When Biogen (BIIB) reports first-quarter earnings on Wednesday morning, investors will be listening for what, if anything, management says about the biotech’s path forward in the wake of its Alzheimer’s disease drug blowup.

That Alzheimer’s drug, called aducanumab, was supposed to be Biogen’s next blockbuster medicine, delivering billions of dollars in future revenue. But two Phase 3 clinical trials were shut down last month after an analysis determined the drug had no chance of succeeding.

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