Biogen Inc. (BIIB): Strong 2Q report as the story turns to Apellis and multiple pipeline releases

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Biogen Inc. (BIIB): Strong 2Q report as the story turns to Apellis and multiple pipeline releases

Goldman Sachs Biogen Inc. (BIIB)

n Management sees the market moving towards earlier treatment, and is looking

to delay or prevent Alzheimer’s onset with Leqembi treatment in preclinical

Alzheimer’s. BIIB and Eisai are expected to present Ph3 AHEAD 3-45 data in 2028 in

patients with normal cognitive function but amyloid accumulation in the brain, but

we caveat the difference in study design and population vs. LLY’s

TRAILBLAZER-ALZ3 study of Kisunla in preclinical Alzheimer’s, which could report

data in late-26/2027.

Monitoring BD and the pipeline

On the pipeline, we are focused on key programs:

n Diranersen in Alzheimer’s. At the Alzheimer’s Association International Conference

(AAIC), detailed Ph2 data of IONS-partnered tau-targeting diranersen were

presented. As previously reported, the primary endpoint of dose response on the

composite Clinical Dementia Rating–Sum of Boxes (CDR-SB) at week 76 was not

achieved, as the lowest dose (60mg biannually; n=60) performed the best. Investor

debates included: the 26% slowing of CDR-SB decline vs. placebo was not

nominally-significant (p=0.12); greater tau reduction did not translate into superior

clinical benefit, and the drivers of the inverse dose relationship remain unclear; the

small size of the low dose cohort coupled with baseline imbalances; and the greater

benefit on cognitive vs. functional measures. We await details on Ph3 design and the

longer-term Ph2 update around YE26, noting amyloid combination is of interest to

our KOLs.

n IONS-partnered salanersen (ASO targeting SMN2) in spinal muscular atrophy,

where we expect Ph3 data in 2028, noting the first patient has been dosed.