AAIC Data Makes Case For Diranersen's Pivotal Development, But Risks Remain

Research evidence excerpt

AAIC Data Makes Case For Diranersen's Pivotal Development, But Risks Remain

Biotechnology

Biogen

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July 14, 2026

Price: $191.95 (07/14/2026) AAIC Data Makes Case For Diranersen's

Price Target: $215.00 Pivotal Development, But Risks Remain

BUY (1)

Phil Nadeau, Ph.D. THE TD COWEN INSIGHT

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The AAIC presentation of data from diranersen's CELIA Ph. II trial demonstrates sufficient

philip.nadeau@tdsecurities.com

efficacy and benign safety to justify pivotal development, in our opinion. Nonetheless, the data

Key Data are not so strong as to answer all concerns about the robustness of diranersen's impact on

Symbol NASDAQ: BIIB cognition and function. Therefore, questions remain about its ability to succeed in a Phase III.

Market Cap $28.3B Our P.T. remains $215.

Click here for the full company update from

our latest quarterly report. Our Take: Diranersen's Results Are Sufficiently Strong To Justify Phase III Development, But

Not To De-Risk Success

Biogen presented results from the Ph2 CELIA study evaluating diranersen in slowing cognitive

decline in early AD at AAIC. Following top-line data in May (prior note) investors were keen to

analyze the details of the results to better understand dira's profile, specifically whether the

results are sufficiently robust to predict success in a pivotal Ph. III.

We think the AAIC data demonstrate sufficient efficacy and safety to justify pivotal

development. However, the data are not so strong as to answer all concerns about the

robustness of diranersen's impact on cognition and function, and so questions remain about

its ability to succeed in a Ph. III.

Encouragingly, Diranersen demonstrated consistent trends toward slowing decline across