Q126 Report; Positive Long-term Update Ahead of P3 Maintenance Data Next Month

Research evidence excerpt

Q126 Report; Positive Long-term Update Ahead of P3 Maintenance Data Next Month

104/130) patients were still enrolled and completed the 144 week evaluation.

FY27E Rev (mil) €102.2 €105.8

Obefazimod conferred robust and durable clinical remission rates of 73% (95/130) at

FY26E EPS €(3.52) €(2.56)

week 48, 69% (90/130) at week 96, and 68% (88/130) at week 144, with similar trends FY27E EPS €(3.72) €(3.21)

on other efficacy analyses, which we view as largely consistent with the last data cut

52-Week High / Low US$148.83 / US$5.62 (2 year interim data presented at DDW 2025, cutoff of Sep. 2024; discussed here). We

Shares Out (mil) 79.0

continue to believe this long-term data de-risks the upcoming P3 maintenance readout, Market Cap. (mil) US$9,632.2

with important implications for obe's real-world persistency, which may exceed that of Avg Daily Vol (000) 971

other approved treatment options. Div Yield 0.00%

Fiscal Year End Dec

• Topline maintenance data around the corner. Topline P3 ABTECT maintenance data

Price Performance - 1 Year in UC is still guided to late Q226, and by our math we think the earlier side of June

makes the most sense, with the 50 mg pbo-adjusted delta and safety expected to be USD

the headline in the disclosure. Ahead of this event, and based on the P3 UC induction 160

data, the body of long-term P2 data, and ABTECT trial design elements, we continue to 140

believe that achieving a clinical remission rate in the same range as approved agents 120

(20-30% pbo-adjusted) is the right efficacy bar and highly achievable. Beyond this, initial 80

P2b Crohn’s induction data is still slated for Q426, though given this is dependent on 60

enrollment completion, we continue to think ~1H27 timing is still on the table. 40

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