DNLI-Partnered Parkinson's Program Discontinued, More Meaningful Readouts Ahead

Research evidence excerpt

DNLI-Partnered Parkinson's Program Discontinued, More Meaningful Readouts Ahead

USA | Biotechnology

Biogen Inc. EquityMayResearch22, 2026

FLASH NOTEDNLI-Partnered Parkinson's Program

RATING BUYDiscontinued, More Meaningful Readouts Ahead

PRICE $189.47^

We expect minimal stock impact following BIIB's decision to discontinue

BIIB122/DNL151 (oral LRRK2 inhibitor) in early-stage Parkinson's disease. PRICE TARGET | % TO PT $210.00 | +11%

Arguably, Street expectations were low heading into this readout, tempered by 52W HIGH-LOW $205.97 - $121.05

a series of pivotal failures in the space. We remain more focused on several key FLOAT (%) | ADV MM (USD) 98.0% | 231.54

pipeline updates in 2026-27: (1) BIIB080 (tau ASO) data at AAIC (July 12-15), (2) MARKET CAP $28.1B

litifilimab Phase III SLE datasets in Q4:26, and (3) much more in 2027. TICKER BIIB ^Prior trading day's closing price unless otherwise

noted.

Big picture: In 2026-27, we think BIIB stock could climb higher on the resiliency of the commercial

franchise (e.g. Leqembi, Skyclarys, Spinraza, Zurzuvae) or on any (+) Phase II/III success, especially

since each late-stage program offers $1B+ in blockbuster potential. Ultimately, having 1-2 pipeline

products approved should enable BIIB's overall topline revenues to grow over the long-term (a key

stock driver). The recent APLS acquisition for Syfovre/Empaveli will also help with near-term topline

growth, delivering meaningful EPS accretion starting in 2027.

The Phase IIb LUMA study of BIIB122/DNL151 (oral LRRK2) missed the primary and secondary

endpoints in early-stage Parkinson's disease (N=650). (a)Early-stage Parkinson's disease (PD)

patients with and without LRRK2 mutations were randomized 1:1 to receive either BIIB122 225mg

QD or placebo.