(Corrects quote in second paragraph to reflect that Novartis CEO misspoke and meant to use acronym for "Life Year Gained")

ZURICH, April 24 (Reuters) - Novartis Chief Executive Vas Narasimhan said on Wednesday that the Swiss drugmaker is examining a price range for its Zolgensma gene therapy for spinal muscular atrophy (SMA) of between $1.5 million and $5 million per patient.

"At a $500,000 per QALY cut-off, the medicine is cost-effective in the range of $4-$5 million, and at a $150,000 per LYG cutoff, it's cost-effective at a range of $1.5 million," Narasimhan told analysts on a call, using acronyms for quality-adjusted life year and life year gained that are used to help assess a treatment's value. "That's the range that we're looking at. That hopefully gives you some of the boundaries."

U.S. regulators are due to make a decision on approving Zolgensma next month. (Reporting by John Miller; Editing by Michael Shields)