AbbVie Inc.: Why BE BOLD, when you can still be number one?

Research evidence excerpt

AbbVie Inc.: Why BE BOLD, when you can still be number one?

Equity Research

U.S. Biopharmaceuticals

12 June 2026

AbbVie Inc.

Why BE BOLD, when you can still

be number one?

Although BE BOLD demonstrated superiority for Bimzelx on a ABBV OVERWEIGHT

joint endpoint and may strengthen UCB's positioning within U.S. Biopharmaceuticals NEUTRAL

rheumatology, physician commentary suggested the findings Price Target USD 275.00

Price (11-Jun-26) USD 224.77

largely validate existing clinical perceptions, limiting the Potential Upside/Downside +22.3%

likelihood of a meaningful impact on Skyrizi. Source: Bloomberg, Barclays Research

U.S. BiopharmaceuticalsBE BOLD is another potential competitive overhang to ABBV's immunology franchise that,

Emily Field, CFA

in our view, has been overblown: UCB (covered by Charles Pitman-King) hosted an investor

+1 212 526 4160

event Monday to discuss the BE BOLD study comparing Bimzelx (bimekizumab) versus Skyrizi emily.field@barclays.com

(risankizumab) in psoriatic arthritis (PsA). The headline result was a statistically significant 11- BCI, US

point improvement in ACR50 at Week 16 (49% vs. 38%), representing the first head-to-head PsA

Xiao Guo

study to demonstrate superiority on a pure musculoskeletal endpoint. While the data

+1 212 526 9609

strengthen Bimzelx’s positioning within rheumatology, our biggest takeaway from the physician xiao.guo@barclays.com

discussion was that the findings largely confirmed a well-established clinical perception that BCI, US

IL-17 inhibition provides stronger musculoskeletal efficacy than IL-23 inhibition. Both Prof.

Alexandre Bouilloux

McInnes and Dr. Merola appeared to view the result as validation of existing clinical experience

+1 212 526 9937

rather than a paradigm-shifting development.