The stock fell sharply on heavy volume following the May 14 topline data release. Biogen had previously signaled confidence in its pipeline during its Q1 2025 earnings call, with management stating they expected to see data from BIIB080 in early Alzheimer's disease sometime around mid-year." The CELIA trial did not achieve statistical significance on its primary endpoint. The magnitude of the single-session decline reflected the market's reassessment of Biogen's near-term pipeline value.
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