Biogen Moving Diranersen (BIIB080) Forward in Alzheimer’s, Need to See Full Data to Assess Clinical Benefit

Research evidence excerpt

Biogen Moving Diranersen (BIIB080) Forward in Alzheimer’s, Need to See Full Data to Assess Clinical Benefit

J P M O R G A N North America Equity Research

14 May 2026

Biogen Neutral

BIIB, BIIB US

Moving Diranersen (BIIB080) Forward in Alzheimer’s, Price (13 May 26):$204.53

Need to See Full Data to Assess Clinical Benefit

Pharmaceuticals — Major &

BIIB reported top-line results for the ph2 diranersen (BIIB080, anti-tau) with the Specialty

trial not meeting its primary endpoint (which looked at dose response on CDR-SB) Chris Schott, CFA AC

but with the drug slowing clinical decline across a range of cognitive endpoints for (1-212) 622-5676

all doses (particularly at the low dose). We see today’s headline results as christopher.t.schott@jpmorgan.com

encouraging given the negative prior readouts of various tau agents in Taylor Hanley

development. At the same time, we will need to see full ph2 data at AAIC (July) (1-212) 622-0790

taylor.hanley@jpmchase.com

in order to better evaluate the drug's profile and better understand the lack of/

Hardik Parikh, CFA

negative dose response that appears to have occurred in this study.

(1 212) 622-2875

hardik.k.parikh@jpmorgan.com

On efficacy, BIIB commented that it was reasonable to think about an impact in the

Ethan Brown

range of anti-amyloid therapies (with the 60mg potentially above that level) and (1-212) 622-4928

will be moving the product forward in ph3 development. We would assume this ethan.brown@jpmchase.com

would be at the 60mg dose. The drug appears to be well tolerated, but BIIB did see Ekaterina V Knyazkova, CFA

more adverse events at the highest dose of the product. Overall, we are not (1-212) 622-9576

surprised BIIB is moving the asset forward given the efficacy at 60mg (as well as ekaterina.v.knyazkova@jpmchase.com