Biogen soars 40% on hopes of Alzheimer's treatment approval, may be 'biggest drug ever,' says Cramer
soared nearly 40% on Tuesday after the drug maker said it is seeking regulatory approval for its Alzheimer's drug, aducanumab.The announcement comes just months after Biogen discontinued clinical studies for the same drug following a data analysis that did not achieve its objective. Shares of Biogen sold off in March after stopping the trials as Wall Street was expecting this drug to be Biogen's next big source of revenue.
Biogen erased its entire 25% year-to-date decline when it said a new analysis of a larger dataset showed that aducanumab "reduced clinical decline in patients with early Alzheimer's disease," the company said in a release. Patients who received the drug "experienced significant benefits on measures of cognition and function such as memory, orientation, and language.
"The whole concept of senior living will change," added Cramer. "You know whose going to take this drug?" asked Cramer. "Everyone." Before the announcement, Biogen reported third-quarter earnings that topped Wall Streets' expectations. Profit rose 7.1%, boosted by higher demand for its rare muscle drug Spinraza and total revenue rose about 5%.
The drug maker reported earnings per share of $9.17 on revenue of $3.60 billion. Analysts had forecast earnings of $8.27 per share on revenue of $3.539 billion.
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