Equity Snap: Biogen Inc (BIIB US) BIIB080 CELIA study misses endpoint but is progressed

Research evidence excerpt

Equity Snap: Biogen Inc (BIIB US) BIIB080 CELIA study misses endpoint but is progressed

14 May 2026

Equity Snap: Biogen Inc (BIIB US) Equities Biotechnology

BIIB080 CELIA study misses endpoint but is

progressed United States

◆ BIIB080 CELIA study did not meet primary endpoint but in Morten Herholdt*

line with company comments the product will be taken Global Life Sciences & Healthcare Analyst HSBC Bank plc

forward to next phase on totality of data, including cognition morten.herholdt@hsbc.com

+ 44 20 7992 4082

Rajesh Kumar*

Biogen Inc (BIIB US, USD204.53, Reduce, TP USD150.00) Senior Global Life Sciences & Healthcare Analyst

HSBC Bank plc

(Priced as of 13 May 2026)

rajesh4kumar@hsbcib.com

+44 20 7991 1629

Mixed data: Biogen reported topline results from the CELIA phase 2 study

Yifeng Liu*,PhD

(NCT05399888) that did not meet the primary endpoint of change from baseline on Global Life Sciences & Healthcare Analyst

the Clinical Dementia Rating–Sum of Boxes (CDR‑SB) at Week 76. Biogen will HSBC Bank plc

yifeng.liu@hsbc.com

nonetheless move BIIB080, now called diranersen, in registrational studies. Full data +44 20 7 9919355

will be presented at the Alzheimer’s Association International Conference (AAIC)

which is being held 12-15 July. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Continuing development into next phase: Consistent with previous commentary

the company would base a go/no-go decision on the totality of data. The company

feels the indications of cognitive benefits and a reduction in tau pathology is enough

to take the product forward. They note biomarker effects across all doses –

particularly the lowest one. This dynamic of dosing will be a question for investors.