+ via Getty Images

An analysis of more than 1K comments received by the Centers for Medicaid and Medicare Services indicates that the public supports its restrictive coverage decision for Biogen's (BIIB
+0.5%) Alzheimer's therapy Aduhelm (aducanumab).
An analysis conducted by BofA Securities led by Geoff Meacham found that the number of comments supporting the National Coverage Determination (NCD) and questioning the efficacy of Aduhelm was three times greater than those asking for a change in the determination.
The analysis found several key themes among commenters who supported the decision or were skeptical of the therapy's benefit. First, 93% questioned Aduhelm's benefit. Second, many opposed Aduhelm's high price tag. Third, some (~15%) were angry about the impact coverage would have on Medicare premiums. And fourth, commenters who considered themselves Alzheimer's experts did not support the drug's efficacy.
The comment deadline is Feb. 10 with a final determination in April.
"Given strong, clear support for the NCD, we still have little conviction CMS will meaningfully walk back restrictions," Meacham and team write.
BofA is maintaining its neutral rating and $245 price target (~9% return based on Friday's close).
The NCD, issued earlier this month, drew a swift response from Biogen, which said it would submit many comments. Groups representing Alzheimer's patients indicated they were extremely unhappy with the decision as well.
Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.