APGE: ZOOM, Zum! Zumilokibart Ph2 Part B in 2Q26 Poised to Confirm Our $5B Zumi Sales Est in AD, with Attractive Upside Optionality

Research evidence excerpt

APGE: ZOOM, Zum! Zumilokibart Ph2 Part B in 2Q26 Poised to Confirm Our $5B Zumi Sales Est in AD, with Attractive Upside Optionality

May 15, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com APGE: ZOOM, Zum! Zumilokibart Ph2 Part B in 2Q26

617 859 4637 Poised to Confirm Our $5B Zumi Sales Est in AD,

Colleen Garvey, Ph.D.

colleen.garvey@guggenheimpartners.com with Attractive Upside Optionality

617 859 4664

Evan Wang Key Message: In this note, we set the stage for APGE's upcoming zumilokibart Ph2 evan.wang@guggenheimpartners.com Part B 16-wk atopic dermatitis (AD) induction efficacy readout coming this quarter. 212 651 9756

While ZUMI’s multibillion dollar potential has now been substantially de-risked by Part

Alana Lelo, Ph.D. A induction and maintenance data (see HERE), Part B is an opportunity to validate

alana.lelo@guggenheimpartners.com the robust Part A induction data (see more details below). While validation of Part A

212 518 9955 induction is our base case, there is a material upside case should greater exposure

Zach Dunn, Ph.D. drive improved efficacy. For us, such an outcome could catalyze a +15-20% move

zach.dunn@guggenheimpartners.com higher, and our view is that only disappointing placebo-subtracted and absolute efficacy

617 859 4603 is likely to catalyze a ~10-15% move lower. KOLs we have spoken with believe ZUMI is

likely to quickly become their preferred 1L based on Part A induction and maintenance

data alone (see HERE), which we believe more than justifies our risk-adjusted ZUMI

AD peak sales estimate of $5.2B. APGE remains our Best Idea, driven by our view

that ZUMI can become the preferred 1L drug for AD—a market that remains severelyAPGE BUY underpenetrated, particularly given its project to be the next 1L AD drug launch (2029E).