BIIB/LLY: Barclays AAIC Alzheimer's KOL Lunch Takeaways: CELIA confirms tau POC, but cognition v. functional benefit discrepancy & safety keep risk on for P3. Cautiously optimistic on TB-ALZ 3 (=BIIB, +LLY)

Research evidence excerpt

BIIB/LLY: Barclays AAIC Alzheimer's KOL Lunch Takeaways: CELIA confirms tau POC, but cognition v. functional benefit discrepancy & safety keep risk on for P3. Cautiously optimistic on TB-ALZ 3 (=BIIB, +LLY)

Equity Research

15 July 2026

BIIB/LLY

Barclays AAIC Alzheimer's KOL

Lunch Takeaways: CELIA confirms

LLY OVERWEIGHTtau POC, but cognition v.

U.S. Biopharmaceuticals NEUTRAL

Price Target USD 1400.00functional benefit discrepancy &

Price (15-Jul-26) USD 1156.63

Potential Upside/Downside +21.0%safety keep risk on for P3. Source: Bloomberg, Barclays Research

Cautiously optimistic on TB-ALZ 3 BIIB EQUAL WEIGHT

U.S. Biopharmaceuticals NEUTRAL(=BIIB, +LLY) Price Target USD 185.00

BIIB CELIA’s result confirmed proof-of-concept for targeting Price (15-Jul-26) USD 197.24

Potential Upside/Downside -6.2%

Source: Bloomberg, Barclays Researchtau. That said, the conundrum of dose response, conflicting

results between cognitive & functional endpoints plus

administration/safety concerns affirm the pivotal study will U.S. Biopharmaceuticals

Emily Field, CFA

be a high-risk one. KOL believes lower dose should be +1 212 526 4160

studied. emily.field@barclays.com BCI, US

Hang Hu, PhD

Following Biogen’s diranersen Phase 2 CELIA full data presentation at AAIC yesterday in +1 212 526 6364

London, we hosted Dr. Marc Gordon, Chief of Neurology at Northwell Health's Zucker hang.hu@barclays.com

Hillside Hospital, for a KOL lunch at London focused on the CELIA data update and BCI, US

emerging innovations for Alzheimer's disease. We came away feeling ever-so-slightly more Alexandre Bouilloux

optimistic for the anti-tau mechanism, as CELIA showed meaningful proof-of-concept in +1 212 526 9937

tau reduction as translating to a cognitive benefit for the first time.