Biogen Thoughts Ahead of Full Tau Ph2 Data at AAIC

Research evidence excerpt

Biogen Thoughts Ahead of Full Tau Ph2 Data at AAIC

J P M O R G A N North America Equity Research

08 July 2026

Biogen Neutral

BIIB, BIIB US

Thoughts Ahead of Full Tau Ph2 Data at AAIC Price (07 Jul 26):$205.70

Pharmaceuticals — Major &

Heading into full ph2 data for diranersen (tau ASO, Alzheimer’s on July 14), we Specialty

see a more balanced setup for BIIB with the product clearly showing activity but Chris Schott, CFA AC

with a number of questions remaining regarding how this will translate into phase (1-212) 622-5676

3 efficacy as well as the commercial profile of the asset (especially given its christopher.t.schott@jpmorgan.com

intrathecal dosing). Given these uncertainties, we expect most investors will wait Taylor Hanley

for full phase 3 data before assigning significant value to the asset. (1-212) 622-0790

taylor.hanley@jpmchase.com

That said, looking beyond diranesen data, we see the setup for BIIB more broadly Hardik Parikh, CFA

improving as the company evolves beyond just a Leqembi story. And while we (1 212) 622-2875

hardik.k.parikh@jpmorgan.com

expect assets within the growth portfolio (Leqembi/Skyclarys/etc) will continue to

Ethan Brown

have more gradual uptake, BIIB’s pipeline has a number of derisking events over (1-212) 622-4928

the next 6-18 months – most notably litifilimab SLE data later this year and ethan.brown@jpmchase.com

felzartamab (CD38) AMR data in 2027. Ekaterina V Knyazkova, CFA

(1-212) 622-9576

• What are we expecting to see on efficacy? Expecting a mid-20s to low/mid- ekaterina.v.knyazkova@jpmchase.com

30s% improvement on CDR-SB depending on dose. BIIB recently J.P. Morgan Securities LLC

announced that while the ph2 CELIA trial did not meet the primary endpoint

of a dose response across CDR-SB, diranersen slowed clinical decline across