Biogen Inc: Initial take on BIIB-080/tau Ph2 Alzheimer's data

Research evidence excerpt

Biogen Inc: Initial take on BIIB-080/tau Ph2 Alzheimer's data

Update

May 14, 2026 01:11 PM GMT

Morgan Stanley & Co. LLCMBiogen Inc | North America Terence C Flynn, Ph.D.

Equity Analyst

Initial take on BIIB-080/tau Ph2 Terence.Flynn@morganstanley.comChris Yu, J.D., Ph.D. +1 212 761-2230

Chris.L.Yu@morganstanley.com +1 212 761-2535

Alzheimer's data Connor M Massari

Connor.Massari@morganstanley.com +1 212 761-2417

BIIB announced topline results for diranersen (BIIB080; anti-tau ASO ) from the

Alexander Yevdokimov, Ph.D.

Ph2 CELIA study in early Alzheimer's disease (LINK). See Exhibit 1 for the trial Research Associate

design. CELIA did not meet its primary endpoint assessing dose response for change Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

Hailey Horowitz

from baseline on the Clinical Dementia Rating–Sum of Boxes (CDR-SB) at Week 76 Research Associate

and hence all subsequent analyses are nominal, but given the totality of the data Hailey.Horowitz@morganstanley.com +1 212 761-5264

Damien H Kerner

BIIB is advancing into a Ph3 registrational trial and we expect shares to trade up Research Associate

despite some outstanding questions on the data. See our prior deep dive note on Damien.H.Kerner@morganstanley.com +1 212 761-3829

diranersen HERE. Morgan Stanley India Company Private Limited+

Saket Agarwal

Per the PR/mgmt robust reductions in tau pathology were observed across all Research Associate

studied doses, with results generally consistent with those observed in the Ph1b Saket.Agarwal@morganstanley.com +91 22 6995-4012

study. In addition, pre-specified analyses of cognitive endpoints demonstrated

Biogen Inc (BIIB.O, BIIB US)

slowing of clinical decline across all studied doses, particularly in participants

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