BIIB: Leqembi subQ Delay: Acknowledge Filing Package Intricacies, Though See Reason To Stay Optimistic

Research evidence excerpt

BIIB: Leqembi subQ Delay: Acknowledge Filing Package Intricacies, Though See Reason To Stay Optimistic

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global Healthcare Research)

(212) 858-7066, brian.abrahams@rbc.com

Kevin Meli, Ph.D. (Senior Associate)

(212) 548-3110, kevin.meli@rbccm.com

Nevin Varghese, Ph.D. (Analyst)

(212) 301-1609, nevin.varghese@rbccm.com

May 14, 2026

Biogen Inc. Outperform

NASDAQ: BIIB; USD 204.53RESEARCH Leqembi subQ Delay: Acknowledge Filing Package Price Target USD 222.00

Intricacies, Though See Reason To Stay Optimistic Scenario Analysis*

Our view: Following BIIB's announced Leqembi review delay, we took a step

back to assess what's known about the filing, what the key holdups may be, DownsideScenario CurrentPrice TargetPrice ScenarioUpside

and whether there is any precedent. We still believe approvability skews

positively given that effectively the data has been in regulators' hands for 100.0051% 204.53 222.009% 400.0096%

~7mo already, Leqembi subQ is already approved in maintenance, and in

*Implied Total ReturnsEQUITY recent cases of non-CMC review delays we analyzed, outcomes have been Key Statistics

favorable. While we acknowledge unclear reasons for the delay adds risk, Shares O/S (MM): 145.9 Market Cap (MM): 29,841

reimbursement timelines may become more compressed, and Makary's Dividend: 0.00 Yield: 0.0%

departure adds uncertainty around any ongoing reviews, we believe subQ Avg. Daily Volume: 1,283,109

induction should ultimately be approvable and help accelerate Leqembi RBC Estimates

use next year and beyond -which alongside I&I pipeline maturity and TB3 FY Dec 2025A 2026E 2027E 2028E

optionality keeps us positive on shares, despite our greater caution around EPS, Ops Diluted 15.28 13.01 15.36 16.86

upcoming Tau data. Prev.