Biogen climbs as Spinraza sales top consensus

Biogen Inc. (NASDAQ:BIIB) gained $10.03 to $286.89 after it reported 1Q17 earnings that beat a consensus estimate, including stronger than expected sales of Spinraza nusinersen. The company reported $47.4 million in sales of the spinal muscular atrophy treatment, up from $5 million in 4Q16 and topping the $16 million consensus.

FDA approved Spinraza in December 2016 to treat all SMA types, but some payers have limited coverage to SMA type 1 and implemented access restrictions. On Tuesday, CEO Michel Vounatsos told a conference call that type 2 and 3 patients are "often" able to gain approval through an appeal process or medical necessity request. He estimated that 75% of insured lives in the U.S. have a plan with an established Spinraza policy, and half of the those have broad access to the treatment (see BioCentury Extra, Feb. 8)...