Re-mem-BIIB-er This Day, BIIB Is Moving Tau Forward

Research evidence excerpt

Re-mem-BIIB-er This Day, BIIB Is Moving Tau Forward

Pharmaceuticals (Major) & Large Cap Biotechnology

FLASH

FLASH: BIOGEN, INC. (BIIB) May 14, 2026

Re-mem-BIIB-er This Day, BIIB Is Moving Tau Forward Rating:

Peer PerformBiogen's (BIIB) tau-targeting ASO, diranersen, misses on primary endpoint. Today, Price:

BIIB announced phase 2 results from its 18-month, CELIA study, which was a $204.53

placebo-controlled trial evaluating diranersen (formerly BIIB080) in patients with Price Target:

NAearly Alzheimer's disease. Recall, diranersen is an antisense oligonucleotide (ASO)

therapy targeting intracellular tau, which differentiates it from prior anti-tau therapies. Source: FactSet, Wolfe Research

CELIA failed to meet its primary endpoint assessing dose response at week 76 on Priced as of 05/13/26

the Clinical Dementia Rating–Sum of Boxes (CDR-SB) as interestingly, the lowest

dose of diranersen, 60mg Q24W, showed the best response on cognitive endpoints.

However, we'd importantly remind BIIB mgmt.'s prior guidance, where they stressed

we should look at the totality of the data, not just the primary endpoint. Additionally,

during our Hammond's Hot Seat sit-down with head of IR Tim Power (see here), the Alexandria Hammond

company noted that it doesn't need to see a stat sig benefit in the trial to label it a ahammond@wolferesearch.com

success. After speaking with the company this morning, we'd emphasize this is the (646) 582-9320

View Alexandria’s Research

first time in a placebo controlled trial, that a tau agent has showed a reduction in tau View BIIB Model

and most importantly, a cognitive benefit, so with that context, it makes sense to us View Comp Table

that BIIB shares are up pre-market.

Eric Dietrich-Peterson

Slowing of clinical decline was observed across all doses.