Avoiding That Feeling of Déjà vu - Call Provides Assurances but Questions Remain

Research evidence excerpt

Avoiding That Feeling of Déjà vu - Call Provides Assurances but Questions Remain

May 14, 2026 | 13:08 ET~

Biogen

BIIB-NSDQ Rating Price: May-13 Target Total Rtn BioPharma

Market Perform $204.53 $196.00 -4%

Evan David Seigerman Analyst

evan.seigerman@bmo.com (212) 444-4328

Malcolm Hoffman, CFA VP Associate

Avoiding That Feeling of Déjà vu - Call Provides malcolm.hoffman@bmo.com (646) 438-2627

Conor MacKay VP AssociateAssurances but Questions Remain

conor.mackay@bmo.com (347) 988-4235

Bottom Line: Legal Entity: BMO Capital Markets Corp.

Lack of clarity in Ph 2 CELIA results does little to assure investors that tau

2YR Price Volume Chart

treatment has been validated. Coming away from Biogen's call back with 260

management and IR, it appears questions around the driver of BIIB080's lack of a dose 240220

response and the magnitude of cognitive benefits remain unanswered. We look to 200

full data at AAIC (London, July 12th-15th) to further assess these points. For now, we 180 20

160 15

remain cautious after witnessing the entirety of prior Alzheimer's development efforts 140 10

including Ph 1b aducanumab data, preventing us from being more optimistic. 120 5

100 0

Nov May Nov May

Key Points LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Company Data in $

CELIA study call with IR and management leaves many questions unanswered

Dividend $0.00 Shares O/S (mm) 147.6until full data presentation at AAIC. Following Biogen's topline release of Ph 2

CELIA results for diranersen (BIIB080), we met with Biogen's head of development, Yield 0.0% Market Cap (mm) $30,197

Priya Singhal, and IR to discuss some of the finer nuances of the morning's release. EV (mm) $45,972 AD Vol. (mm) 1.27

Throughout this conversation Dr. Singhal consistently reiterated the company was BMO Estimates in $