CELIA, The Talk Of The Tau-n

Research evidence excerpt

CELIA, The Talk Of The Tau-n

Pharmaceuticals (Major) & Large Cap Biotechnology

Biotechnology-Large Cap - Market Weight

BIOGEN, INC. (BIIB) July 6, 2026

CELIA, The Talk Of The Tau-n Rating:

Peer Perform

The Wolfe Byte Price: $216.12

Ahead of results for diranersen at AAIC (July 14), we caught up with BIIB. We Price Target:

suspect efficacy data won't be clean, with some wins & losses, but importantly, NA

we expect solid safety. BIIB is unlikely to disclose a pivotal plan, as it needs to View BIIB Model

complete regulatory discussions. View Comp Table

Company Information

The rundown. On May 14, Biogen (BIIB) toplined data from its phase 2 CELIA dose- 52-Week Range $123 - $217

Market Cap. (MM) $31,907

finding study investigating diranersen for the treatment of early Alzheimer's disease Enterprise Value (MM) $34,351

(AD). Recall, diranersen (formerly BIIB080) is an intrathecally administered antisense Shares Out. (MM) 147.6

oligonucleotide (ASO) that targets intracellular tau ("tubulin-associated unit"), which Avg. Value Traded (MM) $249.45 Adj. Debt to Cap 45.5%

differentiates it from previous mAb tau therapies which target extracellular tau. For SI% of Float 3.5%

its primary endpoint, CELIA assessed dose response for change from baseline on the FCF Yield 11.7%

EV/ EBITDA 10.2x

CDR-SB at week 76 across three dosing regimens (60 mg Q24W, 155 mg Q24, 115 Dividend Yield 0.0%

mg Q12W). Results will be presented at AAIC 2026 on July 14 at 9:00-10:30 am ET.

Price Performance

What findings have been provided to date? Recall that in its topline release, BIIB YTD LTM

announced that the CELIA study failed to meet its primary endpoint as the lowest dose BIIB 18% 62%

S&P 500 10% 21%

of diranersen showed greater efficacy compared to the highest dose (see our thoughts NBI 17% 56%