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Biogen’s quest to win approval for a new Alzheimer’s disease treatment once seemed futile. Now the company is sitting on what could be the most lucrative product in pharmaceutical history.

Hours after the Food and Drug Administration’s surprising approval of Aduhelm, the company’s controversial treatment for Alzheimer’s disease, Biogen set a list price that was nearly five times what Wall Street analysts had expected: $56,000 per year for the average patient.

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