Equity Snap: Biogen Inc (BIIB US) Conference data adds no further clarity on diranersen

Research evidence excerpt

Equity Snap: Biogen Inc (BIIB US) Conference data adds no further clarity on diranersen

14 July 2026

Equity Snap: Biogen Inc (BIIB US) Equities Biotechnology

Conference data adds no further clarity on diranersen United States

◆ Biogen’s next-generation Alzheimer’s drug, diranersen, may Morten Herholdt*

have cognitive edge but little differentiation across measures Global Life Sciences & Healthcare Analyst

HSBC Bank plc

morten.herholdt@hsbc.com

◆ Tau levels need to be balanced, perhaps explaining lack of + 44 20 7992 4082

dose response/missed endpoint – BIIB thinks it found dose Rajesh Kumar*

Senior Global Life Sciences & Healthcare Analyst

rajesh4kumar@hsbcib.com

Biogen Inc (BIIB US, USD209.03, Reduce, TP USD157.00) +44 20 7991 1629

(Priced as of 13 Jul 2026)

Sidharth Sahoo*

AAIC conference presentation adds further details for diranersen: Biogen today GlobalHSBC SecuritiesLife Sciencesand Capital& HealthcareMarketsAnalyst(India) Private

presented additional details from its phase 2 CELIA trial where diranersen (previously Limited

sidharth.sahoo@hsbc.co.in

BIIB080) was tested in patients with early Alzheimer’s disease. Two months ago we +91 77 3813 4135

learned that the study missed the primary endpoint of assessing dose response, so

the main news here is the magnitudes cross the many measures aiming to frame the * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

efficacy: CDR-SB, ADAS-COG, MMSE, ADCS-ADL-MCI, ADCOMS, and iADRS (see

table on page 2).

Finding the right dose is challenging: The current hypothesis is that Tau needs to

be balanced at the right level, hence lowering it too much or not lowering it enough

may lead to suboptimal results. Of the three doses tested – 60mg Q24W (every 24