Takeaways from Diranersen KOL and BIIB mgmt. calls

Research evidence excerpt

Takeaways from Diranersen KOL and BIIB mgmt. calls

Update

July 14, 2026 06:53 PM GMT

Morgan Stanley & Co. LLCMBiogen Inc | North America Terence C Flynn, Ph.D.

Equity Analyst

Takeaways from Diranersen Terence.Flynn@morganstanley.comConnor M Massari +1 212 761-2230

Connor.Massari@morganstanley.com +1 212 761-2417

KOL and BIIB mgmt. calls Chris Yu, J.D., Ph.D.

Chris.L.Yu@morganstanley.com +1 212 761-2535

Investigators presented full data for BIIB's diranersen (BIIB080; anti-tau ASO)

Alexander Yevdokimov, Ph.D.

Ph2 Alzheimer's trial at the AAIC conference (see our first take HERE) - we also Research Associate

hosted a physician call, and BIIB hosted an investor conference call. We offer our Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

Hailey Horowitz

takeaways from both below/within. Big picture given limited visibility on rationale Research Associate

for lack of dose response for diranersen, we expect the drug's profile (and hence Hailey.Horowitz@morganstanley.com +1 212 761-5264

Damien H Kerner

POS) to remain debated by investors. Looking ahead the next catalysts for the stock Research Associate

will be diranersen Ph3 Alzheimer's design, Litifilimab Ph3 SLE data in 4Q26, and Damien.H.Kerner@morganstanley.com +1 212 761-3829

Felza Ph3 AMR data in 2027. Morgan Stanley India Company Private Limited+

Saket Agarwal

Physician Call Takeaways: We hosted an academic neurologist from a university in Research Associate

the northeast, who is attending AAIC. He characterized the diranersen Ph2 data as Saket.Agarwal@morganstanley.com +91 22 6995-4012

encouraging, particularly on target engagement and cognition, but noted that the

Biogen Inc (BIIB.O, BIIB US)

primary dose response endpoint failed. There was nothing to call out on baseline