Biogen Inc (BIIB.O) Diranersen at AAIC final thoughts: phase 2 full data add more to the key questions list

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Biogen Inc (BIIB.O) Diranersen at AAIC final thoughts: phase 2 full data add more to the key questions list

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14 Jul 2026 15:10:08 ET │ 11 pages

Biogen Inc (BIIB.O)

Diranersen at AAIC final thoughts: phase 2 full data add more to the key

questions list

CITI'S TAKE Neutral

Price (13 Jul 26 16:00) US$209.03 The full phase 2 CELIA presentation (takeaways here) and subsequent

Target price US$200.00 discussion are unlikely to materially change the Street's view of

diranersen's opportunity (peak BBG cons: $215M). The cognitive results Expected share price return -4.3%

and tau reduction are promising, while the lack of separation on ADCS- Expected dividend yield 0.0%

ADL-MCI may reflect a lag between cognitive and functional benefit that Expected total return -4.3%

could become clearer with 24mo LTE data. However, the presentation Market Cap US$30,861M

resolved few questions raised by topline (e.g., inverted dose response) and

introduced others around potential inflammatory effects at higher doses,

registrational endpoints, and FDA requirements. With investor sentiment

wary into AAIC, we expect limited additional pipeline credit until the phase Geoff Meacham, Ph.D.AC

3 strategy is clearer and 60 mg result is replicated in a larger study. +1-404-443-4701

Biogen’s near- to mid-term turnaround narrative is therefore largely geoffrey.meacham@citi.com

unchanged, placing greater importance on upcoming litifilimab data in Jarwei Fang

SLE (4Q26) and CLE and felzartamab data in AMR (both mid-2027). +1-212-816-5127

Maintain Neutral and $200 TP. jarwei.fang@citi.com

Nishant Gandhi, Ph.D.

Clinical benefit lands in familiar territory — Diranersen 60mg Q6M slowed CDR-SB nishant.gandhi@citi.com

decline by 0.54 points, or 26%, at 18 months. That is broadly comparable to

Mary Kate Davis